World Summit on Innovation & Entrepreneurship officially opened in Muscat

Starting the proceedings with his inaugural speech, His Excellency Maqbool Bin Ali Sultan, Minister of Commerce and Industry for the Sultanate of Oman, stressed the impact Innovation is having on businesses and economies throughout the world, adding that in today's economy, innovation and flexible regulation "are the main sources of profitability."

H.E. Maqbool also stressed his country's commitment to nurturing innovation and creating a suitable climate for entrepreneurship: "We, in the Sultanate of Oman, are fully aware of the importance of innovation, as we believe that the successful combination of innovation and entrepreneurship will contribute directly to the positive transformation of communities here in Oman and around the world."

He concluded his address by saying: "We, in the Sultanate of Oman, will, no doubt, gain great benefits from the outcome of your deliberations and strategic vision regarding the key issues that constitute the main focus of this Summit."

Global Leadership Team (GLT) chairman and the summit's chief strategist Sam Hamdan, moderating the keynote plenary entitled "Reinventing Competitiveness: Secrets of Greatness," wasted no time in transporting the session's speakers to 2010.

Following his introduction, members of the panel that included MIT Entrepreneurship Centre Managing Director Kenneth P. Morse, Ireland's Communications, Marine and Natural Resources Minister Noel Dempsey, UNDP Assistant Secretary General Bruce Jenks, Council of Arab Women President HH Sheikha Hissah Saad Al Abdulla Al Salem Al Sabah, Chairman PepsiCo International Michael White, Boeing Senior Vice President Richard Stephens and President and Executive of Telecel International Miko Rwayitare, all found themselves sending "postcards" back to the audience describing the situation in their time.
Stephens stressed the importance of being prepared, tackling challenges that have yet to appear using technologies that have yet to be discovered. Stephens added that in 2010, "information is not power. Everyone has access to it. But the secret is knowing how to use it." The Boeing VP also explained that when "people are empowered to meet their own needs, they create greatness." He defined innovation as creating something that doesn't exist and entrepreneurship as the assumption of risk.

White meanwhile pointed out that the fastest growing economies are in emerging countries, adding that they need an "agenda of reform" to realize an environment of growth. He explained how associated businesses, providing support services for PepsiCo products, opened up a wide array of employment, saying for every PepsiCo employee, there were 10 employees working in associated businesses.

On his part, MIT's Morse stressed that in 2010 it's OK to have failed, adding that a failed entrepreneur was the best person to recruit because he would want to prove himself. Corporations should really think about "using creative and unusual people."

Rwayitare emphasized the importance of education, explaining that without skills growth simply was not possible. He added that education was essential to develop a healthy middle class, the drivers of a healthy economy.

Shiekha Hissah went to the past, giving an account of the 1970s when, while funding had been readily available, the social barriers had been the hurdles for a woman delving into entrepreneurship. Now, she said: "Funding is a problem. How can we reach women at the grassroots level?"

The various perspectives of the speakers made for a rich discussion exploring the "secrets of greatness."

Hamdan capped the event with an interactive voting session that engaged the audience as they contributed their views by selecting answers to a series of questions, some controversial, providing additional flavor to an already engaging event. For example, 46 percent of participants voted that women in the future would have greater access to opportunities once policymakers see the potential for contributing to economic growth.

His Excellency Maqbool bin Ali Sultan fully agreed, remarking on the potential for great growth if the current percentage of women contributing to the economy should double.
Sunday's session had much to live up to, considering the successful first day, but the action plenary came through with flying colors, leaving participants hungry for more engaging and colorful discussions.