They have the distinctive ability to challenge the status quo to create opportunities others may not see
The Bold Ones draws significant insights from our 2013 survey of US Entrepreneur Of The Year finalists into the ways high-growth companies exploit opportunities and overcome both business and economic challenges.
the Entrepreneur of the Year award winners offer some lessons for aspiring high-impact entrepreneurs Identify market opportunities
we also had a unique opportunity to analyze for the first time a data set generously made available by our partner EY.
An opportunity to examine successful entrepreneurs Since its inception in 1986, the EY Entrepreneur Of The Year (Eoy) program honors market-leading companies that exhibit strong growth and make their communities and the world better places.
and therefore holds some limitations it represents a unique opportunity to identify some of the dynamics affecting successful entrepreneurs.
and scale to meet customer demand and new opportunities (Figure 2. 4). It is a good illustration that
opportunity, or forms of economic empowerment to those neither directly employed by nor investing in the organization itself.
are capitalized we adequately to exploit the opportunity? Build Business processes: Do we have the right people?
seeing an opportunity in the marketplace When Hamdi Ulukaya, founder, President and CEO of Chobani, Inc,
With more established operations, a bigger asset base, stable revenue streams and higher levels of equity in their businesses, there are greater opportunities for these firms to invest existing funds to grow their businesses.
but he believes its biggest role will be to advocate for opportunity, especially for young, disadvantaged people around the world.
innovative investment development opportunities services brands global success sales 36 The Bold Ones Conclusions for entrepreneurs how to run with the best If,
An ability to identify opportunities or mismatches in the market, with a focus on niches A personal passion for their business or industry,
such as the provision of educational or financial opportunities for prospective entrepreneurs. Further, a number of leading multinationals are actively incorporating support for entrepreneurs into their business activities
and opportunities for promoting innovation-driven entrepreneurship in Europe. The Forum and its partners will continue to support this work,
in particular identifying and realizing win-win opportunities for collaboration between market leaders and market disruptors Employment (2014e relative to 2008 level) Valueadded (2014e relative to 2008 level) 0. 9 1
and create opportunities for growth. Figure 4: A Life cycle Model for Entrepreneurship6 Source: Project Team For the purpose of this report,
Entrepreneurship is defined as the pursuit of opportunities beyond the resources you currently control. 10 Turning an innovative idea into economic activity creates companies, economic growth and jobs.
the same group said that relative to other career opportunities, engaging in entrepreneurial activities is less attractive in terms of job security (64),
taken over one or are taking steps to start one NA You have the opportunity to take over your family business You thought about it
Chief executive officer, Illycaffè Publicprivate Rethinking the role of public entities as co-investors joining private investments Co-investment funds provide 1) the opportunity to invest in larger companies
and Organisation for Economic Co-operation and Development (OECD) Public Reducing costs for entrepreneurs49 We invest in the business environment to create a feeling of opportunities.
Antony Jenkins, Chief executive officer, Barclays Microsoft is actively working to provide opportunities for European SMES and start-ups by providing access to digital tools,
opportunity to demonstrate capabilities and to create success cases for marketing Branding issues Specific customer intelligence,
Project Team Collaboration between large market-leading corporations and innovators can create opportunities throughout the value chain.
and evaluate future business opportunities. Negotiating and fixing contracts needs to offer mutual benefits within a lean process to accelerate progress with innovation projects as compared to a purely internal effort.
%246 29%59 7%32 4%Transparency and visibility of opportunities for collaboration 83 10%255 30%249 29%186 22%42 5
Respondents report that a lack of transparency and visibility of opportunities (39), %a weak culture of collaboration (34%)and the difficulty of setting up and operating collaborations (32%)inhibit this type of partnership.
they would improve opportunities to bring ideas to market (80), %to access customers outside local markets (69)
From an organizational perspective, developing a specific structure and processes to institutionalize collaboration is crucial to systematically realize opportunities e g. by creating separate units for venturing or R&d collaboration.
56 Phonebloks'aim is to develop a modular cellular phone to provide the opportunity to change, for example,
and willingness to realize opportunities. Thomas Müller-Kirschbaum, Corporate Senior vice-president, Research & development/Sustainability, Henkel Large corporations need to internally promote the benefits of collaborations with startups to help the organisation foster these kinds of opportunities.
