Formation of startups and new companies
Commercial exploitation of science, technology, and novelty
System of laws, regulations, strategies, and funding priorities
Discovery and creation of new knowledge of the natural world
Technological Advancements in the world.
The Muslim world and donors should use nongovernmental networks to nurture the dormant seeds of entrepreneurship, says Athar Osama.
Entrepreneurship and innovation may look like inherently Western ideas in the twenty-first century. Yet they have been part and parcel of Muslim societies even before the heyday of the earliest Islamic Empire.
Mecca, the birthplace of Islam, was long known as being on a major trade route in ancient Arabia. In later years, frontier cities of the rapidly expanding Islamic Empire became centres of commerce and learning, and it was at these meeting points of civilisations that scientific knowledge flourished for centuries.
The works of Muslim astronomers contributed significantly to the development of Copernican and Galilean theories; the Persian scholar Ibn-e-Sina (Avicenna) laid the foundations of modern medicine; Al-Haytham (Alhazen) made fundamental contributions to the scientific method and optics; and Al-Khwarizimi made significant contributions to algebra.
Then came the political decline of the Islamic Empire and as centuries passed, institutional decay and colonial dependency eroded the foundations of modern-day innovation and entrepreneurship.
But there has never been a more opportune time to reinvigorate these age-old values of knowledge and innovation with a new set of interactions between East and the West.
Global innovations
One particular initiative with a gradually increasing reach is Global Innovations through Science and Technology (GIST), a US-based entiry seeking to promote technology and entrepreneurship across the Islamic world. It was created by the US State Department and managed by the Civilian Research and Development Fund.