Competitiveness and Entrepreneurship
Written by Hiro Nishiguchi
In today’s ever-evolving global landscape, characterized by rapid transitions and complex challenges, the significance of fostering entrepreneurship cannot be overstated to stay competitive as a nation, an organization, and an individual.
Fostering entrepreneurship is challenging; we need a systemic rather than an individualistic approach. Accordingly, we need an entrepreneurship ecosystem encompassing various interconnected components, including corporate innovation management systems, startup ecosystems, and academic innovation ecosystems.
Each plays a crucial role in driving innovation, fostering collaboration, and nurturing entrepreneurial talent. However, the fundamental driving force of all elements lies in the power of entrepreneurship.
Mr. Jeff Hoffman, the Chairperson of the Board of Global Entrepreneurship Network (GEN), declared in Melbourne in the fall of 2023 that “entrepreneurship is not about making a dollar but about making a difference.” The true nature of entrepreneurship is to identify a gap between today and a desirable future, start working to fill the gap by engaging stakeholders, and continue the non-linear journey tirelessly until completing the mission despite so much pessimism and skepticism.
Accordingly, entrepreneurship can and should exist not only as a startup founder and the team but in any public, private, and academic organizations. Yes, entrepreneurship can be everywhere and at any time.
Entrepreneurship directly impacts the competitiveness of all stakeholders, regions, nations, cities, organizations, and people. Contrary to traditional thinking, our competitors are NOT other stakeholders. Our competitors are the ones who are looking at us in a mirror every morning. Our competitors are the mindset and behavior of the status quo that resist change.
The most challenging aspect is corporate innovation management systems. Corporates tend to resist change. Thus, corporations need a system to foster entrepreneurship. Innovation management systems enable corporations to harness the power of innovation to adapt, grow, and remain competitive in a dynamic market environment. Corporations can identify emerging opportunities, develop breakthrough solutions, and drive sustainable growth by fostering a culture of creativity, experimentation, and collaboration. Moreover, systematic innovation management empowers organizations to allocate resources efficiently, prioritize projects, and navigate uncertainties, ensuring long-term success and resilience. I have been part of the ISO community since 2015, working with international colleagues to design, negotiate, and finalize international standards for innovation management, such as ISO56001, ISO56002, ISO56005, ISO56008, etc.
In parallel, startup ecosystems serve as vibrant hubs of innovation and entrepreneurship, providing aspiring entrepreneurs with the support, resources, and networks needed to turn their ideas into successful businesses. From access to funding and mentorship to collaborative workspaces and networking events, startup ecosystems offer a conducive environment for startups to thrive, innovate, and scale. By fostering a diverse and inclusive ecosystem, stakeholders can unlock the full potential of startups as engines of economic growth and drivers of societal change. Startup Genome and the Global Entrepreneurship Network jointly issue the Global Startup Ecosystem Report (GSER) every June, the most referenced analysis and ranking of city-by-city startup ecosystems worldwide. I have met with several public sector officers working hard to improve their ranking of GSER based on data-driven analysis. These activities require quite a bit of entrepreneurship on the side as well.
Additionally, academic ecosystems play a pivotal role in nurturing entrepreneurial talent and fostering a culture of innovation. Unless they produce entrepreneurs for the rest of the world, who would do so? Universities and research institutions are fertile grounds for groundbreaking research, technological advancements, and knowledge creation. Through entrepreneurship education, mentorship programs, and industry partnerships, academic ecosystems empower students, researchers, and faculty members to translate their ideas into real-world impact. In essence, they should be the most comfortable place for entrepreneurs. By bridging the gap among all three ecosystems, we can create a solid entrepreneurship ecosystem, which is the foundation of competitiveness.
In conclusion, the entrepreneurship ecosystem, comprising corporate innovation management systems, startup ecosystems, and academic innovation ecosystems, forms the foundation for innovation-driven growth, prosperity, and competitiveness. By nurturing these interconnected components and fostering collaboration across sectors, stakeholders can unleash the full potential of entrepreneurship to address global challenges, drive sustainable development, and create a better future for generations to come. We need entrepreneurship everywhere at any time for everybody.
Hiro Nishiguchi is currently serving as the Managing Director of GEN Japan at the Global Entrepreneurship Network, President of SG Japan at Startup Genome, President of Japan Bosai (Disaster Risk Reduction) Platform, Chief Innovation Officer of the Advent Group, Professor at Sophia University, and is a GFCC Distinguished Fellow.
