The global climate has taken a startling spill off of its proverbial horse, and there are many institutions too shaken to hop back up into the saddle. Fear of falling, insecurity, and hyped nerves make returning to a steady stride a less than simple task. But if there is one thing able to peel away the uncertainty, it is jumping right back up, regaining the confidence that tripping is only natural when learning to trot.
As a symbol of the global economy, the saddle is still in an idle situation, not many individuals or entities are willing to face the track or hurdles that lie ahead.
On the contrary, what one should do is, in fact, when having fallen, take a breath, dust off the dirt, and resume the riding position– with more caution, but the same intensity and bridled faith. The same goes with a dip in the economy. There is no more effective way to be revived than with innovation, new ideas, and energetic entrepreneurs. Resources to expound on these notions may be more scarce, but nonetheless available.
For example, during the most fragile years of the crisis 2006-2009, Chile invested nearly $16million USD of public and private resources providing seed capital to over 620 innovative entrepreneurs (www.cityen.cl, November 2009). Along the same premises, the OECD states that the governments of both Finland and Korea have demonstrated in the past downturns that bold innovation policy initiatives can accelerate change and enhance economic performance in national economies.
By lowering entrepreneurial and industrial restrictions, reducing trade barriers, and investing in human capital in the face of a crisis new businesses with innovative ideas are more likely to flourish and thus provide a kick to the faltering economy.
//What do you feel are the most effective ways to counteract an economic crisis via innovation?
//How have you maneuvered your business model to weaken the effects of the crisis?