Issue 37: Banking on the Future
Welcome to Backstory, a weekly newsletter turning global technology shifts into a three-minute read. This week we are thinking about human potential and the next global economic reality – Mary Ames, Director of Strategy
THE BIG TAKE
Banking on the Future
In the next decade, the Middle East will see more than 100 million young people join the workforce. In a region replete with natural and human resources, the only thing holding us back from transforming the world are man-made obstacles and the messy work of governance. Investing in technology, education, and knowledge means little if we don’t streamline how we live, work, and play across the region.
Harnessing innovation: These points are part of the message delivered at the Arab Strategy Forum in Dubai this week. Mohammed Al Gergawi, Minister of Cabinet Affairs and the Future, highlighted our potential while underscoring the importance of resource management. If we don’t innovate on our own, countries risk having their sovereignty and future “mortgaged to technologically superior nations”. The first step in preventing such a scenario is to improve the management of our resources by ensuring government services are provided to citizens in the most effective manner. The next step is the creation of a genuine knowledge-based economy.
Knowledge economy: The UAE’s knowledge economy is the region’s best. From the ease of doing business to government support, no other country comes close. If you need more proof, consider that the largest technology acquisitions in the history of the Middle East are both companies based in Dubai started by entrepreneurs from other places. Other countries in the region are taking note and following the UAE’s lead in building their own knowledge economies. In Saudi Arabia, a slew of projects from building a future city in the desert to the creation of “innovation” visas are part of a major effort to transform the country’s economy.
Fluidity: The recipe for a vibrant knowledge economy is remarkably simple. Instead of creating administrative obstacles, the government must work seamlessly with the private sector. Throw in cutting-edge infrastructure, a solid aviation sector to connect innovators with the rest of the world, and favourable business regulations and you have the foundation. Binding all these elements is empathy for how innovators work in today’s global economy. Thanks to the connective power of the internet and the reach of the aviation industry, innovators operate in a fluid and flexible business environment. If a country can embrace this fact instead of throwing up rigid barriers, the hardest part is done.
QUOTE OF THE WEEK
“Success comes in a lot of ways, but it doesn't come with money and it doesn't come with fame. It comes from having meaning in your life, doing what you love and being passionate about what you do.”
Tim Tebow, baseball player
OUR VIEWS THIS WEEK
Small states for the win: From California’s wildfires to Cape Town’s water crisis, small states are the surprise partners solving our biggest challenges. With a passion for innovation and the will to get projects done, some small states are showing bigger countries a path forward. This week we looked at the challenges facing California and how state planners and authorities would do well to seek the advice of small states from Estonia to Singapore and the UAE.
Digital rebranding: Branding is a tricky business — we know. Facebook’s recent branding snafu sheds light on the why and how of a good (or bad) rebrand. We took a deep dive into Facebook’s new logo to find out more about the challenges facing the social media giant’s core brand identity. Sometimes even a great logo isn’t enough to convey a pivoting business strategy.
SPOTTED ELSEWHERE
The bias problem: Our life is run by algorithms. What happens when they are written with bias? This question has plagued researchers and lawmakers for years and now governments are trying to come up with some serious answers. In Germany, for example, special data commission panels are working on identifying bias and coming up with ways to solve it. We would love to see something closer to home that addresses the bias challenges we face on a daily basis.
Information is beautiful: As we near the end of a tumultuous year in technology, it's important to step back and consider all the good tech brings to the world. The infographic artists at Information is Beautiful have put together a new project called Beautiful News Daily that does just that. With stunning presentation, the site aims to raise awareness of all the positive things happening in the world as an antidote to the negative stories we all encounter on a day-to-day basis.