Global Theme 2021:
Business Diplomacy for International Entrepreneurship
To survive in ‘the new normal’ and post-pandemic business environment, entrepreneurs and governments need to develop competencies in what is termed business diplomacy – with a completely new approach to harmonising the mindset and skills of diplomacy for businesses. Startups, scaleups, entrepreneurs, MSMEs and SMEs need to enhance their ability to establish and maintain positive relationships with multiple stakeholders—both locally and globally—to shape and influence the environment and ultimately to create favourable business conditions and seize new opportunities.
Business diplomacy can be instrumental for entrepreneurs and governments in their efforts to create favourable business conditions and seize new opportunities. Businesses that are equipped with diplomatic competencies and knowledge need to be able to develop and discuss plans with companies, governments, and multiple stakeholders. They must also be alert to for common interests, understand different laws and practices of various governments, and be familiar with the management style in various countries.
Business diplomacy is also important in advocating for the financial interests of small businesses that need support for their digital transformation. Governments must be alerted to the fact that unless small companies receive financial support for transforming their business, they will not be able to survive in post-pandemic times. This means their capacity to create more jobs and social wealth for economies will be lost.
With this in mind, the stakeholders of the World Business Angel Investors Week agreed on the theme of ‘Business Diplomacy for International Entrepreneurship’ for this year’s Week, which will take place 18 – 24 October 2021.
During this special Week, all stakeholders and participants of the Week will pause to assess their fast-paced journey, to analyse why and how business diplomacy can take a more active role in leveraging angel investment as a must-have financial tool for boosting economies, and to reiterate how entrepreneurial ecosystems can create more jobs, more wealth and more social justice in cooperation with key players in early-stage equity markets.