"The forces fuelling technology and innovation are still very strong. Innovation, creativity and technology are enablers of economic advancement. Innovation in technology and human capital is an antidote to economic downturn." Paul Twomey, President and Chief Executive Officer, Internet Corporation for Assigned Names and Numbers (ICANN), USA

In times of deepening economic stress, technology and innovation can be potent sources of growth so long as the investment and talent are there to drive them. "The forces fuelling technology and innovation are still very strong," Rapporteur Paul Twomey, President and Chief Executive Officer, Internet Corporation for Assigned Names and Numbers (ICANN), USA, told participants in his summary of the discussions on this theme in the related Global Agenda Councils. "Innovation, creativity and technology are enablers of economic advancement. Innovation in technology and human capital is an antidote to economic downturn."

To be sure, the financial crisis will force the restructuring of economies and the reallocation of competitive advantages. To survive, for example, the flagging US auto industry will have to undergo major consolidation to address high costs, embrace new technology to achieve greater fuel efficiency in their vehicles, and invest in the development of a new generation of products that run on clean energy. "The economic downturn means that we have to rethink our priorities," reckoned Twomey.

Undeniably, the crisis will be a cruel game-changing factor that further complicates a business landscape that has been shifting quickly in sometimes unfathomable ways due to emerging technologies such as the Internet and mobile telephony and innovations such as social-networking websites. There will be winners and losers. The question is whether the winners will be those that play it safe and hibernate for the winter - or will they be those that react to the crisis by further embracing technology and innovation to find ways to become more productive and competitive. As members of the Global Agenda Council on the Future of Entertainment agreed, the crisis will push production costs down, while the proliferation of new technologies and distribution channels - movies downloaded to the mobile phone, for example - will lead to greater efficiency in the industry and creative destruction in the market.

In his summation of the deliberations of the Global Agenda Councils relating to Technology and Innovation, Twomey identified four common themes:

•	The expansion of ubiquitous global networks such as the Internet
•	Convergence of the Internet with mobile communications
•	Creative destruction of business models due to the expanding global networks
•	Growing recognition that the current intellectual property rights (IPR) regime can be an impediment to technological progress and innovation

The chief result of this carnage in the market is the clear emergence of the empowered consumer as the main driver of growth. What the consumer wants is the paramount factor in determining whether a business model fails or prevails. With the velocity of change so fast and necessarily so, current IPR protection and traditional practices for setting standards are obstacles to innovation because they discourage collaboration and multistakeholder cooperation on a global scale. Also in the way are educational institutions that still focus on silos, not open platforms, and do not encourage multidisciplinary thinking and approaches. When it comes to our powers of analysis, "we know more and more about less and less," remarked Rajendra S. Pawar, Chairman, NIIT Group, India. "The long-term solution is to do a fundamental reboot of education."

Councils focusing on Technology and Innovation

Global Agenda Council on: •  The Challenges of Nanotechnology •  The Future of Entertainment •  The Future of the Internet •  The Future of Mobile Communications •  The Geography of Innovation •  Strategic Foresight •  Technology and Education

Changing the way we learn and think will doubtless have an impact on our ability to create new technologies and boost innovation. That may be the biggest challenge. There are others. Cyber crime, for example, is a growing problem that could undermine confidence in online communications and commerce. Censorship and linguistic barriers could fragment networks, creating a drag on efficiency. And the continuing influence of vested interests who wish to preserve their privileged gatekeeper status and business models are typically not tuned in to consumer demand.

Another major hindrance to the blossoming of innovation and technology is simply the lack of imagination. Nanotechnology has been touted for years by its proponents as the "next really big thing", with broad applications from energy security to healthcare, from microelectronics and computing to the provision of water to water-stressed regions. But the vast potential of nanoscale science has yet to capture the interest of investors, policy-makers and industry. Especially in hard economic times, capital is still king. And to drive technology and innovation requires funding. There is a revolution under way; it would be a pity if the crisis and cautious mindsets slowed it down. As one participant put it, "we are stuck on everything but it is time to let go of the old ways."

Councils focusing on Technology and Innovation