Weekly Briefing, Vol. 65. No. 2 (LVA) September 2023
Innovating the Future: Highlights from the VI International Economic Forum in Riga
Summary
Riga, Latvia – The Latvian capital played host to global economic thinkers and decision-makers from September 21-22, as the Institute of Economics of the Latvian Academy of Sciences organized the VIth International Economic Forum. Held at the iconic Latvian Academy for Sciences, the event revolved around the compelling theme “Open Innovation[1]: from the Creativity of the Individual to an Innovative Science-Based Economy.” The forum aimed to highlight the transformative power of individual creativity when harnessed within a structured, science-driven economic model.
Participants, ranging from esteemed economists to pioneering researchers, engaged in rigorous discussions about the current state of open innovation worldwide. The setting of Riga, known for its blend of historical richness and economic resilience, served as a fitting backdrop for a discourse focused on marrying tradition with forward-looking innovation. The forum underscored Latvia’s burgeoning significance in the global economic narrative, emphasizing its commitment to nurturing discussions that will shape the future of economic progression and innovation.
Introduction
The VIth International Economic Forum[2] served as a nexus for global economic thinkers and innovative trailblazers. The event drew an illustrious roster of keynote speakers, each bringing their unique perspectives and expertise to the table. Leading the pack was Dr. Solomon Darwin from the University of California – Berkeley, shedding light on innovative business models in today’s society. The forum was further elevated by the esteemed addresses of influential figures: Prof. Dr. Inese Vaidere from the European Parliament; Latvia’s Minister of Education and Science Anda Caksa; the distinguished Prof. Dr. Ivars Kalvins of the Latvian Academy of Sciences; and the insightful assoc. Prof. Dr. Nina Linde, helming the Institute of Economics at the same institution. Their collective wisdom set the tone for a discourse that promised to shape the trajectory of open innovation and global economic paradigms in the years to come.
From Individual Creativity to a Science-Based Economy
In an age where individual creativity has become a potent force driving many breakthroughs, the VI International Economic Forum chose to spotlight a crucial transition: the evolution from isolated sparks of innovation to an all-encompassing, science-backed economic approach. The theme “Open Innovation: from the Creativity of the Individual to an Innovative Science-Based Economy” encapsulates a vision where individual inventiveness is not just celebrated but seamlessly integrated into a larger, structured economic fabric.
At the heart of this theme lies the recognition that while individual ideas serve as catalysts for change, it’s the systematic and scientific application of these ideas that propel sustainable economic growth. By embracing a science-based economy, societies can better harness the myriad of creative solutions emerging from individuals, transforming them into scalable, impactful, and sustainable economic practices. Research, data-driven decisions, and scientific methodologies become the bedrock on which these individual innovations gain traction and widespread applicability.
Key Discussions and Highlights
At the recent VI International Economic Forum, a plethora of experts from around the world converged to discuss pressing topics at the intersection of innovation, economics, and global cooperation. Here’s a look at the highlights:
- Business Model Evolution: Dr. Solomon Darwin’s presentation was a masterclass on the dynamic nature of business models in the present era, with a focus on evidence-based practices from his extensive experience at the University of California – Berkeley.
- Geopolitical Collaborations: Dr. Kunsulu Zakarya discussed the burgeoning prospects of scientific and innovative cooperation between Latvia and Kazakhstan, a testament to the ever-growing global interconnectivity.
- Creativity and Intuition: While Pamela Bernabei emphasized the indispensable role of creativity in innovation, MBA Cyril Golub tackled the challenging decision-making process in investments, especially when faced with sparse initial data.
- Gender-Inclusivity: Dr. Jo Cramer presented on the EQUALS-EU[3] project, highlighting the imperative for gender-inclusive innovation across Europe and potentially setting the tone for future policies. In turn, Dr. Anthony Giannoumis presented the sins and wins of inclusive leadership.
- Innovations & Economic Development: Dr. Janis Priede offered insights on the evidence-based economic development, and Tamara Dancheva delved into the interplay of science, innovation, and technology, using GSMA best practice as a backdrop. In turn, Liza Aizupiete presented “Igniting Innovation: Tax waivers for scientific Startups”.
- Interactive Panel Discussion: A riveting dialogue took place between entrepreneurs, scientists, and politicians. Moderated by entrepreneur Gerald Hoppstaedter, the session tackled questions ranging from technological transfers to intellectual property protection and the practical applications of open innovation.