Miles Kirby, Managing director of Qualcomm Ventures, responsible for investments in Western and Eastern europe To systematically foster collaboration between large companies and entrepreneurs we have to start with specific topics e g. 3d printing around
we are not lacking potential cooperation opportunities. Large companies can provide the challenges and can provide the market needs to give those ideas a direction.
not months otherwise the opportunity to accelerate processes is turned into a risk. Fridolin Stary, Senior vice-president, Research and development, Wacker Chemie Fostering Innovation-driven Entrepreneurship in Europe 31 Dimension Practice/example Developing collaboration and exploiting results Being adaptable to the needs
Furthermore, the Danish regions are exploring the opportunity to include successful serial entrepreneurs and professionals from large, existing companies in networks for entrepreneurs with particular potential.
Among other things, we wish to further explore the opportunities for working with the Danish pension sector to provide capital to high-potential SMES and start-ups.
with good opportunities for high potentials to become entrepreneurs and realize their growth potential. The Dutch government is committed to seeking opportunities to optimize the framework conditions to better accommodate the needs of high-potential firms.
To achieve this, there is an ongoing dialogue with the relevant stakeholders to discuss factors that hamper growth
and growth companies to explore international opportunities e g. in Silicon valley. Current and future challenges of high priority on the policy agenda:
and corporate representatives, opportunities in three main categories emerge: Focus: Identifying and specifying explicit criteria for recognizing
and universities to focus on the skills that entrepreneurs require. 55%said it is very important to provide more opportunities for potential entrepreneurs to obtain practical experience in an innovative business or start-up.
A key opportunity to create awareness of opportunities exists in entrepreneurship schools and universities. Strengthening this connection has an effect for both the next generation labour force and the education system.
educational institutes provide a good opportunity to measure entrepreneurial attitude in a forward-looking way by assessing children's mindset in school.
They conduct experiments on how to realize specific opportunities to step up collaboration between entrepreneurs and large corporations
The overwhelming majority of respondents (87%)say they would personally support initiatives in their countries ranging from educational support to financing opportunities for prospective entrepreneurs.
and 46%say they would be willing to provide more opportunities for potential entrepreneurs to obtain practical experience in an innovative business or start-up.
what new ventures and established businesses are looking for in terms of potential partners Creating more opportunities for entrepreneurs
and direct it towards venture markets Supporting entrepreneurs to access skilled employees to join their ventures Providing mentoring to new founders Providing more opportunities for potential entrepreneurs to obtain practical experience in an innovative business
and share that being an entrepreneur is a great opportunity. Global Shapers Hub, Torino Every young person should attend at least one action-driven entrepreneurship class during their education.
The research shows how critical it is to expose them early on to this opportunity. Caroline Jenner, Chief executive officer, Junior Achievement-Young Enterprise (JA-YE) Europe Various forms of women-led economic activity are important to the growth agenda.
This has continued the trend of large, developing economy multinationals finding advantage in harvesting opportunities in diverse parts and corners of their economies.
markets and stakeholders as a Coral reef consisting of diverse pockets of opportunity. Such organizations have mastered the ability to spark,
and economic opportunity interact with shifts such as cloud computing, social networking, the internet of things, synthetic biology, the makers movement and advanced manufacturing.
as well as opportunities to create positive externalities by solving problems. Due to the uncertainty and complexity of these convergence spaces, expansion by corporations into these spaces is likely to happen in a nonlinear fashion.
Just 17.3%of young Europeans believe there are good business opportunities available and that they have the skills
and highlights opportunities to collaborate and challenges of collaboration from an entrepreneurial perspective. 52. Dugan and Gabriel (2013), Special forces Innovation:
opportunities and measures to improve entrepreneurship education. Work on specific regions includes Accelerating Entrepreneurship in the Arab World,
Windows of opportunity Cities should look out for opportunities, often during a political or economic crisis, to push through the required number of decisive reforms (as Singapore
Cities should grasp this opportunity, experiment with new rules and put reforms on a fast track.
Cities often boost standards of living by providing job opportunities and access to services. The fact that people keep arriving to the slums of very poor cities indicates that life is perceived to be even worse in rural areas.
whether incremental or disruptive from access to global markets, new opportunities in education and training, improving healthcare, storing
These are all opportunities for cities to become more deeply involved in GVCS. Megatrend 6:
This creates a window of opportunity for provincial and city governments to reactivate themselves. Decentralized political systems
and promote a connected city that provides better quality of life and new opportunities for its residents.
Few places offer the opportunity to make a greater impact on the productivity and competitiveness of more people.
These new linkages will open up expanded economic opportunities for Zhuhai. For example, driving from Zhuhai to Hong kong SAR will take 30 minutes once the bridge is completed.
