Unleashing the power of technology and entrepreneurship in the digital era

In today's rapidly evolving world, technology is reshaping industries and revolutionizing the way businesses operate. The fusion of technology and entrepreneurship has become a catalyst for groundbreaking advancements across industries. It has unleashed a wave of disruption, propelling both established corporations and ambitious startups to reimagine traditional business models, embrace new frontiers, and seize the untapped potential of our interconnected world.

The digital revolution has not only disrupted traditional business models but has also democratized entrepreneurship, allowing innovative thinkers from all walks of life to enter the playing field.

Nobel Laureate and economist Edmund Phelps believes that’s what a good entrepreneur does: they seek to discover the undiscovered. Phelps says that an entrepreneur is somebody who goes out almost like a scout, looking for unnoticed opportunities and hoping to discover opportunities – the thrill is imagining there might be a better product or a better way of making something.

Fellow economist and Nobel Laureate Jean Tirole, who spent much of his early research focusing on how to introduce competition into markets, says that competition is one of the only ways to drive innovation. According to Tirole, if you have competitors, you’re kept on your toes. You really have to innovate, otherwise some new firm will come in with a much better technology and replace you. This is why monopolies often don't innovate very much. They need competition to be inspired to do so.

In the fast-paced world of technology, entrepreneurs must utilize their creative spirit and develop a strong ecosystem in which they can thrive. At UBS, we launched UBS Next to identify opportunities within the startup ecosystem to tap into the collective expertise and ingenuity of various stakeholders and enable the development of progressive solutions and business models. Within these ecosystems, mentorship and expert guidance are more accessible. This guidance shouldn’t be underestimated, as entrepreneurs often require industry insights, strategic advice, or valuable networks to navigate the complexities of the business world.

Across the globe, vibrant startup communities are emerging, fostering collaboration, mentorship, and investment opportunities. These ecosystems provide abundant ground for new ventures to flourish, attracting both talented individuals and substantial funding. From Silicon Valley to Shanghai, the convergence of technology, capital, and talent is reshaping industries, redefining success, and opening doors for a new generation of entrepreneurs.

To navigate the evolving landscape of entrepreneurship, one must keep an eye on emerging technologies that hold immense potential. Artificial Intelligence (AI) and Machine Learning (ML) are transforming several industries, including the financial landscape. By leveraging AI-powered algorithms and ML models, we can enhance our risk assessment capabilities, our product offerings, and our customer service. For entrepreneurs and startups in the space, this opens up opportunities to develop AI-driven solutions that can revolutionize their industry, too.

Blockchain and distributed ledger technology, the internet of things, and augmented reality are also game-changing innovations with the power to disrupt traditional systems by improving transparency, security, and efficiency. These technologies are reshaping business operations, changing the customer experience, and unlocking new avenues for growth. Adopting these new technologies can not only keep you ahead of the curve but be a catalyst for your own success.

In the entrepreneurial journey, risk-taking and failure go hand in hand. Successful entrepreneurs embrace failure as a learning opportunity and a stepping stone toward ultimate success. Remember, every setback is a chance to grow, adapt, and improve. The digital age presents an abundance of opportunities, but it also demands resilience, adaptability, and the willingness to step outside comfort zones. As an entrepreneur, I encourage you to embrace failure, learn from it, and leverage it to drive innovation. In the words of Nobel Laureate and economist Robert Shiller, “Entrepreneurship is about taking initiative, taking risks, and being willing to accept the consequences, even if it doesn’t turn out right.”

At UBS, we’re committed to embracing technology and fostering entrepreneurship because we strongly believe the two are reshaping our economic landscape like never before. How will you navigate the terrain of the digital era?

For four decades at UBS, Heinrich Baer has showcased adept leadership. Since 2018, he's been Country Head of UBS Europe SE, Luxembourg, and Market Head of Wealth Management Benelux & Nordics. In 2020, he was appointed Member of the Management Board of UBS Europe SE, Head of Global Wealth Management Luxembourg, Nordics & Austria, and Head of Asset Management. An IMD Lausanne and Amos Tuck alumnus, he holds the Swiss Federal Diploma for Bankers and the Federal Certificate for Commercial Employees.

As UBS's Group Chief Operations and Technology Officer and member of the Group Executive Board, Mike Dargan drives digital transformation and operations efforts. As part of this, Mike leads the teams that include our engineers, cyber security experts, and operations specialists. He also oversees our digital assets strategy where we’re addressing topics such as distributed ledger technology, central bank digital currencies and crypto assets. Follow Mike on LinkedIn.