An Initiative of CII

Entrepreneurship and Innovation  is one of the key focus area for Yi this year to create a well balance eco-system by bringing innovation and entrepreneurship at the center stage of both business and social growth, and to support the Innovation promotion by identifying, discussing and evangelising innovations in Yi’s key focus areas of education, healthcare, environment and the likes.

Entrepreneurship

Entrepreneurship gives young people an opportunity to work on their own skills and interests and in the process, creating their own employment. Encouraging entrepreneurship in young people is an important way of harnessing their enthusiasm, energy and ambition to contribute to economic development. It is generally accepted that entrepreneurs “create jobs, increase innovation, raise competition and are responsive to changing economic opportunities and trends. Young entrepreneurs can also act as role models for their peers and, encourage others to follow their example.

According to the World Bank’s World Development Report 2013, around 600 million new jobs will be required in the next 15 years to support a growing workforce. It is important to note that in most emerging economies, 9 out of 10 jobs are created by the private sector, which is the foundation of any thriving economy. In the coming years, developing countries must rebalance their economies towards greater domestic consumption, import demand and higher value business activity and hence, entrepreneurship is vital to the future of developing countries.

We must help the entrepreneurs to achieve their full potential as they hold the key to solving our youth unemployment problem. Their key concern areas are they need training, need help with access to funding, need innovative funding, need their contribution to be recognized, need society to tolerate failure, need a streamlined tax and regulatory system. They also need a supportive culture in which their contribution is properly recognized and their success is celebrated. Even if there are failures, it should be considered as a valuable source of knowledge and learning.

We need a culture which is more inclusive, opening the door for everyone to come, explore, and contribute. Of the young entrepreneurs surveyed in the EY G20 Entrepreneurship Barometer, 84% believed that raising awareness of their role as job creators improves public attitudes, and it can encourage others, from all walks of life, to follow their example.

In order to engage young people to choose entrepreneurship as a safe career choice, the perception of entrepreneurs in the media is very important especially in the digital media. Media should display high-profile programs showcasing entrepreneurs success stories more frequently to motivate these youngsters as they are the driving force for any nation to grow. We need flexible policy environments and funding to stimulate and build the framework of an entrepreneurial ecosystem and more importantly, a ‘culture’ of interaction and collaboration. Government can play a major role in bringing together stakeholders to create an ecosystem which gives boost to entrepreneurship  at the national, regional and local levels.

As per reports shared by Accenture, Young entrepreneurs are the driving force behind job creation in the G20 countries like India, Australia, China, Indonesia, Japan, Saudi Arabia, United Kingdom, United States amongst others. Indeed, new Accenture research concludes that 10 million more youth jobs could be created in G20 countries if existing barriers to entrepreneurship were lifted.

It is through entrepreneurship we can put new business ideas into practice. In doing so, it creates jobs that facilitate personal development and economic growth. It’s a worthy pursuit to consider, but if it’s not for you, see how you can pass it your next generation.

Innovation

In today’s competitive environment, Innovation is of utmost important to the long-term success and survival of any business. In the absence of new ideas, enterprises finds it difficult to grow and eventually they do a persistent struggle to sustain in the business.

There are several reasons why innovation is critical to your business success.  Innovation help you discover what opportunities exist now or will appear in future.  It will help you stay ahead of your competitors. Innovation is not only about designing a new product or service but can also be implemented on your existing business practices to improve efficiency, cut down on waste and increase profits. If a company doesn’t adapt to its changing environment by constant reinvention of its products & processes, it will soon be surpassed by its competitors.

Innovation beyond being an engine of profitable growth for companies, it plays a pivotal role in increasing the vitality of an industry and society by creating jobs and raising the standard of living. Indeed, in Accenture’s survey of entrepreneurs across G20 countries, 83% said innovation is vital to grow their business and create jobs.

Innovation ecosystem plays a key role as it supports and helps entrepreneurs to translate their ideas into marketable products and services fostered by business-friendly government policies which brings these innovators profit and success.

‘Open Innovation’, the term coined by Henry Chesbrough in 2003 which means as technology elaborates and develops, companies began involving more parties as part of their innovation efforts and hence, because of technology the whole world is connected. Bridgemakers play a key role in today’s open innovation ecosystem. They help entrepreneurs to convert their idea from concept to reality which brings them profitability. Large companies and Business incubators are the two types of bridgemakers  which help entrepreneurs in the above process.

In a broader sense, innovation is important to the advancement of society around the world. New and innovative products can increase the standard of living and provide people with opportunities to improve their lives  If you can't compete on price, you'll need innovative products and ideas to make your business stand out from the crowd.

 

Sources / References :

  • EY Report 2014 on "Avoiding a lost generation: Ten key recommendations to support youth entrepreneurship across the G20"
  • Accenture Report 2014 on "The Promise of Digital Entrepreneurs: Creating 10 million youth jobs in the G20 countries"