Innovation plays a key role in driving economic growth by creating new products, services, and industries. When businesses develop new ideas or improve existing technologies, they increase productivity and efficiency. Innovation also helps companies stay competitive in global markets, leading to job creation and higher incomes. As a result, economies that encourage innovation tend to grow faster and adapt better to change.
In addition, innovation attracts investment and supports long-term development. Governments and organizations that invest in research, education, and technology create environments where new ideas can thrive. These advancements improve living standards and solve real-world problems. By supporting innovation, societies can build stronger and more sustainable economies. Shutdown123