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Symposium 2013

Solution for Innovation, Dynamism and Entrepreneurship

The Challenge

Innovation as the foundation of economic dynamism and prosperity is a complex process involving contributions from various players. In particular it deals with the transformation of basic science into ...

Innovation as the foundation of economic dynamism and prosperity is a complex process involving contributions from various players. In particular it deals with the transformation of basic science into rival proposals that improve the well-being of mankind. For more than 200 years technological innovation has driven economic development. All growth is based on innovation. The process of innovation involves complementary contributions from science, from entrepreneurs, from the financial markets, from the investment community and from government.

Recognize the key role that activist governments can and do play in encouraging innovation

Hubs of innovation are not always borne out of some intrinsic idea or exceptional culture, but are built instead on state-sponsored demand. Smart governments have backed some of the biggest and riskiest waves of innovation by guaranteeing demand not only for technical solutions themselves, but for the steps along the way. Policy-makers should focus less on building ‘the next Silicon Valley’ and more on offering ‘demand mountain’ to encourage entrepreneurs and innovators. The ‘entrepreneurial state’ can be a creative long-term customer.

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