By Lauren |
Recently I was honored to be invited to the G20-Y Summit in Paris France as an official US Ambassador for the “Innovation, Technology, Communication, Social Media and Wikileaks – Opportunities and Risks” committee. In addition to the committee I was a part of, other topics covered were: shadow banking; financial stability and regulatory issues in emerging markets; systemically important financial institutions (sifis) – resolution tools and regimes; climate change and green growth; integration of the perspectives of the Islamic countries into the G20’s mission and governance & regional conflicts 2011. The purpose of the G20-Y Summit is to inform the G20 delegates about major issues that are affecting all of us, especially the youth of today.
At Perks Consulting we know how important technology and social media is to all of us personally as well as on a business level. It’s now assumed that in addition to a website you should have a social media presence on at least Facebook and Twitter. The way we interact online is often indistinguishable from offline interactivity when it comes to human behavior and how it affects us emotionally and financially.
Innovation in technology and communication has fundamentally changed human behavior across the world. The pace of change and its potential impact, specifically in mobile and social media, continues to scale at an exponential rate. As a result, the world has become more interconnected. If harnessed correctly, innovation provides two solutions to current global challenges – GDP growth and job creation. If this isn’t addressed soon the existing divisions between ‘citizens and governments’ and ‘customers and corporations’ will continue to grow.
The solution lies in changing education, fostering innovation and improving the quality of access to and use of social media. To change this situation, the lack of understanding within government, business and other organizations of this technological revolution and its impact on human behavior need to be addressed.
We felt that G20 member countries should individually seek to understand their respective countries strengths and then collaborate to develop a global innovation policy. Once this is understood, G20 member countries should develop applicable frameworks for implementing education initiatives that foster innovation in a diverse, global economy.
From this point we proposed to build a G-20Y Summit Innovation Committee. The purpose of this committee is to identify and establish global best practices by leveraging experts across a variety of fields and to connect the components of entrepreneurial ecosystems across the world i.e. ideas, capital and markets. Providing all citizens with quality access is the pre-requisite to realizing the growth potential. Every 10% of broadband penetration results in 1.2% – 1.4% increase in per capita GDP growth (source: World Bank).
In order to take advantage of the opportunities at hand, it was recommended that the G20 set a timetable for the development of digital networks across the globe and define specific benchmarks for penetration rate, speed and quality of access. These solutions must be economically viable and environmentally sustainable. On a personal note, connectivity issues don’t just plague third-world countries. I had frequent connectivity issues while in France and Chile. You don’t realize how essential digital communication (email, social media, texting, etc.) is to your life until you don’t have access to it anymore.
With evolution across the technological landscape occurring vertically and inconsistently among cultures and borders, the open culture of social media networks has also brought economic and social disparities in full view. Movements of civil unrest have arisen, generating reactionary responses from government leaders, attempting to control and undermine access to such digital communication tools. As more of humanity comes to rely on technology as a part of their everyday lives, there will eventually be increasing ire towards governments that attempt to curb technological access or refuse to prioritize the development of digital infrastructure. This issue also extends beyond despotic countries, with governments lacking understanding in this revolution of communication norms and interaction, hoping to maintain the status quo and a powerful elite voice. Instead, social and mass media should be seen as a tool to engage, educate & connect with these communities to quell any issues and provide a more open forum for societal progress.
To address this we proposed that the G20 creates a Technology and Communication Board, to 1) maximize growth by identifying global trends that correlate to economic activity, measuring Key Performance Indicators and developing recommendations that capitalize on GDP growth opportunities and to 2) mitigate risks by creating a global policy on cyber security, privacy matters and the use of technology for criminal activity.
The world is only going to become more interconnected as time goes on. With an increasingly globalized trade system and lightning speed transactions, the lack of stable and accessible technological infrastructure needs to be addressed as a priority or major political, social, and economic consequences will arise for individual governments. Hopefully these suggestions from my G20-Y committee will be implemented in a timely manner in order to move forward effectively. I hope to maintain a commitment furthering the role of social media and technology across the board by staying involved in these issues, especially while engaging with Entrepreneur Week across the globe.