The Future of Entrepreneurship

Empowering the Next Generation to Tackle Global and Local Challenges

I attended a RISE Europe event in the beautiful setting of Segovia, Spain, a few months ago. One of the guests attending was the businessman, investor, and entrepreneur Michael Baum, whose company Splunk was acquired by Cisco for a cool $28 billion. He said something that resonated and has become a personal purpose of the need for Innovation, Creativity, and Enterprise in Universities: “Our generation has created global challenges and problems that we are not solving, so if there are young people willing to put themselves forward to solve them I want to help’. Michael has literally put his money where his mouth is and established the Yope Foundation ‘Empowering Next-Generation Innovators to build companies that create positive change’

It is impossible to ignore that our (and previous) generation has played a critical role in creating many of the crises we face today. Climate change, economic inequality, and technological disruption are just a few of the issues negatively impacting the future of our world. Yet, while our generation is part of the problem, the next generation must be empowered to find the solutions. The good news is that the potential for change supports tomorrow's leaders, entrepreneurs, and innovators.

One of the most important ways we can do this is by equipping young people with the skills and resources they need to address these challenges head-on. Universities play a pivotal role in this, serving not only as centers for learning but as hubs for innovation, creativity, and entrepreneurship. The question isn’t just about what knowledge we pass down to the next generation—it’s about how we prepare and empower them to use that knowledge to build a better world.

For this reason, Dublin City University's "Future of Entrepreneurship" event, taking place on Wednesday, 16th October, comes at a critical time. It serves as both a reflection on the importance of entrepreneurship in solving global issues and a call to action to support students in developing the skills they need to lead this charge. By fostering innovation and creativity in a multidisciplinary environment, universities can help produce graduates who are well-prepared for the workforce and capable of thinking outside traditional boundaries to develop, for example, systemic solutions to issues like climate change, social inequality, and disruptive technologies like Artificial Intelligence.

The European Challenge

When we talk about the need for innovation, Europe must confront its challenges in fostering a culture of entrepreneurship. For too long, Europe has lagged behind in global competitiveness, particularly in comparison to the United States. Over the past 15 years, the GDP of the U.S. has consistently outpaced that of Europe. According to World Bank data, while the U.S. economy has grown at an average annual rate of 2.2% since 2008, Europe has struggled to keep pace, averaging closer to 1.3% per year.

This disparity points to a deeper issue: Europe must become more innovative. Innovation is not just about creating new technologies; it’s about applying new ways of thinking to solve complex problems. Entrepreneurship is at the heart of this transformation. By creating university-based innovation hubs and communities and providing students with the support and skills they need to develop their entrepreneurial mindset, Europe can help close the gap and position itself as a global leader in innovation.

But innovation doesn’t happen in a vacuum. It requires collaboration between public and private sectors, investment in education and research, and a willingness to take risks. Universities can be the catalysts for this change, providing multidisciplinary environments where students can experiment, fail, and ultimately succeed.

When done correctly, research shows that 20% of third-level students engage with such entrepreneurial initiatives when offered, which may seem modest but significantly impact society’s capacity to innovate. (There are 245k third-level students in Ireland. This represents the potential for 50k of those students to graduate each year with an entrepreneurial mindset and skills).

The Irish Context?

Ireland’s current economic landscape presents a unique opportunity—and a challenge. Ireland’s windfall from multinationals has not been leveraged to foster homegrown innovation. Despite the influx of foreign investment, Ireland’s entrepreneurial ecosystem remains underdeveloped compared to other countries of similar economic size and stature, such as Finland, Denmark, and Estonia.

This reliance on multinationals is a double-edged sword. While these companies contribute to Ireland’s GDP and job market, they also pose a risk to the country’s long-term economic sustainability. What happens if these companies decide to relocate? How does Ireland ensure that it is not overly dependent on external forces? The answer lies in fostering a robust local innovation ecosystem that can stand independently. Universities must play a key role in this transformation by equipping students with the entrepreneurial skills they need to start and grow businesses in Ireland, ensuring that the next wave of economic growth is driven by homegrown talent.

In parallel, it is possible to address the sustainability of foreign multinationals located here by supporting students in developing their entrepreneurial skills. One of the key benefits of fostering entrepreneurship within universities is the positive impact it has on students’ employability and leadership skills. The world of work is changing rapidly, and employers are increasingly looking for graduates who can think critically, solve complex problems, and lead teams through uncertainty. Students develop these vital skills by engaging with creative, innovative, and entrepreneurial initiatives, making them more attractive to employers across various industries. Essentially, we would create an ‘intrapreneurial’ workforce that supports innovation within these companies.

Dublin City University (DCU), in particular, recognises the importance of nurturing these qualities in its students. Through groundbreaking programmes, such as DCU Futures, DCU has enhanced its global reputation, positioning itself as a leader in fostering these critical skills. This benefits DCU's graduates and strengthens Ireland’s standing on the global stage as a hub for innovation and talent.

Mary Robinson, the former President of Ireland and a tireless advocate for climate action, has emphasised that solving the climate crisis requires systemic solutions. Universities are uniquely positioned to drive this change by fostering interdisciplinary collaboration and partnerships. Climate change, like many of the global challenges we face, cannot be solved by one discipline alone. It requires input from engineers, scientists, economists, sociologists, and policymakers—all working together to create innovative solutions.

Innovation and Entrepreneurial programmes, and spaces within universities provide the perfect environment for this type of creative collaboration. By bringing together students from diverse academic backgrounds, universities can create the conditions for breakthrough ideas that address the symptoms of global and local challenges and their root causes.

The future of entrepreneurship is not just about starting new businesses—it’s about creating a better world. By investing in university-based innovation spaces and activities, providing students with the skills and support they need, and fostering a culture of entrepreneurship, we can empower the next generation to tackle the global and local challenges we face today. It’s time to recognise that the solutions to the world’s biggest problems lie in young people's creativity, passion, and ingenuity. Universities like Dublin City University are strategically addressing these challenges and opportunities for students through the Innovation, Creativity, and Enterprise (ICE) initiative.

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The?“Future of Entrepreneurship” event taking place on the 16th of October in The Helix, Dublin City University, featuring Paul Cheek of Martin Trust Center for MIT Entrepreneurship ??

Paul will deliver his keynote speech, hold a masterclass with our DCU Business School students, and take part in a panel discussion with fellow global thought leaders, chaired by Martina Fitzgerald, CEO Scale Ireland: Lisa Ericsson of KTH InnovationRicardo Marv?o ???????? of Beta-i ? collaborative innovation and Ken Finnegan ????, Dublin City University's Director of Student Innovation and Entrepreneurship Strategy.