Role of PhD in the Smart Economy

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Education and wisdom are the backbones of this fast-paced, smart life. It requires knowledge expertise, intelligent planning, and vision to build a smart economic country. The genius minds behind these achievements are the graduates with masters and Ph.D. It will not be wrong to say that smart people make smart economic progress. Let’s have a detailed view of the relation between PhDs and Smart Economy.

Importance of PhD

According to Martin Luther, Ph.D. is an essential degree in the world that enables you to find and solve a problem, builds your confidence, make you the master of particular subject or field of study. 

Acquiring a degree of Ph.D. is the most challenging task. The passionate students about a specific subject, looking forward to exploring their knowledge and showcase their potential skills and knowledge through their research always go for Ph.D. courses. It allows contributing a particular field of study by educating the students and conducting analyses in your way. 

Smart Economy

The smart economy is urban development with increasing productivity, technology, intellectual progress, and competitiveness. It includes the smart planning, design, advertisement, and branding of the smart cities. There is no specific definition of the smart economy to explain the growing popularity and promotion of the smart economy in the cities.

The economy is not only based on the amount of money spent in the development of a State; it is wisdom and perception, which leads to the economic growth and progress of a country.

Role of Smart People in Smart Economy

  • The purpose of a PhD graduate is not confined to conduct research on a specific topic and write a mere dissertation literature review chapter. They have a lot more scope in the industrial development and economic growth.

 

  • A nation’s innovative systems and progress require world-class research and genius people to turn a dream into perception, a perception of an idea, and a specific idea into reality.

 

  • Knowledge, innovation, and skills are closely associated with the development of the smart world. Globalization calls for increased skillset and innovation to meet the challenges of the current technologies, inventions to promote and upgrade the productivity of the skilled workforce.

 

 

  • Due to the increasing demand for advancements in science and technology, several educational programs of training are majorly facilitated by industries and governments in many countries. 

 

  • Strategy for Science Technology and Innovation (SSTI) decided to plan and build advanced research programs through high standard research teams, supporting infrastructure as well as conducting a “structured programs” to develop the standard of Ph.D. process.

 

  • This strategy has encouraged a majority of advanced researchers to head towards the enterprise sector and this lead to the increased popularity and demand of Ph.D. students. In many countries, the SSTI is associated with public policies to motivate doctoral holders to build careers in enterprise.  

 

  • They get an opportunity to showcase their polished and upgraded skills, making a considerable contribution to the growing economy of the Industry as per the demanding time and requirements of science and technology.

Impact of Ph.D. Holders on The Business World

  • Well-equipped scientific research and training programs foster the emergence of new inventions, ideas with innovative strategies to develop the economy of any specific enterprise.

 

  • Ph.D. employees not only bring their academic achievements along with them but also step in with their smart and unique vision to embark on the journey of new inventions and researches to make tremendous contributions to the innovative workforce.

 

  • An individual with highly intellectual expertise can monitor technological information and make necessary decisions for the growth of the firm’s status and economy in a smarter way. 

 

  • It is a challenging role to transform a firm’s position through frequently changing processes through knowledge-based practical decisions. 

 

  • The growing competition in technology has demanded high technology capital to create new production systems with the help of employers with advanced skills in upgrading abilities.

 

  • The employers also required to represent their work in an international network which makes Ph.D. skills even more significant and relevant to the field of smart economy.

Government Policies and Entrepreneurship Programs

Entrepreneurship plays a vital role in the development of a nation’s modern economy. It is the way to foresee the profit chances to increase productivity through solving the risk factors which hinder the development process. 

Developing the cognitive skills of the employees through training programs and policies may lead to a significant decrease in poverty, unemployment in the under-developing countries as well as developed nations. 

The government can support this smart development by providing schemes and policies to open a gateway to the new world of career opportunities and new inventions. It may help the students continue their research without needing to face any obstacles due to the lack of opportunities and infrastructure.

Demand for Ph.D. Researchers in Private Sectors

The demand for Ph.D. scholars has increased in every economic sector. According to the studies, a majority of researchers found a career in the following private sectors.

  • ICT- Software and hardware
  • Pharmaceuticals and chemicals
  • Medicinal devices
  • Financial services
  • Engineering
  • Food and drink

The majority of Ph.D. researchers are offering services in Software, Pharmaceuticals, Electrical and Electronic sectors.

Structured Ph.D. Programs for Advance Researchers

Students can acquire their Ph.D. through a team of supervisors undertaking the research process followed by the guidance of the supervisors. It enables them to work with experts and brush up their skills efficiently.

Bottom Line

Ph.D. scholars have contributed massively in the smart economy through their smart innovations and skills. However, there is a need to promote a well-equipped education system to make Ph.D. programs accessible for all the aspirants of Ph.D. 

It requires smart planning, implication, funding, and the support of renowned industries as well as the government to enhance the career opportunities for young students. It may lead to the transformation of under-developed countries and their economic development, which in turn increases the world economy.