Applicability of Knowledge-Based Innovation System in Bangladesh

Abstract

The changing world requires positive change in every sector through knowledge-based innovation to successfully sustain. Knowledge-based innovation, the spirit of making things better and more sustainable using intellectual aspects, is essentially a transformation strategy for developing countries to shape their competitive standing in the present globalized environment. But Bangladesh is far behind the expected level of a knowledge-based innovative society. Lack of advanced education and technology, lack of combination of theory and practice and knowledge-sharing mechanisms, lack of proper financing in industry, lack of mutual interaction between university and industry, lack of an innovative role played by government and constructive regulatory control are among the factors diminishing the country’s strength to move towards knowledge-based innovation and global advancement. According to the Triple Helix model of knowledge-based innovation, interaction among different actors of three sectors—university, industry, and government—generates a country’s innovation process as well as its development progress. Therefore, it is essential for Bangladesh to go beyond the obsolete approach of development to establish a modern and knowledge-based innovation system. This study focuses on the applicability of a knowledge-based innovation system in the context of Bangladesh, and attempts to sketch out a suitable model for knowledge-based innovation in the perspective of Bangladesh.