Innovation and Economic Development: Aspen Community Members’ discussion “How to Leap into the Future”
On July 10, the Institute organized the Aspen Dialogue “From Survival to Development: How to Leap into the Future.” The discussion was based on the text by Clayton M. Christensen and his co-authors, “The Prosperity Paradox: How Innovation Can Lift Nations Out of Poverty.”
Participants of the dialogue emphasized the importance of innovation as a key path out of the crisis for Ukraine. Discussions covered various aspects of innovative activities and necessary changes in the worldview of Ukrainians. Moreover, the Aspen community, being a crossroads of different leadership worlds, could view the topic of innovation from the perspectives of business, government, and the public sector.
The Essence of Market-Creating Innovations and How They Differ from Other Breakthrough Innovations
One of the dialogue topics was the need to change society’s perception of failure. Participants emphasized that failures should be considered as the foundation for future success, not as reasons for stagnation. The current “punitive” attitude toward the loss of invested money hinders the development of innovations. Hence, fostering a culture where risk and mistakes are a natural part of the creation process is necessary.
Market-creating innovations for Ukraine include the creation of a stock market and the introduction of other financial instruments. Participants also identified the development of small-scale electricity generation during wartime as an opportunity for market-creating innovations. However, participants noted that the current financial system and the need for more government programs for market development limit the country’s economic potential. It is important to identify who the subject of innovation is — the state or a specific entrepreneur.
The arms and defense systems market also needs attention, particularly the production and supply of drones for the Armed Forces of Ukraine. Participants highlighted the importance of the Ukrainian Innovation Fund, which is beginning its activities and will support innovative projects.
Creating and Supporting Innovation that Stimulates the Market
One of the most discussed theses was reforming the public service to increase efficiency. In this context, the issue of corruption, which needs to be addressed, was raised.
Participants emphasized the importance of developing company innovation departments and increasing public respect for entrepreneurs. The current negative attitude towards business is an obstacle to innovative development, so it is necessary to work on changing this perception in society. One of the proposals was the development of personal branding for business leaders.
How Ukraine Can Ensure a Qualitative Technological and Market Leap Under Current Conditions
It was suggested that the innovators’ key trait is the ability to take risks. This underscores the need to create a favorable environment for innovative activities where entrepreneurs can freely develop their ideas and benefit Ukraine’s economy. Participants identified the stability of processes and the chosen course as essential preconditions for development.
Thus, supporting entrepreneurial initiatives and promoting the development of innovative projects can become a driving force for Ukraine’s economic growth and recovery.
Andriy Kulakov, Program Coordinator of the Aspen Institute Kyiv Community, and Denis Poltavets, Director of Program Development at The Aspen Institute Kyiv, moderated the dialogue.
We thank the participants who dedicated their Wednesday evening to searching for new meanings and rethinking the ordinary. We also thank N. Viknyansky, a graduate of the “Responsible Leadership-20” seminar, for initiating the organization of the event.
