The west risks being left behind if it does not embrace new technology

Sectors ranging from finance to transport and media are changing at a rapid pace - but governments have yet to catch up

One of the most difficult challenges facing western governments today is to enable and channel the transformative - and, for individuals and companies, self-empowering - forces of technological innovation. They will not succeed unless they become more open to creative destruction, allowing not only tools and procedures, but also mindsets, to be revamped and upgraded. The longer it takes them to meet this challenge, the bigger the lost opportunities for current and future generations.

Self-empowering technological innovation is all around us, affecting a growing number of people, sectors and activities worldwide. Through a constantly increasing number of platforms, it is easier than ever for households and corporations to access and engage in an expanding range of activities - from urban transportation to accommodation, entertainment and media. Even the regulation-reinforced, fortress-like walls that have traditionally surrounded finance and medicine are being eroded.