Profile: The World Economic Forum

WEF

The World Economic Forum (WEF) was first constructed in 1971 by a group of European business leaders who met under the partronage of the European Commission and European industrial associations. Professor of Business Policy at the University of Geneva, Klaus Schwab, first chaired the meeting, which took place in Davos, Switzerland. Professor Schwab then founded the European Management Forum as a non-profit organization. Click here to see the interactive historical timeline  for WEF.

The World Economic Forum has continued to grow to a state where , currently, “[t]he World Economic Forum is an independent international organization committed to improving the state of the world by engaging business, political, academic and other leaders of society to shape global, regional and industry agendas.”

 

Members of the World Economic Forum are leading companies in the world economy  Most members are global enterprises with more than US$ 5 billion in turnover, although this varies by industry and region. Listed below are descriptions of other participators:

  • Industry Partners- Industry Partners come from a broad range of business sectors, including construction, aviation, technology, tourism, food and beverage, energy, engineering and construction, and financial services. These companies are alert to the global issues that most affect their specific industry sector.
  • Foundation Members-Foundation Member companies drive the world economy forward. The Forum’s 1,000 Member companies are at the heart of all the activities and their support is essential in helping the Forum find truly sustainable solutions to improve the state of the world.
  • Global Growth Companies-Eligible Global Growth Companies demonstrate annual revenue between US$ 100 million and US$ 5 billion, and an average year-to-year growth rate of 15%. Importantly, GGC members are building a global business beyond their traditional markets and are committed to having a positive effect on the economies and societies in which they operate.
  • Technological Pioneers-Technology Pioneers are companies that are involved in the development of life-changing technology innovations and have the potential for a long-term impact on business and society.

The WEF publishes an annual “Global Information Technology Report” that gives an index of a country’s environment for adopting and implementing ICTs with several subindexes. The reports explains that, “the methodological framework of the Networked Readiness Index (NRI) has mapped out the enabling factors driving networked readiness, which is the capacity of countries to fully benefit from new technologies in their competitiveness strategies and their citizens’ daily lives. The Index has allowed private and public stakeholders to monitor progress for an ever-increasing number of economies all over the globe, as well as to identify competitive strengths and weaknesses in national network readiness landscapes.”

Additional information can be found at http://www.weforum.org/

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