I have been receiving more and more calls and messages concerning the “Strategic Jos Summit” despite the excitement, I realized that the key challenge is that many do not understand the ‘FOURTH ECONOMY” as a crucial economic principle. Hence, they find it difficult to situate Strategic Jos Summit as a Business and Development Catalyst. For many who are looking beyond Corrosive Fatalism and Supremacy of Ignorance; this is a brief insight.
By way of measuring human progress, especially important drivers of economic evolution, the concept of categorization of developmental economies came into practice. This has become a very crucial instrument in understanding important components of development both from local perspectives and for global competitiveness.
As a matter of fact, no serious business or brand or service can survive without having an insight into the direction of capital, energy, ideas, concepts and innovation and no one can understand these DIRECTIONS without recognizing the far reaching influence of the different Industrial Revolution, the curves and parallels. Communities and countries that were the fastest in adopting these evolution are what we recognize today as the developed world.
Very recently in Nigeria, Bill Gates drew our attention to this core principle, when he visited Nigeria, as a guest for the Dangote’s daughter’s wedding, unfortunately it was politicized and at the end very little lesson was learnt both by the Nigerian business circle and the Public sector.
There is no exact date to when each industrial revolution began, to this effect most writings and discourse are based on approximation of the aggregate invention and innovations that ushered in these eras rather than exact dates of a specific invention. The Industrial revolutions are largely divided into Water and Steam (1780), Electricity (1870) Internet (1960) (Communication/Data/Coding) while the Fourth is based on Human Asset (2000) and all of them were Technological in the generic sense of the term.
Each of the evolution place greater priority in one of the elements of production despite other important components: With Water and Steam is LAND for Agricultural Mechanization, with Electricity is INDUSTRY for Mass Production, with Internet is DATA AND CODING and now with The Entrepreneur is knowledge and skill sets as was popularized by two of Peter Drucker’s books, The Effective Executive (1966), The Age of Discontinuity (1968) and extended by The Fourth Economy: Inventing Western Economies by Ron Davison (2011)
WHY MANY ARE CONFUSED ABOUT THE TERM FOURTH ECONOMY:
Each of the Industrial revolutions 1, 2 and 3 are continuous with intersecting joints and nodes, Water/Steam, Electricity and Electronics, Computer and Internet: the challenge therefore of the Fourth Economy which is Human Asset is the ABILITY and CAPABILITY to deploy these three crucial drivers into innovation. This is what gave birth to the principle of CONVERGENCE as a development principle. The capacity to do is what you call Efficiency and proficiency across business and social context. Human Asset in this context becomes the sum total of an individual’s Ability and Capability, the total Skill Sets that qualifies him/her to be either rated Highly Skilled or Lowly Skilled. Some key models have been introduced with the lowest at 1D and the highest at 8D.
In this regard the conclusion is that, to critically evaluate any community, business or institution as FUTURE DRIVEN, you will have to look beyond their lands and properties, beyond their Electricity and Electronics, beyond their Computers and Data(s) and focus on their Human Asset THE PEOPLE. This is why the best countries around the world place premium in developing their citizens, so also the best businesses, brands and institution, for in the final analysis people are at the core of invention and progress, even Artificial Intelligence (A.I) is dependent on Organic Intelligence (O.I). The rate of any community to develop is directly proportional to their capacity and capability of its members; 1D,2D,3D, 4D, 5D,6D,7D OR 8D.
The core mandate of Strategic Jos Summit is to advance Human Resources, and Human Capital discourse away from potentials to REAL TIME ASSET… No time has it been ever true like now, that everyone has a price... Hence the big question today is what is the Economic Value of your Head and Heart and Hand in any production value chain? #strategicjossummit #humanasset
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