Photo: JCT 600, Source
 
Current age of the unprecedented system-wide transformation poses numerous challenges and open questions for various stakeholders to address on different levels of our societies. When looking for the best practices of winning the Fourth Industrial Revolution, so-called smart cities offer truly inspirational experience.
 
Seemingly it is precisely the cities which are real laboratories of innovation and catalysts of the ongoing inter-sectorial transformation of the world. Significant amounts of the public investment in Europe are devoted to initiatives run on the local level which later outgrow their boundaries and become trendsetting standards. Moreover, this small scale allows for better adaptation of the local public institutions to incorporate innovative approaches into the public governance.
 
However, of course the private sector still remains the primary driver of the Fourth Industrial Revolution. Therefore, the public-private dialogue is crucial for the successful transfer of know-how in terms of appropriate public regulation and institutional adaptation to the modernisation.
 
Thus, smart cities have significant contribution to seizing the opportunities of the Fourth Industrial Revolution in order to ensure competitiveness but mitigate possible unintended consequences with regards to the social justice or the environmental security and potential subsequent disruption of political systems.
 
GLOBSEC wants to discuss the strategic thinking about the investment mechanisms with the focus on enabling the EU to become the leading force of the Fourth Industrial Revolution. What has been the experience of the application of the concept of the industry 4.0 so far for businesses as well as the economy as such? Additionally, we cannot neglect the opportunities of the transition to the green economy models which are intrinsic part of the process of the Fourth Industrial Revolution.