Incentivize and expand patient investments in research, innovation and invention that can create new “markets of tomorrow”.

Long-term economic transformation and the transition to a more sustainable and inclusive paradigm will only be possible by investing in the right type of products, services and technologies that will allow our society to generate economy growth and prosperity while safeguarding the planet, empowering people and strengthening our communities and institutions. Such a paradigm shift requires long-term thinking and patient capital that is compatible with the failures, risks and timeframes of breakthrough research and development. Countries should define, through a consultative process, the key priorities of their innovation and industrial strategy, and identify the key markets they will invest in to sustain long-term economic growth and their transition to a more inclusive and sustainable economy. For each of these markets, research and innovation should be oriented towards solving the use cases that can address societal and environmental challenges and generate economic value.

In spite of high expectations from governments, businesses and the public, the potential of many of these markets of tomorrow remains untapped. We have not yet witnessed the kind of breakthrough innovation and diffusion that could make educational technology (edtech) a widespread, effective and engaging complement of traditional education. We are only starting to map and create new sequences of genes and DNA that could revolutionize the way we produce the objects we use, the food we eat and the drugs we take. We are still waiting for better deployment of existing technology and new technologies that could support eldercare, childcare and healthcare. And our aspiration to explore space is still undercut by the stalling in R&D of relevant technologies, from propulsion engines to spacesuits and interplanetary communication. The inventions needed for some of these new markets might not necessarily come from a technology lab. Innovative financial products, new business models and new policy incentives might revolutionize the way we manage water resources or provide health or unemployment insurance or the exchange of data and the use of artificial intelligence.

Strengthening the capacity of public and private actors that are responsible for designing and implementing innovation strategies is a prerequisite for a successful transformation. Tasks and roles are likely to be distributed among a number of institutions along the innovation chain: national innovation agencies, local innovation and technology parks, university and research institutions, individual companies, private sector research centres, etc. Coordination and communication are key to ensure that there is a shared vision and a timely exchange of information regarding recent developments and future plans.

Incentivize firms to embrace diversity, equity and inclusion to enhance creativity.

Innovation benefits from interaction from experts with different views or backgrounds. As such, improving the diversity, equity and inclusion across the entire innovation chain will be fundamental to broadening the pool of potential talent, improving the capacity of new solutions to reflect the needs of society, and making sure that all segments of society participate fairly in the economic benefits generated through innovation.

Research institutions, incubators, venture capitalists and all the relevant actors of the innovation ecosystem should strengthen their efforts to provide equal opportunities to women inventors, researchers and entrepreneurs, and, similarly, address any form of discrimination on the basis of race, religion, disability and sexual orientation. They should equally experiment with new ways to close opportunity gaps across different socio-economic backgrounds and contribute to bridge the growing divides between urban and rural areas.