Inclusive Innovation and Entrepreneurship Ecosystem
- The vision for the Philippines is to have an inclusive innovation and entrepreneurship ecosystem thriving throughout the country and become an innovation-driven economy by 2030. While both ecosystems have their own areas of focus, some of the elements leading to their success are similar.
Figure: Elements of Innovation and Entrepreneurship Ecosystem
In order to achieve an ecosystem of inclusive innovation and entrepreneurship, and bridge their gap, focus on the six (6) elements encompassing innovation and entrepreneurship, with particular goals, is needed.
- The need to strengthen our policy environment (Innovation Policy & Commercialization) – strengthen the policy environment by laying down an enabling environment through incentives and policies geared towards entrepreneurship and innovation. As we provide a strong and enabling policy infrastructure, this spurs the acceleration of R&D, investments, innovation, and commercialization.
- The need to create a conducive entrepreneurship & innovative culture (Entrepreneurship program & Making SMEs more innovative) – create an entrepreneurship culture that exhibits a higher tolerance to risks and failures, thus encouraging innovation.
- The need to align and strengthen the government-industry-education networks (Government-Industry-Education Linkages) – strengthen relationships between the key players by promoting a closer collaboration and closer coordination between the academe, the industry, and the government.
- The need to make capital more accessible (Funding & Finance)- fiscal support from a variety of traditional and new capital sources both from government and private sector as well as possible incentives shall be explored and promoted. Access to capital may be sourced from family & friends, private equity, venture capitalists, angel investors, as well as government grants. Incentive schemes to promote innovative start-ups and entrepreneurship shall also be pushed.
- The need to prepare an innovation-ready talent pool (Skilled Workforce) – shore up an innovation-ready workforce, providing a pool of technical & management talent ready for Industry 4.0 and digital technology.
- The need to position industry clusters to take advantage of the growth potential (Industry Clusters For Growth) – Incubate innovation by positioning innovative industries for rapid growth.