World Summit on Innovation & Entrepreneurship Plenary Meetings kick off to a great start

Following an introduction by GLT chairman Sam Hamdan, Innovation Society Boardroom moderator Tom Stewart, the editor in chief for Harvard Business Review set the pace for the next two hours of an action plenary entitled Making Innovation and Entrepreneurship for Future Generations. The participants' enthusiasm was apparent as various tables began to select their themes for discussion, with some good-natured bickering as various tables vied for their preferred topics.

Pointing out that innovation and entrepreneurship meant much more than the mere invention of new products, rather reaching into areas such as government policies, services and business models, Stewart set the talks into motion by requesting that each table consider the various barriers to innovation and entrepreneurship in themes including Infrastructure and Competitiveness, Knowledge and Development, Disruptive and Innovation, Growth Economy, Energy and Geopolitics.

Following some 40 minutes of deliberations, participants came back with their views on what constituted barriers that could be addressed. Education appeared to be a central focus for many of those present, with some convinced it was the answer to resolving most constraints while others pointed out education on its own was ineffective unless accompanied by opportunity and a climate favorable to the innovative and entrepreneurial spirit. One particular issue that seemed to resonate was teaching the young to take initiative, rather than classical training.

Another key point mentioned was the need to view the youth as an asset, train them to be problems solvers rather than the problem. Involving youth in future summits, allowing them to dream and help implement their dreams than inhibit was also a point driven home.

Women's education, or lack thereof, was also highlighted. Participants pointed out the importance of educating women, who not only will raise the next generation of leaders, but who themselves can contribute greatly in a culture of innovation and entrepreneurship.

Picking up the discussion threads produced at the Society Boardroom talks, the event continued with the World Innovation Theatre: A Town Hall Meeting on Innovation Society. All arguments appeared to point to an unfavorable climate as the general inhibitor of the innovative and entrepreneurial spirit in developing countries.

Pointing out that innovation and entrepreneurship was a concept present in every country in the world, participants remarked on the lopsided balance in its appearance, highlighting its absence in certain parts of the world while it was abundantly visible in others. Identifying the culprit as a lack of supportive infrastructure, both in terms of facilities and attitude, speakers identified various barriers that needed to be addressed in order to develop a culture of innovation and entrepreneurship.

Curiously, it was noted that over 50 percent of youth were keen to start their own businesses, and while in many cases funding was readily available from within the family, an unfavorable infrastructure still deterred the leap into entrepreneurship. Restrictive regulations, time-consuming procedures and absurd fees all but strangled the desire to embark on a novel venture. Participants remarked that those with the means to afford astronomical fees were not considered entrepreneurs, as they were already businessman.

Further, it was noted that knowledge and education were key elements in nurturing a spirit of entrepreneurship an innovation, equipping the youth with the means to be able to give back to their communities. All participants rejected any form of control on access to knowledge, saying it was the spark of imagination that leads to entrepreneurship, innovation and consequently economic growth and prosperity.

One particular point that emerged was the high level of innovative spark that existed within small businesses, a characteristic which often leads to rendering its acquisition by large corporations as an attractive prospect. Small ventures are more often eager to prove themselves, resulting in greater motivation, and with a smaller hierarchy, decision are made and implemented faster, resulting in more efficiency.

The interactive gathering, allowing participants to vote on various key issues facing entrepreneurs and innovators using a remote device, succeeded in involving the hundreds of attendees directly in the discussions. Key barriers to the entrepreneurial spirit that received the highest number of votes included lack of funding, lack of a favorable climate, and lack of streamlined regulation.

Commenting on the first day's outcome, Hamdan stated: "The session managed to address most of the key factors frustrating a generation of novel ideas, and with this being only the first day of this three day event, it makes us eager to see what is yet to come."

Hamdan then concluded by saying: "These were but some of the valuable input that resonated during the lively discussions which, if they are any refection of the coming days of interactive talks, promise a fruitful and highly pivotal three-day event that is certain to become the role model for future gatherings of this kind."