Innovate for a brighter future, says Somkid
Play
INNOVATION in products, services and business models is the key factor expected to drive the country's economy, Deputy Prime Minister Somkid Jatusripitak has said.
Speaking yesterday at the Innovation Week 2015 arranged by the Ministry of Science and Technology, Somkid said Thailand should focus more on innovation for those three areas.
He said an agent of change was required to develop and benefit innovation. Eventually innovation would impact on the country’s economy.
“Thai people have a high ability to drive innovation. [But it] depends on the chance to bring the innovation to the market,” said Somkid.
He insisted that innovation was not just about products and services, it was also about ideas associated with doing business efficiently in the digital era, especially regarding business models.
“In the past, we lacked collaboration among stakeholders and there was no planning,” said Somkid.
He said the collaborations of all related stakeholders needed to be pooled when creating products and services and business model innovations. The Ministry of |Science and Technology could be the host of those collaborations.
He said innovation was re-management, the value of innovation came from new developments resulting from re-management.
Innovation, entrepreneurialism and creative disruption all helped drive the economy.
“Entrepreneurialism plays a key role in turning an innovation into a business,” said Somkid.
He said entrepreneurs should determine if their product was still competitive or were they just benefiting from a cost advantage.
The innovative capability of Thai products was quite low compared to many other countries.
