Innovation is a necessity

By Luis Alvarez Satorre, President, EMEA and Latin America, BT Group Plc*

Innovation has become a necessity for all of us. It is now an urgent need for our economies, for the way we work, the way we educate or interact with the rest of the world. Moving from being a “nice to have” to being a key driver for success, innovation is playing a critical role for Europe.

I like meeting entrepreneurs with creative ideas and strong beliefs, aiming to transform their environment and ready to take risks. However, I realise how few they are and the lack of support they get to develop those dreams and make them happen.

The World Economic Forum in Vienna will give us the opportunity to reflect and share what we can do to foster innovation. It has to be a call to action to innovate, put our imagination to work and execute with determination. Europe has the challenge of doing things in a different way. I would like to focus my reflections on three areas.

First, our processes. We need to change the way we serve citizens, facilitate the creation of companies and the way they operate, collaborate or resource key areas of research and development. Second, our products and services. To compete and win globally, we need to improve our innovation track record. This means having more efficient production centres, new designs, high quality solutions and technologically advanced platforms.

Finally, our people. Innovation starts with each individual. We need to transform the way we educate for entrepreneurship, share knowledge and promote failure as the best way to learn. Innovation requires a society ready to take a bet and ready to take it now.

*Luis Alvarez Satorre attends the World Economic Forum on Europe and Central Asia in Vienna, Austria 8-9 June 2011 and is guest blogging for the Forum.