During the previous century and well into the twenty first century (dubbed the “Knowledge Era”), technology has evolved to the point where it is now synonymous to numerous terminologies. Technology can be termed as Objects similar to tools, machines, instruments, weapons; as Knowledge similar to technological know-how and innovation; as Activities similar to skills, methods, procedures; as a Process which begins with a need and ends with a solution and finally as a Socio-technical System which occurs through the manufacture and use of objects involving people and other objects in combination.entrepreneurship.
Technology is a word with origins in the Greek word technologia (?????????? ), techno (????? ) “craft” and logia (????? ) “saying. ” It is a broad term dealing with the use and knowledge of humanity’s tools and crafts. Categorically speaking technology is the process by which humans modify nature and the environment to meet their needs and wants. Most people, however, think of technology in terms of its artifacts: computers and software, aircraft, pesticides, water-treatment plants, birth-control pills, and microwave ovens, to name a few.
But it is more than these tangible products; it is the technical means people use to improve their surroundings. It should also be noted that the knowledge and processes used to create and to operate technological artifacts — engineering know-how, manufacturing expertise, and various technical skills — are equally important parts of technology. How Technology fits into the 21st Century Landscape Diagram showing the flow of Technology through Civilization.
The above diagram from Harvard University School of Engineering illustrates the relationship between technology and civilization over the centuries, here it can be seen why the terms ? technology’ and ? civilization’ are sometimes synonymous. In this the “Knowledge era” the focus is usually on employment, industrial productivity, increased standard of living/enhanced lifestyle, etc. The following are a few examples of advances in technology within the Caribbean. Education/Lifestyle/Communication Americas Region Caribbean Optical-ring System (“ARCOS”), is an undersea broadband fiber-optic cable network which supports the Flow Network.
Flow provides Digital Cable, Landline and High Speed Internet to several Caribbean countries bringing exposure to the outside world through Cable TV; and mass communication through the telephone and internet. This infrastructure can undoubtedly be used as a tool or agent of development. Cable/Internet in the Class Room E-Learning (Distance/Internet Learning) Microsoft’s Technology Inclusion CentreInternet Provides enhanced -ICT learning opportunities for Latin America communication between some key Caribbean member states. Employment.
Jamaican based e-Services Group International has provided thousands of Caribbean jobs within the telecommunications sector namely Jamaica and St. Lucia. E-Services’ core product is back-office support services (inbound) which several companies around the world are now opting to outsource. Health Other Transnational Corporations e. g. Digicel & Cable & Wireless provide not only backoffice support but also mass employment in technical services eg. Switch and Transmission Engineers; Programmers; Network Quality Analysts & Technicians; etc. Technology transfer?
Technology Transfer enables individuals, communities and businesses to obtain the know-how in applying a technology to a domestic need or an industrial production. One example is the transfer of anaerobic technology to farmers, householders, schools, the construction industry and other areas of the private sector. Other transfers of technology are in the food processing area for example preservation of tinned ackees for export, extractions and mushroom farming. It is important to evaluate technology transfer programs and projects on an ongoing basis to determine their success and to incorporate lessons learned in future activities.
Measuring the results of technology transfer activities is an important component of technology transfer projects. Technology transfer to the Caribbean Technology transfer to developing countries has traditionally involved the transfer of tools and methodologies developed in industrialized nations for use in poorer developing countries. Good technology transfer, however, includes knowledge of the relationships between the fundamental principles involved in the design of the technology, rather than implementation of an existing finished product.
For successful transfer of technology to developing countries to occur, it is important to recognize the differences between developing countries and industrialized nations because differences in social and economic conditions between the two types of countries may warrant alternative approaches both to analysis and to implementation of solutions. Measurement of technology transfer Some experts say a transfer is successful only when it becomes a profitable product or process, while others claim a transfer is successful when the technology is at least reviewed for possible use by another person or organization.
A great deal of technology is never commercialized due to (1) lack of financing; (2) management failures; or (3) unanticipated obstacles in the timing of the introduction, such as a shift in the economy, changed market conditions, or the sudden appearance of a competing technology Innovation v/s Invention A definition for innovation is stated as an object, patent, process, or technique, which displays an element of novelty. It is also the conversion of knowledge and ideas into a benefit, which may be for commercial use or public good.
