World Economic ForumGlobal Education Initiative Davos-Klosters, Switzerland January 2009Educating the Next Waveof EntrepreneursUnlocking entrepreneurial capabilities to meet the globalchallenges of the 21stCentury COMMITTED TO IMPROVING THE STATE OF THE WORLDExecutive SummaryReport on Entrepreneurship Educationcorr19Executive_Summary_09:Global Risks-01 20.01.09 14:58 Page1World Economic Forum91-93 route de la CapiteCH-1223 Cologny/GenevaSwitzerlandTel.: +41 (0)22 869 1212Fax: +41 (0)22 786 2744E-mail: [email protected]© 2009 World Economic ForumAll rights reserved.No part of this publication may be reproduced or transmitted in any form or by any means, including photocopying and recording, or by anyinformation storage and retrieval system.REF: 200109corr19Executive_Summary_09:Global Risks-01 20.01.09 14:58 Page2Foreword 4Introduction 5Purpose of the Report: A Call to Action 6Definitions and Views of Entrepreneurship 6Call to Action 7Structure and Scope 10Key Findings of the Report 11Youth 12Higher Education 13Social Inclusion 15Lessons Learned from GEI Steering Board Case Studies 17Recommendations 18Approaches 18Key Success Factors 20Challenges 22Recommended Actions for Key Stakeholders 24Recommended Actions for Governments 24Recommended Actions for Academic Institutions 26Recommended Actions for Companies 27Recommended Actions for Other Actors 28Conclusions 30Acknowledgements 32 Contents456671011121315171818202224242627283031 3 | Executive Summary 2009corr19Executive_Summary_09:Global Risks-01 20.01.09 14:55 Page3Foreword4 | Executive Summary 2009The world is experiencing one of the most extraordinaryperiods in history. The power equation continues shiftingacross countries and regions, while rapid changesunfold in the market place reshaping the politicallandscape and the interactions between governmentsand businesses. The financial crisis, combined withrising inflation and the consequent slowdown in globaldemand, has engendered significant insecurity about theoutlook of the world economy, and increased anxietyabout its potential implications on the accomplishmentof the Millennium Development Goals by 2015. However,it is in difficult times when the power of collaborationbears fruit, helping us better understand the challengeswe face and encouraging us to unleash our imaginationand capitalize on the opportunities ahead. Entrepreneurship and education are two suchextraordinary opportunities that need to be leveragedand interconnected if we are to develop the humancapital required for building the societies of the future.Entrepreneurship is the engine fuelling innovation,employment generation and economic growth. Only bycreating an environment where entrepreneurship canprosper and where entrepreneurs can try new ideas andempower others can we ensure that many of the world’sissues will not go unaddressed. As highlighted in theinaugural 2009 Summit on the Global Agenda in Dubai,entrepreneurship is also one of the core principles of theWorld Economic Forum. The motto of our organization is“entrepreneurship in the global public interest”, calling forentrepreneurs to put their ideas to the service of theglobal community. Equally important is the power that education has indeveloping the skills that generate an entrepreneurialmindset and in preparing future leaders for solving morecomplex, interlinked and fast-changing problems.Education needs to come back to the top of thepriorities of governments and the private sector and beseen as the fundamental mechanism for attainingsustainable economic development and societalprogress. More than ever, the world needs effectiveglobal leaders and stronger educational systems thatprepare the current and future generations ofentrepreneurs, workers, teachers, managers andindividuals with the skills needed to succeed and helpothers.Recognizing these opportunities, the Global EducationInitiative (GEI) of the World Economic Forum hasembarked on a process to advance EntrepreneurshipEducation as one of the key drivers of sustained socialdevelopment and economic recovery. The full reportconsolidates existing knowledge and good practices inentrepreneurship education around three focus areasthat cover the lifelong learning process of an individual:youth, higher education and social inclusion. It alsooutlines specific approaches that are needed for eachone of these areas, as well as opportunities, challengesand practical recommendations for key stakeholders. We thank all contributors of the full report and thissummary for their thought leadership and for helping usserve once again as a platform for dialogue andreflection among governments, businesses and civilsociety. We specifically thank the GEI Steering Boardmembers AMD, Cisco, Goldman Sachs, Intel andMicrosoft for their leadership and stewardship of thisreport, and all of the GEI Steering Board members fortheir many years of unconditional support of the Initiativeand the mission of the World Economic Forum.Klaus Schwab Founder and Executive ChairmanWorld Economic Forumcorr19Executive_Summary_09:Global Risks-01 20.01.09 14:55 Page4Introduction5 | Executive Summary 2009Entrepreneurship has never been more important than itis today in this time of financial crisis. At the same time,society faces massive global challenges which extendwell beyond the economy. Innovation andentrepreneurship provide a way forward for solving theglobal challenges of the 21stcentury, building sustainabledevelopment, creating jobs, generating renewedeconomic growth and advancing human welfare.When we speak about entrepreneurship, we are definingit in the broadest terms and in all forms – entrepreneurialpeople in large companies, in the public sector, inacademia and, of course, those who launch and grownew companies. Now more than ever we needinnovation, new solutions, creative approaches and newways of operating. We are in uncharted territory and needpeople in all sectors and at all ages who can “think out ofthe box” to identify and pursue opportunities in new andparadigm-changing ways.Entrepreneurship education can be a societal changeagent, a great enabler in all sectors. Not everyone needsto become an entrepreneur to benefit fromentrepreneurship education, but all members of societyneed to be more entrepreneurial. The public sector,private sector, academia and non-profit sectors all haveroles to play in facilitating the development of effectiveecosystems which encourage and support