Promoting Research and Innovation Funding as a Catalyst for Socio-Economic Development: Perspectives from The Gambia

Abstract

Rapid developing economies rely on research and development activities to support sectoral development and productivity. Universities and Research and development institution are niches of innovation and entrepreneurship growth and development (Herron & Wolfe, 2021).They continue to provide skills and competencies towards the introduction of products and processes as well as providing structures for promoting employability, job creation, and commercialization avenues. At the industry and start-ups, the drive to create jobs and businesses remain critical in the overall socio-economic drive of developing economies (Stenberg & Westerlund, 2008).To support the promotion of research, innovation, entrepreneurship, and commercialization, countries globally are introducing research and innovation funds that will be used to promote innovation, entrepreneurship, creativity, and creation of new ventures.The Gambia, cognizant of this new innovative drive, is introducing a National Research and Innovation Fund in line with the Ministry of Higher Education Strategic Plan and its corresponding sector financing strategy (MoHERST, 2023).Critically analyzing best practices, this paper seeks to discuss on the role, modalities of implementation, and impact of a research and innovation fund towards sectoral development as well as the overall socio-economic development of The Gambia.