Sunday, May 26, 2024
No menu items!

Some Ways which Creativity and Innovation Foster Job Growth

Must Read
Vusi Melane
Vusi Melane
Staff Writer

The creative industries, encompassing audiovisual products, design, new media, performing arts, publishing, and visual arts, are highly transformative sectors of the global economy, generating income, creating jobs, and earning exports. Through collective action, the creative industry is significantly contributing to strengthening the economy and addressing some of Africa’s most pressing challenges. This is according to various businesses within these sectors.

According to the World Economic Forum Global Risks Report 2024, in partnership with Marsh McLennan and the Zurich Insurance Group, collective action arises not from collaboration alone, but from the combined and independent efforts of individual citizens, companies, and countries. The report advocates for the implementation of fiscal incentives to stimulate innovation within the private sector.

Philanthropy plays a pivotal role in providing crucial funding for ambitious projects aimed at eradicating diseases and enhancing climate resilience. The Global Risks Report highlights the necessity for policymakers to embrace a dual vision: leveraging innovation to tackle current challenges while also maintaining a focus on future needs.

Useability for technological innovation

Regional Manager for Zoho, Andrew Bourne says Digital innovation on the African continent must be supported through funding. “South Africa, for example, has the Technology Innovation Agency founded in 2008, which provides funding and support to startups and Kenya, meanwhile, established the National Innovation Agency in 2013. Similarly, Nigeria’s Technology Innovation and Entrepreneurship Support Scheme provides funding and support to startups in the technology sector.”

“However, while that support should be applauded, it’s important to note that digital innovation in and of itself doesn’t guarantee economic value. For that to happen, and for any innovation to be effective, usability is absolutely critical,” he adds

Vis Govender, Co-Founder for Everything.Insure and Group CEO for firstEquity Group, Vis Govender says “Digitalisation has long been identified as a key driver of value, innovation, and the development of the insurance industry. We at Everything.Insure are leveraging the power and potential of cutting-edge digital technologies to transform the way businesses, brokers, and insurance underwriters connect while reimagining insurance in a more accessible, client-centric form. Everything.Insure’s recently established commercial digital marketplace will help to strengthen South Africa’s position as a hub of technological innovation as the country becomes the first to offer commercial businesses digital marketplace insurance services.”

Innovation and creativity in job creation 

Entrepreneurship, innovation, and creativity have a profound cascading impact on various sectors of the economy. Head of Acquisition for Sportingbet, Gail Odgers elucidates that technological innovation has the potential to create new employment opportunities, such as software developers, IT specialists, data scientists, and customer service representatives, across various industries, including sports betting and sports.

“We have experienced tremendous innovation in this industry, spurred by the emergence of AI in this sector, advanced data analytics and the creativity behind gamification in producing world-class online gaming experiences.”

“The growth of sports betting has also demonstrated the development of supportive businesses and services; for example, data analysts, and content creators; providing employment opportunities for individuals with expertise in sports betting analysis.” she adds

Offsetting poverty and joblessness

CEO for Relate Bracelets, Dalit Shekel says “Poverty, joblessness, and the underfunding of charities are all huge problems in South Africa. The Relate model touches on solutions for all three, with seniors from Ikamva Labantu, refugees, and township youth earning an income from making beautiful bracelets, which are sold through outlets like Tourvest. The majority of revenue from those sales is then donated to credible causes and invested in social upliftment initiatives.”

Relate’s emphasis on nurturing creativity and innovation to tackle issues like poverty eradication aligns with a broader goal of ensuring job sustainability for the economic advancement of individuals and communities. Clearly, this approach has been effective. To date, Relate has raised R76.2 million for social upliftment, sold over 4 million bracelets globally, and provided 400 Ikamva seniors with income opportunities.

Spurring connectivity and economic growth

Media & Communications Manager for Huawei South Africa, Vanashree Govender says “Innovation has a significant benefit, particularly in enhancing digital infrastructures that propel economic growth.”

With advancements in 5G technology, Huawei has enabled new capabilities across industries. Facilitating connectivity enhances and sustains the development of high-value, technology-driven jobs, essential for integrating South Africa into the global tech economy. The significance of investing in research and development cannot be overstated. Huawei allocates 23.4% of its annual revenue to R&D.

“This commitment not only ensures our leadership in new products and technologies but also transforms industries and opens markets,” she concludes

Notes: Irvine Partners

- Advertisement -

Regular Vigilance Crucial for Spotting Software Breaches

Chief Technology Officer for Obsidian Systems, Karl Fischer, says "Constant vigilance is essential to identifying software security breaches." Fischer recounts,...
Latest News
- Advertisement -

More Articles Like This

- Advertisement -