Extracts below from the website link above.
Entrepreneurship is arguably the most fundamental driver of economic value creation, whether it manifests in the form of a new startup, or as a regenerating force within an established company. As they discover opportunities and mobilize the resources necessary to exploit them, entrepreneurs unleash the forces of creative destruction to transform existing industries and create new ones; entrepreneurs can also serve as arbitragers, who can bring markets back into competitive equilibrium.
Entrepreneurial skills such as effectively pitching ideas, providing inspirational leadership that can attract talent, and have the operational wherewithal to expand a business, need to become more widespread. As such, experiential learning tools, like internships and business plan competitions, are critical.
Just as important: the need to nurture entrepreneurial mindsets. Young people need to become adept at seeing opportunities where others see problems, taking risks, accepting failure and questioning authority. A lack of the right mindset can lead to a reinforcement of the status quo. In addition to education systems, corporate cultures also need to embrace the cultivation of entrepreneurial mindsets.
This briefing is based on the views of a wide range of experts from the World Economic Forum’s Expert Network and is curated in partnership with Professor Wong Poh-Kam, Director of the Entrepreneurship Center at the National University of Singapore.
Despite their market dominance and huge financial resources, many large corporations have been disrupted, and have lost out on growth opportunities, due to their inability to match the speed of execution of startups. Often, these large firms lose out due to an unwillingness to embrace innovations that risk cannibalising their existing products and services. In addition, many of these large organizations are losing top talent, who move on to start their own entrepreneurial ventures or join fast-growing startups.
In recent years, an increasing number of large corporations are trying to fight back, by re-examining their organizational design and business models in the hope of co-opting startups’ best practices. In practice, this means enabling entrepreneurial developments and fostering a faster pace of internal innovation. Various models for “intrapreneurship” have emerged, including open innovation labs, corporate-sponsored hackathons, corporate accelerator programs for startups and designating resident entrepreneurs.
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