GRM 2010 GRM 2011

Abstract Details

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Innovation and Economic Diversification in National Development Plans in Kuwait
Paper Proposal Text :
Abstract – This paper examines the major findings of a research project analyzing the challenges of innovation and economic diversification in Kuwait. Kuwait, like most of Gulf Council Countries, will face serious economic issues, due to sharp decline of oil price and introduction of alternative energy solutions. These facts have alerted the economic outlook not only in Kuwait, but also in GCC. This paper will explore and present structural changes for a sustainable economic diversification in Kuwait.
Purpose – The current study is expected to be appreciated by researchers, policy makers and educational organizations and might contribute to a better understanding of possible economic diversification initiatives in Kuwait. It would also help governmental organizations, to develop appropriate preparation programs as well as establishment of incubation and innovation centers to support structural changes and support establishment of SMEs in Kuwait. In addition, the findings might contribute to the limited body of empirical studies in Kuwait.
Methodology – Explorative approach is applied for this research study. The analysis is based in focus groups, interviews, observation and data analysis.
Findings – Results indicated for shifting the economy to more knowledge-based industries, with a larger role of private sector, the education system should be redesigned and private technology and business incubators should be supported.
Research Limitation/Implication – This study was conducted in Kuwait and might not be applicable to all GCC.
Practical Implications – This study offers knowledge for developing economic diversification in Kuwait and also provides a framework for structural changes, leading to reduced economic dependency from oil and gas industry.
Originality/value– Very few studies have concentrated on economic diversification in Kuwait. This study provides a new and detailed perspective in Kuwait.
Keywords: Economic diversification, Oil and Gas Industry, Innovation, SME’s, Incubation center
Paper type: Research paper