South Asia can become an innovation hub. Here's how.

South Asia can become an innovation hub. Here's how.

South Asia has the potential to become a hub of innovation in the Fourth Industrial Revolution (4IR): with its young population well connected to new global technological developments; opportunities created by the growth of 4IR technologies; and a large, educated labour market.

South Asia has the potential to become a hub of innovation in the Fourth Industrial Revolution (4IR): with its young population well connected to new global technological developments; opportunities created by the growth of 4IR technologies; and a large, educated labour market.

The rise of emerging technologies like artificial intelligence (AI), blockchain and autonomous vehicles present interesting opportunities to tackle some of the large-scale systemic challenges in South Asia. But a lack of understanding of the technologies, unreliable existing systems, and the fear of the negative effects of these technologies are stifling their adoption.

Here are three ways stakeholders can work together to tackle these problems.

1. Keeping pace with innovation

Professor Klaus Schwab, Founder and Executive Chairman of the World Economic Forum, says that stakeholders need to adopt an “agile governance” model for regulating technology and making constant adjustments with its evolution. Agile teams that constantly evaluate and fine-tune policies to enable the adoption of new technologies will provide a strategic advantage within governments and organisations hoping to thrive in the 4IR.

It is crucial to build stronger links between governments that regulate technology, academia that nurtures new technologies, and industry that builds technology. The following approaches need to be taken to bridge the divide between academia, industry and government, which is hindering the adoption of innovative technology. read more>

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