Great Reset: What university entrepreneurship can bring to the post-COVID world

masks coronavirus

(Credit: Unsplash)

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

Author: Mark Dodgson, Professor of Innovation Studies, The University of Queensland & David Gann, Professor of Technology and Innovation Management, Imperial College


  • Entrepreneurship can provide a greater range of options, as well as speed and agility, to a world adapting to the aftermath of COVID-19;
  • Universities provide research, resources, incentives and policies to support entrepreneurs and entrepreneurship;
  • Education and training in entrepreneurship offered by universities will need to scale and adjust to the new demands of the Great Reset.

Rightly lauded for its contributions to the fight against COVID-19, university-supported, science-based entrepreneurship must also be part of the vanguard of the global response to the pandemic. Through their engagement, teaching and research, universities must redouble their efforts to work alongside corporations, governments and NGOs as they search for new business models and policies to assist “the Great Reset”.

 

Entrepreneurship is an adaptive wildcard in the complex, emerging and uncertain post-COVID-19 world. How entrepreneurs seize new opportunities and take risks increases the range of options available to the world as it navigates to a greener and fairer society. University entrepreneurship has a crucial role to play in resetting the foundations of the economic and social system for a more equitable, sustainable and resilient future.

New entrepreneurial organizations provide speed and agility to address novel challenges. Existing organizations whose routines have been fundamentally disrupted will need entrepreneurial skills to navigate post-COVID-19 instabilities and innovate new approaches. With so many lives turned upside down and millions of jobs destroyed, the entrepreneurial ability to create new products and services, and hence employment, while enhancing sustainability and social inclusion, is central to global recovery.

Universities need to be in the vanguard

Universities possess deep reservoirs of knowledge from which entrepreneurs can draw. They have policies, incentives and centres designed to develop and encourage entrepreneurship amongst staff and students, and to improve their external connections. Their education and training enhance the managerial and entrepreneurial skills needed to build rapid responses in business and government and the capabilities for the agile yet resilient organizations that will be needed in the future.

Faced with the challenges of COVID-19, universities’ first response will be to maintain a good educational experience for students and ensure their research capabilities remain well-founded. But in these straitened financial circumstances, they must not lose sight of their important contributions to entrepreneurship. They must ease the path for translating their research into business, improve their research efforts in social and environmental entrepreneurship and increase the scale of their education and training offerings in the subject while maintaining its quality.

Such expertise will be needed to quickly deal with new and unforeseen difficulties, such as overcoming the profound social and psychological damage of social distancing and self-isolation. As social animals, how can we physically distance without becoming socially distant, maintaining the health of both our bodies and minds? As economic agents, what new long-term, sustainable, and inclusive business models are needed to maintain the benefits of an intensely connected world, when those connections are medically and politically challenged?

There are no simple solutions to such questions, and answers will require thousands of entrepreneurial experiments. Entrepreneurs will take risks investing in opportunities and, while many will fail, some will have a profound impact.

Scientific and entrepreneurial leadership

University expertise in developing vaccines and tests and the knowledge of epidemiologists, infectious disease scientists and public health researchers that model global pandemics are essential to getting the world back to work. But it is the full range of academic expertise that will be useful in resetting the world after the virus is defeated. Historians can teach us the lessons of past pandemics; economists, sociologists, political scientists, ethicists, and others, can inform how to rebuild a better society; and scholars in the humanities will help interpret and explain how the world has changed.

University engineers will redesign safe transportation systems and workplaces, while psychologists help deal with the mental health consequences of self-isolation, create new safer behaviours and rebuild trust between governments and citizens, employers and employees. Independent advice from universities will guide the ethical use of personal data for tracking and tracing people with this and future viruses. Universities will use the science and technologies that they themselves developed, such as the predictive power of artificial intelligence in vaccine development and contact tracing, to provide essential tools for creating a post-COVID-19 world.

What is the World Economic Forum doing about the coronavirus outbreak?

Responding to the COVID-19 pandemic requires global cooperation among governments, international organizations and the business community, which is at the centre of the World Economic Forum’s mission as the International Organization for Public-Private Cooperation.

Since its launch on 11 March, the Forum’s COVID Action Platform has brought together 1,667 stakeholders from 1,106 businesses and organizations to mitigate the risk and impact of the unprecedented global health emergency that is COVID-19.

The platform is created with the support of the World Health Organization and is open to all businesses and industry groups, as well as other stakeholders, aiming to integrate and inform joint action.

As an organization, the Forum has a track record of supporting efforts to contain epidemics. In 2017, at our Annual Meeting, the Coalition for Epidemic Preparedness Innovations (CEPI) was launched – bringing together experts from government, business, health, academia and civil society to accelerate the development of vaccines. CEPI is currently supporting the race to develop a vaccine against this strand of the coronavirus.

It is entrepreneurship, both in start-ups and established firms, that will draw on these deep wells of knowledge and, working with business and government, quickly translate them into practice.

Engagement policies need to be enhanced

Universities have expedited their efforts to encourage entrepreneurship in recent years. They have to maintain and enhance this momentum. Amongst all their other priorities, universities should increase the support they offer high-potential science-based start-ups and entrepreneurs who are likely struggling since lockdown. This could take the form of easier or cheaper access to intellectual property, facilities and expertise. Entrepreneurs have to become a focal point for the collaboration between all those organizations – governments, businesses, NGOs, philanthropists and charities – that is necessary for the Great Reset.

