Investment in knowledge vital for innovation

A high-powered discussion to this effect concluded at an Innovation Theatre organized as part of the 2008 World Summit of Innovation and Entrepreneurship (WSIE) - the most inspiring gathering of its kind currently under way in Dubai.

Being organized under the patronage of His Highness Sheikh Hamdan Bin Mohammed Bin Rashid Al Maktoum, Crown Prince of Dubai, the 2008 WSIE being held at Jumeirah Beach Hotel till April 3, 2008 has brought together over 800 delegates from all walks of life.

Starting the debate on the 'Customer Innovation Joy: In Human-Centered Design We Trust', Roland Berger, Co-Founder and Director, Digital World Foundation and CEO of NEMATRIX Research, said: "We are part of a revolutionary phase in mankind and innovation is going ahead at an incredible pace. The need of the hour is efficiency as the human race tries to tackle the impending challenges ahead."

Following the opening remarks, David Rolston, CEO of Forterra, shed light on the virtual communities and how they are gaining importance worldwide in redefining the teams, tasks and organizations.

He said: "It is incredible how the virtual communities can help get people together using virtual capabilities. Here, we are talking about realistic avatars - which help in developing a sense of personal presence, a step ahead of video conferencing that we experience today."

Taking the discussion a further ahead, Padmasree Warrior, Chief Technology Officer at Cisco Systems, said innovation in a smart way is the buzzword. "Urbanization is not going to slow down - with nearly three billion people i.e. 50% of global population living in cities today. This figure is expected to go up to 60% by 2030. It is also true that urban areas consume 75% of the global energy resources and emit 80 per cent of greenhouse gas. Hence, it is paramount to develop smart IT-enabled cities to work around this global challenge."

She added: "Cisco has initiated the connected-urban development, which focuses on supporting telecommunications across geographies; optimizing private transportation; promoting public transportation and reducing the municipal CO2 emissions. To bring about this change, innovative partnership is the key."

Talking about collaborative investment and how knowledge can shape innovation, Hisham El Sharif, Chairman of RITSEC, said: "We all believe in a better world and we have something to offer. Investing in knowledge is the only way ahead for us to achieve innovation. It is vital that we all put our hands together to collectively build the first investment bank in knowledge. And when we are talking of nearly 325 million people across the Arab world - two-thirds of whom are under 30 years of age, investment in knowledge assumes added significance."

Abdul Rahman Tarbzouni, representing the Saudi Entrepreneurs and Technology leaders' Association, said it is necessary for the Arab youth to change the mindset. "We may have access to the best of knowledge but we need to look for a shift in mindset to become entrepreneurial. If there is any kind of investment that we are talking about, it has to be an investment in the change of attitude. We need to step back to our fundamentals."

More than 800 attendees are expected over the three days of innovation theatres, interactive workshops and thematic experiences to build a foundation for increased innovation. The 2008 WSIE presents an impressive line-up of remarkable leaders and personalities including designers, policymakers, technologists, communicators, spiritual gurus, economists, storytellers, humanitarians, chief executives and musicians from across the globe.

The 2008 WSIE is supported by the Organization for Economic Co-Operation and Development (OECD), multiple agencies of the United Nations, the African Union and leading international business councils and multinational corporations.

Strategic sponsors include Sorouh, HP, Agility, Geopost, Nokia Siemens Networks with CNBC Arabiya as the official broadcaster and Emirates Airlines as the official carrier.