Abstract
Innovation is critical for enterprises and the country’s economy, and it has resulted in an improvement in living standards. There may be appropriate lessons to learn from other countries, but their adoption must be assessed due to education and living standards variations. This paper aims to build an in-depth understanding of the stimulating factors for ICT innovations from Sweden, and examines their adoption in the context of a developing country, Sri Lanka. ICT innovations significantly impact development in other sectors, as they can ease doing business and other essential services. This study is based on seven interviews, including key people leading innovation activities in Sweden. Then, it critically analyses and presents the application of stimulating factors in Sweden to the context of a developing country, namely Sri Lanka. The results indicate that education and mindset, a risk-taking environment, embracing failures, digitalisation and collaboration are the critical determinants of ICT innovations in Sweden. This research is vital for educational policymakers in universities, technology transfer offices, and governmental policymakers.
Highlights
IntroductionThe world market for technologically advanced products is growing 2.5 times faster than the world economy (Cherner and Alaudinovna 2021)
All interviews were started with the entry-level question “how do you define innovation?”
The common definition provided by all respondents for the question was that innovation is something new and valuable; it must meet a need in the market
Summary
The world market for technologically advanced products is growing 2.5 times faster than the world economy (Cherner and Alaudinovna 2021). Innovation was outlined by Baregheh et al (2009) as “the multi-stage process whereby organisations transform ideas into new/improved products, services or processes, in order to advance, compete and differentiate themselves successfully in their marketplace”. According to the OECD (2007), innovation for growth is strengthened by advances in new technologies and a greater focus on creating and using knowledge. Understanding how innovations arise and are adopted and which policies can support them is crucial for developing countries to overcome their growth barriers. The emergence of digitalisation and automation, which is rapidly altering the economies around the world, has catalysed the above need in developing countries (Cirera and Maloney 2017)
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