The Competitiveness of Cities 29 Regulations Globalization has brought many opportunities to emerging markets yet uncertainties have increased also as international corporations searched for global centres where they could do business with the lowest-possible risk.
and explore opportunities without major upfront investments. Many free zone cities exist throughout the UAE, but Dubai has the largest number,
Risks and Challenges While the opportunity in Dubai is clear, the city faces risks caused by several factors,
and opens up opportunities for LNG-related businesses. 4. Soft connectivity Singapore puts strong emphasis on education and skills.
The city's combination of unprecedented challenges with unique opportunities provides a useful and closely watched test case for post-industrial cities throughout the world with extensive private-and public-sector legacy costs.
viewed as long overdue and an opportunity for redevelopment. Explaining Competitiveness: Applying the Four-Part Taxonomy 1. Institutions (how to reform) Leadership:
and increased capacity of the logistics sector represents an important and feasible opportunity for job and wealth creation,
Education is at once Detroit's greatest opportunity and greatest challenge. Effective secondaryeducation systems and the promise of post-secondary education at one of the state's top public universities (University of michigan, Michigan State university and Wayne State university) are critical components of the city's ability to attract
are giving initial assurance that all Detroit students will receive an opportunity for post-secondary education without financial barriers.
Summary, Challenges, Prospects These challenges and opportunities point to the key measure by which all economic development efforts can ultimately be evaluated,
Such attraction will depend on its ability to appeal to an inbound population that sees Detroit as a destination of opportunity, for quality of employment and education,
significant opportunities abound in Detroit. The advent of new leadership at the state and city level committed to rebuilding Detroit;
and leverage these opportunities will drive and likely determine Detroit's success or failure over the next decade.
and society the opportunity to build a successful path for approaching all of the reforms needed. 2
and vibrant city has taken advantage of opportunities to build a knowledge-based economy relevant to high-value international supply chains,
A culture of productive work, personal accountability and social responsibility A dynamic entrepreneurial ecosystem that promotes the pursuit of new opportunities, innovation and growth A history of strong private and public leaders
Look out for windows of opportunity often during a political or economic crisis to push through a critical mass of decisive reforms.
Windows of Opportunity: Taking Advantage of Crises and Creating Turning points The timing of reforms is often critical.
and presenting a window of opportunity to push through a critical mass of large reforms. That establishes a bridgehead to further,
but this was the opportunity to appoint S. R. Rao as the city's chief executive.
With its back currently against the wall, Detroit has a once-ina-generation opportunity perhaps the last to turn itself around.
Will Detroit really take advantage of this opportunity? 2. Policies and Regulation of the Business Environment (What to Reform) Getting the Basics Right:
should look out for windows of opportunity to advance a critical mass of decisive reforms; and should get the basics of policy right on public finances, globalization and regulation of the business environment.
when the opportunity arises. As history and the recent track record shows, when reform at the national level is difficult or impossible,
and open up new and better job opportunities for all segments of the population. Better assigning available resources to productive activities is crucial
and create enhanced opportunities. In this context policymakers, businesses, and citizens increasingly recognize the need for economic growth to be balanced by providing opportunities
and benefits for all segments of the population and by being respectful of the environment.
and accelerate the recovery to create new opportunities and new jobs for larger segments of the population.
offer enhanced opportunities, and raise prosperity. THE 12 PILLARS OF COMPETITIVENESS We define competitiveness as the set of institutions, policies,
Cities should grasp this opportunity, experiment with new rules, and put reforms on a fast track.
greater opportunities for innovation in processes and products are created, and barriers to entry for new firms are reduced.
Productivity is enhanced further by an excellent education system and a business sector that offers excellent on-the-job-training opportunities.
and the scale opportunities afforded by the sheer size of its domestic economy the largest in the world by far these qualities make the United states very competitive.
and many people still lack access to basic services and opportunities, such as sanitation, healthcare, and quality schooling.
This steadier economic context provides an important opportunity for the country to enhance its competitiveness potential.
and provide new entrants to the labor market with enhanced opportunities. Sub-saharan africa Amid the economic turmoil that affected advanced economies in recent years, the sub-Saharan African region provided something of a silver lining in an otherwise broadly felt economic downturn.
