Innovation Imperatives for the Caribbean

PRIVATE SECTOR: KEY ISSUES

• Innovation for profit making enterprises is central to success • Innovation is not = R&D • Innovation requires investment, takes place over time through an uneven process involving risk and uncertainty • Innovation does not guarantee competitive success • Innovative enterprises have people who are confident, free to experiment and have their learning supported. • Effective innovators have processes for integrating learning across all functions and for aligned learning with overall business strategy. • The nature of the innovation process is highly influenced by context, therefore large enterprises operating in the formal sector perform innovation routines differently from those in the informal sector • Innovation strategies are key to performance and can be improved over time, requires continuous renewal