Thursday, March 28, 2024 | Ramadan 17, 1445 H
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EDITOR IN CHIEF- ABDULLAH BIN SALIM AL SHUEILI

Innovation need of the hour

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As the nation celebrates 50 years of Oman’s modern renaissance, the focus is on economic freedom and innovation.


According to Dr. Khalfan al Barwani, Vice-President for Investment & Market Operations, Central Bank of Oman, elements that guarantee economic freedom include the right of any individual to have control over his or her possessions as well as his or her labour.


The need of the hour is, of course, innovation. But here more than anything else what is important is the ecosystem for innovation.


Dr. Khalfan, who had also been a member of The Research Council’s Supervisory Committee for Innovation, explained, “A country requires an effective ecosystem that provides platforms for innovators to succeed. In this ecosystem schools and universities have a role to play through their curriculum to promote critical thinking and the ability to take calculated risks based on informed decisions.


The need is not just more spending on research and development but targeted and effective spending by the government, private sector, and universities or in collaboration is a must to promote innovation.


The effective property rights of innovators are critical. Other critical components for an effective ecosystem include sources of funding for innovators such as venture capitalists and angel investors as well as effective support for start-ups through business incubators.


An example of innovation in the financial sector, according to him, would be for instance how to serve existing customers with as little cost to the banks or to customers as possible, or for that matters how to reach potential customers who live in remotest areas using technologies or providing relevant products in efficient manners.


“It is important to state that one of the key prerequisites for a vibrant and innovative financial sector is competition among financial institutions. Competition, to a large extent, works as an incentive to innovate either by finding ways to reduce operating costs or reach a broader customer base,” he pointed out.


Why do most innovators find it difficult to sustain? “There is a lack of ability to find funding for innovative ideas or products. Other reasons are lack of appetite to take risks, failure to understand market needs by innovators as well as inability to market their products or ideas effectively.


“If you fail the first time, learn from your mistakes and try again by avoiding these mistakes and more importantly keep the passion,” said Dr. Khalfan al Barwani.


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