What To Know About Industry, Innovation and Infrastructure

As an SDGs Ambassador, I want to take out time to discuss what I call the Three I's of a successful Entrepreneurship which are Industry, Innovation and Infrastructure.

According to the English Dictionary, the word Industry can be defined as an "economic activity concerned with the processing of raw materials and manufacture of goods in factories"

Wikipedia defines Innovation as a "new idea, creative thoughts, new imaginations in form of device or method". However, innovation is often also viewed as the application of better solutions that meet new requirements, unarticulated needs, or existing market needs.

The same English Dictionary defines infrastructure as "the basic physical and organizational structures and facilities needed for the operation of a society or enterprise."

From the above definitions, we can see that that these Three I's of entrepreneurship(Industry, Innovation and Infrastructure) are interrelated in the sense that they work hand in hand with each other to make one's business attain it's peak.

An excerpt from UNDP Nigeria says:

Investment in infrastructure and innovation are crucial drivers of economic growth and development. With over half the world population now living in cities, mass transport and renewable energy are becoming ever more important, as are the growth of new industries and information and communication technologies.

Technological progress is also key to finding lasting solutions to both economic and environmental challenges, such as providing new jobs and promoting energy efficiency. Promoting sustainable industries, and investing in scientific research and innovation, are all important ways to facilitate sustainable development.

More than 4 billion people still do not have access to the Internet, and 90 percent are from the developing world. Bridging this digital divide is crucial to ensure equal access to information and knowledge, as well as foster innovation and entrepreneurship.

From the above excerpt, we see that it is highly necessary for entrepreneurs to invest more on Infrastructures and bring in innovative ideas that will help take entrepreneurship to the next level. It is important for one to find out a means of satisfying a need in the society. Once you succeed in creating a particular good or service that people need but can't get, it will go a long way in boosting one's business especially as an entrepreneur.

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