Bangladesh is home to an expanding number of universities, which brings an increasing urgency to undertake significant and far-reaching changes. This change is not some distant goal; it is required for the country's development and engagement in the global arena. The need for reform becomes even more pressing when considering the material costs due to the lack of a healthy culture of academic inquiry and innovative thought.

Bangladesh spent only 0.17 percent of its GDP on research and development (R and D) last decade. Given what has been said, there is evident tremendous untapped economic potential due to a lack of innovation, as seen by the data, which indicates a huge difference compared to the global average of roughly 2%. The fast growth of technology-driven enterprises in India, such as Flipkart and Ola, has created new job opportunities and attracted significant international investment. However, Bangladesh has yet to capitalize on its entrepreneurial drive fully.

The absence of a culture that values research and innovation has severe and far-reaching effects in today's academic environment. Students frequently lack critical thinking and problem-solving abilities that can be developed through in-depth research endeavors. The apparent skills of the students are making no impact. Due to the educational disparity, there is a significant chasm between the skills desired by employers and those obtained by our most recent graduates, contributing to the continually high unemployment rate. As a result, the youth unemployment rate has been steadily rising.

An all-encompassing plan considering multiple elements is essential to address this issue adequately. Our educational institutions' teaching staff members, who play a critical role, should have access to financial incentives, thorough training, and resources. They are essential in developing a culture that values scientific rigor, as shown in Singapore. This once-poor country has evolved as a leader in the innovation economy due to wise investments in science and education.

We must also look inside to gain insight into Bangladesh's academic performance. BRAC University has established a precedent and become a symbol of success by aggressively encouraging in-depth study and intellectual research. In addition, the university represents achievement in other ways. Recent research at BRAC University sheds light on how academic research might improve the lives of its students.

According to the researchers, participating in the study projects was connected with a 35% increase in participants' critical thinking skills. To promote a culture that values innovation and scholarship, our country must devote a significant portion of its budget to R and D. To set the stage, numerous countries, like South Korea, Israel, and Singapore, invest more than 4% of their GDP in research and development (R and D), and their economies have profited as a result of technological innovation.

Stanford's Silicon Valley model has inspired many colleges and have enthusiastically embraced the formation of innovation clusters. These creative initiatives foster a culture of innovation and enterprise in academic environments. These nodes should serve as information clearinghouses and facilitate industry-academic collaboration. This will make translating theoretical notions learned via study easier into practical concepts.

Furthermore, the role of technology transfer offices (TTOs) in fostering an environment that embraces and encourages innovation cannot be emphasized. These departments' ability to accelerate the commercialization of research findings makes them a critical link between the academic and corporate sectors. Putting TTOs (Technology Transfer Offices) in universities is a calculated move that could improve the positive effects of R and D.

Research and innovation are inextricably linked, and both are critical to Bangladesh's aim to spark an educational revolution. Bangladesh has the potential to position itself as a recognized global leader in innovation by strategically assessing domestic and foreign case studies, allocating resources responsibly, developing a research-focused atmosphere, and establishing technology transfer offices. The undeniable evidence, supported by a mountain of academic research and empirical expertise, demonstrates that investing in R and D is not a luxury but a strategic need for our country's economic growth and global impact.

In light of the worldwide development that has been gained, we must make the necessary modifications. Bangladesh may strengthen its position, increase its competitiveness, and address the complex challenges of the twenty-first century if it devotes itself to diligent study and implements creative ways.

Dr. Mohammad Shahidul Islam, Assistant Professor of Marketing, BRAC Business School, BRAC University

Dhaka, Bangladesh.