During the 2016 Global Entrepreneurshp Congress in Medellín, Colombia, keynote speaker Jerry Michalski discussed the concept on “re-humanising capitalism,” and how economies are transitioning from being asset-led, to relationship-based economies.

Michalski is a futurist who helps organizations both large and small, in his words, “navigate the turbulent changes at the juncture of hyper-connectivity and out-dated world views. His two sessions, “The Business of Next,” and “Seeing Invisible Value,” covered a variety of topics on what’s next for emerging and scaling economies.

The transition in economies is a concept prominent in Medellín as it is placed in a unique position to exploit this idea. Its transition into the “Most Innovative City” has been underpinned through the use of transparency and connectivity. Medellín is not shying away from the problems it faces, but instead is using this concept to develop new and innovative techniques that are built alongside communities, for example, the cable cars and public escalators. This is a rare mix of policy across a range of sectors, different demographics and is highlighted in the GEC vision.

The GEC provides the perfect platform to enable these discussions of ecosystems to intertwine and bring together different stakeholders on a range of geographical scales. It’s also important to consider the impact of research and data and learn how the results can be effectively processed to support ecosystem-growing initiatives. One of the main issues is  removing barriers and supporting ecosystems to be able to grow and, critically, for ventures to be able to grow in a sustainable and dynamic way.

Organizations, such as that of MaRS, World Bank and the GEDI Institute are pioneering new techniques in order to map these ecosystems and develop new metrics to identify opportunities and where policy can provide crucial support. This level of data analysis has only been achieved through collaborative efforts. Combining the thoughts of trust, relationship economies and data provides an interesting conceptual and mathematical approach to tracking development over time, and to be more effectively informed about future developments.

Dom Keogh is a student at the University of Sheffield, and is reporting at the Global Entrepreneurship Congress in Medellín, Colombia.