Angola has a unique opportunity to invest revenues in competiveness-enhancing measures. In this context, its poor performance across all governance indicators is worrisome:
and boost inclusive growth with more and better opportunities for all segments of the population.
and realize opportunities associated with climate-smart business. For example, the Consumer goods Forum (CGF) is focused a group on sustainability composed of 400 retailers, manufacturers, service providers,
investments in capital expenditures for emission reduction can generate business opportunities for new sectors Climate change is perceived already as one of the environmental challenges with the most far-reaching and most severe negative impact on human well-being,
Last but not least, biodiversity restoration and protection can create profitable business opportunities, incentivizing the development of new technologies and products for their utilization in still-unexplored markets.
An equitable society guarantees the same opportunities for all its members, rewarding them according to their talents
which is correlated highly with access to other opportunities. Although some earlier literature found a positive relationship between growth and inequality
policies and structural reforms should provide equality of opportunity so that all segments of society can participate in its growth by expanding and improving labor, technology,
and between generations, provide better opportunities for the whole community, and improve the resilience of the society.
of which 90 percent are children's. An unhealthy environment dampens economic opportunities, prevents people from participating in the life of the community,
and reduces opportunities to better their lives and that of their families. THE MEASUREMENT OF SUSTAINABLE COMPETITIVENESS In order to assess where we stand today
Provide quality education and lifelong learning opportunities for all 4th pillar (primary education subpillar) and 5th pillar (higher education and training) Goal 8:
but keep in mind that from a normative approach excessive inequality may hide relative poverty that would prevent lower-income families from accessing the same opportunities as those with incomes at the high end of the range in the society.
and they may leave their home country to pursue opportunities abroad. Additionally, low expectations for the future in a context of high unemployment and persistent inequality can spark political instability.
Five consecutive years of low growth in advanced economies and the more recent slowdown in emerging markets create a climate of lack of opportunities,
Seizing the Opportunity of Green Development in China. WASHINGTON DC: World bank. Available at http://www. worldbank. org/content/dam/Worldbank/document/SR3--229-292. pdf World Economic Forum. 2011.
and is based on the assumption that countries can experience either an opportunity if they manage their resources well
to what extent do individuals have the opportunity to improve their economic situation through their personal efforts regardless of the socioeconomic status of their parents?
1=little opportunity exists to improve one's economic situation; 7=significant opportunity exists to improve one's economic situation 2013 2014 weighted average Source:
World Economic Forum, Executive Opinion Survey. For more details, refer to Chapter 1. 3 of this Report.
1=the best and brightest leave to pursue opportunities in other countries; 7=the best and brightest stay and pursue opportunities in the country 2013 14 weighted average SOURCE:
World Economic Forum, Executive Opinion Survey. For more details, refer to Chapter 1. 3 of this Report. 2. 2:
1=the best and brightest leave to pursue opportunities in other countries; 7=the best and brightest stay and pursue opportunities in the country 2013 14 weighted average Source:
World Economic Forum, Executive Opinion Survey For more details, refer to Chapter 1. 3 of this Report 2014 World Economic Forum Technical Notes
and Malin Strandell-Jansson (Mckinsey & Company) 1. 8 From Big data to Big Social 81 and Economic Opportunities:
the Internet of Everything represents a US$19 trillion global opportunity to create value over the next decade through greater profits for businesses as well as improved citizen services, cost efficiencies,
These successful companies then learn to adapt to new challenges and opportunities within the context of their constant identity.
it can present a bewildering array of potential opportunities, all of which look compelling. But pursuing them all is both financially unfeasible
How then do capable companies handle the opportunities and challenges of digitization? They are rigorously and prudently selective.
and managing economic activity based on the new opportunities that the Internet provided for businesses. 1 At present,
and civil society are looking into new opportunities that can consolidate growth, generate new employment,
and create business opportunities. Information and communication technologies (ICTS) continue to rank high on the list as one of the key sources of new opportunities to foster innovation and boost economic and social prosperity, for both advanced
and emerging economies. For more than 13 years the NRI has provided decision makers with a useful conceptual framework to evaluate the impact of ICTS at a global level and to benchmark the ICT readiness and usage of their economies.
From Big data to Big Social and Economic Opportunities: Which Policies Will Lead to Leveraging Data-Driven Innovation's Potential?
and managing economic activity based on the new opportunities that the Internet provided for businesses. 1 At present,
and civil society are looking into new opportunities that can consolidate growth, generate new employment,
and create business opportunities. Information and communication technologies (ICTS) continue to rank high on the list as one of the key sources of new opportunities to foster innovation and boost economic and social prosperity, for both advanced
and emerging economies. For more than 13 years the NRI has provided decision makers with a useful conceptual framework to evaluate the impact of ICTS at a global level and to benchmark the ICT readiness and usage of their economies.
