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Enhancing Dynamism and Innovation in Japan's Business Sector

Author

Listed:
  • Randall S. Jones

    (OECD)

  • Myungkyoo Kim

    (OECD)

Abstract

Innovation is key to boosting economic growth in the face of a rapidly ageing population. While Japan spends heavily on education and R&D, appropriate framework conditions are essential to increase the return on such investments by strengthening competition, both domestic and international, and improving resource allocation. Upgrading corporate governance would encourage firms to maximise profits and invest their large cash reserves. To promote open innovation in a global framework, it is necessary to improve universities and expand their role in business R&D, while increasing international collaboration in R&D from its current low level. Venture capital-backed firms and start-ups should play a key role in commercialising innovation. To make venture investment a growth driver, it is important to expand the role of business angels and foster entrepreneurship. SMEs, which account for 70% of employment, should contribute more to innovation.

Suggested Citation

  • Randall S. Jones & Myungkyoo Kim, 2015. "Enhancing Dynamism and Innovation in Japan's Business Sector," OECD Economics Department Working Papers 1261, OECD Publishing.
    • Handle: RePEc:oec:ecoaaa:1261-en
    DOI: 10.1787/5jrtpbtkbhs1-en
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    More about this item

    Keywords

    Abenomics; innovation; Japan; product market regulation; venture capital;
    All these keywords.

    JEL classification:

    • O13 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Agriculture; Natural Resources; Environment; Other Primary Products
    • O38 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Government Policy
    • O53 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Asia including Middle East

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