Economy

The 7 Excellences of Global Innovators

Published

7 years ago

March 4, 2016

They are Innovative, Integrative, Intelligent, Imaginative, Multi-Cultural, Multi National and Multi Lingual. The dreams of tomorrow beckon, the world holds abundant opportunities for those who keep moving forward. World class “Hepta Entrepreneurs” never stand still.

They have the innate ability to move with speed and agility, vision and desire, and the will to get the job done. These young, and sometimes not so young disruptors, innovators and entrepreneurs represent the best of our and the next generation.

Heptas are engaging bright stars, creative and hardworking, impatient to change the world. They bring their passion, smarts and energy to startups and family businesses by making their mark and gaining credibility across diverse sectors.

As progression is vital for enduring success, risks and obstacles may abound. Change can often be disruptive, yet the future belongs to those who keep striving towards the next horizon- the iGeneration of Hepta Entrepreneurs. There are many ways to move forward, but only one way to standstill.The future is partly influenced by the past, but more importantly, it is shaped by the actions of today. As Albert Einstein once said that “insanity is doing the same thing over and over again and expecting different results”.

Well, today’s “Hepta Entrepreneurs”as I call them, will never have to worry about such stagnation. They are innovative, integrative, intelligent, imaginative, multi-cultural, multi-national and multi-lingual; they have it all. Type A personality is usually an understatement for this population; Type AAA, the energizer bunny on steroids with the attention span of a flickering light bulb, is a much more fitting description. They spend almost all their time in front of the computer attending to concurrent conversations on Google chat in multiple languages, answering 10 incoming emails with attachments needing immediate attention, they answer their Blackberry while texting and ordering pizza on the IPhone. Oh, let’s not forget, they still manage to follow BBC’s breaking world news on the large screen TV while keeping an eye on the stock market picture in picture, all while listening to the latest Shakira CD and chewing gum. Welcome to the world of todays’ multitasking hepta innovators!

Hepta entrepreneurs are behind some of the world’s best companies, big or small, as they can pioneer new industries, disrupt others, design superior products and services, and bring them to market faster and at lower cost. As CEOs and entrepreneurs they have to propel their companies from one stage of growth to another, from startup to profit, or small enterprise to big business, create opportunities out of their imagination and realize their dreams through tenacity and hard work..They have to lead with clarity and vision to achieve enduring success and take their companies from one stage of growth to another, expand across borders and diversify into new business lines. Some CEOs adopt the entrepreneurial attitude of being a ‘perennial startup’ to stay ever nimble, agile and poised for growth. They know how to keep customers and employees happy, raise funding, manage capital and keep their investors satisfied.

Today’s hot hepta entrepreneurs can be identified by “7” distinct characteristics essential to a companies future success. And, oddly enough, since Ancient times, in Greek mythology, the number seven “hepta” held a very special meaning. There were Seven Wise Men, Seven Sages, Seven Against Thebes, the Pleiades were Seven Sisters, there are Seven Liberal Arts and Seven Wonders of the World denoting beauty and prosperity. Christianity mentions the number Seven countless times in the Bible, Rome was built on Seven Hills, the Seven gifts of the Holy Spirit, Seven Sacraments, Seventh day of rest, Noah’s 7 laws, Geneses 7:2 , Jericho, Seventh year, Seven years for love and Seven Days to solve a Riddle. Judaism has the Seven branched Menorah, Seven days of Sukkot, Seven Hakafot, Seven weeks Shavuot, sitting Shiva Seven days and there are Seven Blessings being recited at a Jewish wedding. In Islam there are 7 verses in the first sura, the book of Revelations talks about Seven Stars and Seven lampstands, Seven spirits of God, Seven thunders, Seventh angel of the Apocalypse.

Hepta entrepreneurs evolve from one success to the next helping policymakers to keep raising their countries’ global competitiveness. Their attitudes energize companies, recalibrate their growth engines to create new value, revitalize their culture and performance. These people move at the speed of light, are highly educated, intelligent, culturally savvy, flexible, innovative world citizen forming the backbone of successful global companies. They transcend international borders, master cultural norms and easily overcome language barriers as most of them have been raised at least in a bi-lingual environment.

