Innovation as the Foundation of the Economy: Prof. Munib Karavdić on Bosnia and Herzegovina’s Potential

Member of the Academy of Sciences and Arts of Bosnia and Herzegovina (ANU BiH) and professor at the University of New South Wales, Prof. Dr. Munib Karavdić, stated today, September 9, at a lecture in Sarajevo that innovation is the cornerstone of any developed economy, as it creates new products and services, generates new jobs, and makes companies and countries competitive.

At the lecture on the topic "The Driving Power of Innovation: A Key to Economic Stability and Growth", organized by ANU BiH, Karavdić emphasized that innovation is an essential aspect of every economy’s future. He highlighted that Bosnia and Herzegovina holds significant potential, but that it must be structured and directed in a way that allows talent to rise to the surface.

“Innovation is not exclusive to wealthy countries, companies, or individuals, because people are inherently creative—and we in BiH have proven this time and time again through all that we have endured,” Karavdić said.

He added that this creativity has been particularly evident in the Bosnian diaspora, where people, faced with the challenge of survival, were often forced to innovate and find new solutions.

Prof. Karavdić also referred to examples of organizations that bridge local talent with the diaspora, highlighting the work of the Bosnia & Herzegovina Futures Foundation (BH Futures Foundation) as one of the few systemic approaches to youth development. “Such initiatives show that innovation and knowledge can be connected through education, mentorship, and collaboration with industry. This is exactly what we need in BiH—an ecosystem that recognizes, develops, and retains talent”.

He concluded that it is necessary to create an integrated system that brings together science, business, state institutions, and citizens so that people have the opportunity to realize their ideas and, in doing so, contribute to the country’s development.