Governments play a crucial role in fostering innovation, particularly in an economy driven by rapid technological changes and new industries. One key method is investing in research and development (R&D), which underpins innovation and drives the creation of new technologies and products. Governments can support R&D directly or incentivize businesses through tax breaks and other measures.

Governments play a crucial role in fostering innovation, particularly in an economy driven by rapid technological changes and new industries. One key method is investing in research and development (R&D), which underpins innovation and drives the creation of new technologies and products. Governments can support R&D directly or incentivize businesses through tax breaks and other measures.