LSE Consulting, a firm deeply rooted in the London School of Economics and Political Science (LSE), has recently published a report outlining a potential strategy for Europe to achieve dominance in the emerging Web4 sector.
The report suggests that the formation of an industrial conglomerate, similar to Airbus, dedicated to fostering innovation and growth in the metaverse, could be the European Union’s best opportunity to compete with global leaders like the United States and China. By leveraging Europe’s current technological and economic potential, this conglomerate could potentially propel Europe to the forefront of the metaverse market.
Drawing inspiration from Airbus, a multinational conglomerate formed in 2000 through the merger of French, German, and Spanish aerospace companies, the relevance lies in its cross-border integration and focus on maintaining Europe’s dominance in the international aerospace market. LSE Consulting believes that adopting a similar model for the metaverse could position the EU as a leader in the Web4 landscape.
To support their recommendations, the report highlights success stories from prominent European companies such as BMW, Ikea, Bosch Sensortec GmbH, Ericsson, and STMicroelectronics, all of which have explored metaverse technologies. Based on the achievements of these companies, LSE Consulting presents three key recommendations to advance the metaverse sector.
Firstly, the report emphasizes the need for the formation of an international conglomerate, following the Airbus model, to drive European innovation in the metaverse and compete on a global scale. This collaborative approach would unite resources and expertise, enhancing Europe’s position in the industry.
Secondly, LSE Consulting suggests prioritizing skills training to ensure that the European workforce is equipped to innovate in the metaverse. By investing in the development of relevant skills, Europe can effectively tackle the challenges posed by this emerging sector.
Lastly, the report calls for government support in developing innovative cross-border solutions and establishing standards for adoption. This support would enable the industry to overcome emerging challenges and foster the growth of the metaverse sector.
Michael Barngrover, the managing director of XR4Europe, expressed his agreement with the report’s recommendations, stating that there are multiple viable paths for the continent to pursue. He believes that the suggestions put forth by LSE’s researchers contribute to the ongoing discussions surrounding the future of the metaverse industry.