For creation of an ‘innovation-conductive’ environment or ecosystem, the Business Executives within the UAEs rank as the nation with it being touted as the global leader of being the global innovation pioneer hub.
The recent survey has also revealed that: “Business Leaders within the UAE have touted as a huge pioneer for creation of a hugely ‘innovation conducive environment.”
Surveying Three thousand and Four Hundred Business Executive across around twenty-two nations, inclusive of UAE, GE’s Global Innovation Barometer, conducted two distinct studies, out of which second one was for understanding shift within the global sentiment as an outcome of global COVID-19 Pandemic catastrophe.
The nation scored ahead of the US (22 percent), Japan (16 percent) as well as China (14 Percent) as the Business Pioneers ranked the nation at (25 percent) as the innovation winner. In excess of half (56 percent) trusted that COVID-19 Pandemic has either generated an upsurge or have maintained its pace of the innovation, while just over a third (34 percent) have confidence that they have huge positive impact on capability of their businesses to get innovated to have taken its place.
Moreover, 40 percent of the globalized business executives have backed up the nation’s innovative climate or ecosystem much ahead of nations like Finland (38 percent), India (37 percent), Italy (37 percent) as well as Malaysia at (32 percent).
However, the study also revealed out that the top five nations for nurturing an innovation-conducive environment comprises of the US (73 percent), Japan (70 percent), China (68 percent), Germany (63 percent) and the UK (53 percent) and are the only nations who are much ahead at this moment in time.
President and CEO of GE Gulf, Dalya Al Muthanna, noted that the conclusions of the study correctly replicate the UAE’s reliable focus on a robust culture of innovation in the nation. She further added that: “With UAE businesses observing innovation as a deliberate priority, specifically in the core of the pandemic, it is imperative to promote governmental and industry collaboration to take suitable initiative for a localized innovation.”
A monstruous 79 percent of the UAE’s business pioneers have confidence in that most innovation took place in
- Healthcare, outperforming all other sectors.
- Meanwhile, the other sectors that the nation’s business leaders’ sense have made advancement following the Covid-19 outbreak comprises of high-tech and IT (48 percent), telecoms (44 percent) as well as communications and media as well as the culture (39 percent).
- As much as 68 percent of the nation’s business pioneers believe that innovation in AI will be vibrant for the post-Covid-19 era, while 77 percent stated that AI and Machine Learning will be imperative due to all its benefits to the employed skill.
Partnerships straddling across nations, governments, and firms, have been reserved as enablers of innovation post the Covid-19 pandemic. However, over two-thirds business administrators in the UAE believe that modernization should be focused on positively driving long-term societal or environmental benefits than returns in the short-term.
As well as, the enduring pandemic has resulted in business administrators have confidence in that efforts in modernization should be focused on public health and hurdles confronted in society over any other sector.