3FOOD

Third Industrial Revolution Consulting Group
Moving towards a smart economy requires a systemic approach with clear milestones that
enable the country to become a hotbed of opportunities, talent and innovation. A
comprehensive strategy should focus on five mutually reinforcing pillars embedded in a
coherent action plan with short and long term deliverables:
Smart Governance: The objective is to identify key factors to be addressed in moving to
a digital era as well as to present its findings for a change management approach to be
achieved over a timeline from 2016 until 2036, with the concise goal to have a new
governance model in place and running by the start of the country’s bicentennial in
2039.
Smart People: A smart economy will be based on a society which embraces underlying
technological changes. Emphasis will need to be placed on digital inclusion, new
managerial/organizational skills that are required to compete in the digital age,
education and lifelong learning, and fostering new talents and skills that anticipate
changes in the labor market.
Smart Public R&D Spending: Luxembourg’s economic future will depend on how
effectively it develops a National Innovation System. The stakeholders in the public
sector, private sector, academic community, and civil society will need to establish a
myriad of collaborative networks to share knowledge and best practices in the pursuit of
cutting-edge R&D projects and initiatives that can effectively transition Luxembourg into
a flaship Smart Economy.
Smart Use of Digital Technologies in Business and Society: Disruptive business models
and improved production processes, empowered by digital investments, will generate
new national and international market opportunities. Luxembourg will need to fully
exploit these opportunities to become a more promising place to invest and do
business. Although a leader in broadband penetration, Luxembourg will need to pursue
an aggressive digital master plan to encourage the integration and smart use of new
technologies by businesses across all the industrial sectors.
Approach to Smart Regulation: Luxembourg will need to transform its regulatory
regime to accommodate the new challenges and opportunities that come with the
transition from a Second to a Third Industrial Revolution economy. The digital
technology revolution favors ever-expanding connectivity across political boundaries
and business sectors, forcing a disruption in conventional business practices and
commercial relationships. New regulations, codes, and standards will need to be put in
place to encourage a more distributed, transparent, and collaborative approach to
commerce and trade and the pursuit of a more sustainable ecological society.
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