UAE up six places on Global Innovation Index
The UAE is up six places and first among Arab countries and in the 2016 Global Innovation Index, up from 47th to 41st position.
The Global Innovation Index measured the performance of 128 countries and economies in the area of innovation which represents the majority of the global workforce and global GDP. The 2016 index is based on 82 sub-indices which measure innovation in detail and provide a clear understanding of how it drives economic growth and prosperity.
Sultan bin Saeed Al Mansouri, Minister of Economy, said that innovation is a major pillar in advancing the state’s economic development and is at the heart of good government policies aimed at making the UAE among the top 10 countries in the world on the Global Innovation Index by the Golden Jubilee of the Union, in line with UAE Vision 2021.
Al Mansouri added that the latest Global Innovation Index, which has further strengthened the UAE’s regional leadership, is consistent with the innovation-related trends and efforts exerted by the state, particularly over the past few years. Innovation has become an integral part of the successful performance and competitiveness of the UAE, in terms of both public and private sector activities.
The Global Innovation Index 2016 sub-indices showed that the country ranked first globally in the cost of redundancy dismissal, ease of paying taxes, tertiary inbound mobility and state of cluster development.
The report also said that one of the main contributors to the overall progress made by the UAE on the Global Innovation Index this year is the robust improvement in the outputs sub-index across a number of important sectors.
In his comment on the detailed results, Al Mansouri indicated that in light of the general slowdown in the global economy, the trend of many countries to cut spending on research, development and the areas of innovation and with carefully considering the details of sub-indices of the report, which has an internationally great credibility, especially those that measure market sophistication and investment and credit conditions in the areas of innovation, the business sophistication, R&D activities and advanced manufacturing as well as technology, knowledge and innovation outputs, all of this, by all standards, puts the UAE in front of an extraordinary result that reflects major and continuing efforts exerted by the UAE to enhance its innovation environment.
He said: "The UAE focuses on building its capabilities and legislative environment to ensure the launch of a potential wealth of creative energies that fall in line with the national strategy for innovation, which emphasizes the important role of innovation, research and science in establishing a high-productivity knowledge-competitive economy, moving the country to a new phase spreading the culture of innovation among individuals, government institutions and private sector companies, and building human capital provided with the best international expertise in various development fields--particularly those identified to lead the journey of innovation, namely, clean renewable energy, transportation, technology, education, health, water and space."
Read the August 2016 issue of Business Review Middle East magazine
5 minutes with... Janthana Kaenprakhamroy, CEO, Tapoly
Founder and CEO of award-winning insurtech firm Tapoly, Janthana Kaenprakhamroy heads up Europe’s first on-demand insurance platform for the gig economy, winning industry awards, innovating in the digital insurance space, and leading with inclusivity.
Here, Business Chief talks to Janthana about her leadership style and skills.
What do you do, in a nutshell?
I’m founder and CEO of Tapoly, a digital MGA providing a full stack of commercial lines insurance specifically for SMEs and freelancers, as well as a SaaS solution to connect insurers with their distribution partners. We build bespoke, end-to-end platforms encompassing the whole customer journey, but can also integrate our APIs within existing systems. We were proud to win Insurance Provider of the Year at the British Small Business Awards 2018 and receive silver in the Insurtech category at the Efma & Accenture Innovation in Insurance Awards 2019.
How would you describe your leadership style?
I try to be as inclusive a leader as possible. I’m committed to creating space for everyone to shine. Many of the roles at Tapoly are performed by women and I speak at industry events to encourage more people to get involved in insurance/insurtech. Similarly, I always try to maintain a growth mindset. I think it’s important to retain values to support learning and development, like reliability, working hard and punctuality.
What’s the best leadership advice you’ve received?
Build your network and seek advice. As a leader, you need smart people around you to help you grow your business. It’s not about personally being the best, but being able to find resources and get help where needed.
How do you see leadership changing in a COVID world?
I think the pandemic has proven the importance of inclusive leadership so that everyone feels supported and valued. It’s also shown the importance of being flexible as a leader. We’ve had to remain adaptable to continue delivering high levels of customer service. This flexibility has also been important when supporting employees as everyone has had individual pressures to deal with during this time. Leaders should continue to embed this flexibility within their organisations moving forward.
They say ‘from every crisis comes opportunity’, what opportunities do you see?
The past year has been challenging, but it has also proven the importance of digital transformation in insurance. When working from home was required, it was much harder for insurers to adjust who had not embedded technology within their operating processes because they did not have data stored in the cloud and it caused communication delays with concerned customers at a time when this communication should have been a priority, which ultimately impacts the level of customer satisfaction. This demonstrates the importance of what we are trying to achieve at Tapoly in driving digitalisation in insurance and making communication between insurers and distribution partners seamless.
What advice would you give to your younger self just starting out in the industry?
Start sooner, don’t be afraid to take (calculated) risks and make sure you raise enough money to get you through the initial seed stage.