This iGeneration is emerged in the technological revolution, driven by ambition, fierce competitiveness and search for Uber-prosperity. They easily establish cross-functional working relationships, maintain long distance communication, overcome stranger anxiety as their main modus operandi is behind an impersonal computer screen allowing for and encouraging unconventional language use. They thrive on task complexity, excel under pressure, perform at their peak in stressful situations and experience an endorphin rush only parallel to that of a climber conquering a high mountain peak during stormy weather. For the most part these emerging leaders were brought up in heterogeneous cultures, are multi -lingual which facilitated the development of a filter by which to view and understand the world around them. The hepta’s core is a multifaceted, filled with contradictions, built around their experiences with conflict, alternate belief systems and new ways of behaving in foreign environments.

Hepta entrepreneurs will never relate to bygone phenomena such as typewriters, doing research using a library and microfiche, listen to LPs, making phone calls using an airport payphones, waiting for the mailman to deliver hand written letters or using a floppy disk. Elephant size computers housed in big underground basements, hotels offered courtesy type writers in their small business centers and satellite phones could be seen when Captain Kirk communicated with Mr. Spock in Star Trek are viewed in a rather nostalgic light by this generation. For them “Beam me up Scotty” is occurring in the present, yesterday’s utopia has become today’s reality.

This population excels by breaking the rules over and over again and causing disruption in order to achieve measurable results essential to meeting management challenges faced by today’s global leaders: transition, change, difference and adaptation. What’s more, hepta entrepreneurs develop these abilities so subtly and naturally that many don’t even know they have them.Significantly, none of these qualities described below requires an international context in which to use them.

These seven characteristics combine to yield the “iGeneration”, the hepta’s identity, pivotal to your organizational success:

Innovation – Heptas see change as normal. They combine the scientific, positivistic, rationalistic, technocratic world of the industrial paradigm and get into the intuitive, creative, open, diverse, global world of the postindustrial paradigm. Example: “The Internet of Things” which is a way of saying that more of the world will become part of their network. They are able to assimilate the world into the computer. It’s just more and more computers. Product companies compete by building ever bigger factories to turn out ever cheaper widgets. But a very different sort of economics comes into play when those widgets start to communicate. It’s called the network effect—when each new user of a product makes its value higher. Let’s take Cisco Systems as an example. According to the MIT Review ( July/August 2014) Cisco Systems has been enthusiastically predicting that 50 billion “things” could be connected to communications networks within six years, up from around 10 billion mobile phones and PCs today . Or think of the telephone a century ago. The greater the number of people who used Bell’s invention, the more valuable it became to all of them. The telephone became a platform for countless new businesses its inventor never imagined.” For heptas connecting, adapting and expanding the Internet of Things comes naturally as they leave behind the clockwork, mechanical, piecemeal, linear, quantitative world of Newton and get into the fluid, ambiguous, androgynous, qualitative world of the 21st century.

Integration & Invention – As outsiders to fixed cultural rules, hepta innovators rely on creative thinking as they reinvent themselves and experiment with new identities. Chaos and complexity theories, quantum physics, and open systems are in ; strategic management, Newtonian physics, and closed systems are out. These may seem queer, but get used to them. Example: In many cases they work with models which have not been established, taking for guaranteed that computers the size of a pinhead which collect data inside the brain and transmit it through the skull will join the internet network, brining healthcare to whole different level.

Intelligence ( Contextual and Emotional IQ) -Heptas are experts at the subtle and emotional aspects of transition, adjusting mental models, learning to differentiate between universal principles and their specific embodiments, and being open to new ideas. They influence multidirectional relationships, using persuasion, rational strategies, political analysis, creating metaphors and using myths and rituals. They are apt at appealing to emotional attachments, friendships, connectedness, relationships, to the higher ground–ethical/moral stands and to communitarian ideas, the commons, public good, organizational culture. imagination- Heptas entrepreneurs easily learn and use new ways of thinking. They are the ones who come up with a smart coffee pot, a refrigerator with a Web browser or a $78 digital “egg minder” that reports to a smartphone which egg in a refrigerator is oldest. So many gray hairs avoided by never having to worry about my eggs again!

