CommunityPaperDigitizingEntrepreneurshipforImpactSeptember2019PreparedbytheGlobalFutureCouncilonEntrepreneurshipWorldEconomicForum91-93routedelaCapiteCH-1223Cologny/GenevaSwitzerlandTel.:+41(0)228691212Fax:+41(0)227862744Email:contact@weforum.org©2019WorldEconomicForum.Allrightsreserved.Nopartofthispublicationmaybereproducedortransmittedinanyformorbyanymeans,includingphotocopyingandrecording,orbyanyinformationstorageandretrievalsystem.3DigitizingEntrepreneurshipforImpactForewordExecutivesummaryDigitizingentrepreneurshipforimpactEntrepreneurship:Isittaughtordeveloped?DataasacatalystforentrepreneurshipPlatformstosupportentrepreneurshipConclusionAcknowledgementsEndnotes56791518212223Contents4DigitizingEntrepreneurshipforImpact5DigitizingEntrepreneurshipforImpactForewordHistorically,entrepreneurshiphasbeenlinkedtonewproducts,conceptsorwaysofworkingthatrevolutionizedmarkets,andsomeofthemostcelebratedbrands,ideasandproductshavedevelopedalmosticonicstatus.Assuch,entrepreneurshipisoftenassociatedwithstoriesofsuccessandinspiration,promotingthedesiretoemulatetheseachievements.Thishasledanumberofgovernmentstoinvestinentrepreneurshipecosystems,withelementsofSiliconValleybeingtranslatedinmanycountries,fromSiliconSavannahinKenyatoMediconValleyinDenmarkandSweden.Foryears,establishingaspecificgeographicalecosystemtosupportlocalentrepreneurshiphasbeenapreferredstrategy.However,digitalizationisfundamentallychangingthewayentrepreneurs,firms,governmentsandacademicinstitutionsinteract.Forexample,theroleofthegovernmentisshifting;itssupportisneededthroughproperandtransparentlegislationrelatedtodatasharingratherthanthroughphysicalbacking.Morebroadly,whileinvestinginsuchtangibleassetsasinfrastructureandeducationalinstitutionsremainsimportant,digitalizationisnowenablingtherapidcross-bordermovementofbothseedcapitalandthe“intangibles”thatpreviouslywerelocallyembedded:novelideas,creativepeopleandthecultureofrisk-taking.Asaresult,theneedforageographicalanchorisshifting.Anincreasinglyinterconnectedworldismakingthetoolsandsupportthatfosterentrepreneurshipaccessibleandoftenmoreaffordable.Importantly,theblurringofpreviousboundariesiscausinganactualgeographicshiftintheglobalspreadofentrepreneurship,withtheGlobalSouthpositivelyenteringthescene.Thishasledtogreaterawarenessoftheroleofentrepreneurshipinsolvingtheworld’sgreatestchallengesanditsinfluenceinbringingaboutsocial,economic,climaticandpoliticalchangewhileenablingnewmarketstobedevelopedandnewwealthtobecreated.Thispaperisapractitioners’guideforhowtoenablegreaterentrepreneurialactivitywhereitismostneededbutwhereinstitutionalresourcesmaystillbeconstrained.ItisaproductoftheGlobalFutureCouncilonEntrepreneurship,acouncilwhosemembershaveworkedallovertheworldandlaunchedsuccessfulventuresinplacesasdiverseasChina,Denmark,India,Japan,SouthAfrica,Venezuelaand,ofcourse,SanFrancisco,andwhosemembersincludeasmanywomenasmenwhohavebeenfounders,policy-makersandcorporateleaders.TheWorldEconomicForumprovidesanunparalleledplatformforaddressingdigitalopportunitiesandchallengesintheFourthIndustrialRevolutionaswellastheurgentneedforsustainablesolutionsandimpact.Forexample,theDigitalEuropeinitiativeactivelypromotesthepan-Europeanapproachtostrengtheningtheinnovationecosystemandregionalcompetitiveness.AspresentedbytheGlobalFutureCouncilonEntrepreneurshipinthispaper,enablingentrepreneurstoconnectandsupportingtheirquesttobuildvibrant,sustainableecosystemsareparamounttoleadingthewayonmultistakeholdercollaborationandusheringinthenextgenerationofproblem-solversunrestrainedbypreviouslimitations.IreneArias,ChiefExecutiveOfficer,IDBLab,USAJensMartinSkibsted,Partner,SkibstedIdeation,DenmarkMartinaLarkin,HeadofRegionalStrategies-EuropeandEurasia;MemberoftheExecutiveCommittee,WorldEconomicForum6DigitizingEntrepreneurshipforImpactExecutivesummarySincetheriseofSiliconValley,nationalandregionalgovernmentshavedirectedtheirattentiontowardsentrepreneurialecosystems,praisingthemasbothkeytopromotingcompetitivenessandtoachievingtheinnovationneededtomeettheUNSustainableDevelopmentGoals(SDGs).However,whereasittook40yearsfortheauspiciousmixofacademics,corporates,investorsandliberalgovernancetoigniteinnorthernCalifornia,today’sentrepreneurshaveawell-knownblueprint.Buttobesuccessful,thenextwaveofentrepreneursandtheirenablersmustconsidernewfactorsthatinfluencetheirambitions.First,entrepreneursarenolongerlimitedbythephysicalconstraintsoflocalhubs;theyareabletoeasilyreachcounterpartsacrosstheglobe,plugintodigitalplatformsanduseopendata.Second,thegrowingfocusonsustainabilityandthedesireforimpactmustbeinclusiveofthoseoutsidemajorcities,asglobalissues,suchastheSDGs,knownolocallimits.“DigitizingEntrepreneurshipforImpact”meanstheopportunityforallentrepreneurs,nomatterwheretheyarelocated,tocontributetosolvingglobalchallenges.Whereasthegravitationalpullofnationalandregionalinnovationhubscannotbedenied,theentrepreneurialspiritcanawakenanywherethatatruechallengeandcreativeideacollide,nolongerlimitedbyphysicalconstraints.Digitalconnectivi