In economics, innovation deals with something new, which must be substantially different, not an insignificant change. In economics the change must increase value, customer value, or producer value. Innovations are intended to make someone better off, and the succession of many innovations grows the whole economy while an invention may sometimes be based on earlier developments, collaborations or ideas, and the process of invention requires at least the awareness that an existing concept or method can be modified or transformed into a new invention.
The staring point of innovation is the generation of creative ideas. Innovation is therefore the process of taking those ideas to market or to usefulness. Innovation may refer to both radical and incremental changes to products, processes or services. The often unspoken goal of innovation is to solve a problem. Innovation is an important topic in the study of economics, business, technology, sociology, and engineering. Since innovation is also considered a major driver of the economy, the factors that lead to innovation are also considered to be critical to policy makers.
Some inventions represent a radical breakthrough in science or technology, which extends the boundaries of human knowledge. Legal protection can sometimes be granted to an invention by way of a patent. The first confusion to dismiss is the difference between invention and innovation. Invention refers to new concepts or a product that derive from individual’s ideas or from scientific research while Innovation, on the other hand, represents the commercialization of the invention itself. It is important to have this difference clearly outlined because an invention may have little economic value, if at all.
In order to monetize an invention it is necessary to transform it into innovation, and such transformation is possible once we find a target customer, application or market. There are several examples of great inventions that generated little or no returns to their inventors. In 1947 some scientists at the AT&T laboratories created the first transistor in the world. The invention was obviously patented, but the organization was not able to find promptly an application for the new device.
They did an outstanding job with the invention, but failed to develop the innovation. Precisely for that reason in 1952 AT&T decided to license out the transistor. For $ 25. 000 companies like Texas Instruments, Sony and IBM acquired a technology that would produce billions of revenues in the coming years. Xerox is another qualified company when we talk about missing big opportunities, just like AT&T they were very good inventors, but they lacked the ability to transform such inventions into innovations.
In the famous Palo Alto Research Center (PARC) Xerox was the first company in the world to develop a personal computer (years before Apple or IBM), a graphical oriented monitor, a word processing software, a workstation, a laser printer, a local area network, a hand-held mouse, and the list goes go. Yet it profited from almost none of such breakthrough inventions Innovation in Science and Technology Awards In November 2005, at a special awards banquet, Minister Phillip Paulwell, minister of Commerce, Science and Technology, introduced an innovation awards programme.
The triennial Awards Programme is the latest initiative in the Jamaican government’s push to raise the profile of science and innovation in a country traditionally better known for its music. By showcasing the contribution of Jamaica’s innovators, the Awards seek to foster better understanding of how innovation boosts national development, and to inspire the upcoming generation. The Awards grew from Jamaica’s Scientific Research Council (SRC) program on innovation and creativity, which was launched in 1988 and led to the establishment of a national Inventors and Innovators Association.
The SRC, a government agency, promotes pioneering work across a range of sectors with the goal of harnessing innovative science and technology for national growth. They served as the Secretariat for the awards programme. The ten categories were: Agriculture and Food, Education, Environmental Sustainability, Health and Safety, Entertainment Products, Engineering, Energy, Popularisation of Science and Technology, Information and Communication Technologies and Electronics, and Manufacturing. Innovation in education within Jamaica.
To achieve and maintain competitive edge in this environment, Jamaica, like developed economies, will have to look to innovation as a major influence of economic growth. It is, therefore, imperative that Jamaica develops a national system of innovation to formulate policies and to develop strategies to facilitate this thrust. Until its Independence in 1962, Jamaica’s education system had grown without any sort of overall planning. It was like pre-colonial times, when the government didn’t own any schools and Church Schools formed the core.
Today’s education system is characterized to a large extent by government ownership of schools and a range of modern policies and programmes. In pre-independent Jamaica, there was no technical and vocational education, and the University of the West Indies, which had emerged out of the 1948-established University College of the West Indies at Mona, was new. So too was the College of Arts, Science and Technology (CAST), which was also established in 1958.
It offered courses in Engineering, Business Studies, Accountancy, Banking, Telecommunications, Pharmacology, Institutional Management and General Catering, Computer Science and other technical subjects. Now renamed University of Technology (UTech), it also offers some degree programmes. However, with Independence, came the challenge of introducing new policies and programmes, and commencing the process of reform of the education system. Since then, Jamaica’s education system has undergone a transformation, from emphasis on equality in education.
Literacy for all and a clear, long-term development programme aimed at providing the best education the country could afford, and to make it open to every child was seen as ingenious, as Primary, Secondary, and Tertiary level schools expanded. The Human Employment and Resource Training (HEART), which started in 1982, is one of the most significant educational innovations ever introduced into Jamaica. HEART is a collaborative effort of Government and the private sector to train young people to acquire the skills needed for employment and at the same time create a bank of trained manpower to meet Jamaica’s future needs for skilled labour.
Each HEART institution provides training in a special group of skills – Building, Agricultural, Secretarial, Craft, Garment Making, Cosmetology and Tourism. The education sector has grown in sophistication to the point where has entered into international trade, along with other services. The decade of the 1990’s was characterized by the Reform of Secondary Education (ROSE) programme, which was established in 1992, to address problems affecting secondary education. At the tertiary level, there were Community Colleges serving young people out of school and offering a wide range of subjects including “A” Levels.
There were Teacher Training Colleges with improved curriculum in both range and depth. These are just a few innovations in the education system in Jamaica. UTech’s Technology Innovation Center In 1988 the Entrepreneurial Centre, a small business development unit was established at the then College of Arts Science and Technology (CAST) now The University of Technology (UTech). Initially the centre, under the leadership of Sandra Glasgow, had initiated programmes in the training of innovation and enterprise to students.
Over the years the programme grew and it became necessary to expand the facilities into a full-blown Technology Innovation Centre. This was funded by a Caribbean Development Bank loan and with Canadian International Development Agency (CIDA) assistance and the University’s involvement. The centre now has an expanded role in providing Business Services, Training/Consultancy, Study Tours, Facilities Rental and the provision of space for small business development. It is a highly successful enterprise. Use of technology to generate Economic Development.
It is very important for emerging Caribbean leaders to recognize the potential of technology in economic development and generate new ideas for socio-economic issues that affect the Caribbean. At a conference attended by Prime Minister Patrick Manning of Trinidad & Tobago in Boston, he predicts economic growth for Caribbean nations. His plan is to make the island (Trinidad & Tobago) a developed and active participant in the “technological revolution” by the year 2020. He said that at the end of the day, there is only one reason for government, and that is to give citizens the highest standard of living in the shortest amount of time.
He mentioned a number of production plants that will be in construction within the next year, the development of an industrial park devoted to science and the plan for universal Internet and wireless service throughout the island by 2008. Technology is critical to our country (Jamaica) and the rest of the Caribbean region for many reasons. First and foremost, technology generates sustainable economic expansion. That is, creating high-wage jobs, world-class exports and productivity growth that is very critical to our long-term global competitiveness. Technology also helps to improve our quality of life…
from new drugs and cures that help people live longer and healthier lives, to agricultural advances that permit mass harvests with less herbicides and pesticides. Advances in technology are vital to our efforts to protect our country as also the region, hardening our infrastructure, detecting dangers and empowering our defense forces. This era of technology also holds extraordinary promise for the future of our educational system(s). Technology can also be used to expand a region’s knowledge base, as also to invite reinforcing cycles of innovation and investment.
In that, innovators are often times attracted to regions that offer opportunities to pursue cutting edge research, to start-up commercial ventures and obtain funding to take products from lab to market. Industrial & Agricultural Technological development in the region There continues to be the recognition that agro-industrial development, even at the small and cottage industry levels, is critically important to the expansion and diversification of the agricultural sector in the Caribbean community.