- Glimpses of the Future: Dr. Satya Brahma dissected the future challenges and opportunities in the global economy. Dr. Bao Leiping from the Shanghai Academy of Social Sciences provided insights into the challenges and prospects of developing a digital society tailored for the Z Generation.
In essence, this forum was more than just a series of lectures. It was a call to action, a meeting of the finest minds, and a blueprint for the future of innovation in a rapidly evolving world.
Prof. Dr. Bao, Prof Dr. Linde and Dr Zhao at 6th International Economic Forum, 21 September 2023, Riga
Riga’s Role in the Global Economic Landscape
Riga, the capital of Latvia, is a city with a rich history dating back to the 12th century. It has been a major trading hub for centuries, and its strategic location on the Baltic Sea has made it a desirable target for conquest and control. Despite its turbulent past, Riga has always emerged stronger, and today it is a thriving economic center in the Baltic region.
Riga’s role in the global economic landscape is significant, thanks to its strong transportation and logistics sector, its growing tech industry, and its commitment to innovation. The city is home to the largest port in the Baltic Sea, and it is also a major railway hub. This makes Riga a vital gateway for trade between Europe and Asia, as well as other countries in the CIS[4] region.
In recent years, Riga has also become a major center for the tech industry. Riga’s tech industry is growing rapidly, and it is playing an increasingly important role in the city’s economy.
Riga is also a city with a strong commitment to innovation. The city is home to many research and development centers, and it is also a major hub for startups and entrepreneurs. Riga is also home to a number of innovative businesses, such as the drone company FIXAR, which became the main supporter of the Forum.
Riga’s rich history and culture are evident in its well-preserved Old Town, which is a UNESCO[5] World Heritage Site. However, Riga is also a city that is looking to the future. The city’s commitment to innovation and its growing tech industry makes it a prime example of a city that is preparing for the global economy of the future.
Overall, Riga is a city that is well-positioned to play a leading role in the global economic landscape. The city’s rich history, its strong transportation and logistics sector, its growing tech industry, and its commitment to innovation make it a city that is both rooted in the past and looking to the future.
Forward Momentum: Outcomes and Future Implications
The VIth Economic Forum in Riga in 2023 was a successful event that helped to advance the cause of open innovation and sustainable growth. The resolutions, partnerships, and initiatives announced at the forum are likely to have a significant impact on the future of the global economy.
Here are some specific examples of how the outcomes of the VIth Economic Forum in Riga might shape the future of open innovation and the global economic landscape:
- The new global initiative to support open innovation and collaboration could help to accelerate the development of new solutions to some of the world’s most pressing problems, such as climate change and diseases.
- The memorandum of understanding between the Latvian government and leading technology companies could help to make Latvia a leading center for digital innovation.
- The new investment fund to support early-stage startups in the Baltic region could help to create a new generation of successful companies in the region.
The VIth Economic Forum in Riga was a significant event that helped to advance the cause of open innovation and sustainable growth. The outcomes of the forum are likely to have a positive impact on the future of the global economy.
Conclusion: Reinforcing the Baltic’s Role in Global Innovation
The recently concluded VI International Economic Forum in Riga stands as a testament to the evolving significance of the Baltic states in the global economic landscape. Riga, Latvia’s capital, showcased not just its historical roots but its contemporary vigor. The forum saw esteemed economists, tech giants, and decision-makers deliberate on the pressing challenges and opportunities facing open innovation. The collaborative spirit, underscored by Latvia’s commitment to a science-backed economic model, signaled the Baltic’s readiness to not only partake in but lead, the next wave of global advancements. As global stakeholders seek sustainable, innovative solutions, the forum highlighted that the Baltic states, with Riga at the forefront, are poised to play an instrumental role in this journey.
[1]Open innovation is a collaborative approach to innovation that involves sharing ideas and resources with external partners, such as customers, suppliers, universities, and other businesses.
[2] VIth International Forum is the sixth in the series of the forums organized by the Institute of Economics.
[3] EQUALS-EU is a European research and innovation project H2020 that aims to promote gender equality in the digital technology sector.
[4] CIS stands for Commonwealth of Independent States. It is a regional intergovernmental organization in Eurasia, formed following the dissolution of the Soviet Union in 1991.
[5]Riga is a UNESCO World Heritage Site because of its historic center and its concentration of Art Nouveau architecture