Innovation needs to be an everyday habit

The world is changing rapidly as global economic output is expected to double over the next 25 years, because of increased transport, trade and telecommunications. Simply put, the world is becoming smaller, more competitive, and more integrated than at any other point in history.

This broad, global transformation has created an urgent need to understand innovation and how to encourage it within our own nations, businesses, and social institutions. For nations that are successful in spurring innovation, the rewards will be immense. Think higher economic growth, greater security, more economic opportunity and sustainable job creation in key sectors.

In fact, in its 2016 “Global Competitiveness Report”, the World Economic Forum found that innovation will be a critical driver of growth in the coming years. The question is how can leaders in government, industry, and society encourage the kind of transformative technologies that lead to innovation and spur a cycle of growth within their own nations.

At Lockheed Martin, we have identified three key elements that can give countries an edge when it comes to innovation. The first is having a sound and stable policies that lay the groundwork for consistent and sustained investment. The most competitive nations have a predictable tax and regulatory environment, as well as a commitment to transparency and ethical business practices; a legal system that is geared towards protecting intellectual property, and modern infrastructure to facilitate commerce.

The second factor that defines the competitiveness of a nation is the way it welcomes research and development and entrepreneurship. Programmes that spur academic research and encourage innovation at small- and medium-sized businesses can be transformative. Innovation is accelerated when programmes are combined with the free exchange of ideas.

With such a climate of innovation in place, the private sector can also play a role in expanding the global reach of domestic businesses. For example, Lockheed Martin and Swedish tech company Exechon, formed a joint venture with the UAE company, Injaz National.

The new company, now called Exechon Enterprises, manufactures an advanced robot-machining tool made from carbon fibre that has applications in a wide range of sectors, including aerospace, defence and automobiles.

Exechon Enterprises is also working with local industry and academia to position the UAE as the leading supplier of automated-manufacturing technology. Collaboration like this is a prime example of how we facilitate meaningful and lasting economic impact.

It is also indicative of the third element of innovation, which is people. Nations can’t produce the kind of transformative technology that drives growth without human ingenuity. Nations that equip citizens with the knowledge and skills needed to start a business or compete for high-tech jobs can thrive in the global knowledge-based economy.

As a foundation for the future, we must strengthen the pipeline of the next generation pursuing education and careers in science, technology, engineering and mathematics (STEM). Simply put, today’s STEM students are tomorrow’s innovators and they are the ones who will create the technologies that transform the world we live in for a better tomorrow.

In particular, we must work together to ensure women are represented within the scientific community. The United Nations reports that only 28 per cent of scientific researchers in the world are women — an alarming statistic that should inspire both public and private sectors to take action to expose girls and boys to STEM careers.

We can make a difference together by putting in place policies that encourage investment and innovation. We can open the doors of opportunity by supporting the next generation of innovators. And, by leveraging shared strengths across the public and private sectors, we can collaborate to create long-term, innovative solutions for a brighter and more sustainable future.

The writer is the Chairman, President and CEO of Lockheed Martin Corporation. She was a keynote speaker at the recent Global Summit of Women Speakers of Parliament in Abu Dhabi.