Vibrant agro-industrial activities can expand the markets for primary agricultural products, add value by vertically integrating primary production and food processing systems and minimize post harvest losses. In addition such activities would reduce seasonality of consumption of a range processed foods, increase the viability, profitability and sustainability of production systems through their impact on increasing farm incomes, rural employment and foreign exchange earnings, while reducing marketing risks.
However, with few exceptions, the agro-industrial sector remains rudimentary, underdeveloped and largely without significant institutional, technical and financial support. The process of making jams, jellies, fruit nectars and other beverages is well established in the Caribbean. However the technology utilized in the small scale-processing sector has remained relatively static and traditional. Thus in many respects other crucial constraints to the development of the agro-processing sector are the lack of proper utilization of research and technology, a lack of trained personnel, inadequate technical and managerial and marketing support.
Both the state and the private agro-processing sector have not invested in the development of the most effective research, nor have they readily embraced and adopted the most appropriate and current technology. These problems are even more serious in the case of small farmers since they generally do not have the financial resources or credit facilities at their disposal to invest in new processes, human resource, management or technological innovation.
In CARICOM Countries there are organized and staffed facilities serving the agro-processing sector. These include the Food Science and Technology Unit, Department of Chemical Engineering, U. W. I. , and CARIRI in Trinidad, IAST in Guyana, and the Jamaican Scientific Research Council and the Food Technology Unit of the Ministry of Agriculture in Jamaica. Most countries in the Caribbean have undergone a profound economic transformation over the past 40 years, from an essentially agricultural economy towards a predominantly service-oriented one.
Traditionally, agricultural economies in the region were based on one or two major export crops such as sugar or bananas. For most countries in the region, the modernization of agriculture has significantly lagged behind the rest of the economy. This has not only resulted in a relative decline of agriculture as an economic activity but in many cases also in an absolute decline. 4 As a consequence, many Caribbean countries nowadays run major agricultural trade deficits.
5 A dozen countries in the region ran an agricultural trade deficit of more than US$ 400 per capita in 1997 notably the smaller and richer countries in the region. Some countries have even dispensed with agriculture almost entirely, as income opportunities in other sectors of the economy are far more attractive. The Scientific Research Council and Applicable Local Technologies The Scientific Research Council (SRC) is Jamaica’s principal public sector agency, responsible for the fostering and coordination of scientific research and the promotion of its application.
Most of the Council’s projects support the growth and development of the agro-industrial sector in Jamaica through research, adaptation of available technologies, creation of new and appropriate technologies and the provision of training and technical assistance. Scientific and technical information is increasingly driving productivity and economic growth in developed economies and is proving to be of greater significance in national development than other assets such as natural resources, cheap labour and finance.
The popularization of Science and Technology (S&T) in various forms, especially among the youth, is therefore a focus area for the SRC, as it is driven by the philosophy that S&T is a means for improving the quality of life. The Scientific Research Council (SRC) is an agency of the Ministry of Commerce, Science and Technology and was formed in 1960. When it comes on to waste management and alternative energy, the Scientific Research Council is the sole provider of anaerobic technology in Jamaica. Anaerobic is a technical word, which literally means without air.
In wastewater treatment the absence of oxygen is indicated as anoxic; and anaerobic is used to indicate the absence of any electron acceptor (nitrate, sulphate or oxygen). The SRC provides technical support to the National Water Commission, communities, schools, farmers and housing developers in commissioning and maintaining waste treatment systems. In the Agro industry, they developed technology for the crystallizing and syruping of ginger and they developed and put into effect-sophisticated technology for making multi-purpose caramel. In both cases the technology was transferred locally.
They also developed composite flours comprising of 20%-30% indigenous material (yam, breadfruit, cassava, banana), as a substitute for imported wheat flour which is especially suited for persons who are allergic to gluten found in wheat. In the late 1990’s due to a short fall in the availability duty free PL480 rice and emerging opportunities in the milling of paddy rice, a forensic examination of the CARICOM treaty lead by the technology minister (Phillip Paulwell).
Eventually secured a landmark decision. CARICOM allowed Jamaica to import paddy rice classified as raw material, although this forced eventually forced a ? tightening’ of CARICOM treaty, Jamaica will retain this right until the year 2010. The SRC is the regional focal point for the CEIS (Caribbean Energy Information System) network.