Multi /Lingual, Multi/Cultural, Multi/ National, Multi Tasking. Heptas are at least bi-lingual or tri-lingual, multi- cultural & multi-national and multi taskig. They have lived in different countries and are familiar with many cultures. Because globalization enables breakthrough ideas to come from every corner of the world, they are able to change where and how the world does business. While until now they might have been a source of low-cost skilled labor in emerging markets is moderating.

Multilingualism at the workplace constitutes a major asset for companies and supports their international competitiveness. Even though it can be a Janus-faced phenomenon, entailing several problematic points, it is up to management commitment and involvement to prevent and counter these problems. Language skills and cultures might differ in multilingual work environments, however mutual respect and shared values can overcome linguistic and intercultural differences.

I predict that connecting ordinary objects like ovens to the Internet will trigger new platforms and that hepta entrepreneurs will be the leaders of tomorrow forming and transforming this platform, necessary for cutting edge performance to each company. Due to the fact that they are born to question, break rules and used to paradigm shifts, they will not simply rest at the standards, the connections. Instead they will also address add value, allowing for a recombination of features in ways that the original designer cannot anticipate. Heptas will be instrumental in developing tomorrow’s Internet of things which is similar to the functions of the iPhone encompassing hundreds of thousands of apps that Apple never even conceived of as they do not have a difficult time with new mental models. They will help companies compete and add incredible value by introducing new features to products, add new communities or network effects. In turn, organizations must learn how to hire and augment their workforce with efficient hepta innovators.

Emerging countries are creating their own rising stars and these fast-growing companies are changing the competitive landscape. Global and multinational companies have to assess the promise of emerging markets in current economic cycles, changes in the marketplace and policy environments. So, without a doubt, organizations will be challenged and potentially leap frogged if they do not hire hepta innovators and entrepreneurs.

Related Topics:Economics Entrepreneurship Innovation

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Economy

Looking at Indonesia’s Nickel Downstream Efforts from The Perspective of Resource Curse

Published

4 hours ago

April 2, 2023

I Gusti Ngurah Krisna Dana

Image source: Kumparan

Republic of Indonesia under the government of President Joko Widodo is intensively pursuing downstream industries, mainly in the natural resource products sector. One of which is Nickel. Indonesia’s abundant natural resource wealth is certainly a field for increasing the economic level of state revenue. Moreover, if the Government is able to ‘prosperate’ the community through the results obtained from the wealth of the country’s natural resources.

In this opinion article, the author tries to look at the perspective of the natural resource curse which is prone to be experienced by countries/regions that are rich in natural resources but the level of community welfare is far from expectations, then the author tries to provide an opinion regarding the linkage of resource curse in the midst of government efforts. increasing the downstreaming of Indonesia’s natural resource industry.

Downstreaming Nickel: A Way Out of the Term Natural Resource Curse?

President Joko Widodo and his staff’s steps to increase state revenues through the downstreaming of natural resource industry, one of which is Nickel. It should be appreciated because it is this step a way for the government to provide a way out of from natural resource curse.

The ‘resource curse’ in the theory introduced by Richard Auty (1993) was followed by further research from Jeffrey Sachs and Andrew Warner (1995) find that there is a strong connection between countries with an abundance of natural resources and poor economic growth. This becomes interesting, not about the wealth of natural resources of a country. But about how the state can properly and appropriately manage the results of the abundance of nature with the economic standard of living of its people. In the perspective of resource curse, especially in terms of yield management, there are differences in each resource-rich country. Countries with abundant resource wealth sometimes succeed in development, but on the other hand they don’t. How could this happen?

One of the things countries that are rich in natural resources has a low level of economy and people’s welfare, can be due to the management of natural resources governance by weak institutions. Weak in the sense that there is no transparency, accountability and oversight by the surrounding community.

