The Importance of Innovation and Knowledge Sharing in Building Sustainable Economies: A Case of BRICS Countries

Description

Page: 383-388

Siphelele N. Mahlaba¹, Sethulego Z. Matebesi², and Victor H. Mlambo³ (Department of Sociology, University of the Free State, South Africa¹,², and School of Public Management, Governance and Public Policy, University of Johannesburg, South Africa³)

Knowledge sharing and innovation are considered critical components for promoting sustainable economies. Academic scholars acknowledge that innovation and knowledge-sharing processes are integral elements of the survival of BRICS countries. Categorically, knowledge sharing is a vital component not only for scholarly applications but also for the production of innovative ideas. Knowledge-sharing experts confirm that businesses need to inspire the labor force to share significant knowledge and information regularly. Academics and researchers focus on the idea that organizations should develop an organizational culture of knowledge transfer. Previous scholars have introduced crucial knowledge-sharing tools and approaches to enhance innovation, organizational performance and creativity. However, few studies have investigated the significance of innovation and knowledge sharing in building sustainable economies in BRICS countries. This paper will contribute to the body of literature and provide an understanding of the importance of innovation and knowledge sharing in building sustainable BRICS economies. Methodologically, the paper followed a systematic literature review to find relevant literature. Secondary data was analyzed using thematic analysis. The findings of this paper provide an understanding of the importance of knowledge sharing and innovation in BRICS countries. This paper also offered insights to development practitioners and policy makers in BRICS countries on developing policies and frameworks from knowledge sharing and innovation strategies.