The network consists of eighteen countries committed to the pooling and exchange of energy information. CEIS has spearheaded programmes aimed at educating policy makers and consumers about clean technology, reducing energy costs, and renewable energy. One very successful energy project is the Wington Wind Farm which is a wholly owed subsidiary of the Petroleum Corporation of Jamaica, incorporated April 12th 2000. This is a 20. 7 MW(Mega Watt) wind powered electricity plant in Manchester, which has generated enough power to avoid high levels of Carbon (CO2) emissions.
(The Period since its commission to March 2007 has seen an avoidance of 126,214 tonnes of carbon emission. In the aquaculture industry, developed novel fish feed products ? de-capsulated and normal brine shrimp eggs available in cans produced from Artemia grown in Yallahs Salt Ponds for ornamental fish industry. Reduce importation, saving foreign exchange. Artemia (Brine Shrimp) is important as a starter feed.
Most fish need live feed after hatching. The goal of the Artemia project is to support the aqua-culture industry by providing locally produced fish feed; reducing the cost of some of the ingredients of fish feed, and the final cost to the consumer. There is a lot more which the Scientific Research Council has done in the development of applicable technologies in Jamaica, more of which can be obtained from their website given in our appendix. Other state owned technology related organizations and policies include: The National Commission on Science & Technology (NCST) ?
it’s mission is to improve the quality of life of all Jamaicans through the application of science and technology. Science & Technology (S&T) Policy ? this policy establishes the framework to promote innovation and the proper funding of S&T activities which in turn stimulates diversification and productivity. Biotechnology/Biosafety Policy ? developed by the NCST and the National Biosafety Committee (NBC) to strike a fundamental balance between protection of Jamaica’s biodiversity and ecology, versus potential health risk associated with biotechnology.
Technology Investment Fund ? established to finance investment in commercial activities which contain substantial advancement. These investments usually do not qualify for other funding from banks etc. Companies recently benefiting from GOJ R&D tax incentives scheme include: Energy Systems & Design Institute ? St. Thomas Solar Project Technological Solutions Limited ? Building Technological Competence throughout HACCP G & D Breakthrough Corporation Ltd ? Indoor Air Quality Research Project Christiana Potato Growers Co-operative Association Ltd ? Tissue Culture Project.
Joint venture A joint venture (often abbreviated JV) is a legal entity formed between two or more parties to undertake economic activity together. The parties agree to create a new entity by both contributing equity, and they then share in the revenues, expenses, and control of the enterprise. The venture can be for one specific project only, or a continuing business relationship such as the Sony Ericsson joint venture. This is in contrast to a strategic alliance, which involves no equity stake by the participants, and is a much less rigid arrangement.
Organizations can also form joint ventures, for example, a child welfare organization in the Midwest initiated a joint venture whose mission is to develop and service client tracking software for human service organizations. The five partners all sit on the joint venture corporation’s board, and together have been able to provide the community with a much-needed resource. The phrase generally refers to the purpose of the entity and not to a type of entity. Therefore, a joint venture may be a corporation, limited liability company, partnership or other legal structure, depending on a number of considerations such as tax and tort liability.
When are joint ventures used? Joint ventures are common in the oil and gas industry, and are often cooperations between a local and foreign company (about 3/4 are international). A joint venture is often seen as a very viable business alternative in this sector, as the companies can complement their skill sets while it offers the foreign company a geographic presence. Studies show a failure rate of 30-61%, and that 60% failed to start or faded away within 5 years.
(Osborn, 2003) It is also known that Joint ventures in low-developed countries show a greater instability, and that JVs involving government partners have higher incidence of failure (private firms seem to be better equipped to supply key skills, marketing networks etc. ) Furthermore, JVs have shown to fail miserably under highly volatile demand and rapid changes in product technology.  Some countries, such as the People’s Republic of China, require foreign companies to form joint ventures with domestic firms in order to enter a market.