Indonesia, through government policies to downstream the nickel commodity industry, is expected to strengthen national economic competitiveness amid global uncertainty and can become a global key player in the nickel commodity extractive industry. The government’s step in advancing industrialization and downstreaming the natural resource industry with nickel as a commodity that has the largest reserve value in Indonesia. According to the author opinion, it is a way to avoid resource curse in the future. Construction of a nickel smelter by President Jokowi’s administration, in Morowali Regency, Central Sulawesi which adopts a green smelter in mid-2023, is a concrete step by the government in accommodating nickel natural resource products for later downstreaming.

As a society, the authors in this opinion hope that the implications of downstream nickel industry governance for the welfare of the Indonesian people in general, and the Morowali community in particular can be well maintained through the construction of a nickel green smelter. Control, supervision and community participation accompanied by transparent institutions are certainly needed in the development process, so that the process of accountability and transparency of future results can avoid the curse of natural resources and be able to increase the country’s economic level.

Economy

Impact of Multinational companies on Pakistan

Published

3 days ago

March 30, 2023

Farrah Saleem

Multinational companies (MNCs) have had a significant impact on Pakistan’s economy since the country’s liberalization and opening up to foreign investment in the 1990s. Overall, the impact of MNCs on Pakistan can be seen as mixed, with both positive and negative effects on the economy and society.

Multinational companies (MNCs) are firms that operate in multiple countries, including Pakistan, and are usually headquartered in developed countries. They have the capability to invest large amounts of capital, technology, and expertise, which can significantly impact the host country’s economy. MNCs, bring foreign direct investment (FDI) to Pakistan, which is essential for economic growth.

The presence of MNCs in Pakistan has had a positive impact on the economy in various ways. They have contributed to the development of infrastructure, which has helped to improve the country’s business environment. MNCs have also helped to increase exports, which has led to an increase in foreign exchange reserves. Additionally, they have introduced modern technologies and practices, which have enhanced productivity and efficiency in the local industries.

One of the significant impacts of MNCs on the Pakistani economy is their contribution to employment generation. MNCs have created jobs for the local population, which has helped to reduce unemployment and poverty. According to the State Bank of Pakistan, the number of people employed in the manufacturing sector, where most MNCs operate, has increased by 2.8% in the fiscal year 2020-21. This growth can be attributed to the expansion of MNCs in the country.

The presence of MNCs in Pakistan has also led to the transfer of skills and knowledge to the local workforce. MNCs employ highly skilled professionals who share their knowledge and expertise with local employees. This transfer of skills and knowledge helps to enhance the human capital of the country, which is essential for economic growth.

Furthermore, MNCs have a significant impact on the tax revenue of Pakistan. MNCs pay corporate taxes, which contribute to the government’s revenue. According to the Federal Board of Revenue, the contribution of MNCs to the country’s tax revenue has increased by 19.9% in the fiscal year 2020-21. This increased tax revenue can be attributed to the expansion of MNCs in the country.

MNCs have negative impacts on the environment and may exploit natural resources. The entry of MNCs into the Pakistani market has increased competition for local firms, making it difficult for them to compete with well-established global brands

MNCs have been accused of exploiting labor and natural resources in Pakistan. There have been reports of low wages, poor working conditions, and environmental damage associated with MNC operations in the country.

The current situation of multinational companies (MNCs) in Pakistan is mixed. On one hand, Pakistan has been successful in attracting foreign investment in recent years, with MNCs investing in various sectors of the economy such as telecommunications, energy, and infrastructure. On the other hand, Pakistan still faces a number of challenges that can impact the operations and growth of MNCs.

One of the major challenges faced by MNCs in Pakistan is the weak and uncertain regulatory environment. The country’s legal and regulatory framework is often viewed as complex and difficult to navigate, which can make it difficult for MNCs to operate and make long-term investments. In addition, corruption and lack of transparency in the regulatory environment can increase the cost of doing business and reduce investor confidence.

Another challenge is the inadequate infrastructure in Pakistan, which can make it difficult for MNCs to operate efficiently.

Furthermore, Pakistan has faced security challenges that can impact the operations and growth of MNCs. Terrorism, political instability, and sectarian violence can increase the risk of doing business in the country and deter foreign investment.

Despite these challenges, there are opportunities for MNCs in Pakistan, particularly in sectors such as agriculture, healthcare, and tourism. The country has a large and growing population, a strategic location, and abundant natural resources, which can make it an attractive destination for foreign investment.

The impact of multinational companies (MNCs) on the thinking of people in Pakistan can be both positive and negative, depending on various factors such as the nature of the company’s operations, its business practices, and the local cultural and social context.

On the positive side, MNCs can bring new ideas and practices to Pakistan and can help to expose people to different ways of thinking and doing business. They can also bring job opportunities and skills development to local communities, which can have a positive impact on the local economy and people’s quality of life.

Moreover, MNCs can help to promote cultural exchange and understanding between Pakistan and other countries. For instance, MNCs may bring in employees from different parts of the world, exposing local employees to different cultures and perspectives. This can lead to increased tolerance and diversity in society.

On the negative side, MNCs may lead to negative consequences for local communities and the environment. MNCs may contribute to the marginalization of local businesses and industries, leading to the loss of local cultural and economic practices. This can have a negative impact on people’s sense of identity and belonging.

The impact of MNCs on the thinking of people in Pakistan is complex and multifaceted. While they can bring new ideas and opportunities, they can also have negative consequences for local culture and values. It is important for MNCs to be aware of these potential impacts and to operate in a socially responsible and culturally sensitive manner, in order to promote positive outcomes for both the company and the local community.

In conclusion, the current situation of MNCs in Pakistan is mixed. While there are challenges such as a weak regulatory environment, inadequate infrastructure, and security concerns, there are also opportunities for foreign investment in various sectors of the economy. It is important for Pakistan to continue to address these challenges and create a more investor-friendly environment to attract further foreign investment and promote economic growth.

Economy

How Saudiconomy, is an economic-transformational miracle?

Published

4 days ago

March 29, 2023

Abdul Rehman Shoro

Saudi Cabinet session. image Source: Saudi Press Agency

What is happening in the Global economy? The outlook seems entirely iffy, in the state of flux and bewildered with negative outlooks. The answer is, “Disturbance”. If we analyze the global-environment with respect to economy, we find it clouded with discussions pertaining to hawkish vs. dovish trends of central-banks, rising inflation, hyper-inflation, tanking GDP growth, Russian-Ukraine conflict, energy-crises, broken supply-chains, unemployment, recession-fears, supply-shocks, lower demands, inverted yield-curves, liquidity crises, banking debacles and many other ensuing economic-ramifications etc. all have become talk of corridors and towns.

In my opinion, the global economy seems in shambles, extrapolated perceptions assumed by analysts out of Jackson Hole meetings and other developed-countries’ central-banks are creating disturbances in financial-markets. Simply, the world is devoid of any solid vision, which could steer it towards betterment and prosperity. Major financial newspapers are dreading with inflation impacts. Ask any banker across the globe about his or her medium-term economic-outlook & you’ll get an ugly picture painted.

Welcome to Saudi Arabia, the year 2022 the country surpassed a mark of a trillion-dollar economy according to both IMF and Oxford Economics coupled with GDP which grew at 8.7% in 2022. The annual CPI in Saudi Arabia increased by 2.5% and inflation averaged at 2.47% in 2022 which is “absolutely nothing” against double-digits’ inflation worldwide.

So paradoxically asking, what is happening in Saudi Economy? The answer is, “Growth”. If we analyze Saudi economic ecosystem, we find it filled with positive economic-vibes where the discussion is all about hike in industrial-production, foreign-investment-inflows especially huge industrial-investments, mining-investments which aim to unleash the potential of natural-resources, infrastructure-investments, giga-projects, achievement of economic & financial targets on time, flourishing private-sector, multiplying Non-Oil GDP etc.

Taking global-view, H1+H2 of 2022 were clouded with immense geo-political tensions, with ultimate economic-ramifications. But KSA has remained insulated of all global economic-vagaries, which attests the resilience & robustness of Saudi economic framework which is strengthened by Saudi leadership. The fiscal-year 2022 attracted significant foreign capital-inflows, which proves that Saudi Arabia has successfully positioned itself as a desired-destination of global financial-capital amid the ongoing global-turbulence. Saudi Arabia has successfully averted economic-effects of current geo-political turmoil, in terms of utilities, food-security and inflation-containment etc.

