Urban (video)

Generating new employment and entrepreneurship through investing in innovation

06.03.2016 - By World Bank's Open Learning Campus (OLC)Play

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New technologies have reduced the development cost of products, services and business models. Cloud computing, open software and hardware, social networks and global payment platforms have made it easier to start business with fewer physical resources and personnel. This trend is allowing aspiring entrepreneurs to take advantage of cities’ agglomeration effects: entrepreneurs “want to live where the action is,” where other young people, social activities and peers and entrepreneurs are. They look for conventional startup support, such as mentor networks or role models, but also for meet-ups, social activities and other potential for innovative “collisions” – a combination of opportunities best provided by cities. Fostering tech innovation ecosystems will provide skills for today’s new job landscape and innovators to create new companies and industries, while also addressing local problems from developed and developing countries. Cities, as technology ecosystems and engines of innovation, will be at the center of these new potential transformations. Gianluca Galletto and David Sierra explain how their organizations, the New York City Economic Development Corporation and Ruta N in Medellin, respectively, support entrepreneurship and data-driven innovation within urban innovation ecosystems.

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