The new economy is about knowledge intensiveness and enhanced innovation capacity, fuelled by the digital revolution and rapid technological advancement. A country needs to evolve to leverage on the new economy, by making collaborative networks a necessary platform on which it could survive.
Therefore, the Academy of Sciences Malaysia (ASM) proposed developing collaborative networks for disruptive innovation to capitalise on new economic opportunities during the PPSTI Workshop on Domestic Innovation Systems and Networks at Port Moresby, Papua New Guinea on 13 August 2018.
ASM CEO Madam Hazami highlighted that there has always been a gap between the research and development (R&D) sector and the business sector.
While the R&D sector is more oriented towards creating publications, citations and patents, the business sector is more profit-oriented and more risk-averse, secretive, and non-collaborative.
A collaborative network serves as a figurative bridge to close the gap between the two sectors, by providing an opportunity for both sides to mutually benefit from each other’s contributions.
In addition, the network is able to ensure both sectors benefit through their cooperation. Among the benefits of a collaborative network include lower risks and barriers, a talent pool that is tailored to the needs of the network, the intensification of knowledge, as well as a better ability to meet market demand.
With that said, a collaborative network must be industry-led; other actors such as researchers, government, and the civil society join it, as well as a trusted neutral entity that moderates and coordinates said network.
Relying on market intelligence driven by acknowledging industry growth challenges and industry-driven strategic planning, the collaborative network is powered by demand-driven R&D to create value; this in turn creates market-driven delivery system that is able to address challenges faced by the industry.
Thriving knowledge clusters and talent hubs that may lead to sustainable disruptive innovation are the potential outcomes of a successful collaborative network.
In her presentation, Madam Hazami promoted a study by ASM titled New Economic Opportunities, which proposed the most appropriate and vital mechanism on which Malaysia could leverage on, towards expanding global opportunities for economic growth by developing science, technology and innovation (STI)-based industries. In addition, she also presented a proposed STI governance system and structure for Malaysia.