Page 75 - The Fourth Industrial Revolution

innovative startups while also ensuring that established businesses orient

themselves to the opportunities of the fourth industrial revolution. As young,
dynamic firms and established enterprises connect with one another and to
citizens and universities, cities become both sites of experimentation and
powerful hubs for turning new ideas into real value for the local and global

economies.

According to the innovation charity Nesta in the UK, the five cities that are

globally best placed in terms of having the most effective policy
environment to foster innovation are: New York, London, Helsinki,
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Barcelona and Amsterdam. Nesta’s study shows that these cities
particularly succeed in finding creative ways to effect change outside of the
formal policy arena, being open by default, and acting more like
entrepreneurs (than bureaucrats). All three criteria give rise to the best-in-
class examples we currently see globally, and which are equally applicable
to cities in emerging markets and the developing world. Medellin,

Colombia, was honored with a City of the Year award in 2013, recognising
its innovative approaches to mobility and environmental sustainability,
beating the other finalists New York and Tel Aviv. 48

In October 2015, the World Economic Forum’s Global Agenda Council on
the Future of Cities released a report highlighting instances of cities around

the world pursuing innovative solutions to a variety of problems (see Box
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D: Urban Innovations). This work indicates that the fourth industrial
revolution is unique, driven as it is by a global network of smart (network-
driven) cities, countries and regional clusters, which understand and
leverage the opportunities of this revolution – top down and bottom up –

acting from a holistic and integrated perspective.

Box D: Urban Innovations

Digitally reprogrammable space: Buildings will be able to instantly shift
purpose to serve as a theatre, gymnasium, social centre, nightclub or

whatever, thus minimizing the overall urban footprint. This would allow
cities to get more from less.

“Waternet”: The internet of pipes, this will employ sensors in the water

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