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Business, Innovation, and Entrepreneurship

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Andrea Wong

on 16 April 2013

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Transcript of Business, Innovation, and Entrepreneurship

Big Data How can "big data" be curated to unleash innovation? By whom? Consumer-Driven Innovation In 2030, about 80% of the global middle-class consumers will live outside the US and Europe. According to forecasts, between 2012 and 2030, some 1.2 billion of the world's 1.3 billion new citizens will be born in emerging or developing countries.

Consumers in the developing world will invest strongly in improving and protecting their health. Spending will reach around USD 219 per capita per year by 2020. This is roughly USD 86 per capita more than at present.

Consumer expenditure on communications will almost double between 2012 and 2020.

As consumers become better educated, they also require better information. The Big Ideas This issue map is a dynamic and living representation of the portfolio of ideas around business innovation and entrepreneurship.

It is informed by 360 connections with: ICT, PS, MOB, TP, GGC, IV - Entrepreneurship.

This is meant for internal use only. Innovation Strategy Everyone agrees that innovation is important but of course there is no instant formula for innovation success. Innovation requires a sound strategy and an understanding of which innovation management techniques to invest in according to their potential impact and chances of success. Driving Innovation in Large MNCs
(intrapreneurship) Large companies inevitably build up bureaucratic systems that are resistant to innovation and change.

What are the patterns and behaviours that leading organizations should be thinking about to prepare for tomorrow? Entrepreneurship Ecosystems Issue Map Business, Innovation,
and Entrepreneurship Fighting the organizational immune system Example: Classic case of Intel failing to bring numerous innovative products to market after successfully inventing them in special purpose divisions.

The groups were given the mandate and the money to create, but not to market their innovations, and the internal corporate “immune system” rejected them one after the other, not because the organization as a whole did not see the value being created, but because this value did not fit the already existing, successful norms and practices.

Intel saw no risk in generating the new concepts, and did that very well, but once they threatened the profitable, comfortable status quo, the entire organization fought against the exact innovations they wished to create.

The ”immune response” a successful middle-management group exhibits when proposed innovation is seen as negatively impacting established metrics the organization or its shareholders use to measure success of the management itself. How do CEOs "bubblize" their organizations to drive innovation?

How do you create a corporate culture that counters those inevitable tendencies, and allows innovation to flourish? Maintaining organizational agility How do CEOs today nudge their organizations so that they can thrive in a world of exponential change? Over the last 40 years, the emergence of new digital infrastructures and a global liberalization of economic policy have increased the pace of change exponentially. Institutional innovation requires embracing a new rationale of "scalable learning" (as oppose to "scalable efficiency") with the goal of creating smarter institutions that can thrive in a world of exponential change.

The market will move from innovation to mass commercialization in three- to four-year cycles rather than 10-year cycles like before. The impact of this new adoption cycle shift will cause chaos for the companies who do not understand it and make adjustments. Anticipating and adapting to market changes will be critical for any companies hoping to live the next 10 years and beyond.

Source: Deloitte Innovation Report, John Hagel Where innovation happens How can organizations encourage a culture of innovation in the mid-levels of management/hierarchy and not just at the top levels or in the R&D departments? Innovating across cultures How do you build teams of innovators across national boundaries and cultural differences? Foreign Innovation Many U.S. and European countries once assumed they could conquer foreign markets by selling variations of the same products they invented and developed at home. But increasingly, they are finding that world's new mass markets offer the opportunity to completely rethink how they innovate.

Example: More Chinese consumers are purchasing through online retailers than traditional brick and mortar, because businesses are bypassing the traditional models and going straight to digital. How to create the platform to public-private partnerships to transfer innovation to markets and across markets? What are the important innovation management techniques to invest in to achieve a better return on innovation investment?

- Understanding the contribution of important technologies to corporate goals
- structured use of external sources of business intelligence
- reacting to changes in targeted segments by reviewing the product/service portfolio
- mobilizing the whole organisation to develop new ideas Innovation Management What business model innovations will disrupt industries and markets? Business model innovation The Poverty Premium Can multinational corporations eliminate the poverty premium?
- market development
- product adoption
- price vs. quality The poverty premium describes the benefits multinationals can gain by serving poor consumers in emerging markets. Consumers at the bottom of the pyramid pay much higher prices than their middle-class counterparts, providing an opportunity for big corporations who have economies of scale and efficient supply chains to capture market share.

