Innovation, what innovation?

The path to wisdom is the understanding of terms, said Antisthenes. Corruption of words and concepts often leads to misconceptions and disorients.

Invoking the term “innovation” as a cure for any (economic) ill has already become commonplace. Similar to that of the famous “change in the production model”.

But how can one define innovation? According to the OECD, it is the transformation of an idea into a marketable product or service, a functional method of production or distribution – new or improved – or even a new method of providing a social service.

The key here is “transformation.” An innovative product alone is not enough. Ideas exist, but a next step is required. The idea must become marketable. What is required is the creation of the appropriate framework in which such an idea will evolve and carve a path to international markets.

Despite the proven remarkable scientific and business potential that Greece has, the position it occupies is “below par”, as shown by the ranking formed by the World Intellectual Property Organization. In a field where Greece could play a leading role, it is hovering at low levels, ranking 47th among 132 countries.

Governments have the responsibility to cultivate the soil in order for tech startups to actually “sprout”. Achieving high performance in this area must become a strategic goal. The current circumstances are ideal in many ways. As good as the intentions are, the result may not be what is desired when there is a fragmentation of responsibilities. Is it time to create an autonomous Ministry of Innovation?