I have been thinking about the problem Equity Market 3.0 is trying to solve. One problem was identified by a recent Review of Australia’s Innovation system concerning national innovation. I have extracted some of the report which outlines the problem.
- The innovation agenda does and must touch on the whole range of government concerns and cuts across bureaucratic silos. This invites, and indeed requires, a ‘whole of government’ approach and framework.
- Specialised roles and functions within the innovation system need to be counterbalanced by the capability to take a helicopter view, and to address and resource cross-cutting, platform issues.
- To date it has been difficult to assemble an overall view of the footprint of innovation in Australia. What is needed is an ability to examine the mix of activities and capabilities as a portfolio, and to coordinate government responses.
The OECD study points to a range of barriers to coherence in national innovation systems, including policy silos within government, ‘short-termism’ in resource allocation, and fragmentation and complexity of innovation resources within government. At a time when globalisation, structural change and ‘big’ problems such as climate change and energy security are posing new challenges, many countries are finding their innovation policy-making and institutional frameworks ill-equipped for the new paradigm.
A common problem for many Governments is that they use yesterday’s institutions to meet tomorrow’s problems.
To achieve the coherence, flexibility and responsiveness necessary for effective innovation policy, the national government requires a ‘central brain’ that is well informed, can take the overview and assume strategic leadership. Specifically the issues that such a body should address are:
- the need for, and ability to provide, a ‘helicopter’ view of the overall innovation ecology of the country;
- the importance of developing consensus and support around strategic directions and priorities for Australian innovation policy;
- the importance of a ‘whole of government’ perspective on innovation to inform the decision making and resource allocation of central government agencies and to inform inter-jurisdictional decision-making frameworks involving Australia’s federal structures; and
- how to achieve co-ordination without centralisation which could lead to an erosion of diversity and an inadequate range of innovation activities.
A great number of submissions called for the creation of some peak ‘Innovation Council’ to fulfil this role.“
A social network would solve this problem. It is today’s solution for yesterday’s problem. Specifically, Equity Market 4.0 could be used to connect and coordinate a community with a common interest in managing an innovation ecosystem and maintain diversity that may be lost with centralisation. The community would need to be large enough and dispersed enough to warrant the use of a Web 3.0 network. Equity Market 3.0 could be delivered within 5 days and customised for use with 30-90 days. It could be used by a country, group of universities, industry associations, research organisations and their partners or globally. Government could provides policies, incentives and prizes that encourage the ecosystem toward specific outcomes.
The Equity Market 3.0 presentation is embedded below for your convenience.