Importance of Creativity and Innovation PDF

Running head: IMPORTANCE OF CREATIVITY AND INNOVATION 1
Importance of Creativity and Innovation
Student’s Name
Institutional Affiliation

IMPORTANCE OF CREATIVITY AND INNOVATION 2
Introduction
Creativity and innovation have become crucial skills for achieving success in the
developing economies. Creativity is the ability to come up with new ideas while innovation
refers to implementing such ideas. The two aspects of entrepreneurship play the key role as they
are the backbones of the business enterprises. While business activities form the key pillar of any
economy which the society depends on, it is important that people embrace new ideas of
developing business and exploring new opportunities and then innovating them. The modern
business world has become more dynamic with management challenges hence a need for
creative insights. Having creativity is what sustains the operations and livelihood of a business.
This report focuses on the importance of investing in creativity and innovation, the benefits, and
the challenges faced by the Bangladesh government as it invests in them. Bangladesh is one of
the developing countries, hence it is important to assess how investing in creativity and
innovation can help the country to improve on their economy.
Discussion
Importance of the Economy and Society Investing On Creativity and Innovation
Creativity and innovation is the core aspect of any growing economy as they help to
eliminate redundancy in business practices. They contribute to a healthy economy especially in
the modern business world which is faced with a lot of dynamics. The two aspects provide an
approach to developing new opportunities and advantages through the production of new
products and services which improve effectiveness. The World Development Report indicated
that the industries which are a creative help to boost the economy and development. A creative
economy involves the use of new media, audiovisual products, and performing arts and
contributes much in terms of job creation, income generation, and export earnings. For instance,

IMPORTANCE OF CREATIVITY AND INNOVATION 3
in 2013, United Nations Development Programme (UNDP) reported that the developing
countries earned an annual growth of 10% from the exports of creative goods. A creative
economy provokes the creation of job opportunities for its citizens which in return means an
improvement in the overall well-being of the communities and quality of life hence promoting a
sustainable development. Creativity and innovation enhance the livelihoods of the citizens as
they open up wider opportunities for business transactions (Mesquita & Sarmento, 2011). Social
innovation helps to solve certain challenges such as unfair trade, restorative justice, and mobile
money transfer. It enables people to avoid the narrow ways of thinking about business
engagement and social enterprises and make them realized the interconnectedness of various
stakeholders and business factors. It is through creativity and innovation that a country will
invent new and improved products which will earn a competitive advantage in the global market,
hence advancing the income earned thereof.
How Bangladesh Can Facilitate the Creativity and Innovation
Creativity is a continuous process which has no limits. For the country to facilitate the
process, it is important to identify the problems facing the economy such as corruption, poverty
in rural areas, poor infrastructure, and poor tax collection rates, unemployment, poor education
standards, and inequality in the distribution of resources. Some practices can make the process
systematic. Communication is a key aspect of growing the economy. The government can
encourage open communication among the owners of companies to ensure that business people
are aware of what their fellow business associates are dealing with. This can lead to the
generation of new ideas due to the stimuli they receive. The idea of a company hiding
information concerning what they deal with and how they do it from other people is not
professional. Thus, the government should encourage sharing of information to stir up creativity