From start-up to scale: This is how governments can accelerate innovation and build inclusive economies

startups9

(Credit: Unsplash)

This article is brought to you thanks to the collaboration of The European Sting with the World Economic Forum.

Author: Charlotte Edmond, Formative Content,


Innovation is at the heart of economic growth and job creation. It can transform productivity and efficiency and address many of the world’s longstanding and emerging challenges, such as climate change, health, education and social inclusiveness.

 

Governments are trying to balance supporting entrepreneurship with ensuring people aren’t left behind. Alongside this, globalization and rapid technological advances have disrupted innovation pathways and hastened the pace of change.

Productivity growth is driven by adding new and higher value-added products and services and greater efficiency.
Image: World Economic Forum, Policy Pathways for the New Economy

All too often, promising new prototypes and products never make it to scale because of a lack of information, contacts and capital, according to a new report from the World Economic Forum: Policy Pathways for the New Economy–Shaping Economic Policy in the Fourth Industrial Revolution.

But some governments are developing new ways to identify and accelerate the scale-up of breakthrough innovation.The Forum’s white paper highlights three government-led initiatives that are helping innovators to thrive.

The European Innovation Council

The European Innovation Council has been given the task of turning Europe’s scientific discoveries into businesses that can scale up at speed. It focuses on providing financial and mentoring support to two types of innovators.

What is the World Economic Forum doing to champion social innovation?

Innovative social entrepreneurs are addressing the world’s most serious challenges ranging from illiteracy to girls’ education and disaster relief. To achieve maximum impact and start to address root causes, they need greater visibility, credibility, access to finance, favourable policy decisions, and in some cases a better understanding of global affairs.

The Schwab Foundation for Social Entrepreneurship is supporting more than 350 late-stage social entrepreneurs. By providing an unparalleled global platform, the Foundation’s goal is to highlight and expand innovative models of social innovation. It helps strengthen and grow the field of social enterprise by showcasing best-in-class examples, models for replication and cutting-edge research on social innovation.

Our global network of experts, partner institutions, and World Economic Forum constituents and business members are invited to nominate outstanding social entrepreneurs. Get in touch to become a member or partner of the World Economic Forum.

Technologists and researchers can apply to its Pathfinder programme, which gives funding to support radically new technologies created through collaborative research. It helps products progress to the stage of commercialization, while also providing coaching and mentoring programmes.

Start-ups, entrepreneurs and small and medium-sized enterprises (SMEs) can use its Accelerator programme, which provides financial support to assist the development and scaling up of high-risk innovations.

The EIC is currently in pilot phase, and is set to become a reality in 2021. The European Commission has proposed €10 billion ($11 billion) of support to the initiative under the next EU research and innovation programme, Horizon Europe.

Tech Nation UK Upscale

The United Kingdom’s Upscale programme, launched by innovation support network Tech City UK in 2016, aims to support the next generation of digital businesses in the UK looking to scale up. In 2017, Tech City and Tech North expanded to become Tech Nation.

The programme gives businesses the chance to receive coaching from experts who have been instrumental in the growth of some of the world’s most successful digital companies. They will receive over 60 hours of advice over six months.

It is a free service, and companies don’t have to hand over any equity to take part. Businesses must be growing at around 20% a month and be venture capital-backed.

It is particularly targeted at businesses aiming to employ more staff, increase their customer base or market share, or expand nationally or globally.

Image: Statista

Dubai Smart City Accelerator

Dubai’s innovation accelerator is particularly focused on supporting the development of smart cities, and as such targets companies working on issues including the Internet of Things and connectivity, urban automation and mobility, artificial intelligence, blockchain, open city data, sustainable cities and living, smart government and smart retail.

It offers an intensive three-month programme to 10 companies, with hands-on mentorship from more than 100 industry experts. Companies also have access to office space in Dubai, seed funding and access to a global network of investors and corporate partners.

It is a collaboration between Dubai Silicon Oasis Authority, Dubai Chamber of Commerce and Industry, Smart Dubai, Visa, Orange Business Services, and Rochester Institute of Technology Dubai, which fund the venture and provide the network and exposure to industry professionals.