Entrepreneurship needs to be open for all

Entrepreneurship is a life skill. It should be an educational experience open to everyone.

Business schools encourage entrepreneurship through their research and teaching. In recent years, in response to the demand from young people, this has increasingly focused on social entrepreneurship. More and better research on the social and environmental aspects of the subject will improve decisions, not only amongst potential and current entrepreneurs but also in national and local governments keen to rebuild economies.

The number of entrepreneurship courses in universities has proliferated, but education and training in entrepreneurship will need to scale and adjust to the new demands of the Great Reset. This is achievable, as universities have proven very agile in their responses to teaching during lockdown. In the course of a month, with rapid speed in the final week, the University of Queensland Business School, for example, moved more than 200 courses from face-to-face to online teaching for more than 9,000 students.

Much is being done quickly and at scale to offer basic training for entrepreneurs through online programmes. The growing expertise in universities in using online media for education will also be needed as a complement or supplement to the more intensive forms of learning that will be needed to address the complex challenges of the future. Such learning is experiential and requires the building of effective cross-disciplinary and cross-professional teams which can integrate the demands and contributions of business, government, the third sector and universities.

Universities must focus on entrepreneurs

The Great Reset will achieve little if it fails to build resilience against future crises. Whether new pandemics or the consequences of climate change, massively disruptive global challenges will again confront us.

In preparation for these trials and to assist in their alleviation, we need to remember the insight of the great economist John Maynard Keynes, who argued that the more unstable the parameters in the world, the more the insights and intuition of the entrepreneur matter. Amongst all the difficulties universities currently face, they must further embrace their own entrepreneurship and ways they encourage it, to fulfil their important role in changing the foundations of society and the economy.

the sting Milestones

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

A staggering one-in-three women, experience physical, sexual abuse

Eurozone retail sales fall shows recession

Member States and Commission to work together to boost artificial intelligence “made in Europe”

The 28 EU leaders don’t touch the thorny issues

Future Forces Forum: Prague will be hosting the most important project in the field of Defence and Security

This start-up has developed a way for businesses to quickly compost food waste

EU seems to fail its moderate migration promises postponing them for end 2015

Globalization is changing. Here’s how your business can adapt

11 innovations protecting life below water – and above it

6 ways to future-proof universities

In 2019, ‘reasons for hope’ in a world still on ‘red alert’: UN chief Guterres

How to make your business thrive by doing good

North Korean families facing deep ‘hunger crisis’ after worst harvest in 10 years, UN food assessment shows

A day in the life of a Rohingya refugee

Human rights ‘core to sustainable development’: deputy UN chief

It will take a lot more than free menstrual pads to end period poverty

Rule of law: MEPs travel to Malta to meet with government, NGOs and journalists

Does research make sense any more? The dire need for new ways to measure success

In Rome you can swap plastic bottles for metro tickets

Latest Coronavirus (Covid-19) briefing from the World Health Organisation – key takeaways

Why good cybersecurity in business is everyone’s responsibility

Google’s hot summer never ends: EC to launch ANOTHER antitrust inquiry against the American giant

Supply chains have been upended. Here’s how to make them more resilient

One Day in Beijing

European Youth Forum celebrates 20 years of fighting for youth rights

Few countries are pricing carbon high enough to meet climate targets

How to save the world’s forests with carbon credits

Why Obama asks approval from Congress to bomb Syria?

A money laundering case on Vatican Bank’s road to renovation

Reject passivity and embrace ‘responsibility for our future,’ Lithuania’s President tells UN Assembly

Rapid growth in China post-COVID makes it ripe for investment

The European Parliament wants to stay in one place

A day in the life of a Venezuelan migrant in Boa Vista, Brazil

EU food watchdog: more transparency, better risk prevention

Destroying nuclear waste to create clean energy? It can be done

The European Union and the United States reach an agreement on imports of hormone-free beef

Preparing for developing countries the ‘Greek cure’

Iran: BBC and other broadcast journalists harassed; families threatened – UN experts

Mountains matter, especially if you’re young, UN declares

Coronavirus: Commission holds first meeting of EU COVID-19 national scientific advice platform

The European Parliament floating over the South China Sea

Turkey presents a new strategy for EU accession but foreign policy could be the lucky card

European Border and Coast Guard: Council adopts revised regulation

UN urges ‘restraint’ in Bangladesh’s post-presidential election violence

10 reasons why today’s cyber leaders are tomorrow’s world leaders

For video game addiction, now read official ‘gaming disorder’: World Health Organization

Around 23 million boys have married before reaching 15; ‘we can end this violation’ says UNICEF chief

Humanitarian aid: EU allocates €54.5 million to Africa’s Great Lakes region

Ending use of chemical weapons in Syria: ‘still work to be done’, says UN disarmament chief

Can cybersecurity offer value for money?

These are India’s cleanest cities

COVID-19 vaccine campaigns: how far are the anti-vaccine movements going online? How can pro-vaxxers be part of their change?

EU-US trade agreement talks to be affected by American bugs

Health challenges need predictable healthcare investment policies. Japan’s example shows why

These airports are now opening their doors to non-fliers

3 pressing urban problems Indian cities must solve in the post-COVID recovery

Electronic cigarettes: is it really a safe alternative to smoking?

Cutting money transfer fees could unlock $15bn for developing countries. Here’s how

Cape Town almost ran out of water. Here’s how it averted the crisis

The world’s supercomputers joined forces against COVID-19 – why such collaborations are critical for tackling future emergencies

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