World Economic Forum Davos 2023: Key Takeaways
At the 53rd World Economic Forum (WEF) annual meeting in Davos, the focus was on trade, technology and tackling the climate crisis. But what else caught the eye? And what were the key takeaways?
The WEF returned to the Swiss Alpine town of Davos for its first winter meeting since 2020. More than 2,700 leaders, including over 350 heads of state, government figures and ministers, met under the theme “Cooperation in a Fragmented World” and with a gathering. cries of “unity and cooperation”.
Four important things
According to regtech Clause matchwere the four most important takeaways from Davos this year.
- The world needs a unified approach to sustainable, economic and health-related challenges
- Innovation in technology should be celebrated
- A global recession is likely this year, but executives are more optimistic than before
- Urgent measures are needed to tackle the climate crisis
Back to normal
Efi Pylarinou, an independent fintech and blockchain advisor, described Davos as feeling “back to normal in terms of attendance and intensity”. In her blog, she described the main themes as a “network of Web3, blockchain, crypto and SDGs/ESG”, although what struck her this year is that “there was no big event with an AI focus”.
Confidence increase
Bill WintersCEO at Standard Chartered, said he felt a renewed sense of optimism at Davos this year, compared to 2022. In a LinkedIn post, Winters commented: “Despite challenges on multiple fronts, including rising inequality, geopolitical tensions and climate change, both the world and business leaders see a opportunity to speed up the positive changes that are already underway.
“The reopening of China and its impact on the global economy has also given the world a much-needed confidence boost. As we navigate the changing nature of globalization, we must ensure that this next phase of global change is inclusive and sustainable.”
Innovation is the key
Rob Bennett, managing director i SMB4.0, the organization that operates Network to givesaid it was exciting to meet so many young entrepreneurs in Davos who are using creativity and innovation to help the world.
He told Fintech Times: “We heard from many of the guests, at our Network of Giving House venue, how they saw the value of the Network of Giving and emphasized that as much as this annual meeting was about addressing the world’s problems, real change begins in a more detailed way .level, by strengthening local communities, villages, cities which are the building blocks of a global movement.
“Innovation is key and there is a lot of it in Davos. Almost too much and it can be overwhelming. We were delighted to meet so many young entrepreneurs who are using creativity and innovation to help the world. It was inspiring. New ways are quite quickly ‘old ways’ and one must be open to and embrace change to grow. Financial institutions and world leaders must embrace the new ways and be open to adoption and application now more than ever.”
Distractions
Bennett continued: “Similarly, there are many ‘shiny objects’ in Davos during the annual meeting. It can be quite distracting. If one can focus, one can find the real gems.
– The overall impression is that there is hope because of the talent, determination and commitment of talented people and organizations, but it does not always start at the top or with blind faith. We cannot forget that 72 percent of the world’s business is small and medium-sized enterprises, and we must support those who strengthen this foundation to continue the movement for improvement and change.”
The future of Web3
Nilmini Rubinchief of staff and head of policy at Hedera, said Davos highlighted how industry leaders, Web3 organizations and regulators can work together to rebuild confidence in the crypto industry.
“As we move forward from the events of last year, we need to work together to remind people of the benefits of distributed ledger technology – and an important way to do this is to provide tangible, impactful case studies. The current bear market has created a valuable opportunity for the larger players in the blockchain and crypto industry to exert a more principled influence over the future of Web3.
“Organizations in this area should work with regulators to ensure that all policy decisions balance innovation and end-user protection. The general consensus at Davos was to act and appear legitimate and secure, industry players must clearly communicate what they offer and how they operate on upfront. This allows decision-making and due diligence transparency that we will take with us into the industry’s next chapter.”
Inclusive innovation
Detria Williamson, an advisory board member at tech talent marketplace MVP matchis an advocate for inclusive innovation and believes board roles for such companies are critical.
“This year in Davos, I met a more diverse mix of leaders, especially across fintech. I’m proud to see WEF moving in that direction. Davos is an important enabler to maintain and grow your fintech network across a series of events around the convention center. I enjoyed the company of other leaders who were passionate about making a positive impact in the world through their businesses and enterprises. I look forward to seeing the themes and ideas discussed at Davos unfold and formalize into impactful action.
“One of the most important tips I took from Davos is that for effective climate change, action should promote inclusion, with ‘non-conventional’ leaders at the decision-making table. We need to integrate design thinkers, digital transformation experts, creatives and innovators at an early stage of product design, system levels, policy levels and early investment rounds as opposed to limiting key stakeholders to engineers and investors.”
Inclusive and accessible
Williamson continued: “When we come together, it’s groundbreaking. When decisions are made to protect our planet, there is value in leaders from different backgrounds and different perspectives. At the customer level, for example, an airline recently started offering air travelers to buy carbon credits.
“Although the initiative is welcome, travelers who struggle to save money for years are excluded from participating in the planet-positive agenda with this as an additional cost. We should consider this to be integrated into the ticket cost versus as an optional additional cost or at to offer other ways to participate.Having inclusive design expands participation overall and ultimately drives growth, so it’s a win-win.
“At the executive level, companies that disrupt conventional industries can accelerate the planet’s positive agenda through leaders from diverse backgrounds. Fintech, for example, disrupts by redefining capital, banking and wealth in general.
“This can ensure that the way forward is inclusive and accessible. Fintech can learn from the mistakes of other industries and implement methods and strategies that are inclusive and have a positive impact on the environment. Either internally through different managers and teams or externally through advisers who specialize in inclusion and sustainability.”
