TWC Lesson 6: BioBusiness Revolution - Healthcare and Biomedical Sciences

Brief Overview/Summary 

The lesson started out with the interpretation of a quote by Albert Einstein – “There are only two ways to live your life. One is as though nothing is a miracle. The other is as though everything is a miracle”.

The idea which this quote conveys is that one may choose either one of two approaches to living – either go through life jaded and uninterested, or living with curiosity and fascination about all that is happening around one. The latter envisages one being open to change, being capable of and receptive to learning. Whereas the former depicts a falling star mindset, the latter is illustrative of a rising star mindset.

Another Greek proverb aptly sums up an underlying philosophy of the present topic on BioBusiness Revolution – that of having a future-oriented mindset – to be forward thinking in planning ahead to ensure the sustainable growth of society, and not merely be concerned with reaping the gains from current development.

Prof Shahi defines BioBusiness to mean any commercial activity that is based on an understanding of life sciences and life science processes. Relevant areas include the biomedical sector, agri-veterinary biosciences as well as environmental and industrial biosciences. Through a research designed to investigate the extent of industry dominance of BioBusiness, it was discovered that BioBusiness constituted an astounding 25% of global GDP and employs some 40% of the world’s labour force.

Prof then went on to note that healthcare as an aspect of global BioBusiness is the most prominent, in that it represents an area with great growth potential. This is as worldwide incomes are rising and with greater affluence, there will be increasing demand for greater access to and more sophisticated healthcare. The growth in global market size of healthcare is going to outstrip the growth of the same sector in the United States, which in 2001, constituted 52% of global market size.

The lesson then proceeded on a discussion of the major opportunity areas of BioBusiness. An underlying imperative was the need to capitalize on Summit Opportunities, to find a way to make Cloud Opportunities feasible and a reality and to shift away/reduce reliance on Valley Opportunities.

The various key areas of the BioBusiness industry highlighted were those of healthcare, pharmaceuticals, beimedical biotechnology, herbal and traditional medicine (e.g. neutraceuticals), medical devices and the process of diagnosis. Some of the notable trends in BioBusiness-related innovation include the exponential increase in the number of new patents being generated (from 660 drugs approved in 1977 to 3372 potential drug candidates in1997, according to a 2000 report by the US Patent Office) as well as rise in Multicellular Organism innovation (e.g. in the area of cloning) and Recombinants innovation. It is envisaged that new emerging innovations in the life sciences and biotechnology will revolutionize the BioBusiness landscape, which currently accounts for less than 0.5% of global BioBusiness. The promising possibilities in outcomes of such innovation were aptly captured in a video titled “The Future of Healthcare”. As Prof accurately sums up the BioBusiness industry’s outlook: “We are living in exciting times!” Indeed.

Interesting Observations and Ideas 

Reading 1 provided an overview of technology-related opportunities in healthcare and the biomedical sciences and I note some of the key points addressed in the paper:

1. There is substantial opportunity and potential to develop and apply innovative and entrepreneurial solutions in response to changing public health and healthcare service realities in the region.

2. New paradigms in healthcare and wellness have created new opportunities and growing interest in such areas as alternative and complementary medicine, and in nutraceuticals and functional foods.

3. New developments in information and communication technology and in medical devices for disease and wellness monitoring, create the opportunity to establish innovative service delivery approaches that are more cost-effective and can result in great improvements in health outcomes.

4. Advances in biotech-based drug design and development technology in the post-genome era promise to lead to increased success and efficiency, as well as lower development cost for new drugs. The increasing availability of novel technologies developed by biotech players is helping to drive collaboration and strategic alliances between big pharma and biotech players internationally and in the region.

5. The Asia-Pacific region promises to be a major growth market for diagnostics over the next several decades. Also, a growing base of world-class diagnostic companies in the region is working to develop innovative and promising new diagnostic products and technologies.

6. The biopharmaceuticals sector is generating growing interest in the development, testing and manufacturing of vaccines, recombinant protein drugs and monoclonal antibodies.

7. New opportunities are also being created in the outsourcing sector – especially in relation to contract research and contract manufacturing services. Asia-Pacific players stand to capture a significant piece of the out-sourcing pie.

Reading 2 was a report on biotechnology, innovation and intellectual property prepared by a team of international experts on the subject. The paper identified the need to transition away from the old model of IP (“Old IP”) towards a “New IP” era. What this posits is a greater focus on collaboration and cooperation among the various brokers and stakeholders, instead of increased protection, leading not only to greater levels of innovation, but better access to new products and services. The paper postulates that the best innovative activity occurs when everyone – researchers, companies, government and NGOs – works together to ensure that new ideas reach the public, but are appropriately regulated and efficiently delivered to those who need them.

