Where will the next wave of innovation come from?

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Where will the next wave of innovation come from?

Dr Vikas Nand Kumar Batheja is the co-founder and director of Capital College in Dubai

The global pandemic has created panic, industrial disruption, and affected people - to say the least. While there is a lot of uncertainty lurking around, if looked at closely, there are numerous opportunities that entrepreneurs and corporations could perhaps capitalise upon. History has been a witness to it where crises like SARS in the early 2000s catalysed the growth of e-commerce companies like China's Alibaba and other established companies that initially ventured as startups like Uber and Airbnb. Analysing a similar business model, the Middle Eastern region is also implementing long-term plans for economic growth with a pivotal role played by technology. Following the coronavirus outbreak, UAE announced a cumulative package of over $34 billion while the Kingdom of Saudi Arabia took a similar pathway with over $32 billion invested in its development. While on a macro level, there are many job-creating opportunities, it is necessary to retrospect on how entrepreneurs and startups can take advantage of the crisis with innovation at the forefront.

 

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