HOW CULTURE AND ART INFLUENCE THE ECONOMY OF COUNTRIES: reflects Rick Rasmussen (Part VII)
Joseph Schumpeter, the author of the idea of ”creative destruction”, saw innovation as a critical point of change and growth. Modern economic thought thinks about ecosystem innovation – by analogy with biological ecosystems.
In fact, modern innovation centers in Silicon Valley, New York and London function as a kind of integral living organism, which unites all participants in the innovation process.
Talent is not just a key factor in resilience here, it becomes pervasive and global. In such an environment, investors focus less on detailing business plans than on having targeted teams with inspiring ideas, and corporations are moving towards open innovation platforms.
Rick Rasmussen, a research assistant at the University of California, Berkeley, is studying how concentrating venture capital, talent, and innovation expertise can work an economic miracle.
As the Managing Director at Concordia Ventures, he is involved in developing innovative ecosystems for more than 20 governments and private companies around the world. He shared with the readers of our almanac a story about how the counterculture launches the mechanism for the development of such an ecosystem.
FRUIT VALLEY TRANSFORMATION
What makes the difference between the two economies? Why do some countries prosper while others with similar resources do not? I help build entrepreneurial economies.
As a native of Silicon Valley, I have seen the region grew from an agricultural base with fruit trees stretching over the horizon to an entrepreneurial hub that is now an example to the world. But why exactly here?
A CULTURE OF CHANGE AND RISK
Part of the reason is culture. The San Francisco Bay Area was the birthplace of the hippie movement, the Summer of Love, the Free Speech Movement, an explosion of art, music and creativity. It still has a strong counterculture that encourages changes and resists the status quo.
Entrepreneurship is a form of comparative advantage. A healthy entrepreneurial ecosystem requires resources, including financial capital, human and social capital, and a culture that encourages research and is risk-tolerant.
BUSINESS AND CULTURE
Art, like entrepreneurship, is the external expression of culture. Art embodies the struggle of the people, their hopes and aspirations, overcoming the past and pointing to a better future. Countries that encourage the development of the art usually have a strong entrepreneurial culture as well.
In countries where art is developed, creativity is approved, people are not satisfied with the current level of development, they support innovation and new ways of doing business. The practice of creating, displaying and appreciating art influences culture, public identity and public self-awareness.
EXPANDING THE BOUNDARIES OF THE WORLD
Countries that encourage open, unhindered cultural artistic development are more likely to be more entrepreneurial and develop comparatively sustainable economic advantages. Entrepreneurship, art and culture serve to push boundaries and resist the status quo. Therefore, art and culture strongly influence the economies of countries.