A government report from the National Observatory for Sustainable Development, under the Ministry of Planning, has recommended the establishment of a virtual business incubator in Kuwait aimed at fostering innovation, reports Al-Qabas daily. The initiative seeks to provide emerging companies in the innovation sector with free services such as financial, administrative, legal, and marketing consultations, while also facilitating partnerships between investors, inventors, innovators, and entrepreneurs across all sectors.

The report underscores Kuwait’s need to enhance its innovation and entrepreneurship ecosystem, particularly in light of its performance falling below average in the Global Innovation Index for 2023. Despite ranking 64th globally, Kuwait maintains the fourth position among Arab and Gulf countries. Identifying two waves of promising innovations, the report highlights the digital innovation wave driven by artificial intelligence, supercomputing, and automation, as well as the deep scientific innovation wave rooted in biotechnologies and nanotechnology. However, the report also acknowledges challenges such as anemic growth, high inflation, and the ongoing effects of the pandemic, which are impeding global innovation efforts. The following are recommendations for promoting innovation in Kuwait: — Establishing a virtual business incubator for emerging companies in the field of innovation and providing them with free services, such as financial, administrative, legal and marketing consultations.

■ Increase spending on scientific research and development and support research institutions to lead innovation and spread community awareness of its importance.
■ Spreading the culture of digital use at the level of individuals and companies to enhance digital skills to keep pace with the developments of the industrial revolution and to enter the world of digital economics and justice, especially cognitive skills and information and communication technology skills.
■ Enabling innovation strategies in education at all levels, encouraging education and training in the field of artificial intelligence, and seizing opportunities related to digital commerce and e-commerce by adapting commercial policies to new challenges, limited to data flows and electronic payments.
■ Establishing partnerships between investors, inventors, innovators and entrepreneurs in all sectors to improve the innovation and entrepreneurship system and encourage investors to support smart applications that improve daily life and achieve technological progress.
■ Establishing a culture of creativity and innovation as a basis and engine for building a society that believes in a culture of innovation and developing a diversified, competitive and sustainable economy based on knowledge and innovation.
■ Identifying the country’s future programs and needs with the aim of directing innovation and research to meet those needs.
■ Encouraging and supporting innovations in developing artificial intelligence applications, and embracing and applying relevant ideas and projects.
■ Launching initiatives and strategies, and formulating targeted policies, to advance innovation and creativity in all fields in the country.

 

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