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Cape Town - A report launched at this year’s World Economic Forum placed inclusive business front and centre of economic thinking.
The time could not be better, according to Prof. Walter Baets, director the UCT Graduate School of Business.
“Africa needs to re-dream business, encouraging people to be more economically active and redistributing wealth in novel ways, while nurturing dignity and self-respect,” said Baets.
“If the continent wants to move ahead then merely adopting prescribed ways of doing things or adapting them slightly is not enough. We need to take what we know, dissect it, probe it, stretch it, turn it upside down and inside out and make it better.”
The report promotes inclusivity as the key to boosting economic growth and sustainable development across Africa.
It suggests four areas of support needed for business:
“Its appearance on the agenda this year is not out of choice, but a necessity as business as usual continues to take us toward a dead-end,” he said.
Inclusive business argues for the inclusion of low-income communities in its value chain – both as producers and consumers. This is not done at the cost of profitability, but for the gain of society and the environment.
“Unfortunately the same crippling assumptions about this simple concept continue to rear their heads in talks about economic development,” said Baets.
“A prevailing assumption is that the World Bank’s prescribed way of developing emerging economies is the most effective. In fact, there is very little proof that they are indeed successful enough to elicit such loyalty to them.”
According to Baets, there are many examples of countries that have progressed well without applying International Monetary Fund and World Bank growth strategies, notably Brazil and most high-growth African countries.
The other assumption is that government is responsible for driving inclusivity and that it should do everything to create the necessary environment for it and that the best vehicle to advance this is entrepreneurship.
“Of course, government should work to create the conditions that nurture this transformation, but true inclusivity is a massive project that really should be driven by business. Government may have the mandate, but business provides the means,” said Baets.
The business school offers a two-day master class, entitled Full Colour Thinking, that aims to provide key insights into the holistic and dynamic framework of today’s business world.
It will take place from 29 to 30 October and is based on the book, Rethinking Growth: Social Intrapreneurship for Sustainable Performance by Baets and Erna Oldenboom and combes scientific concepts such as complexity theory, quantum field theory, and consciousness research with creative brainstorm sessions.
- Fin24
The time could not be better, according to Prof. Walter Baets, director the UCT Graduate School of Business.
“Africa needs to re-dream business, encouraging people to be more economically active and redistributing wealth in novel ways, while nurturing dignity and self-respect,” said Baets.
“If the continent wants to move ahead then merely adopting prescribed ways of doing things or adapting them slightly is not enough. We need to take what we know, dissect it, probe it, stretch it, turn it upside down and inside out and make it better.”
The report promotes inclusivity as the key to boosting economic growth and sustainable development across Africa.
It suggests four areas of support needed for business:
- Knowledge and technology for operating in low-income regions;
- Implementation support in terms of logistics, transaction and marketing;
- Providing micro business support and assistance;
- And
- Financial motivation in the form of incentives and investment.
“Its appearance on the agenda this year is not out of choice, but a necessity as business as usual continues to take us toward a dead-end,” he said.
Inclusive business argues for the inclusion of low-income communities in its value chain – both as producers and consumers. This is not done at the cost of profitability, but for the gain of society and the environment.
“Unfortunately the same crippling assumptions about this simple concept continue to rear their heads in talks about economic development,” said Baets.
“A prevailing assumption is that the World Bank’s prescribed way of developing emerging economies is the most effective. In fact, there is very little proof that they are indeed successful enough to elicit such loyalty to them.”
According to Baets, there are many examples of countries that have progressed well without applying International Monetary Fund and World Bank growth strategies, notably Brazil and most high-growth African countries.
The other assumption is that government is responsible for driving inclusivity and that it should do everything to create the necessary environment for it and that the best vehicle to advance this is entrepreneurship.
“Of course, government should work to create the conditions that nurture this transformation, but true inclusivity is a massive project that really should be driven by business. Government may have the mandate, but business provides the means,” said Baets.
The business school offers a two-day master class, entitled Full Colour Thinking, that aims to provide key insights into the holistic and dynamic framework of today’s business world.
It will take place from 29 to 30 October and is based on the book, Rethinking Growth: Social Intrapreneurship for Sustainable Performance by Baets and Erna Oldenboom and combes scientific concepts such as complexity theory, quantum field theory, and consciousness research with creative brainstorm sessions.
- Fin24
