The Knowledge - AndInnovation Whatisit 16:00:00...

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The Knowledge-Based Economy And Innovation 13/02/2008 16:00:00 What is it? 1996, OCED defined it is: o the term “Knowledge-Based Economy” results from a fuller recognition  of hte role of knowledge and technology in economic growth.  Although  knowledge has always been a central component in economic  development, the fact that the economy is strongly dependent on the  production, distribution, and use of knowledge is now being  emphasized. Technology is a given o Technology is not an end in itself, but the means to productivity gains,  revenue growth and better connections o There is no such thing as a low tech industry, just low tech companies o The network effect – the value of a unit rises with the number of units  in use Globalism is here to stay o Companies, consumers and communities can gain access to goods,  services, capital, information and technology often with the click of a  mouse o As foreign producers become more efficient, they can sell their  products and services in Canada and the US at a lower price –  companies, consumers and communities will opt for the lower price  (assuming quality is comparable) thereby selecting the imports –  domestic suppliers must either adjust or shut down! Knowledge builds wealth o IDEAS matter more than ever before o An economy driven by knowledge, relationships and services relies  more on intellectual assets and less on physical asssets o Market value is derived from “intangibles” – great product design,  market insight, management know-how People are the most important raw material o In the US, only about 20% of workers spend their days making things o Other 80% move things, process, generate information, engage in  research and design, or provide services.
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o Manufacturing workers must now understand systems, technology and  sophisticated matters of supplies and markets o The New People Partnership Companies assume responsibility for investing in the employee  and providing work that makes the individual “employable” in the  market The employee and the company work together to insure that the  organization meets market needs and is successful (going  concern = ongoing employment) Five key Principles Both parties commit to employee well-being as a core  value Open communication forms the foundation for the day-to- day relationship Employees manage their own careers Employees gain “employable” security by building critical  skills Accountability for performance extends to all levels of the  organization There’s no such thing as a smooth ride o
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