The Economist Intelligence Unit released survey data showing that approximately two-thirds of executives feel that big data will help find new market opportunities
and identify opportunities for public-private collaboration. The NRI facilitates the identification of areas where policy intervention through investment including public-private partnerships
and benefiting from the new market opportunities. At the same time the potential of big data to be misused is also increasingly becoming a source of concern.
10 years across a wide range of industries. 18 This opportunity exists in the form of new value created by technology innovation,
It translates into an opportunity to increase global corporate profits by approximately 21 percent, driven by improvements in asset utilization (reducing costs and improving capital efficiency),
creating new opportunities while impacting others. For example, the app economy the business created by software applications running on smartphones has created hundreds of thousands of jobs. 21 One recent study estimates that the marginal impact of data utilization in the Ioe could raise US gross domestic product
GSMA Announces New Global Research That Highlights Significant Growth Opportunity For The Mobile Industry. Press release, October 18.
Available at http://www. gsma. com/newsroom/gsma-announces-new-global-researchthat-highlights-significant-growth-opportunity-for-the-mobileindustry.
Rather, organizations must foster a new decision-making culture to exploit the opportunities presented by big data
potentially limiting companies'ability to exploit big data opportunities or exposing them to threats of legal and regulatory intervention.
Instead, they should select opportunities for high business impact and adopt pilot schemes that also allow for periodic refinements along the way.
Wise leaders will soon embrace the game-changing opportunities that big data affords for their societies and organizations,
organizations need to quickly adapt to the opportunities and risks represented by these new sources.
Personalization and healthcare offer two standout opportunities for big data to reward us. At the same time, big data comes with privacy concerns that are not simply related to technology
Providing transparent privacy policies or simply informing the customer of the scope of data handling as well as requesting clear consent declarations from customers also helps create customer trust without sacrificing big data business opportunities.
CONCLUSION Big data offers a wide range of opportunities not just for individual companies, but also for nations and society as a whole.
Initially companies should conduct an assessment of their regulatory and operational status quo to identify risks and opportunities.
Five Opportunities for US Growth and Renewal. Mckinsey Global Institute Report, July. Available at http://www. mckinsey. com/insights/americas/us game changers.
Social and Economic Opportunities: Which Policies Will Lead to Leveraging Data-Driven Innovation's Potential?
From Big data to Big Social and Economic Opportunities 82 The Global Information technology Report 2014 2014 World Economic Forum to download and use.
but the opportunities brought by the advances on information and communication technologies make data-driven policymaking increasingly accessible to government officials.
From Big data to Big Social and Economic Opportunities 2014 World Economic Forum SETTING THE STAGE FOR A DATA-DRIVEN ECONOMY Apart from producing
The challenge is to achieve a reasonable balance between individuals'right to privacy and the emerging opportunities in data-driven innovation.
in order to capitalize on opportunities for economic growth via innovation, flexible and adaptable policies are needed. We need to focus on using datasets responsibly
From Big data to Big Social and Economic Opportunities 84 The Global Information technology Report 2014 2014 World Economic Forum data analysis, information science, metadata and data visualization.
From Big data to Big Social and Economic Opportunities 2014 World Economic Forum REFERENCES Brynjolfsson, E.,L. M. Hitt,
Challenges & Opportunities. Global Pulse, May. Available at http://www. unglobalpulse. org/sites/default/files/Bigdatafordevelopment-UNGLOBALPULSEJUNE2012. pdf. 1. 8:
From Big data to Big Social and Economic Opportunities 86 The Global Information technology Report 2014 2014 World Economic Forum CHAPTER 1. 9 Making Big data Something
and identify big data opportunities within the function. Step 2: Get the business functions to ask the right questions.
Most opportunity for analysis Least opportunity for analysis Data systems least fit for purpose Customer service Operations & productionsales Finance Information & research Risk/security R&d Procurement Supply chain
and how to embrace opportunities from big data/advanced analytics. Bruno Lanvin Bruno Lanvin is the Executive director of INSEAD's European Competitiveness Initiative (IECI) and of Global Indices projects at INSEAD (Global Information technology, Global Innovation Index,
Mr Taylor leads TIBCO's industry and customer marketing, where he has the opportunity to dive into the solutions being created using TIBCO software to solve some of the most complex and rewarding global big data integration challenges.
CSCO) is the worldwide leader in IT that helps companies seize the opportunities of tomorrow by proving that amazing things can happen
and opportunities around the globe ICTS have changed the world dramatically over the last decade or so,
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