Bahrain 'ready to face innovation challenges'
Manama, July 3, 2013
Bahrain has shown the right intent to transform itself into an innovation-driven economy, according to a leading management consultant.
However, the intent now needs to be translated into action if it wants to stay ahead of the curve, said Changeyour DNA founder and chief executive Dave Ulmer.
Talking to the Gulf Daily News, our sister publication, on the sidelines of the ongoing Inovtech conference at the Bahrain International Exhibition and Convention Centre, Ulmer said the country needed to establish a vibrant innovation system.
"Although this is my first visit to the kingdom, the initial conversations that I have had have been very encouraging," he said. "There is great optimism to change for the better and I think Bahrain is ready to take on challenges," he added.
When asked about the three things that Bahrain and Bahrainis needed to do on a priority basis, Ulmer said the first was creation of an environment where experiments and failures are accepted.
"The second thing is that every enterprise should dedicate five to 10 per cent of the budget to looking 'outward and forward.' This means exploring new segments markets, products and processes and engaging with customers," he stated.
"Thirdly, what is needed is that one should find problems to solve. This can start off a series of innovations as people look for better, cheaper and faster solutions," he added.
Ulmer, who delivered a keynote address during the opening session of the conference, said just as the human body was designed, in its DNA, to ward off foreign bodies and unfamiliar organisms, corporations follow the same genetic traits.
"Organ rejection, antibodies, fear of extinction - these natural survival instincts are exactly what first help corporations succeed and then kill off and stifle any attempts to adapt and change, and ultimately lead to a company's extinction," he added.-TradeArabia News Service