Notes from the ‘Capital of Innovation’

Last week, PITAPOLICY shared with you tips on managing your business during the year-end holiday season by PITAPOLICY Consulting Founder Mehrunisa Qayyum.  This week we wanted to share with you addition tips on innovation and entrepreneurship via this article found on the World Bank blog.  The blog post reflects on the Global Innovation Summit held in Silicon Valley.  One of the interesting items of this post is the engagement of the diaspora in innovation — an organization like TechWadi, for example, acts as a bridge between Silicon Valley and the Arab World to help empower entrepreneurs.  

Notes from the ‘Capital of Innovation’ 

By: MURAT SEKER

This past summer, I joined my colleagues on a visit to the Global Innovation Summit and study tour in Silicon Valley—which is undoubtedly the world’s capital of innovation and entrepreneurship. Also joining us were representatives from Lebanon and Vietnam, who were clearly interested in enabling inclusive innovation in their respective countries.

 The Global Innovation Summit brought together more than 500 innovation practitioners—including entrepreneurs, financiers, think tanks, NGOs engaged in inclusive innovation, and government officials from emerging markets.  While we were there, we got an inside look at business accelerators, financiers, higher education institutions, and NGOs engaged in inclusive innovation.  It was an important learning opportunity for us, considering the importance of innovation to the development agenda and the World Bank’s role in fostering innovation in our client countries.

For my part, the lessons I learned have already begun informing my work with client countries. Here are my key takeaways, which I believe will be useful to anyone with a professional interest in innovation and entrepreneurship:

• Innovation ecosystems can be viewed as “rainforests” based on trust. The Innovation Summit introduced the concept of the “rainforest” as the essence of dynamic innovation systems. The Rainforest is a human ecosystem that allows all initiatives to flourish and where social barriers in the market are low allowing individuals to connect and work together. Individuals are the most important components of the Silicon Valley ecosystem.

To read the rest of Seker’s takeaways, click here.

 


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