You should spend about 40 minutes on this task.
Many businesses find it very difficult to assign enough time and resources to research and development. What could a government do to encourage more company spending in this area?
Give reasons for your answer and include any relevant examples from your own knowledge or experience.
You should write at least 250 words.
Sample Answer 1:
With the increasing complexity in the field of science and technology, it has been proved that in order to survive in this global economy, businesses should spend more in the field of research. However, most of the times, companies find it difficult to allocate adequate resources to research and development. In this essay, we will discuss how the government could play an essential role to encourage companies spending in this area.
Firstly, the governments could allocate a special grant/aid for the research in their field of interest, this way they can attract potential researchers in the field in doing so both business and country would benefit. As we know about government grants in European countries for research in every field of science, commerce and technology.
Secondly, governments could arrange a poster presentation competition, awarding the successful candidates with the opportunity to study further as well as of publishing their work in some reputable journal. For instance, government-funded poster competitions occur in every public sector business school in Karachi each year. This has provided opportunities to the bright candidates and has yielded us with an invaluable amount of research in this sector.
Moreover, legislators could arrange finances from other foreign investors in their desired field of interests. As for example, African countries received funds from US government for carrying out researches in the fields of science and commerce.
Overall I believe that research is pivotal for any nation’s development and there are several ways through which governments can play their essential role in solving the issue of resources.
Sample Answer 2:
Competition has increased to a greater extent between various organisations. This has forced most of the firms to only concentrate on profits rather than innovations. However, lack of explorations has impacted the growth of the country’s economy. In this essay, we will analyse how ruling party can motivate co-operations to invest in the analysis of old products and improve them.
To begin with, the political authority can declare some benefits for those industries which have modified the existing systems for their better performance. For instance, elected group can provide some concessions on the mortgage interest rate for the firms releasing modified merchandises. Evidently, Company will put full efforts on experimenting old product and creating its better version. Thus, it is apparent that this will inspire associations to venture in redeveloping existing applications.
In addition to this, the administration can provide few dedicated staff members for the purpose of creating new better systems from the existing one. A good illustration for this is the group of employees who will be employed on government’s payroll but will work for the other companies. In other words, the only aim of these special employees will be improving systems by performing some tests on them. Hence, Company will be able to focus on upgrading applications without compensating their regular profits.
In conclusion, the government can play a vital role in influencing organisations to uplift older systems. What this means is government can provoke industries by offering them lower loan interest rates and committed workforce which will help to boost countries economy. It is thus hoped that ruling parties will implement some measures for instigating company to get involved in new inventions.
Sample Answer 3:
Numerous organisations are mainly focusing on their core competence which is doing trade and generating profit for their shareholders. I personally believe that it has become essential for the government to play an active role in motivating companies to contribute in innovating.
The main reason companies do not prefer investing money and people in doing innovation because it is an added cost without any guarantee of returns in near future. Besides that in order to be competitive organisations needs to be cost effective and offer products at a highly competitive rate. Additionally, in order to innovate industries need to first invest in training manpower, inducting right talents from the market which is as well driven by cost and invest in technology. By adding these recurring expenditure companies get demoralised and avoid innovating.
In my view, organisations face obstacles which prevent them from venturing in this area. Thus government should offer tax rebates for companies who invest in innovation. And reward companies for developing solutions for the well-being of mankind. Organisations would be prompted to set up research labs and they will start competing amongst each other in innovations or patents as well. Furthermore, the government should ease regulatory and legal policy for setting up innovation labs. By doing this, companies will get confidence in the system and enable them to conduct experiments and test in research activities. Such boosts to industries definitely encourage and motivate them, look beyond their trade targets and compete in innovation. Certainly, industries will be benefiting in long run by innovating cost-effective products and producing them for the well-being of mankind.
In conclusion, I believe that government can play a major role in pushing industries to make rational decisions in investing in innovation. Because of innovation, organisations can benefit their overall businesses.
Sample Answer 4:
I strongly agree with the statement that research and progress cannot be flourished just by the individual efforts of private sector companies without enough support and cooperation of governments. Almost all the reputed companies fix some budget for research and development of their products but personal or company’s interests put aside the common and noble cause of research due to short of resources. Governments need their part to play to promote the culture of research going side by side with companies for the common cause of development. There are lots of measures which government can do. But I share with you here, some options in my mind.
For example, some government organisations can be established to create an environment of trust and security among people and companies to monitor and regulate the process of research such as Federal development authority, Ministry of health sciences etc.
Moreover, funding resources should be provided to companies, researchers and even students of universities who are working on valuable research areas for the noble cause of humanity. A committee can be made to review the projects submitted and pass them on to the selection procedure. The selected candidates should be awarded funds or scholarships for their projects to complete within the fixed period of time. I quote you here my own example, being working as research scientist in a cancer hospital. One of my projects is still in the papers due to the limited supply of funds.
To sum up my talk, I would like to say that governments, especially of undeveloped countries have to take some measures to support and promote the culture of research in private sector companies and community. Otherwise, we will lose the cream of our young minds and their life-changing abilities by spoiling their ideas and frustrating their minds.
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