The challenge for Latin America is technological innovation
New technologies, patentable and exportable, that can penetrate new markets, are the key for the entry of foreign currencies to the countries of the region
Innovation may address different parts of an economy. Innovation may be carried out in products, processes, markets, or in organizations. For example, in processes there is a chain of innovation to produce better, as may be done in generation equipment.
In the area of products, there is the technology venture, the development of new technologies, which includes intellectual property, especially for innovation patents. These new patentable and exportable technologies are essential for the development of the Latin American economy, as they are the means to penetrate new markets as well as the entry of currency resulting from exports.
The challenge for Latin America is to be aware, because innovation has enormous roads and challenges. Currently, there are strong industries that five years from now may not exist. Hamilton Moss, CAF's Energy Vice-President, says that even if the current scenario is not encouraging, there is a strong potential in the region. "We are in similar conditions as Africa in terms of productivity, intellectual property, and specifically, in technological innovation patents".
Just as an increase in financial resources is essential to face this challenge, education, the integration of the countries of the area, and information exchange between them are keys that can generate a favorable environment for innovation.
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