As South Africa grapples with growing the economy and sustainable socio-economic development, it is often said that innovation is the silver bullet to help the country achieve its developmental goals.
In this regard, the World Bank’s September 2017, 10th South Africa Economic Update observes that innovation can raise South Africa’s competitiveness and allow breaking into new markets and creating jobs.
It can also significantly improve the life of millions of poor South Africans and their chance for economic participation, through the provision of better and cheaper goods and services, in health, transports, and e-government notably. Fundamentally, innovation can help South Africa diversify from its traditional commodity based economic model which did not lead to the reduction of inequalities in last decades.
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