Advertising

Advertising

Advertising

Advertising

Advertising

Advertising

Advertising

Advertising

Advertising

the sting Milestone

Featured Stings

Can we feed everyone without unleashing disaster? Read on

These campaigners want to give a quarter of the UK back to nature

How to build a more resilient and inclusive global system

Stopping antimicrobial resistance would cost just USD 2 per person a year

How universities can become a platform for social change

The mental health of our society

Environmental Implementation Review: Commission helps Member States to better apply EU environment rules to protect citizens and enhance their quality of life

At least 2.5 million migrants were smuggled in 2016, first UN global study shows

China Unlimited Special Report: The trip to China

1 million citizens try to create a new EU institution

Donald Tusk presents EU summit conclusions for last time

EU-China Light Bridge in Brussels signals the bright coming of the Year of The Dog

Top envoy to Yemen praises ‘flexibility’ of chief negotiators as new UN mission chief is named

Ditching plastic straws isn’t enough. Here’s how to achieve zero waste.

6 facts to know about EU alternative investment funds

Hungary must enforce its foreign bribery offence against companies, including foreign subsidiaries

Radio still a powerful worldwide tool for ‘dialogue, tolerance and peace’: Guterres

EU-Russia summit in the shadows of Kiev’s fumes

G20 LIVE: Fact Sheet from the G20 Leaders Summit and key outcomes (G20 Antalya 2015 Summary)

EU trade agreements deliver on growth and jobs, support sustainable development

MWC 2016 LIVE: Ford trumpets new in-vehicle system, “fundamentally rethinks” transportation

EU@UNGA 74: Working towards a more peaceful, secure and prosperous world

European Commission: the LED lights of your Audi A6 shall save our planet

Why do medical students need to go abroad to become a doctor in 2017?

How music can help children with autism connect

How Japan became the world leader in floating solar power

Haitian President at General Assembly calls for essential development aid as UN mission shifts away from peacekeeping

3 megatrends for the factories of the future

Supermarket supply chains are driving poverty and inequality. We can do better

EU and US close to an agreement on data sharing amid European citizens’ concerns

More than 90 per cent of Africa migrants would make perilous Europe journey again, despite the risks

Polluted lungs: health in the center of environment discussion

Education critical to ensure future of forests, and reverse their destruction

UN General Assembly celebrates 20 years of promoting a culture of peace

Why responsible consumption is everyone’s business

ECB tied in the anti-monetary German ideology

Obama, Crimea and the TTIP pill

FROM THE FIELD: Balancing act for Philippines farmers

EU Emissions Trading System does not hurt firms’ profitability

UN chief welcomes new Government in Lebanon, after eight-month impasse

European Parliament the most trusted EU institution

Technophobe or technophile? We need more conversation about digital transformation

UN rights chief denounces Burundi for ‘belligerent and defamatory’ attack on inquiry team

Juncker and Tusk killed Greece on 07 July 2015 to meet the Commission’s summer vacation plan? #Grexit #Greferendum #Graccident

EU out to conquer African Union summit

Millions in Idlib ‘counting on your support to make the violence stop’, UN relief chief tells Security Council

Dignified and non-discriminatory heath care: does anyone even know what it means?

Failing to agree climate action would ‘not only be immoral’ but ‘suicidal’, UN chief tells COP24

Poverty data never tells the whole story

Four lessons from Africa on building effective business ecosystems

The G7 adopted dangerous views about Ukraine and Greece

2018 ‘terrifying’ for Yemenis but ultimately a ‘year for hope’ says UN Special Envoy

The 5 lessons from New York Climate Week to help us combat deforestation

Sweden to reach its 2030 renewable energy target this year

7 surprising and outrageous stats about gender inequality

China and China-EU Relations in the New Era

Medical ethics in the age of the social media influencers

Angola’s President João Lourenço calls for stronger EU-Africa cooperation

Safer roads: EU lawmakers agree on life-saving technologies for new vehicles

Plan for troop pullback ‘now accepted’ by rival forces around key Yemen port, but fighting intensifying elsewhere, Security Council warned

Marco Polo’s Dream

The Banking Union divides deeply the European Union

LGBTQI+ and medicine, in the Land of the Pure

Greece to stay in the euro area but the cost to its people remains elusive

More Stings?

Speak your Mind Here

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s