Formation of startups and new companies
Commercial exploitation of science, technology, and novelty
System of laws, regulations, strategies, and funding priorities
Discovery and creation of new knowledge of the natural world
Technological Advancements in the world.
Specialist R&D funds levied on business must build organisations that offer short-term benefits through a clear strategy, says Athar Osama.
Just under a decade ago countries in the Organisation of Islamic Cooperation (OIC) signed a science vision 1441 (which coincides with year 2020). Collective spending on research and development (R&D) in the Islamic World was a mere tenth of what the developed world spent. Since then, some progress has been made to increase investment.
But the strong political will needed to undo science under-funding in the Muslim world has been extremely hard to find.
Most OIC members suffer resource constraints that are exacerbated by policy instability, poor governance, and endemic corruption. Faced with the challenge of choosing between the ‘real’ needs of healthcare, literacy, and social welfare, and the ‘promised’ benefits of science, the latter has often cut a sorry figure.
For some time now, several countries have been experimenting with using dedicated R&D funds to get around this problem. But the funds’ performance leaves much to be desired. It’s time for a re-think.