Prosperity [1]
Holistic prosperity extends beyond just material wealth, and includes factors such as social capital, health, equality of opportunity, the environment, effective governance, human rights and liberties, and overall quality of life.

Photo Attribution: “Meditation Red Sun” by h.koppdelaney

First, it takes a holistic view of prosperity, encompassing both material wealth and life satisfaction. In practice, this means the Index is based on two equally weighted subindices: economic competitiveness (factors that explain differences in countries’ relative levels of material wealth) and comparative liveability (factors that explain differences in countries’ relative levels of life satisfaction). Second, it assesses the drivers and causes of prosperity, rather than measuring outcomes. Third, it includes factors that relate to government policy and to individual citizens.

Commercialization [2]
“Commercialization includes everything a firm does that transforms knowledge and technology into new goods, processes or services to satisfy market demands.”

Entrepreneurship [3]
Entrepreneurship is the act of being an entrepreneur, which is a French word meaning “one who undertakes innovations, finance and business acumen in an effort to transform innovations into economic goods”. This may result in new organizations or may be part of revitalizing mature organizations in response to a perceived opportunity.

References:

1] The 2008 Legatum Prosperity Index Report; Methodology, Data and Findings

2] People and Excellence, the heart of successful commercialization;
Industry Canada, Volume 1 the expert panel on commercialization

3] The 2008 Legatum Prosperity Index Report; Methodology, Data and Findings

Filed under: Commercialization, Entrepreneurship, Featured, Innovation, The Code Factory by Ian
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