World Summit on Innovation & Entrepreneurship closes with a call to action

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Summit attendees highlighted their determination to perpetuate the momentum gained during these three days of brainstorming by making individual commitments to jumpstart innovation and entrepreneurship in emerging nations throughout the world.

Introducing the final feedback session, His Excellency Maqbool bin Ali Sultan remarked on the successful outcome of the event, adding: 'We should follow up, get in touch with each other and see how we can benefit.'

GLT Chairman and Chief Strategist Sam Hamdan summed up the lessons gleaned in the past few days noting the explorations of many important ways to facilitate innovation and entrepreneurship.

'We have heard from experts from around the world. You have provided your ideas and input. We have practiced democracy by voting for the tenants you believe to be most important. And, His Excellency Maqbool bin Ali Sultan encouraged innovation and the creative process in every aspect of the Sultanate's economic and social activities,'

Hamdan said.

He emphasized that participants, as a group of leaders in their respective areas, have agreed to several actionable steps that can be taken to encourage innovation and entrepreneurship. Recapping three days of sessions and dynamic exchanges of ideas, Hamdan broke down the outcome into seven main categories.

The first focused on the need for nations to go beyond business parks to innovation clusters. When developed intelligently and in harmony with the natural environment, these knowledge-based 'cities' will create prosperity, safety and a high quality of life for citizens. Hamdan explained that in Oman they are engaged in discussions on the creation of an Innovation Valley where the infrastructure and policies will create an environment that facilitates the success of technology start-ups.

The next category focused on the need to cultivate a culture of innovation and risk taking among the youth. This requires employers, educators and mentors to reward risk taking by not punishing individuals for failure. In fact summit participants pointed out that failure was a necessary component of the creative process.

Another key area that was identified as being in need of transformation was access to capital and innovation. Session attendees agreed that government and private sector investors must step forward with the funds necessary for entrepreneurs to transform their creative ideas into lucrative enterprises. These public-private partnerships create a mutual commitment to success and an opportunity to share in the rewards of these innovative ventures. Hamdan revealed that many participants had expressed interest in contributing to an innovation fund. 'Our commitment is to facilitate this critical dialogue for now and in the future. This desired dialogue will be captured and cultivated on WSIE.org,' he added.

Another important conclusion area, labeled Best Practices, stressed the need to embrace standards of operational excellence, wherever they reside. What one nation or corporation learns can be transformed into best practices that can be adopted across borders and industries.

Social Innovation was another key area of interest. Participants consistently pointed out throughout the three-day summit that regulatory hurdles were a major deterrent to innovation and entrepreneurship. Hamdan said these hurdles 'are the enemy of innovation and entrepreneurship and stifle creativity and risk-taking.' He said red tape must be eliminated, procedures must be stream-lined, and in fact they must be designed to nurture the entrepreneurial spirit. 'Today an overwhelming majority of you, over 86 percent, agreed that citizens must be at the center of policy making,' said Hamdan.

Empowerment of women was also a need that appeared to resonate throughout the event. 'Imagine the possibilities if overnight emerging nations, specifically in the Arab World, could double the number of people contributing to the advancement of their economies - a doubling of the contributors to the marketplace of ideas! That possibility is not far-fetched. It simply requires a commitment by policy makers of equality in the work place, giving women the support, access and opportunities needed, both educationally and professionally, to contribute to the overall good and image of the nation,' said Hamdan.

Finally, Cultural Collaboration was clearly declared as being key to success in this inter-dependent world. That, said Hamdan, 'with more than 55 countries from five continents represented in this summit, was proven here in the last three days where each one of you co-innovators worked in partnership to identify what must be done to succeed.'

The World Summit on Innovation & Entrepreneurship wrapped up in style, with participants buzzing with the collaborative opportunities the event had inspired. Most left speculating on how much progress they will see before WSIE 2007 brings them back together again.