In July last year I published a research and later and an eBook called REIGNITE! From Crisis To Opportunity In A COVID World. In light of a recent lockdown where I live (Guernsey) I thought it worth reflecting on what I wrote back then. To help I’ve pasted an infographic containing 8 areas where leaders should focus to rebuild their organisations.
Six months on and most (if not all) recommendations still remain, from prioritising digital investments, pushing ahead with smarter working policies, and leading with empathy. Whether or not organisations have implemented some or all of these is likely to be another story.
“Science, technology and innovation (STI) are universally recognized as key drivers for economic growth, improving prosperity, and essential components for achieving the Sustainable Development Goals (SDGs)” – UN Conference on Trade and Development (2019)
A few months ago I wrote down some thoughts and questions after being inspired by political events where I live (Guernsey) and internationally (e.g. US). In both jurisdictions, the balance of power has dramatically shifted for different reasons but both against a backdrop of major crises including health (COVID), rising inequality, and skills gaps.
In essence, I was trying to think through answering 2 key questions for the new Government and ecosystem players (e.g.businesses, investors, educators etc): what are some key STI areas of focus, and what questions would I ask?
I have since shared the memo with various stakeholders in the ecosystem, and now I thought it would make sense to post it publicly here. If you have any feedback, be sure to let me know
Research, analysis and policy development opportunities and questions for the new Government and ecosystem players (e.g. businesses, investors, educators etc)
Business case for an STI economy: the importance of ‘science, technology and innovation’ for Guernsey’s future in driving economic growth and improved prosperity for all citizens
Key STI trends, opportunities and challenges
What is STI/digital, why important, global best practices
Why important for Gsy?
Defining and measuring Guernsey’s existing STI/digital economy
Benefits and impacts to economy, society, prosperity and infrastructure
Jobs, skills, human capital and education
Role of stakeholders e.g. education, govt, business, people etc
Building blocks, what is needed? E.g.
Policy and regulatory frameworks
Institutional setting and governance
Entrepreneurial ecosystems and access to finance
Technical/ICT & R&D infrastructure
Relevance of Sustainability, Green Finance, Solar/Wind, FinTech, RiskTech, RegTech, GovTech
Role of tax policy, skills, FDI, govt, business etc
Other sample areas of ‘innovation policy’ to explore:
Environment: Sustainability, ESG and climate change
What is best practice around the world in small island or communities
What are some potential or viable new business opportunities
Assess current state of initiatives (e.g. Green Funds)
Evaluate new initiatives e.g. Wind, solar etc
International collaboration and trade
How important is it to be more market-focused and rethink and prioritise international partnerships/affairs? E.g. Jersey
A colleague and partner Chris Brock covers some of this topic in a recent report here
Regulatory, governance and risk innovation: to what extent do the various regulatory bodies and related private/public sector organisations (e.g. GFSC, Cicra, TISE, DPO etc) need to adopt a more balanced and innovative approach to regulation and new business? How to accelerate existing initiatives and opportunities? e.g. Green Finance
What is the nature of the current approach?
How to balance bureaucracy/risk-adversity in the Guernsey ecosystem but at same time encourage innovation, FDI and new businesses?
What are best practice examples of innovative regulatory/risk models from competing or similar jurisdictions or around the world?
To what extent could this be useful in Guernsey?
How is the wider market evolving and how will this impact Guernsey?
What are the pros/cons and opportunities/threats?
What new business opportunities a more innovative approaches enable? E.g. FinTech, RegTec
What are practical recommendations forward and for which actors
Role of market-creating innovations to drive prosperity AND economic growth (MCI): What is the opportunity for Guernsey to incubate market-creating innovations for local use and export? And how can Guernsey facilitate the development of MCIs across different sectors – e.g. FS, Infrastructure, Transport, Environment etc – for local use and export to improve income inequality and other social/economic benefits?
Today I came across a brilliant resource from Steve Blank for anyone interested in better understanding ‘lean’. It covers resources helpful for a formal class or for anyone who wants to review the basics. Here is what he provided: