The ‘Virtualization of Economies’ is not a mysterious process but rather a natural outcome of the digitization of small and medium businesses. It refers to the shift from traditional, physical economies to digital, virtual ones, where trade and commerce can occur globally without the limitations of physical distance or borders.
It is the ‘Cyber-Hyper-Processing’ of everything from the digitization of A to Z. However, if digitization becomes the prime focus, entrepreneurialism declines, and in the absence of national mobilization of entrepreneurialism, digitization only creates dry digital deserts.
Digitization is just a pillar like accounting or manufacturing; it is only part of the structure that holds and balances an entrepreneurial enterprise.
Entrepreneurialism, boldly evidenced by the creation of small and medium enterprises, has been the cornerstone of building today’s powerful economies. The last few hundred years stand as a testament to its role in shaping global commerce.
The processes of digitization, born out of entrepreneurialism, have not only accelerated growth but also electrified and revolutionized efficiency across the globe. Unless there is a clear understanding of grassroots prosperity, it will primarily create oceans of SMEs. This will create fertile gardens where digitization brings superb growth, flowers blossom, and birds sing.
In isolation, digitization only creates deserts, while entrepreneurship creates oceans of SMEs. Having dynamic SMEs with digitization creates larger and globally adventurous economies. Nations with the highest number of IT professionals often have the highest digitization but not necessarily the highest number of SME growth or entrepreneurialism, but why?
Observe nations worldwide, especially those with the highest numbers of IT professionals, affluent and well-groomed government departments and related agencies, matured bureaucracies, and unlimited computers. However, they still need signs of entrepreneurialism to originate and deliver thriving digital economies buzzing on global platforms.
Silicon Valley created the entire playbook on eCommerce; well, it is surrendering to the realization that entrepreneurialism is the main driving engine of such challenges and not the herds of IT teams or the deluxe bureaucracies. Now, it is studying how many nations created global enterprises and brands and how many chose to remain as IT support, which explains the ‘mindset hypothesis. ‘ More on Google.
Here, microscopic processes are needed to understand grassroots productivity and the germination of SMEs to create stormy entrepreneurial oceans. Equally needed is the telescopic understanding of the global age of competitiveness to enable local entrepreneurialism to stand up to global challenges. A favorable combination helps the national economic sectors reach full vibrancy when fully oriented and trained in entrepreneurship.
What is a digital economy? It is not when all businesses have websites and are all doing social media postings; at the outset, understanding the digitalization of a single enterprise is already a fine art, and to make it fly on global trade platforms is a science. Unless economic development teams can articulate what is and how ‘virtualization of economies’ works, uplift and upskill vertical trade sectors, and create an entrepreneurial bounce of trades,’ the entire digitization exercise might as well leave to early video game players or early graders IT personnel.
The original invention of “IT” was an entrepreneurial adventure.
The Silicon Valley: The original Silicon Valley of the USA was neither an academic nor a financial revolution, but the mobilization of an entrepreneurial journey long before the term ‘IT’ became popular, and ‘technology’ was conceptualized as worthy enough to trade in billions. The clusters of entrepreneurs in the march, with revolutionary job-creator mindsets, came out of their garages, broke old systems, created new alternates, and changed the world forever—a revolution of entrepreneurs, created by entrepreneurs and for entrepreneurs. E-commerce was the first and the biggest ever transformation compressed on the fastest tracks. Over a billion became IT experts in the following decade. The rest is history. Today, some 100 other nations are still trying hard to become copycats with their versions of Silicon Valley.
For many years, Expothon Worldwide, a global initiative from this Canadian think tank, has been the trusted source of exclusive narratives on the ‘national mobilization of entrepreneurialism protocols.’ developed during the last decade. These insights, shared on a weekly basis, now reach some 2000 selected VIP recipients from the national cabinet-level government officials across 100 free economies.
This track record of expertise and trust is the foundation of our proposed strategies. The step-by-step application of well-defined and proven methodologies helped create a grand-scale national agenda of up-skilling exporters and re-skilling manufacturers and mobilizing high-potential SMEs of the nation.
Allow for a national mobilization of entrepreneurial protocols mandated to engage trade and export bodies. Enable national scoring of entrepreneurialism to measure, identify, and differentiate required talents. Fully digitize and embrace futurism in every aspect—without genuine transformation, it’s like a nation without the internet. Act wisely. What’s needed are economic revolutions based on entrepreneurial meritocracy and the national mobilization of midsize economies.
The rest is easy