Companies hoping to reach low-income consumers need to understand what their innovations would compete against. Today, financing new ventures—both start-ups and new projects inside established companies—is risky and complicated. During times of rapid transformation, companies hold large amounts of cash on their balance sheets and invest cautiously. New Funding Models The internet of things How will the internet of things transform the way we live?
- economic
- environmental
- social and cultural Disruption:
the self-driving car How will introducing self-driving cars into the marketplace transform urban mobility and design?
- smart cities (mega city traffic control) Disruption: 3D printing and remote manufacturing As 3D printing goes mainstream, consumer expectations take customization and delivery time to the next level. What is the future of manufacturing?
- jobless repatriation (the "fat" middle)
- market innovation The Future of Work How do you design an organizational structure that drives creativity and intrapreneurship?
- creative collaboration
- living on video
- culture matters
- economics of wellbeing Talent and Innovation How can New Champions gain more knowledge about and access to global skills and talent? Skills Gap The Growing Skills Gap report (GE) polled manufacturing executives across the country and found that two-thirds have a “moderate to severe shortage of available, qualified workers”, including 600,000 jobs that are vacant because there aren’t enough qualified people to fill them.

Talent shortage: Labour demand and supply
Unemployment is an enormous issue; research/case studies on how to resolve talent shortages?
- Gap between education and employability
- What people are being taught – relevant to needs? -skills development beyond education, how to improve skills to be employable to improve career options; role of vocational training
- Employable graduates or do they have to go through pain once out of college?
- Use of technology in education to skill up – remains major challenge, not using cutting edge tech in the way it could; room for cutting-edge technology By the end of this decade, four out of every 10 of the world's young graduates are going to come from just two countries - China and India.

Shifting from "mass production to knowledge economy occupations" means improved employment rates and earnings - so there are "strong incentives" for countries to expand higher education.

Singapore's education system, praised for high test results, is now targeting innovation. Minister for Education, Heng Swee Keat, said this is ''less about content knowledge'' but ''more about how to process information". Governments around the world are eager to adopt policies that will allow entrepreneurship to flourish.

- where is the money flowing?
- what is the economic impact of entrepreneurship?
- what new models of PPP are emerging? Entrepreneurs are now numbering near 400 million in 54 countries -- with millions of new hires and job creation expectations in the coming years.

What are the public policies that work best in creating an environment where entrepreneurship can flourish? How does one create an ecosystem for entrepreneurship? The globalization of the startup revolution offers new insights from different parts of the world about building entrepreneurial communities, creating smart startup cities, developing new models of experiential education, financing for growth, and how to scale fast. Start-up Revolution The intent to start businesses is highest in emerging economies (those in early-stage development). People in these economies are most likely to see opportunities and believe in their ability to start a business. They also hold entrepreneurship in high regard. Expectations to start a business are also high in some middle-stage developing economies like China, Chile, and Brazil. These measures tend to fall, however, as countries rise in economic development. Russia and the United Arab Emirates have the lowest entrepreneurial intention rates across the sample. Data as an asset class What are the challenges that policymakers face as digital information becomes a tradeable good?

- how is data valued
- taxation
- licensing and ownership The Future Entrepreneur Every entrepreneur wants to disrupt entire industries but few succeed.
• Role of universities in promoting entrepreneurship
• Entrepreneurship: everyone wants to do it, nobody knows how to do it.
• Studying entrepreneurship is different from knowing/ learning how to do What factors determine a successful entrepreneur? Can entrepreneurship be a learned skill? What is the role of universities in promoting entrepreneurship? The Sharing Economy If this catches on, there will be short-term decrease in consumer demand for products but the potential benefits for long-term positive externalities in the form of moving toward a more sustainable society are large. Internet Regulation As of December 21, 2012, 89 countries signed the ITR (Internet Treaty Regulations), effectively binding 3.8 billion people - or over 60% of the world's population - to a common basis for today's connected world.

What are the implications of a
regulated internet? Shifting Norms in the Digital Space Digital Infrastructures Scaling Innovation Wireless technology can now deliver electric power to moving vehicles. In next-generation electric cars, pick-up coil sets under the vehicle floor receive power remotely via an electromagnetic field broadcast from cables installed under the road. The current also charges an onboard battery used to power the vehicle when it is out of range. As electricity is supplied externally, these vehicles need only a fifth of the battery capacity of a standard electric car, and can achieve transmission efficiencies of over 80%. Online electric vehicles are currently undergoing road tests in Seoul, South Korea. Three-dimensional printing allows the creation of solid structures from a digital computer file, potentially revolutionizing the economics of manufacturing if objects can be printed remotely in the home or office. The process involves layers of material being deposited on top of each other in to create free-standing structures from the bottom up. Blueprints from computer-aided design are sliced into cross-section for print templates, allowing virtually created objects to be used as models for “hard copies” made from plastics, metal alloys or other materials. Other Emerging Technologies - self healing materials
- Energy-efficient water purification
- Carbon dioxide (CO2) conversion and use
- Enhanced nutrition to drive health at the molecular level
- Remote sensing
- Precise drug delivery through nanoscale engineering
- Organic electronics and photovoltaics
- Fourth-generation reactors and nuclear-waste recycling source: http://forumblog.org/2013/02/top-10-emerging-technologies-for-2013/ Entrepreneurship is an engine for economic growth Fred Wilson--as in, the New York-based venture capitalist who bet on Etsy, Foursquare, Kickstarter, and Twitter--didn't make an investment last year. Roelof Botha, the prominent Silicon Valley investor who backed Instagram, Square, and YouTube, opted not to lead an A round. Paul Graham--as in, the guy behind the early-stage startup-mentoring program Y Combinator, which helped usher Airbnb, Dropbox, and Reddit into the world--decided that he would accept fewer than 50 companies into his winter 2013 batch of startups, 40% less than the class size the previous summer. Wilson took a stab at explaining his reticence in a blog post, when he wrote, "The wind that has been at our back for seven to eight years in consumer Internet is no longer there. It's tougher sledding and will likely continue so for some time to come." The world's e-commerce market is expected to grow at a CAGR of 25% between 2012 and 2017. Transactions via mobile devices is a key driver behind that growth. In 2013, more people are expected to use mobile phones than PCs to get online.

