AFRICAN INNOVATION ECONOMY – MEASURING THE INNOVATION EFFICIENCY & IMPACT ON AFRICAN SOCIETY
GDP (Nominal): $2.6 trillion (2019); GDP (capita): $1,970 (2020; 6th); GDP growth: 3.7% (2019); Population of 1.3Billion approx. with 54 countries and projected to be 2.4Billion by the year 2050.
Agriculture, trade, industry, and human resources are the key drivers of the Africa’s economy. Africa’s population size is approx. 1.3 billion spread across 5 geo-political regions with 54 countries. Africa is a resource-rich continent with recent growth that is largely due to growth in (re)sales in commodities, services, agriculture and manufacturing.
The bulk of the world’s population growth is predicted to take place in Africa: of the additional 1.9 billion people projected between 2020 and 2050, 1.2 billion will be added in Africa, 0.7 billion in Asia and next-to-none in the rest of the world. Economic growth across Africa will continue to outperform that of other regions, with the continent continuing to be home to seven of the world’s 10 fastest-growing economies.
To successfully drive socio-economic growth of the African regions, the impact and value realization of regional innovation programs and initiatives have to be assessed beyond perception and media news to using verifiable, demonstrable, on-the-ground facts and data built on tested and advanced innovation metrics. The combination of evidence-based, data-driven and system-oriented approach is key for sustainable value realization. The development of these regions through innovation would require tight integration of innovation management and impact measurement with governance, education, entrepreneurship and the society.
For global competitiveness, many nations are moving away from an industrial model of production towards a knowledge-based economy, therefore economics of innovation has become more and more relevant as it aims for rapid development and commercialization of ideas, open innovation, and how to facilitate forward-thinking policies which will create efficient innovation ecosystem for sustainable growth and profitability.
Afrinnovation helps governments, international agencies, businesses, academia, entrepreneurs and professional by using the unique approach of the combination of evidence-based, data-driven and system-oriented methodologies for sustainable value realization in the region.
Moreover, this approach would gauge impact and growth of regional innovation beyond assumption and perception, by engaging the use of verifiable and demonstrable on-the-ground facts and credible data with the aid of novel innovation management platforms that are AI-powered like Innovation360’s Innosurvey, Ideation360, PESTLED360, Scenario360 etc.
Coming up soon is our sub-region innovation index report bench-marked against global innovation index.
Recent Comments