This requirement often forces technology transfers and managerial control to the domestic partner…. Reasons for forming a joint venture Internal reasons 1. Spreading costs and risks 2. Improving access to financial resources 3. Economies of scale and advantages of size 4. Access to new technologies and customers 5. Access to innovative managerial practices Competitive goals 1. Influencing structural evolution of the industry 2. Pre-empting competition 3. Defensive response to blurring industry boundaries 4. Creation of stronger competitive units 5. Speed to market.
6. Improved agility Strategic goals 1. Synergies 2. Transfer of technology/skills 3. Diversification Governments provision to suitable incentives for innovators Jamaica has incentive programs for foreign investors. The incentives are typically granted to companies that earn foreign exchange, use Jamaican raw materials, create employment opportunities, or introduce new technology. Forms of incentives provided by the government would include Tax incentives, which include tax holidays and duty-free entry of raw materials and capital goods for approved incentives periods.
Tax holidays are also extended to business locating in less developed regions. In Jamaica, the government is reviewing the way delegated pay and grading systems operate in the civil service. It is clear that performance management is not effective enough. The links between pay and objectives are not always clear. We must use our pay systems and performance pay in particular in creative ways to provide effective incentives to achieve sustained high quality performance and to encourage innovation and team working. Non-pay incentives are often just as important in staff recruitment and motivation as pay.
Such incentives may take many forms: better training and development opportunities, good career prospects, opportunities for career breaks, improved working environment, flexible working, family-friendly working practices, recognition in the form of national awards and honours or local workplace schemes therefore there is the need to ensure that these are used effectively to attract and reward staff. Our government can provide suitable incentives for our local innovators. Jamaica adopted a financial vehicle called a Venture Capital Trust Scheme, which was started in 1995 from the United Kingdom.
The Venture Capital Trust scheme is designed to encourage individuals to invest indirectly in a range of small higher-risk trading companies whose shares and securities are not listed on a recognized stock exchange, by investing through Venture Capital Trusts (VCTs). So, if you invest in a VCT, you spread the investment risk over a number of companies. VCTs would be companies listed on the Jamaica Stock Exchange, and are similar to investment trusts. Fund managers who are usually members of larger investment groups run them.
Investors subscribe for, or otherwise acquire, shares in a VCT, which invests in trading companies, providing them with funds to help them develop and grow. VCTs realize their investments and make new ones from time to time. We must approve vCTs for the purpose of the scheme. Approval is given if they meet certain conditions. If you invest in them you may be entitled to various income tax and capital gains tax relief, and VCTs are exempt from corporation tax on any gains arising on the disposal of their investments. Approval of a VCT means that it currently satisfies the requirements enabling investors to qualify for certain tax reliefs.
Tax reliefs are available only to individuals aged 18 years or over, and not to trustees, companies or others who invest in VCTs. There are two income tax reliefs’, they are exemption from income tax on dividends from ordinary shares in VCTs (. dividend relief. ), and income tax relief. A percentage of the amount subscribed by the individual for new ordinary shares which carry no preferential rights or rights of redemption throughout the period of three years from the date on which they were issued. You can get this relief for the tax year in which these eligible shares were issued, provided that you hold the shares for at least three years.
There are also two capital gains tax (CGT) relief’s, they are exemption from CGT on gains that arise if you dispose of your ordinary shares in VCTs (. CGT exemption. ), and deferral of capital gains where you get income tax relief on an investment in VCT shares (. deferral relief. ). You can defer a total amount of gains up to the amount invested in the VCT shares. The VCT shares must be issued in the period beginning 12 months before and ending 12 months after the gain arises. You can get two of the reliefs, dividend relief and CGT exemption, for newly issued shares and second-hand shares acquired, for example, through the Stock Exchange.
But income tax relief and deferral relief can be claimed only if you subscribe for new shares. You can get VCT treliefsf’s if you acquire shares in VCTs up to a predetermined maximum per tax year. You can claim the reliefs, where applicable, from the Tax Office, which deals with your tax affairs. To claim deferral relief, you must be resident or ordinarily resident in the Jamaica both when you make the disposal-giving rise to the gain and when you invest in the VCT. Training is the teaching of vocational or practical as it relates to specific useful skills, which will improve individual and organizational performance. It basically.