Source: Consumer Industry Dialogue Series 2013 - open access
- cyber-security Source: Global Entrepreneurship Monitor What is innovation? - innovation one of the most abused words in the English language
- innovation is NOT invention
- innovation are new ideas that create value
- the hard part is not coming up with new ideas, it's making sure the ideas create value and scale Collaborative Innovation Like crowdsourcing, crowdscaling taps into the energy of people around the world that want to contribute. But while crowdsourcing pulls in ideas and content from outside the organization, crowdscaling grows and scales its impact outward by empowering the success of others. Frugal Innovation You create such a small box that people throw away assumptions (frugal innovation) - they don't have all the time, money, and people in the world. Those who give it a shot realize that failure is likely anyways, so they give it their best shot and take risks! Source: Roland Berger Sources: Consumer industry high priority issue (dialogue series)PAG13 Brainstorming (top question pitched) How are e-commerce models changing the global distribution architecture?
- Service delivery models
- Consumer behavior and real time personalization
- The new service environment
- Distribution broadening globally and by product E-commerce Mobile Commerce Digital Retail - cross-border retail and transactions
- mobile payments and banking
- start-up funding
- the sharing economy
- challenge for brick-and-mortar (pop-up shops)
- China's e-tailing market - mobile technology
- home healthcare
- supply chain & logistics
- cloud computing Every day, we create 2.5 quintillion bytes of data — so much that 90% of the data in the world today has been created in the last two years alone. This data comes from everywhere: sensors used to gather climate information, posts to social media sites, digital pictures and videos, purchase transaction records, and cell phone GPS signals to name a few. Big data provides immense opportunities for social innovation but also incredible challenges for personal security and privacy. Source: http://www-01.ibm.com/software/data/bigdata/ Urban Development Redefining the "internet company" Today, technology in your car is simply an add-on. The value proposition of transportation has remained exactly the same since the first Ford T-Model. However, once self-driving cars become mainstream will the software become more valuable than the hardware? Almost overnight, China has become the world’s second-largest e-tail market, with estimates as high as $210 billion for revenues in 2012 and a compound annual growth rate of 120 percent since 2003.

The country’s retail sector already is among the most wired anywhere—e-tailing commanded about 5 to 6 percent of total retail sales in 2012, compared with 5 percent in the United States—while it is distinctly different from that of other countries. Only a small portion of Chinese e-tailing takes place directly between consumers and retailers, whether online pure plays or brick-and-mortar businesses on retailers’ own Web sites. Instead, most occurs on digital marketplaces.

What’s more, Chinese e-tailing is not just replacing traditional retail transactions but also stimulating consumption that would not otherwise take place.

Finally, e-tailing may catalyze a “leapfrog” move by the broader retail sector, putting it on a fast track to a more digital future. These are among the key findings of China’s e-tail revolution: Online shopping as a catalyst for growth, a new report by the McKinsey Global Institute.

Source: http://www.mckinsey.com/insights/asia-pacific/china_e-tailing http://www.npr.org/2013/03/07/173176488/the-big-data-revolution-how-number-crunchers-can-predict-our-lives Limitations of Big Data The Digital Elite - access to algorithms - so complicated that humans can't understand
- Tomorrow's "consumer" - the intention economy (doc searles)
- individuals are consumers AND producers
- web advertising - how do reach/engage individuals more effectively using big data - ex. Alibaba Source: Bill Hoffman The Sharing Economy: End of Personal Ownership? - in the future, no one will be traveling because everyone will always be traveling source: Max Bernard Yahoo, an Internet pioneer, missed the boat on social networks and mobile devices as the new gateways for information and, in recent years, had been losing advertisers and employees to rivals like Facebook and Google.

Critical to Ms. Mayer’s turnaround effort is infusing fresh blood and ideas into the company by buying creative start-ups and integrating them into the company. So since she took over last July, she has been on a splashy shopping spree, spending tens of millions of dollars to acquire six start-ups.

Source: NYTimes http://nyti.ms/YFa5Tz
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