Baku: From the Silk Road to the Entrepreneurship Road
Dr. Ayman ElTarabishy, President & CEO of ICSB and Deputy-Chair at GW School of Business,
launched the inaugural plenary session of the SME World Forum Research Day at the esteemed ADA University in Baku, Azerbaijan on November 15, 2023, with a groundbreaking proposal.
He introduced a revolutionary concept, marking the next evolution from the historic Silk Road to what he termed “The Entrepreneurship Road.” Dr. ElTarabishy emphasized the significance of honoring our past while boldly stepping into the future. He passionately argued that the Entrepreneurship Road represents this new journey, leading us toward uncharted territories and exciting possibilities.
The Evolution of Baku: Embracing Global Changes
Baku, a city steeped in history and once a crucial node on the ancient Silk Road, is transforming remarkably. It’s emerging as a guiding light on the newly minted “Entrepreneurship Road.” This metamorphosis represents far more than a mere renaming; it’s a deep-rooted shift in perspective, aligning with the ever-evolving global landscape and the myriad of opportunities it presents.
Where the Silk Road was synonymous with trade and the intertwining of diverse cultures, the Entrepreneurship Road encapsulates a more contemporary ethos. It embodies the dynamic and innovative spirit of today’s youth, poised to tackle the unique challenges of our planet. This new path reflects a world where entrepreneurial endeavors are not just about economic gains but also about addressing environmental concerns, social inequalities, and the sustainability of our world.
The Entrepreneurship Road, therefore, is not just a route but a journey towards a more resilient and equitable future. It’s a call to action for the young and old alike to innovate, collaborate, and create solutions for a better world. In Baku, this road is taking shape through initiatives that merge tradition with technology heritage with modernity, creating a model for cities worldwide to follow. With its focus on sustainable development and inclusive growth, this road is paving the way for future generations to thrive.
Guided by the Stars: The 17 SDGs and ESG
Looking up at the vast night sky, we find a profound reminder that we are accompanied by guiding lights along the Entrepreneurship Road. These are celestial stars, the 17 Sustainable Development Goals (SDGs), and vital principles such as Environmental, Social, and Governance (ESG) criteria. These SDGs, from eradicating poverty to ensuring environmental sustainability, serve as beacons, illuminating our entrepreneurial path with purpose and direction.
Similarly, ESG criteria inject a sense of ethical responsibility into business practices, ensuring that companies are profitable and accountable for their environmental impact and social contributions. As entrepreneurs and innovators travel this road, these guiding stars provide a balanced approach, intertwining economic growth with sustainable and equitable practices.
Together, the SDGs and ESG criteria form a celestial map, helping us navigate the complexities of modern business and ensuring that our entrepreneurial pursuits align with the greater good. They remind us that our endeavors should contribute positively to the planet and its inhabitants, safeguarding resources and opportunities for future generations. As we venture down the Entrepreneurship Road, these goals and principles light our way, ensuring a journey that is not only successful but also sustainable and socially responsible.
Centering on the Human: ICSB’s Vision
ICSB’s commitment to Humane Entrepreneurship forms the soil of the Entrepreneurship Road, centering on the human element in business. This concept extends beyond traditional business metrics, focusing on nurturing human potential and well-being. It’s a holistic approach where economic success is intertwined with social and environmental responsibility. The Entrepreneurship Road, underpinned by this philosophy, becomes a journey of economic growth, human development, and ethical business practices. Here, the success of entrepreneurial ventures is measured not only by their financial outcomes but also by their impact on people’s lives and the broader society. This road is charting a new course in business, where the ultimate goal is to create a sustainable, inclusive world that values human dignity and well-being at every step.
Sustainability and Circular Economy: Legacy for Future Generations
Sustainability and adopting circular economy principles are fundamental components of the Entrepreneurship Road, especially as it unfolds in Baku. This approach is not just about meeting the needs of the present; it’s a commitment to future generations. In embracing these sustainable practices, Baku sets a precedent for responsible and efficient resource utilization, ensuring that economic growth does not come at the expense of environmental health or social equity.
The circular economy model, which emphasizes resource reuse, recycling, and regeneration, is crucial in this journey. It challenges the traditional linear economy of “take-make-waste” and proposes a system where waste is minimized and resources are continuously cycled back into the economy. This reduces environmental impact and offers economic opportunities for new markets and job creation.
In Baku, integrating these principles into the Entrepreneurship Road is paving the way for a more resilient and sustainable urban development. It’s about creating a city where businesses thrive by innovating to enhance environmental stewardship and social well-being.
Conclusion: A New Path Forward
The transition from the Silk Road to the Entrepreneurship Road represents a seamless and thrilling evolution in entrepreneurship. This shift marks not just a change in concept but an inspiring new direction, particularly for the youth. The Entrepreneurship Road is more than a mere pathway; it’s a destination with possibilities, shaping a future where young minds are at the forefront of innovation and progress. It’s a journey that emphasizes the importance of nurturing and focusing on the next generation, as they are the ones who will drive us forward on this exciting new road.
Written by:
Dr. Ayman ElTarabishy, President & CEO, ICSB
Contributions by:
Ambassador Oh Joon, Former Korean Ambassador to the UN and the 71st President of the United Nations Economic and Social Council (ECOSOC)
Winslow Sargeant, Immediate Past Chai, ICSB
Vicky Stylianou, Incoming Chair, ICSB, Executive General Manager, Institute of Public Accountants, Australia
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