The question arises, how did KSA achieve this economic excellence & resilience in really a short time-span? The answer is, a Vision is being implemented and realized by Saudi leadership with sheer commitment and enabled by Saudi youth. This trifecta is indeed a global successful case-study of how major economic-transformations can happen in a short-period of time.

Delving into more details, the fundamental reason is, in 2016 Saudi Arabia had devised a brilliant Vision 2030 under the leadership of H.R.H King Salman and this was a road-map drawn by H.R.H Crown Prince Mohammad Bin Salman, as a forward strategic-economic framework. Under this brilliant vision, uniquely-crafted “Vision Realization Programs” (VRP) were designed, each tasked with a particular niche to smoothen the regulatory-processes, incentivize deployment of local-resources and ultimately attract private-sector & foreign-investments. All these VRPs are showing satisfactory-progress and many of these VRPs have over-achieved brilliantly.

Another driver of this economic-success is a significant-emphasis on optimizing potential of “Non-Oil GDP”. It is the Non-Oil GDP, which ultimately provided an impetus and incentivized Saudi Private-sector to act proactively. The fuel for sky-rocketing “Non-Oil GDP” is actually the giant private-sector of KSA, whose potential is being unleashed by Saudi government via launching a partnership-program namely “Shareek” which aims to intensify the potential of SAR 5 trillion of domestic private sector investments by 2030. The aim is to maximize the private-sector contribution up to 65% in Saudi GDP by 2030.

One of the attributable reasons of this economic-miracle of Saudi Arabia has been a constant emphasis on Higher Education & Research. For instance, scholarship programs for Saudi students proved to be a stellar success. Today we see countless highly-qualified Saudis, possessing valuable global-experience are now steering many organizations in both the public and private sector of country. Their competence coupled with determination, passion & loyalty for their leadership and the country paved the way for Saudi Arabia to result such an economic-success. Nature Index which tracks scientific & intellectual contributions globally has ranked Saudi Arabia, 1st in Arab World & 30th globally in 2022, which manifests emergence of high quality scientific-output by Higher education ecosystem.

Saudi Arabia was one of the countries, which made headlines across global-media due to smart Covid-management, leaving behind many developed economies. For instance, King Abdullah Port has bragged the 1^st-position leaving behind 370 global-ports in a globally-renowned index, Container Port Performance Index – 2021 by World Bank and S&P Market Intelligence, which analyzed performances of 370 ports in post-Covid broken supply-chain scenario. Similarly, Jeddah Islamic port and King Abdul Aziz port have bragged 8th and 14th position respectively.

Saudi Arabia’s Sovereign Wealth Fund, Public Investment Fund has emerged as one of the smartest-SWF leaving behind many decades-old SWFs with stellar investments. The PIF (AuM = 620 USD billion) with its in-built strong potential has taken lead in investing locally in Saudi Arabia. In any country, a monetary-system always carries immense importance in proper functioning of an economy & solidifies its robustness. This important task is being carried out diligently by Saudi Central Bank, SAMA, which is brilliantly regulating Saudi financial-sector.

Saudi Arabia is taking a lead in developing state-of-the-art infrastructure. Each of the giga-project is adding gross-value of billions of SAR directly to economy and is providing thousands of jobs. I call them; “Super-infrastructure” because they are being developed with a super-vision, led by super-teams, giving super-results and yield a super-future. Recently Knight Frank which is a top-notch and a century-old UK-based real-estate consultancy firm has evaluated the 15 giga-projects up to 1.1 trillion dollars.

Indeed, Saudi success story of economic-transformation and diversification embodies sheer brilliance, commitment and determination, which has manifested wonders in less than a decade as appreciated by the Managing Director of IMF in the recent WEF sessions, in these words, “They (Saudis) are using the increase in revenue very effectively to create the investment environment for future growth for diversifying the economy,”