How to Unleash Growth and Jobs in G20 Countries by Fostering Innovation and Entrepreneurship

Reinvigorating growth and job creation is a major challenge facing G20 governments, which is why they should pay loser attention to how they support entrepreneurial innovation. Entrepreneurs are valuable because they bring new ideas to life that can create entirely new markets or revitalize existing ones—and, in the process, spur economic growth and reate jobs.
Recent research conducted by Accenture among 1,000 young entrepreneurs across G20 countries confirms the important role entrepreneurs play in a country’s economy. A majority of entrepreneurs we surveyed are optimistic about their ability to drive growth and create jobs in the coming years, and 78 percent of them feel technology-driven innovation is a strategic priority for their businesses. One-third of the entrepreneurs surveyed, and 45 percent of those with headquarters in an emerging market, expect the next wave of innovation to come primarily from emerging markets. To develop their businesses, innovative entrepreneurs are eager to collaborate with large companies. They also feel that technology clusters, inspired by Silicon Valley, can provide a vital ecosystem for entrepreneurial success: One-third of the respondents work in a local technology cluster and 57 percent would like to work in one. And they would like to see governments do more to support entrepreneurial innovation, citing 12 policy actions they believe can help shape an environment that encourages entrepreneurs to pursue their ambition. Large companies, governments and entrepreneurs all have a role in making entrepreneurial innovation work. Working together, these three groups can devise the right combination of approaches and policies that can unleash entrepreneurial innovation while respecting the diversity of G20 economies.