The digital revolution is not only here, it is accelerating every day. Advances in automation, the digitisation of information, unprecedented access to data and the democratisation of knowledge are transforming every sector of our economy – from healthcare to transportation to energy and beyond. The scope, scale, and ubiquity of these disruptions is truly unprecedented.
According to data from a recent McKinsey study, a dozen technologies, including genomics, energy storage, and automation, will drive major economic and societal transformation in the next several years. With a potential economic impact between $14 trillion and $33 trillion a year in 2025, the value of these emerging technologies could constitute one third of global GDP.
As we embrace this tech-driven economy, universities must change, too, at a pace unfamiliar to higher education. While we retain our core mission of educating the next generation and cultivating new forms of knowledge, universities must also embrace our ever-expanding role in driving innovation and catalysing economic development. Our institutions must meet the challenges of the digital revolution head on, and play an increasingly important role in our innovation ecosystems and economies in four key ways.
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