Economic Policy Document to support Digital Entrepreneurship

Economic Policy Document to support Digital Entrepreneurship
What to Include in an Economic Policy Document to support Digital Entrepreneurship and Innovation.
Digital entrepreneurship is a vital factor in the innovation system. More specifically, digital entrepreneurship changes the networking mechanisms, structure, and aims of the overall business system, impacting the different dimensions and levels of the innovation system (Satalkina and Steiner, 2020, p.1). In this context, economic policy needs to support the development of digital entrepreneurship and innovation. For example, the economic policy should include e-commerce protocols and support to ensure everyone participates in the virtual business space. This could involve solving challenges for those who can join the e-commerce space, including digital privacy, security, as well as consumer protection. The private and public sectors should be required to augment network capacity, reduce transaction costs on digital money transfers and digital payments, scale up data services, and enhance service delivery and other logistics to improve online purchasing experiences (Vedullapalli, 2020, n.p.).
The economic policy should support the development of digital marketplaces. Research conducted by the Digital Commerce 360 B2B indicated that an estimated 60 percent of B2B buyers currently use digital marketplaces to conduct a quarter of their commercial purchases (Vedullapalli, 2020, n.p.). In order to develop innovators and foster Main Street commercial listing, digital markets must emphasize value-added services provisions and extra revenue streams. It is more likely that the digital market would consolidate to serve better and reach both innovators and consumers, especially as more online market participants start eyeing similar industry streams. In addition, public-private sector collaborations should be encouraged to address innovation hurdles perpetrated by the Covid-19-related shutdowns and thus ensure business sustainability for innovators and digital businesses. For example, the Government of Canada’s Digital Main Street investment supports firms and entrepreneurial minds to spur innovation in the economy (Vedullapalli, 2020, n.p.). In this vein, the digital entrepreneurs would receive free digital education, tangible support, and consultations to augment their online dominance and exploit virtual business prospects.