Emerging economies must take three critical measures to achieve a more stable economic future. However, a forum for discussion and collaboration regarding the difficulties and possibilities of cutting-edge technologies, which combine our physical, digital, and biological worlds, is needed. These measures include tools that will soon challenge the dominating sectors in emerging economies, such as the manufacturing and extractive sectors, giving emerging economies an unmatched chance to develop and prosper. Such a cutting-edge growth platform aims to support new businesses’ expansion and global competition. Governments, investors, and companies must come together on this growth platform to help startups and make them sustainable in cutting-edge fields like biotechnology, IoT and ubiquitous linked sensors, satellite enablement, advanced robotics, human enhancement technologies, AI and quantum computing, 3D printing, advanced materials, and nanomaterials, which are expected to disrupt traditional industries in developing economies. These are the essential steps to recover the gap of the loss of the 3rd Industrial Revolution by these emerging economies. Despite some economic growth these economies might experience, there are always additional challenges, such as inequality, relatively poor agricultural productivity, and significant youth unemployment. Job creation is essential, and the 4th Industrial Revolution – underpinned by forward-looking trade agreements and support systems for entrepreneurs – has the potential to supply much of that demand. Emerging economies must seize the fourth industrial revolution’s promise. It is crucial to establish tech clusters around the countries and for them to develop into globally renowned technological hubs. Hundreds to thousands of businesses, incubators, accelerators, innovation hubs, maker spaces, technology parks, and co-working spaces must be present in the cities where these technology centers would be built. Helping a generation of young people who are highly connected and enterprising as they transition to a digital future will become more and more crucial. These hubs need solid institutional foundations, the appropriate skills and talent, the capability to draw in international commerce and investment, the availability of sustainable resources, and a dynamic market environment in addition to this technology: platforms and innovation capacity. As we have seen from other global tech hubs from China to America, this spurs the chances of success even more than the technology itself. Policy, regulation, finance, infrastructure, education, and talent must all come together in an innovation ecosystem focused on an integrated agenda propelled by unconstrained collaboration. How can emerging economies seize the 4th Industrial Revolution opportunity while remaining competitive? Emerging economies must also overcome considerable obstacles to take advantage of the 4th Industrial Revolution’s potential and establish themselves as innovation hubs worldwide. Achieving that requires the following three ingredients:
- Addressing the gaps in digital hygiene.
Any tech center must have access to cutting-edge digital connectivity, which should already exist or must develop rapidly across the nation as mobile penetration has skyrocketed. Furthermore, digital instruments can only partially replace the requirement for efficient road networks and transit links. Reliable access to energy, clean water, and other resources must also be a given.
- Obtaining valuable, practical insights from the data overflow.
Data is frequently referred to as “the new oil,” and in some ways, it is. The market for big data analytics is predicted to reach $103 billion by 2023, and by 2020, every person will produce 1.7 megabytes in only one second. However, data is different from oil because it is not a limited resource. If emerging economies can transform the impending excess of bits and bytes into insightful knowledge that can be easily accessed and shared, this creates an opportunity. To achieve this, it will be necessary to adopt continental-wide standards and rules for creating, controlling, administering, and using data.
- Building the necessary new abilities while pressed for time.
The fourth industrial revolution requires more than just having access to machinery; you also need to know how to operate it. Not only in the specialized technical skills required to deal with developing technologies but also in the complementary qualities to assist workers in adapting to a constantly changing labor market, emerging economies are by no means the only ones that may be confronting a possible shortage in this area. The future and current workforces need to be skilled and reskilled quickly, with changes being addressed early in the educational ecosystem and improved continuously through lifelong learning and further education.
Thus, an innovation ecosystem is necessary. Current ad hoc efforts must be transformed into a coordinated strategy to accomplish this effectively. More public-private collaborations are required. However, emerging economies and their technological platforms must demonstrate the potential for international cooperation and investment. The World Bank contends that developing “organic, multi-stakeholder ecosystems” has contributed to the relative success of their emerging economies’ tech clusters. These are superior to projects solely driven by the public, corporate, or academic sectors.
Thus, Emerging Economies have the potential to significantly boost their economies, communities, and the standard of living for millions of people if they can further expand these clusters and build an integrated innovation ecosystem to address the 4th Industrial Revolution.