Building a Strong Economic and Social System.
Amid all sound efforts, there is another aspect of building a strong post-pandemic economic and social system that should not be ignored. Here are my thoughts on this pathway…
As though a movie, yet real; our world is not what it used to be. I hope you are religiously compliant with all health and safety protocols? Though the vaccines are here, we ought to remain disciplined to protect ourselves and others.
My Beloved Ghana
Ghana, a country with a plethora of challenges which includes inequalities in living conditions and health risks; without foreign aid, one may doubt our capacity to build a strong post-pandemic economic and social system. However, the time is right for us to return to the basics of sustainable development.
Lately, I have gained a lot of confidence through observing, participating and facilitating a series of online hackathons purposely designed to generate ideas and innovative solutions from young people to help address the impact of COVID-19 and to accelerate progress to the achievement of the United Nations Sustainable Development Goals (SDGs).
Reflecting on the results of the UNLEASH COVID-19 Hack and the UNLEASH Ghana Hack that I co-organised — young people in Ghana through various programs designed to upscale their creativity and innovation may just be the most precious resource to catapult the country towards sustained growth and socio-economic development amid the pandemic.
Innovation and Entrepreneurship — the New Currency for Development
Paraphrasing comments shared by the experts; indeed, COVID-19 presents an opportunity for us to access our unique development language and rethink our strategies for sustainable development. I hope the lessons of coronavirus has given us the understanding that the “Ghana Beyond Aid” agenda can only be possible through the new currency for development — Innovation and Entrepreneurship?
Many innovative solutions have emerged to respond to the impact of COVID-19 and to protect various socio-economic development efforts. It is noteworthy that many of these innovations are pioneered by young people; notwithstanding the omnipresent “Veronica Bucket” which was invented by Mrs Veronica Bekoe years ago to contain the spread of communicable diseases through safe handwashing.
However, continuous improvement cannot be taken for granted. This is where we see the importance of purpose-led Business Innovation, Incubators, Accelerators and/or Tech Hubs to harness the creativity and problem-solving skills of the citizens, especially young people, to co-create commercially viable solutions to address existing sustainability challenges in our communities, and to aid in building a strong economic and social system.
Business Incubation and Acceleration Hubs are happening
Over the past few years, we have noticed the creation of several hubs focusing on specific sustainable development issues in Africa; for example, Digital innovation hubs which are primarily referred to as “Tech Hubs” are certainly growing more and more popular on the continent.
Needless to say, the idea of a Hub (either Business or Tech) is quite simple to understand. Just imagine a place, usually a not so big building where people (usually, young people) gather to discuss specific topics of interest, work on projects around a specific sector or industry, come up with new ideas or innovate existing ideas, collaborate, and pretty much do anything needed in solving a problem to bring their sector/industry to an enviable level.
As of 2019, Ghana had about thirty-one Hubs across the country; however, probably due to “the new normal” we may have to consider the existence of online innovation hubs.
The Dynamics of the Hub Ecosystem
These Hubs are widely accepted to be the focal points for entrepreneurship development; the enablers of tech innovations, and the promoters of social change, through the provision of co-working spaces, mentorship, capacity building and training; startup incubation and acceleration, including creating access to funding sources.
However, not many Hubs are purpose-led. Not many Hubs have managed to add value to businesses and the society in which they operate. Notwithstanding, many have gained the understanding that they are strategically positioned to serve as change agents within their communities and to contribute to sustainable development.
In my reflections and engagements in the ecosystem, I have come to understand the concept of Innovation Hubs as nothing more than an endeavour. It is designed to meet a need, such as the fulfilment of a set of goals. A goal can be — to train and develop early-stage entrepreneurs; to build or create sustainable businesses, or to provide innovation and business development support to existing or new businesses in a community. I guess you will agree that these statements ought to be time-bound?
Therefore, there has to be the first phase of an endeavour, the second phase and basically, there is supposed to be multiple phases that test the effectiveness of the Hub in meeting its targets or goals. You could have the best space with the best equipment and human resource. However, if you’re unable to “show off” the benefits and transformation of a business owner, an idea-bearer or an early-stage entrepreneur using your Hub, within a particular place in time, you will not be able to attract more audience and may not get the support of stakeholders (i.e. investors, employees, customers and suppliers).
The Value of Hubs in Building a Strong Economic and Social System
From observation, I have noticed that the current generation of youth (i.e. today’s leaders) love to apply creativity and innovation to solve existing problems. The events of COVID-19 has crystallised this understanding even more.
Have confidence in the young people, give them a chance and they will surprise you. ~ Kofi Annan
Innovation Hubs, amid their challenges, are positioned to harness the potential of young people to transform society and upscale the progress of the Government towards building a robust innovation and entrepreneurship ecosystem while promoting structural changes for a strong post-pandemic economic and social system.
Now, the need is to engage, support, and collaborate with these Hubs to be better strengthened to promote social good. The Government seems to be the foremost stakeholder to ensure that these Hubs receive the institutional strengthening support that they need to continue adding value, as required in their phases of endeavour and growth.
The place of the private sector is definitely needed, however, to reach sustainability, there is a need for the Government; thus, an entity such as the National Entrepreneurship and Innovation Programme (NEIP) or the National Board for Small Scale Industries (NBSSI) to assume leadership, with the support of development partners and other ecosystem players to cause a positive shift in the operation of Hubs.
Conclusion
COVID-19 has made it impossible for us to forget that innovation and the influence of entrepreneurship is no longer an option. It is a necessity for every new or existing business to thrive. We can always create something that everyone is used to. The kind of business that has absolutely nothing more to offer society other than regular products or services.
As an entrepreneur, the fundamental reason is to take your business concept to the next level, with awareness of national circumstances and the business environment, you would want to bring something innovative to the table and start working with future partners to become the next big brand that will remain sustainable in your market while promoting shared value.
This is the essential reason for the existence of Innovation Hubs. What better way to build a strong economic and social system than working with Innovation Hubs… Selah!
Originally published at http://andrewakotoaddo.wordpress.com on April 5, 2021.
