In this episode, part of our brand new Emerging Market Innovation Series, we sat down with Soumitra Dutta, Dean of the Saïd Business School at the University of Oxford. He's an expert on global innovation and the author of the Global Innovation Index, which is used by governments and institutions worldwide to shape innovation policy.
We're also joined by a friend of the pod, Hafidzi Razali who's the Founder and CEO of Strategic Counsel, who's an expert on policy-making in South-east Asia and beyond.
Innovation is often seen as the driving force behind economic growth, but how can emerging markets build successful innovation ecosystems? We explore the key ingredients required to foster innovation at a national level.
Soumitra Dutta has worked at the intersection of academia, business, and policy, serving as the Dean of leading business schools and advising governments on how to create innovation-driven economies. He shares key insights on how emerging markets can learn from global success stories and adapt them to their own unique environments.
We dive deep into:
• Defining Innovation: How innovation differs from invention and why successful market adoption is key.
• National Innovation Strategies: Why political leadership plays a crucial role in fostering innovation.
• The Role of Governments: How government policies, procurement, and infrastructure investments can catalyze innovation.
• Emerging Market Leadership: Lessons from countries like Singapore, China, and Finland on transforming national economies.
• The Role of Talent: Why attracting, developing, and retaining skilled professionals is critical for sustainable innovation.
• Measuring Innovation: A breakdown of the Global Innovation Index and how emerging markets can climb the rankings.
• Collaboration vs. Competition: Why innovation thrives in open, knowledge-sharing ecosystems.
Key Takeaways from the Episode:
1. Innovation Requires Strong Leadership:
Countries that successfully foster innovation have strong political leadership that prioritizes R&D, education, and infrastructure.
2. Government as an Enabler:
From providing financial incentives to setting up digital infrastructure, how governments can play a key role in ensuring businesses and entrepreneurs can innovate effectively.
3. Why Emerging Markets Need a Unique Strategy:
Instead of mimicking Silicon Valley, emerging markets must leverage their strengths, such as market-driven innovations and regulatory flexibility.
4. The Importance of Talent & Immigration:
Nations that attract and retain top talent consistently outperform others in innovation. Policies that make it easier for skilled professionals to relocate can accelerate growth.
5. Learning from China & Singapore:
China’s strategic long-term investment in innovation and Singapore’s structured approach to attracting businesses provide models that other emerging markets can adapt.
6. Infrastructure as a Foundation:
A strong innovation ecosystem needs reliable digital and physical infrastructure, including roads, internet connectivity, and financial systems.
7. The Power of KPIs and Measurement:
Innovation must be measured effectively—governments should not just aim to climb rankings but use metrics to improve their weakest links.
8. Open Innovation & Collaboration:
The best innovation economies prioritize knowledge-sharing and open-source development over isolationist policies.
Timestamps:
(00:00) – Introduction to Soumitra Dutta and the Emerging Market Innovation Series
(02:10) – What is innovation? Breaking down invention vs. market adoption
(05:30) – Why and what kind of government policies are critical for innovation success
(10:20) – Lessons from Singapore, China, and Finland on scaling innovation
(18:45) – How to achieve leadership & cross-ministry collaboration in national innovation
(25:10) – How AI and blockchain are reshaping innovation ecosystems at national levels
(30:40) – The importance of attracting top talent to drive innovation
(36:50) – Measuring innovation: How the Global Innovation Index works
(42:30) – The need for systemic change to improve education, healthcare, and digital infrastructure
(50:10) – Why collaboration is more important than competition in driving innovation
(56:30) – Closing thoughts and final advice for emerging market leaders
Join us in this compelling discussion with Soumitra Dutta, where we uncover the building blocks of national innovation ecosystems and how emerging markets can thrive in the new global economy.
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This episode is part of the Emerging Market Innovation Series, produced in collaboration with Strategic Counsel.
