Technology Innovation Hubs And Policy Essay

Questions:

1.Why do you think foreign Countries are setting up Innovation hubs and inviting start-up Innovators at great expense to Operate their Businesses?
2.Why do you think that start-up Innovators are Participating in such Pitching Competitions?
3.Are Countries such as Australia being drained of Entrepreneurial talents or are they responding in effective ways to retain their talent?

Answers:

1.Innovation hubs are centers of research in community or workspace providing expertise in technology trends, strategic innovation, knowledge and specific insights of industries (Sambuli and Whitt 2017). The innovation hubs in the developing countries like China and Israel are important for commercial strength and for fulfilling growth expectation of the region. As these countries are in the initial phase of their technological development, these nations invite the start-up innovators to develop their technological skills. Interaction with the start-up innovators help these nations to meet new technologies and learn a lot from them.

2.In addition to the host nation, the start-up innovators are benefitted from the technological practices. The host nation bear many of the cost of these innovators and thus smoothen the path of technological research. To win in the pitching competition they focus on developing newer skills. The opportunity to carry out innovation at cost of some other nation make participation in such competition attractive. The wide market of these provides an extended platform to test their innovated technology and the make practical implementation of these technologies.

3.Australia suffer from entrepreneurial drain out of talent. The main reason for entrepreneurial drain out is identified as the limited resources and a relatively small population of Australia. In order to prevent the leakage of entrepreneurial mind countries focuses on providing different facilities to the start-up companies (www.smartcompany.com.au 2017). The advisory boards are formed to advice students about their career plan. The plans include securing employment with professional placements and internship and provide assistances to companies that are innovative and are at their early stage.

References

Sambuli, N. and Whitt, J.P., 2017. Technology innovation hubs and policy engagement.

SmartCompany. (2014). The great Australian brain drain: Why are our founders heading overseas? - SmartCompany. [online] Available at: [Accessed 30 Nov. 2017].

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