These words were pronounced recently by French president Emmanuel Macron when announcing a 30Bn€ plan to “reindustrialise” France.
The Industrial Tech sector is of capital importance for any region aiming to have a competitive and strong economy. The pandemic has clearly show this: industrialised economies responded and recovered quickly while bringing innovative solutions to the market, while service-based economies have suffered the most.
Europe needs to reinforce its competitiveness through industrial development.
Reasons for this include; the multiplying effect of creating jobs in the Industrial Tech sector (each job created in the industrial sector, produces at least another job in complementary services), the high-quality nature of such jobs, as well as the effect on innovation (80% of innovation brought to market in Europe has its origin in the industrial sector).
What can be done to increase the contribution of the industrial sector to regional GDP?
- Increase production and sales of existing industrial companies, and
- Create new industrial companies. What we call startups.
Industrial Tech startups are those new companies developing products with proprietary IP that involve manufacturing processes. We are talking about medical devices, robotics, mobility solutions, clean energy, or agro tech, amongst others.
Industrial Tech startups are new companies with high-added value.
We have the ingredients to make of Industrial Tech one of the pillars of a competitive Europe: high-quality science, an existing and solid industrial sector, and the emergence of venture capital in Industrial Tech.
It takes vision and leadership to make it happen, and president Macron has shown the way.
Who else will follow?