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Title STEPI In-House Seminar on ‘Understanding Innovative Growth’
Date 2018-09-21 Hit 392  

Science & Technology Policy Institute (STEPI), held an in-house seminar on “Understanding Innovative Growth” on August 23rd. In the seminar, Dr. Seong-min Hong, head of the Division of Research on Innovation Policy for Growth and Dr. Chan-soo Park, head of the Office of Institutional Innovation Research respectively made subject presentations, and STEPI researchers led a variety of discussions on innovative growth.

The subject presentation addressed the concept of innovative growth, challenges of science & technology policy and corporate innovation. First, Dr. Seong-min Hong explained the background and concept of innovative growth as well as major policies related to innovative growth. He also presented the challenges of the science & technology policy for the promotion of innovative growth. Innovative growth has become the fundamental of income-led growth through the development of new growth engine by maximizing added value and encouraging innovative start-ups. In order to accomplish such goal, we need innovation in the whole society from the science & technology to the social and economic systems. To support these, we have 4 innovations (science & technology innovation, industry innovation, people innovation, social system innovation) and 8 core projects are under way. Accordingly, the presenter claimed that we need to deal with rapid technology advancement such as the 4th industrial revolution, and adopt paradigm shift based on the establishment of infrastructure which emphasizes the role of the private sector.

On the other hand, Dr. Chan-soo Park pointed out today’s challenging environment where SMEs, the key players of innovative growth, cannot create economic and social values through ‘innovation’ being trapped by various issues such as 52-hour workweek and minimum wage increase, stressing the need of change in the multiple elements of our corporate ecosystem.
And then a Q&A session was followed where many STEPI researchers, where highly interested in the government-led innovation growth, expressed their opinions and make discussions. To share key opinions, while some pointed out that innovation has no substantial difference from the past policies (creative economy), some stated that the government and research institutions should pursue the same direction. When it comes to the government’s policy requirements regarding innovation growth, the importance of rapid response was highlighted. For new issues, which cannot be explained with the existing theories, some researchers emphasized theoretical researches. Regarding the recent government policy such as the minimum wage increase, it was stated that the increased wage can partially address labor exploitation in the short term and contribute to the innovative growth in the long term. Strategy-wise, there were some who urged an immediate discussion on what policy researchers should do for the sake of innovative growth.

The seminar provided a forum for researchers to define the concept of ‘innovative growth’ through active discussions and to reach a consensus that the strategy and priority of each research may differ. The participants looked forward to having another opportunity to learn and share knowledge through further advancement of discussions.