Bottom-up initiatives by individual companies and entrepreneurs are vital for Dubai’s success in benefiting from its Expo win, according to experts from London Business School.
“Hosting Expo 2020 represents a big win for Dubai’s economy, which is expected to grow by 0.5 per cent each year in the lead up to the event,” said Freek Vermeulen, associate professor of strategy and entrepreneurship.
“The government of Dubai clearly has ambitious plans. It is one thing – and a relatively easy thing – to express ambitions; it is quite another to put together a clear strategy on how those ambitions can be achieved.”
Vermeulen said that Dubai has made clear choices in areas it wants to excel in over coming years and has developed initiatives to implement those choices. But he advised that any good strategy requires top-down guidance and bottom up initiatives by individual firms and entrepreneurs.
“In line with its priorities, the government of Dubai also needs to create the environment for such companies and entrepreneurs to emerge and succeed. Top-notch business education is one pivotal component in that mix,” said Vermeulen.
Experts said that Dubai’s successful bid will also act as a launchpad for local companies to expand internationally.
“With the anticipated influx of international visitors to Dubai in the run up to World Expo, savvy business owners will start to think about expansion into international markets following increasing demand for their products from tourists who are attracted into the region as a result of Dubai Expo 2020,” said Nirmalya Kumar, professor of marketing at London Business School.
“Business owners will start to think about following these visitors abroad and using them as springboards for growing revenue and gaining brand recognition, before breaking out in the mainstream.”