Economic experts have called for fostering collaboration among academia, industry and the government by embracing the Triple Helix Innovation Model in an effort to boost economic growth. They stress that this strategic approach of integrating the efforts of these three key sectors has proven successful in numerous countries and is seen as a catalyst for innovation-driven development. "The model emphasises the collaboration among universities, industries and governments to drive innovation. By creating synergies and leveraging the strengths of each sector, countries can achieve sustainable economic growth, technological advancements and societal benefits," underscored Ishtiaq Ahmed, Director to the Federal Minister for Science and Technology. He highlighted the need for Pakistan to adopt the development model to stay competitive in the rapidly evolving global economy. "Countries that successfully implement the Triple Helix Innovation Model often experience accelerated economic development, increased research output, and a more skilled workforce," he stated.

He said one of the key advantages of the model was its ability to create a dynamic ecosystem where knowledge flows seamlessly between academia, industry and government. "Universities play a crucial role in producing cutting-edge research, while industries can apply this knowledge to develop innovative products and services. The government's involvement ensures the creation of policies that support research and development initiatives, as well as the implementation of strategies that promote economic growth." "Pakistan has made significant strides in recent years to promote innovation and entrepreneurship, but I believe that a more integrated and collaborative approach is necessary. By embracing the Triple Helix model, the country can enhance its research and development capabilities, encourage entrepreneurship, and attract foreign investment," said Ahmed.

"The implementation of the Triple Helix model requires a coordinated effort from all stakeholders. Universities need to foster a culture of innovation and entrepreneurship, industries should actively engage in research and development activities, and the government must create an enabling environment through supportive policies and funding mechanisms," said Ahmed Faraz, an economist at the Pakistan Institute of Development Economics. He said that countries such as Finland, Singapore and South Korea had successfully adopted the model, resulting in substantial economic growth and technological advancements. "By learning from these success stories and tailoring the model to its unique context, Pakistan can position itself as a regional innovation hub."

Credit: Independent News Pakistan (INP)