The Entrepreneurial Innovation research initiated by the G20 Young Entrepreneurs’ Alliance (G20 YEA) and carried out by Accenture was designed to research the current state of technology-driven innovation by young entrepreneurs, gain entrepreneurs’ insights on potential solutions to unleash a key source of growth and job creation in the G20 countries, and contribute to the formulation of G20 policy recommendations by the G20 YEA.
Technology innovation by entrepreneurs is critical to innovation’s ecosystems and to G20 countries’ competitiveness and job creation. The results of the research are presented in their report that was prepared for the G20 Young Entrepreneurs’ Alliance 2013 Summit in Moscow.
Several key findings emerged from the research:
Today every entrepreneur is a digital entrepreneur.
Innovation, and more precisely technology-driven innovation, is a strategic priority for 78% of the entrepreneurs interviewed.
Entrepreneurs extensively use new technologies to create new innovative products and services and reach customers at scale and at speed.
Scalability, flexibility, and reduced cost of access to new technologies offer entrepreneurs significant opportunities to experiment and develop new business models that can disrupt the value chains of all industries and impact the competitiveness of G20 economies.
Young entrepreneurs from the G20 countries see themselves as the most dynamic source of technology innovation and expect to achieve strong growth and job creation through their businesses in the next two years. 76% believe they are the major source of technology innovation in their country.
41% expect to grow their businesses by more than 8% annually over the next two years and 81% expect to create new jobs in that period, which demonstrates faith in the future at a time when global economic growth will reach less than 4% in 2013, according to the latest forecasts, and many countries struggle to create jobs, especially for young people.
The specific impact of the high-tech sector is particularly noteworthy, as, according to recent economic analysis, every new job in the high-tech industry triggers the development of more than four jobs in their local ecosystems.