Post COVID Revolution of our Innovation Infrastructure

The revolution of innovation infrastructure refers to the changes and advancements in the systems and structures that support and drive innovation. This includes changes in technology, policy, finance, talent, and culture that create an environment that fosters innovation and enables new ideas and solutions to flourish.

Why is this Revolution happening now?

The world has been hit simultaneously by a perfect storm or societal events that often trigger a revolution of its innovation infrastructure including:

Economic disruptions: Economic downturns, financial crises, and other major economic events can drive innovation by forcing companies to look for new and more efficient ways of doing things.

Technological breakthroughs: Major technological breakthroughs, such as the advent of the internet or the rise of artificial intelligence, can disrupt existing industries and trigger the development of new ones.

Social movements: Social movements, such as the fight for equality and diversity, can drive changes in corporate culture and lead to the development of new products and services that better serve underrepresented groups.

Natural disasters: Natural disasters, such as hurricanes, earthquakes, and wildfires, can lead to the development of new technologies and infrastructure to mitigate the impact of future events.

Political changes: Political changes, such as shifts in government policies or changes in the political landscape, can create new opportunities for innovation and trigger the development of new industries.

These societal events can create a sense of urgency and a need for change that drives the development of new technologies, products, and services, and leads to the transformation of innovation infrastructure. WeTransact | SkillVill platform is relevant no matter what industry your organization or program is in, especially if you plan on being a leader globally.

Here's some examples of the revolution of innovation infrastructure that are emerging and here to stay:

1. Digital transformation: The widespread adoption of digital technologies has transformed the way that businesses operate and has created new opportunities for innovation. Mobile devices and expanding more accessible ways for all humans to interact and engage from anywhere will continue to become the norm in our daily lives.

2. Open innovation: Companies are increasingly open to working with external partners, including startups and universities, to drive innovation and bring new products and services to market. The gap between education and commerce will decrease as more collaborative skills based learning can begin to universalize educational standards to be more transferable for individuals in the world over their entire life times.

3. Venture capital: The growth of the venture capital industry has historically provided startups with the financing and support they need to bring their innovations to market. New methods and pathways of collaboration, digital resource sharing and accessible global networks will remove this dependence.

4. Talent development: Companies are investing in programs and initiatives to develop the next generation of innovative leaders and entrepreneurs. New criteria, ways of learning and assessment tools will move towards more agile talent development to a more rapidly changing world.

5. Government policies: Governments around the world are implementing policies to promote innovation, including tax incentives, grants, and other forms of support. New ways of deploying resources, measuring impact and fostering more sustainable ecosystems/processes will be of the highest priority to compete globally.

Overall, the revolution of innovation infrastructure is transforming the way that innovation is happening and enabling new solutions to be developed and brought to market more quickly and effectively.

Wichita State University has been named the university of innovation in Kansas using WeTransact to revolutionize and power their programs in all 5 areas.

Digital transformation & Government policies:

The City of Wichita has announced the award of $1 million in American Rescue Plan Act (ARPA) funding to support Wichita State University’s Office of Innovation and New Ventures formation of the Small Business Digital Transformation (SBDT) Program, which will address technology gaps in the local business ecosystem.

Small businesses were hit hardest during the pandemic. A vast majority of small businesses are in-person businesses with storefronts that sell food or merchandise or are service industries where there is significant face-to-face interaction. Most of these businesses were unable to operate as normal during the pandemic, and many were forced to shut down.

This program focuses on pandemic-related issues, adoption of digital transformation in customer-centric business and the establishment of a support system to overcome educational and cultural barriers to adopt digital business tools. Over the past two years, analysis done by the Office of Innovation and New Ventures identified access to technology as a core need of many small businesses.

“If these businesses had access to tech talent and resources to shift to a digital platform, they not only could have survived but possibly thrived and competed against large corporations that had the financial means to pivot to digital quickly” said Dr. Jeremy Patterson, executive director of Office of Innovation and New Ventures.

https://www.bizjournals.com/wichita/news/2022/08/04/wichita-state-small-business-digital-program-arpa.html

Open innovation:

WSU offers ignitor 1.0 and 2.0 accelerator free! The ignitor accelerator programs are for people who are looking to start building a business in Wichita, Kansas and the surrounding areas. Whether you have an idea or are preparing to launch a business, the ignitor programs introduce you to like-minded individuals and connect you with tools to inspire growth.

Talent development & Venture capital:

WSU is connecting their innovators and SMBs to a global network of aligned support, funding and peer-to-peer opportunities. Launching on Feb. 20, 2023 their own WSU Alumni Opportunities Live Stack to foster greater connectivity, impact and grow to be a globally scaleable network for their alumni and communities.

Live.Stack is one of the many tools that enables WSU top provide an interactive presentation of any user that can be turned into a pitch room, live video meeting, or auto introduction 24-7 from any mobile device anywhere in the world!

Developing entrepreneurs (people) Entrepreneurship begins with people. Researchers are trained to conduct research and disseminate knowledge. Faculty and staff must be given the tools to also translate their discoveries into patents and startup companies. Students must be educated early in their academic careers to think about innovation and how an entrepreneurial spirit would allow them to pursue a startup or further their professional careers. Kansas universities are investing in this training.

WSU is home to an NSF I-Corps Site and supports entrepreneurs across the state as they develop their business ideas to solve problems, support customers, and target market needs. In addition, WSU recently launched the College of Innovation and Design (CID), which provides students the requisite skills to create, develop, launch and repeat, either for their own ideas or for applying innovation skills within an existing organization.

Check out WeTransact Innovation platform as your all in one solution to ensure you stay relevant and are able to compete and scale your impact.

co-authored by https://chat.openai.com/chat

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