What Businesses in the Middle East Can Learn From Innovation Live Dubai
To complement the UAE innovation week, Dubai recently hosted its long-awaited Innovation Live event. Its goal was to inspire creative thinking and highlight the importance of innovation in the Middle East.
There’s no denying Middle Eastern countries have come a long way over the past year in terms of innovation. The government in particular has recognised the importance of grabbing hold of the technological opportunities and using them to boost the economy. However, experts suggest firms in the region still have a long way to go and need to start focusing on long-term innovation.
Ambitious UAE targets reportedly making progress
One thing which was made clear at Innovation Live was that progress is being made to meet the ambitious targets which have been set to improve the UAE. The Expo 2020 and Smart Dubai initiatives are proof the Middle East is quickly catching up to more developed parts of the world.
The goal is to ensure the Middle East becomes one of the most economically developed regions in the near future.
So how is the government and those in charge of the regions innovation planning on meeting these goals? So far, raising awareness of the changes being made and encouraging creative thinking and collaboration have been the backbone to its economic development. However, it has also been working with stakeholders, supporters, and numerous partners. Evidence of the regions progress can be clearly identified when you look at its position within forex trading.
What lessons can businesses take from the event?
One of the main lessons businesses can take from the Innovation Live event in Dubai, is the importance of using technology to aid in economic development. There have been huge developments in the technology sector which has made it easier for Middle Eastern businesses to thrive.
Now, businesses can set up and sell products and services on a more global scale without extortionate costs. Technology has also helped to significantly improve the healthcare sector and public services in the region. However, one of the key things businesses need to take away from the event is that innovation isn’t solely focused on technology.
Innovation automatically conjures up thoughts of technology. However, to truly develop and boost the economy, businesses need to adopt a more creative attitude. Technology can be seen as an enabler to improve, but it is the way businesses handle challenges and come up with different approaches which will really help to push them forward.
In particular, more attention needs to be given to young entrepreneurs. These are the people who are going to help with the overall goals to boost economic development. At the moment, there’s a worry that businesses are more focused on short-term solutions which will provide an initial boost in profits. For real change to occur, this focus needs to be expanded to the long-term.
Inspiration at how far the region has come in such a short space of time is also to be applauded. By 2021, very few countries around the world will have made the same transformation as the Middle East. This gives businesses a high level of motivation to continue developing and be part of a revolutionary movement.
Overall, there’s no doubt the Middle East has undergone a massive transformation in recent years. Leaders across the region have realised how important it is to grab hold of opportunities and be at the forefront of innovation. The ambitious goals set for the next few years will really help to encourage and push businesses forward, inspiring more to adopt an innovative approach. The region hopes with the right collaboration and innovation, they can develop an efficient, smart ecosystem and focus on sustainability.
Neil Buckland is a BA Marketing with Content graduate and has worked within the Digital Marketing industry for 3 years. With a particular interest in both Business and Finance related topics, he has been writing content for numerous publications since graduating. In his spare time he enjoys playing badminton, football, going for runs and reading with a strong interest in a variety of business and finance topics.