Entering the next Industrial Revolution
Countries and companies need to fixate on the one big idea and carry it all the way Special to Gulf News
found, and how best to pursue those opportunities.
A practical alternative to traditional industrial policy is to actively participate in new economic systems, comparable to those found in nature. Coral reefs, for example, blend the abilities of a diverse array of organisms, big and small, for the survival and sustenance of all.
Economic entities frequently mimic nature by choosing to engage in symbiotic relations. The tech giants and start-ups of Silicon Valley, for example, are highly dependent on the region’s universities, which in turn benefit from having elite employers nearby, anxious to hire their graduates and fund their research.
Interdependence
Throughout the world, in fact, the hightech industry and higher education institutions tend to recognise their interdependence and form strong communities of self-interest which are, in essence, systems that foster the healthy competition of ideas and solutions.
Systems are much more resilient than any individual solution and have a far greater capacity to adapt to the unexpected. Countries and companies looking to leapfrog must therefore be visionary to see where they may share interests with partners they do not yet know, and creative in forming new bonds of mutual dependence.
In fact, building and engaging in economic systems may prove the most crucial capability of all in the Fourth Industrial Revolution. Leaders can now begin to cultivate that capability by actively engaging industry, academia, unions and other crucial stakeholders in the process of exploring, targeting and pursuing leapfrog opportunities.
Leapfrogging requires government, private sector, academia and other sectors of society to work together in an orchestrated way, just like in the children’s game. While this is not for everyone, the GCC economies are well positioned to play at this game.
Will we capture this opportunity?