During times of turbulence and changes that characterize the contemporary era, innovation is imperative for economic and social progress. Its advent, however, is not fortuitous but the result of a pervasive culture that ceaselessly pushes radical experimentation, uncontrollable curiosity and relentless critical thinking.
Experimentation, in particular, is the very lifeline of innovation. It is not limited to trial and error but is a systematic talent for experimentation, rigorous analysis of results and an unfailing willingness to learn from failure. Forward-looking companies, such as those in Silicon Valley, have made experimentation a pillar of their business philosophy, encouraging rapid prototyping, frequent testing and agile iteration. Failure is not villainized here but rather glorified as a means to an end, a means of getting valuable information for tuning strategies and processes. It is important that financial institutions and regulators allow a space where experimentation is allowed so that new ideas can flourish and not be hampered by the threat of failure.
The fire of innovation
Curiosity, meanwhile, appears as the catalyst that ignites the fire of innovation. In a time when the world is overwhelmed with information and data, being able to pose unique questions, venture into untested areas, and link seemingly unrelated dots is a valuable competitive edge. Schools, from grade school to universities, need to foster learning through discovery, research and creativity, not memorisation. Companies, for their part, must get their workers to cultivate their curiosity by providing them with zones of liberty, experimentation and cross-pollination between disciplines. The media, too, in this new era, must return to their origin, that of diffusers of knowledge, and must return to being stimulators of reflection, not creators of consensus.
Critical thinking serves as the rational GPS that allows us to chart a sure course through the tangled web of information. During a time in which misinformation is rife and fake news abounds, being able to dissect, assess and compound information objectively and stringently becomes vital in making informed and accountable choices. Schools must hence equip citizens with the means to identify bias, assess sources and develop solid and logical arguments. Concurrently, media, as guardians of truth, must be proactive in promoting critical thinking, demystifying misinformation and promoting healthy and constructive public debate. Artificial intelligence technologies, for example, must be utilized with a critical mindset, keeping in mind that they are not omniscient.
Human progress and the common good
Fostering an innovation culture is the collective and complementary work of all the social actors. Companies must design work cultures to facilitate collaboration, experimentation and continuous learning. Universities must change curricula to stimulate curiosity, critical thinking and creativity. Governments must invest in infrastructure, research, and development to offer a pro-innovation regulatory environment. Finally, civil society must nurture a tolerant and open culture, receptive to the wealth of ideas and views. Through collaboration alone, we will build a future wherein innovation is matched with human progress and the common good.
The role of the government in building the ecology of innovation is dual and tactical. First and foremost, investment in quality infrastructure is the foundation upon which innovation will be built. This includes not only physical infrastructure in its traditional sense, such as transport systems and advanced communications but also state-of-the-art digital infrastructure, such as high-speed broadband and secure data centres. Second, governments themselves must be the drivers of research and development. Directed government spending can boost basic and applied research, which in turn will lead to breakthrough technology innovations in medicine, alternative energy and artificial intelligence. Governments can also help by taking a leading role in coordinating the collaboration among universities, research institutions and private firms to facilitate the exchange of technology and knowledge.
Finally, it requires an innovation-supportive regulatory environment. Regulations must be nimble and consistent with the rate of technological progress. At the same time, they must also preserve safeguards in intellectual property rights, data protection, and competition equity. Overregulation and outdated rules’ deterrent effects can stifle innovation, whereas an equal rule of law can facilitate entrepreneurship and trial.
