Angela Merkel, Germany's new Chancellor, gave a popular speech to kick off the WEF last night. It was popular because, as BusinessWeek said, the keynote called for a "harder working, less bureaucratic Europe."
But, what struck us, was the number of times that Merkel used the word "innovation" (or, at least, the German version of the word). In fact, she seemed to speak to the needs for Germany to value innovation as much as she discussed Germany inherent issues with its social safety net.
Talking like a new CEO in charge of a major overhaul, she said that Germany needed to stop fixating on the risks of change and focus on the opportunities. And, regardless, Merkel said that the shift from an industrial to a knowledge-based economic system combined with the emergence of India and China meant that change wasn't optional.
Merkel also noted that a German "created the first computer", but that when she looks at "Google, Microsoft and others" she knows that Germany hasn't properly participated in IT's growth since.
Interesting side note, after the speech, the CEO of Nestle mentioned to Merkel a poll that listed the percentages of parents in specific countries who agreed with the message to their children that "hard work is good."
Only two percent of parents in Denmark agreed. It was 21 percent in Germany, 61 percent in the U.S. and 63 percent in China. Merkel noted that she was happy that Germany was not the "caboose" and wondered how eastern Germany would fare versus the former West. Merkel had mentioned several times that she and many others from the former East were shaped late in life by the new found awareness that unexpected change can happen at any time and that you should embrace it.
It's long been noted that Germany is an incredibly unkind host to the US VC/entrepreneurial culture. Merkel wants to change that. We'll watch and see if she has any luck.
We also wonder who from Silicon Valley will jump on the opportunity and forge closer ties with Germany as the door is seemingly open.
Good posting. Personally I'm surprised how well Merkel seems to be doing. I've never been a fan of her party or of her, but she seems off to a good start.
Funny you mention "that Germany is an incredibly unkind host to the US VC/entrepreneurial culture." I think it's telling that the German word for venture capital is Risikokapital, which obviously translates to something like "risk capital." Tells you something about the different mindset.
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