Innovation and Technology Surveys

Innovation in Automobiles-2022

The Innovation and Technology Centre (ITC) of the Lahore School of Economics started conducting annual surveys to observe the growing trends in the field of innovation and technology upgradation in various sectors. The purpose of these surveys is to observe the extent, quality and impact of innovation activities on the performance and profitability of the innovating firms. The surveys also look at the barriers faced by the innovating firms.

Looking at the results of innovation, most of automobile firms revealed that their quality of output improved, they didn’t have to retrain their employees to adopt new technology, their revenues increased, their cost of production decreased, they didn’t have face resistance from their employees while introducing innovations and lastly the prices of their product remained mostly unchanged as the result of innovation.

The two greatest barriers faced while trying to perform innovation were lack of financing and lack of innovation opportunities. It can be concluded that more incentives for innovations could be given by providing more sources of funding for the innovating firms in the form of aid from the government and with the assistance of financial institutions.

Link to the Report: