Reigniting Growth Through Innovation: Challenges and Answers

Tero Kuusi, Jyrki Ali-Yrkkö, Heli Helanummi-Cole, Heli Koski, Anne Kovalainen, Otto Kässi, Seppo Poutanen and Nelli Valmari

No 116, ETLA Brief from The Research Institute of the Finnish Economy

Abstract: Abstract The Reigniting growth through innovation project, funded by Business Finland between 2020 and 2022, addressed the key challenges to the current growth paradigm and searched for novel policy levers to increase the effectiveness of innovation in a landscape of global turmoil following the pandemic. In this article, we summarize the key findings of this project, which focused on three innovation challenges and the design of policies that can help mitigate the problems that arise. The first challenge is the recent slowdown in the creation and adoption of new breakthrough ideas in innovation and the barriers to knowledge adoption. The second challenge is to maintain innovation and flexibility in production while companies increasingly outsource their core activities beyond traditional company boundaries. The third challenge is how to support creative destruction and structural change while avoiding considerable friction in the movement of resources between old and new companies.

Keywords: Productivity; Innovations; Competition; Outsourcing; Platform companies; Creative destruction (search for similar items in EconPapers)
JEL-codes: D22 D24 D43 O32 O38 (search for similar items in EconPapers)
Pages: 10 pages
Date: 2022-11-09
New Economics Papers: this item is included in nep-knm, nep-ppm and nep-sbm
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