Winesha Smith Entrepreneurship 6B4

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Conditions for effective innovation on the macro/national level

On the national level, policies must be developed to encourage organizations to be innovative. The nation
must be made to understand that increased economic development and growth can only come about when
all entities enter into partnership to accomplish such goals. There must be the development of policies in
the areas given below.

Social

Social policies of the nation must be conducive for innovation to take place. Policies must surround areas
such as: gender, age, ethnicity etc. One area that is currently in focus is the supply of women
entrepreneurs. Women have been found to be very entrepreneurial and should be significant drivers of
economic growth . However they are faced with problems such as lack of financing and the inability to
access the formal business network which results in the slow growth of their businesses. It is
recommended that Caribbean governments need to increase the availability of finance and the
infrastructure to help women entrepreneurship to grow and flourish.

Political

Governments must offer good and stable governance to encourage and sustain entrepreneurship in
Caribbean economies. Many governments tend to struggle with eradicating corruption from inside and
outside of government. Caribbean heads of governments must partner to come up with policies such as
anti corruption ones to increase their overall prosperity.

Economical

This includes setting up or encouraging laws, regulations, institutions etc. that will increase effective
innovation. For e . g. through the provision of protection of intellectual property. They can also provide
grants and subsidies to reduce the cost of innovation in businesses.

Environmental

Environmental policies are a must to protect against the gradual breakdown of the countrys
environmental systems as a result of innovation. They consist of laws and regulations that protect and
sustains the environment. They establish environmental responsibility thus saving the country from
incurring unnecessary social cost as a result of innovation.
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Cultural

Governments are responsible for protecting and preserving the good cultures of a nation. Therefore the
government should ensure through its laws and regulations that the rights of no sub group of a country
is violated by the innovations put out by enterprises. All indigenous customs and practices should be
respected.

Ethical

Ethics relate to the moral principles that governs a persons or a businesss behavior. In order to avoid
law suits and the violation of individuals and entities rights, organizations need to have thorough
knowledge and understanding of business ethics.

An organization is in breach of the law if it violates anothers right regarding the protection of their
intellectual property

Methods of protecting innovation and creativity

Intellectual property is all of those intangible elements that are considered to be creations of the mind and
that are owned by a firm or individual. In order for businesses to gain financial rewards and competitive
edge, the intellectual property must be protected.

Intellectual property rights speak to the protection that is granted to the creators of intellectual property.
Some methods of protecting these are:

Branding the act of branding gives an organization products or services a unique identity. It
consist of a mark (brand mark) that they can be identified by. They usually support the brand
image that the business wants to portray.
Trademarks consist of all the things that a business wants to be identified by and what it seems
to protect. Trademarks allow the business goods to be readily identifiable or differentiated from
those of its competitors. The term service marks are used for services. Trademarks include a
word, symbol; phrase, design, name, logo and slogan
Patent - a title granted by the governing body of a country to the inventor of a machine,
manufactured products, service, industrial process, chemical composition etc. the inventor is
given exclusive rights to make and sell that invention for a specified period of time. The patent
prevents persons from copying, using, or selling the intellectual property without permission.
Copyright similar to patents, they give exclusive rights to the originator of creative work
example, literary, dramatic, musical and artistic works.
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Registered design protection - these are for businesses that have created unique designs for their
products. Registering that design is beneficial, giving them a competitive edge. The design
protection relates to the outer appearance, for example the shape of an article.
Trade secrets - this consist of information surrounding a businesses operations, goods or services
that gives it its competitive advantage. It is important that the firm gains protection for these
secrets. They can consist of formulas such as KFCs for the unique taste of their chicken.
The areas trade secrets cover are: processes, techniques, confidential disclosure agreements.