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Happiness Zengeni in SAN FRANCISCO, US
Technology and innovation has an important role to play in transforming the economy and governments should quickly embrace such businesses in order not to only gain new revenue streams but to create a level playing field where such companies can compete, United States start-up experts have said. In various presentations to a group of global journalists currently on a Sharing Economy tour of the USA, the experts called for governments across the world not to be rigid in embracing technological innovation as the trend is moving towards that.
Director of business development at San Francisco’s Office of Economic and Workforce Development Laurel Arvanitidis said the move to embrace technology had not only reduced unemployment to 4,7 percent from 9,5 percent in January 2009, it had also made the city the innovation capital of the world.
“San Francisco currently has a 6,2 percent growth rate because of its status as centre for technology, mainly pushed by the Silicon Valley companies.
“We have allowed companies to operate under interim agreements as longer term solutions to embrace such innovation are being adopted.
“Government generally has to find the right balance between the need for innovation and consumer protection.”
Chief innovation officer for San Francisco Jay Nath said that it is necessary for Government to have dialogue, encourage tech start-ups and get more understanding.
“There is a lot of value in the sharing economy, once the right systems to harness it are put in place. It can actually create a productive ecosystem.”
Udemy chief executive Dennis Yang said technology is replacing labour faster than how labour is educating itself and the world has to be quick to adapt.
Udemy mainly focuses on lifelong learning under an objective of empowering individuals and organisations to gain the skills they need to compete and thrive in the new global economy.
He noted that sooner or later the world economy will move towards services from agriculture and manufacturing.
“And therefore the sharing economy tech companies present a good revenue opportunity in an era of stagnant wages,” said Mr Yang.
“Technology will continue to play a larger role in enabling the success of start-ups and small businesses as it levels the playing field, making it easier for them to compete with large companies, having to hire fewer employees and automating routine tasks,” said Mr Yang.
Analysts say to compete in today’s global landscape, entrepreneurs and small businesses need technology to innovate, but it’s not the only thing they need; turning a great idea into a successful business also requires access to financing, networking, knowledge and a bit of luck.
Online Reporter