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It is a great privilege to work with the States of Jersey on its Innovation Review. It is not an exaggeration to say that the Island's future prosperity depends on vibrant innovation: studies find that 50-70% of developed countries' economic output is driven by innovation in the long term. And of course the benefits of new and better products and services go well beyond economic value, for example, by making life easier, safer and more fun.
Last week, I had the opportunity to visit Jersey and meet with a wide range of people to hear their views on Jersey's innovation strengths and weaknesses. (See discussion guide here.) There were a few over-arching messages that were mirrored in the set of meetings we had: the importance of people, diversity and openness. I benefited greatly from the varied but always honest and thoughtful contributions made. I am very thankful for everyone's time and insights.
I came away energised by the sense that Jersey's unique strengths can be a powerful platform for future growth. Its reputation as a jurisdiction with a strong legal framework, trusted business partners and highly skilled professionals is an asset in a world where people are increasingly concerned about safety and security. As an island, it has always had to look beyond its own shores for collaboration. Its political leadership is committed to long-term competitiveness. Jersey's small size and strong connectivity mean it has the potential to be highly agile in response to the changing global market place. Not to mention having some great weather and natural assets!
There are so many things Jersey could aspire to be: the best place to do business in the world, the safe haven for world's data, the first country to go 100% digital, the jurisdiction with the fastest turn-around time for new legislation, the first carbon-neutral economy, the healthiest society on earth, and so on. Fulfilling any of these visions, however, will require four things: ambitious targets, an unwavering focus on execution, some experimentation and key enablers.
The good news is that, even if there is some debate about the longer-term vision for the Island, the key enablers are universal; in other words, it makes sense for Jersey to go after them under any scenario. So what are these ingredients for success? A more detailed description can be found in my science and innovation report for the UK government, but let me briefly summarise them here.
Technological, creative, business and leadership skills. Efficient and resilient infrastructure. Global connectivity. Collaboration between public and private sectors. Incentives and rewards for innovation and entrepreneurship. A flexible business environment, with access to finance and minimal red tape. And international recognition for these factors.
The wealth of specific suggestions people shared with us is testament to the creativity and commitment that exists on Jersey. But execution was flagged up as a potential weakness. One of my recommendations will therefore be that, once the review is finalised, it is followed up quickly by a clear implementation plan and mechanism for constantly monitoring and unblocking progress.
I look forward to coming back to Jersey soon, both as part of the Innovation Review, and as a member of the Fiscal Policy Panel. In the meanwhile, please help us by sharing your thoughts on-line. I would also encourage those companies who have received the Jersey Innovation Survey to please fill it in. Thank you.
It is a great privilege to work with the States of Jersey on its Innovation Review. It is not an exaggeration to say that the Island's future prosperity depends on vibrant innovation: studies find that 50-70% of developed countries' economic output is driven by innovation in the long term. And of course the benefits of new and better products and services go well beyond economic value, for example, by making life easier, safer and more fun.
Last week, I had the opportunity to visit Jersey and meet with a wide range of people to hear their views on Jersey's innovation strengths and weaknesses. (See discussion guide here.) There were a few over-arching messages that were mirrored in the set of meetings we had: the importance of people, diversity and openness. I benefited greatly from the varied but always honest and thoughtful contributions made. I am very thankful for everyone's time and insights.
I came away energised by the sense that Jersey's unique strengths can be a powerful platform for future growth. Its reputation as a jurisdiction with a strong legal framework, trusted business partners and highly skilled professionals is an asset in a world where people are increasingly concerned about safety and security. As an island, it has always had to look beyond its own shores for collaboration. Its political leadership is committed to long-term competitiveness. Jersey's small size and strong connectivity mean it has the potential to be highly agile in response to the changing global market place. Not to mention having some great weather and natural assets!
There are so many things Jersey could aspire to be: the best place to do business in the world, the safe haven for world's data, the first country to go 100% digital, the jurisdiction with the fastest turn-around time for new legislation, the first carbon-neutral economy, the healthiest society on earth, and so on. Fulfilling any of these visions, however, will require four things: ambitious targets, an unwavering focus on execution, some experimentation and key enablers.
The good news is that, even if there is some debate about the longer-term vision for the Island, the key enablers are universal; in other words, it makes sense for Jersey to go after them under any scenario. So what are these ingredients for success? A more detailed description can be found in my science and innovation report for the UK government, but let me briefly summarise them here.
Technological, creative, business and leadership skills. Efficient and resilient infrastructure. Global connectivity. Collaboration between public and private sectors. Incentives and rewards for innovation and entrepreneurship. A flexible business environment, with access to finance and minimal red tape. And international recognition for these factors.
The wealth of specific suggestions people shared with us is testament to the creativity and commitment that exists on Jersey. But execution was flagged up as a potential weakness. One of my recommendations will therefore be that, once the review is finalised, it is followed up quickly by a clear implementation plan and mechanism for constantly monitoring and unblocking progress.
I look forward to coming back to Jersey soon, both as part of the Innovation Review, and as a member of the Fiscal Policy Panel. In the meanwhile, please help us by sharing your thoughts on-line. I would also encourage those companies who have received the Jersey Innovation Survey to please fill it in. Thank you.