BAKU, Azerbaijan, November 30. Innovation is a catalyst for growth, competitiveness and financial sustainability, Azerbaijan's First Deputy Economy Minister Elnur Aliyev said at InMerge Innovation Summit in Baku, Trend reports.
"Innovation is more than a buzzword; it is the heartbeat of the national economy, a driving force for growth, competitiveness, and financial sustainability. They promote entrepreneurship and job creation, as well as attracting talent and investment, which stimulates economic development. Countries can also adapt to shifting global markets and technological breakthroughs through innovation, assuring their continuous relevance and sustainability in a volatile economic context. The transformative process of generating, developing, and implementing new ideas to make a positive impact is known as innovation," he said.
According to him, innovation encompasses three critical aspects.
"To begin, innovation is founded on a novel concept. Not every concept may be used in this way; the idea that sparks the invention process must be distinct. Second, it is a method. There is no true innovation if a person merely has a fresh idea that is not then realized and put into effect. Third, innovation should have a positive impact, such as meeting an unmet need or improving an existing product," Aliyev added.
The InMerge Innovation Summit has started in Baku on November 30 and will end on December 1.
InMerge, the region's largest innovation summit, is aimed at bringing together prominent organizations, entrepreneurs, and investors to debate the topic of innovation and potential alliances.
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