The role of women in innovation economics for sustainable economic growth

We need transformative change to drive innovation to the grass-roots level. As women are the main driving force of families, they have multiple roles to play in bringing about the necessary change through innovation and economics

Innovation is the driving key to sustainable economic growth, and Innovation Economics emphasizes innovation, entrepreneurship, and real GDP growth.

We need transformative change to drive innovation to the grass-roots level. As women are the main driving force of families, they have multiple roles to play in bringing about the necessary change through innovation and economics.

Innovation economists believe that the primary driver of economic growth is today's knowledge-based economy and not capital accumulation or a neoclassical economy. The knowledge economy is growing, and women's participation is also growing. They need to inspire and motivate more women to contribute to this field, where they have a strong hold as per the biology of a female.

Innovation economics can be accelerated through the combined action of entrepreneurs, industry, and infrastructure. Innovation economics can increase economic growth by 85%. Fifty percent of the population is female, so their contribution is equally needed to establish new industries led by innovation. For sustainable economic growth, innovation economics is the way forward to reshape the economy.

In India's economy, women entrepreneurs play a crucial role and have a significant effect on it by generating employment, accelerating development, and fostering prosperity. About 20.37 percent of the MSME industry in India is made up of women-led businesses, which also employ about 23.3 percent of the labour population. Between 13.5 and 15.7 million businesses are owned by women, who also hire between 22 and 27 million individuals. If we apply innovation economics through women's entrepreneurship, it can help us boost economic growth and create a multifunctional economy.

Creative destruction is a significant phenomenon at the core of economic growth, and women’s physiology is well designed to carry out the process with less effort. If we study the physiology and brain structure of a woman, the cortex, responsible for much of our decision-making ability, is fatter and more complex in women. Some neuroscientists believe that women are hard-wired to be better decision-makers and problem solvers.

Women are an indispensable part of society. Their education and creative potential can influence the coming generation, and they can contribute to this for righteous and sustainable economic growth.

Women’s participation in the economy and innovation economics, both growing fields and very important for the sustainable growth of the economy. India’s economy is growing at 6.3 % and only innovation and more participation by people who are naturally innovative can add more value to it.

Innovation Economics is one of the essential factors in enterprise performance as well as national economic growth. Although Schumpeter emphasised a multiplicity of innovation forms, the accent in most of these analyses is essentially on technological innovation (based on research and development). Public policies to support innovation that are inspired by Schumpeterian analyses are henceforth at the root of all scientific and technological initiatives.

Over the past 30 years, the economies in Europe have undergone major transformations that have been powered by the diffusion of information and communication technology (ICT), intensification of innovation, and reforms in the financial sector to support innovative endeavours and contribute to sustainable economic growth in Europe.

Women’s economic empowerment boosts productivity, increases economic diversification, and increases income equality, in addition to other positive development outcomes. For example, increasing the female employment rates in OECD countries to match that of Sweden could boost GDP by over USD 6 trillion, recognising, however, that. growth does not automatically lead to a reduction in gender-based inequality. Conversely, it is estimated that gender gaps cost the economy some 15 percent of GDP.

If we study the brain structure and biology of a female, it is designed to create, innovate, and pass on more information to society for necessary change.

In our Vedic period, Maa (Mother) Saraswati is a Hindu goddess who represents education, creativity, and music. The name Saraswati stems from the Sanskrit root "saras," which means "that which is fluid." Maa Saraswati is known to bring order out of chaos and has a calming and centering personality.

If we study the brain of a female, the prefrontal cortex is considered the "CEO of the brain," The PFC makes decisions and inhibits rash behaviour. It’s where we process anger, fear, and aggression. It’s larger in women and matures a full two years before men, usually by the early 20s. Because women have larger prefrontal cortexes, they may be less easy to make angry. The frontal cortex, Frontal Cortex,responsible for much of our decision making ability, it is fatter and more complex in women. Some neuroscientists believe that women are hard-wired to be better decision-makers and problem-solvers.

Knowledge driven activities are the foundation of innovation economics, and women are an integral part of this advancement as women’s participation in higher studies is growing exponentially and women's contribution to events is growing considering their natural abilities to organise and participate.

Awareness about innovation economics is really important for women so that they can contribute their part by being innovative in nature and influencing and directing other women and family members for the greater good of society.

Implementation model of innovation Economic policy should be carefully designed to touch all demographics, and women play an important role in connecting all the channels into one and multiplying economic growth.

Further research and development are important to innovate in the right implementation of innovation economics for sustainable growth.

Women are the most important part of innovation economics, and it can be truly successful if we implement it through them. More focus on higher education for women and a knowledge-based economy should be prioritised to lead innovation economics for the right growth and change in our society.