The key to economic prosperity is turning innovation into profits. A growing number of countries in the developing world are showing how this can be done. Their societies are benefitting as a result.Leaders in Africa and other developing countries face huge challenges in meeting the basic needs of their people and competing in the global economy. Yet, unlike their predecessors, who had to make do with limited technical knowledge, they have a wealth of scientific and technological know-how at their disposal. Innovation is at the centre of economic growth. The challenge, however, is not so much to build from scratch as to use expanding technological opportunities to their advantage. This does not mean that developing countries should avoid investing in basic research and development (R&D), but rather that R&D should be guided by the need to adapt existing knowledge to local markets.
From, Nature, International Weekly Journal of Science