The report then goes on to identify what actions are needed to make this transition: greater trust between industry, government, researchers and NGOs; more and better communication over IP and science and technology policy, and the crucial role the media has to play in this respect; new models which provide better ways to develop and deliver biotechnology products; enhancing science, technology and engineering, especially in low and middle income countries, to enable them to profit from innovation efforts; cross-cutting thinking – the need to work across discipline and bring together the various actors to generate mutual understanding of how IP actually works in context; having a fundamental grasp over what we want from innovation and devising an accurate measure of it.

Reading 3 presents UK’s strategic vision for its bioscience industry in 2015. It identifies various challenges currently facing the industry and recommends solutions to tackle these challenges.

Specific recommendations provided to tackle the critical challenges, in order for UK to achieve its vision of being a global leader in bioscience by the year 2015 (currently, the US takes the lead), are as follows:

1. Build mutually advantageous collaboration between the NHS and industry to maximise patient benefit.

2. Create a public and regulatory environment that is supportive of innovation.

3. Ensure sufficient and appropriate funding is available to fund the long and costly process of technology and drug development at all stages.

4. Build a strong bioprocessing sub-sector within UK bioscience to act as an enabler to bioscience innovation, and to anchor the bioscience sector.

5. Develop, attract, and retain a high quality scientific and managerial talent base with appropriate technological expertise.

6. Create the Bioscience Leadership Council to oversee implementation and continue sector-wide dialogues.

The report proposes that in making this vision a reality, the UK will be able to realise two significant benefits: Improved national health, through improved clinical performance and early access to innovative medicine; and increased national wealth, where Gross Domestic Product will be enhanced by maintaining and supporting a high growth, high margin, high value-added, knowledge-based industry.

Reading 4 emphasises the need for disruptive innovation in healthcare in the United States, which he opines is the most entrenched, change-adverse industry in the country. The author’s main contention is that the current healthcare system is convoluted, expensive and often deeply dissatisfying to consumers and that there is a need to allow the natural process of disruption to proceed to enable to emergence of a new system that is characterised by lower costs, higher quality, and greater convenience than could ever be achieved under the old system.

Disruptive innovations essentially work by enabling a larger population of less-skilled people to do in a more convenient, less expensive setting things that historically could be performed only by expensive specialists in centralized, inconvenient locations.

The progress of disruptive innovation is described as follows: while dominant players in most markets focus on sustaining innovations – on improving their products and services to meet the needs of the profitable high-end customers – those improvements soon overshoot the needs of the vast majority of customers. This then makes the market ripe for upstart companies seeking to introduce disruptive innovations – cheaper, simpler, more convenient products or services aimed at the lower end of the market. Over time, those products improve to meet the needs of most of the market, a phenomenon that has caused many of history’s best companies to plunge into crisis.

An apposite example of a disruptive innovation healthcare identified by the report was that of an English entrepreneur who has developed a system for customizing eyeglasses quickly and efficiently – it is a disruptive technology as it enables patients to do for themselves something that historically required the skill of professionals.

However, the author notes that oftentimes, established institutions/professions are quick to discredit these disruptive innovations for fear that these alternatives threaten their livelihoods. Further, regulators, afraid of putting patients at risk by adopting these nascent technologies, are likely to delay/withhold approvals of these innovations.

In response to the healthcare predicament, the author proposes several solutions:

1. Create – then embrace – a system where the clinician’s skill level is matched to the difficulty of the medical problem.

2. Invest less money in high-end, complex technologies and more in technologies that simplify complex problems.

3. Create new organisations to do the disrupting.

4. Overcome the inertia of regulation.

5. The need for collaboration in leadership at regional and national levels, not to regulate the existing system, but to coordinate the removal of barriers that have prevented disruptions from happening.

Rebekah Chua’s presentation on ‘Sci-Fi to Reality’

Rebekah posed the question of whether or not as a parent, we would want to employ the technology the advanced future technology envisaged to become aware of our unborn children’s predisposition to diseases.

It was discussed that should parents acquire knowledge of such predictions, they would conduct themselves vis-à-vis their child in such a way as to limit the child’s potential, out of fear that their child would fall prey to said diseases. However, a counter argument which Prof raised was that for certain diseases, should two parties have a predisposition to the said disease, the lifespan of their child would be greatly reduced. In these circumstances, it is difficult to argue against awareness. Notwithstanding the possibility of such occurrences, however rare the chances are, there remains the predominant and controversial concern over how such knowledge would drive parents to opt for adoption. The ethical and social consequences are significant.

I personally do not think that abortion would be that pressing an issue, at least not in Singapore. There are exigent and strict laws in place which makes abortion of unborn children a criminal offence if abortion is undertaken past a certain stage of development of the foetus. As such technologies to test DNA of the child to predict its predisposition to diseases are likely only to be employed when the foetus has matured beyond a certain stage (i.e. when essential organs are at least formed and functional I would presume), such a provision would apply to safeguard against frivolous acts of abortion.

Luo Xindi’s presentation on ‘Veti Gel’, which provides for the sealing of open wounds (clotting of blood) and may be self-administered, raised the question whether we would be prepared to use the gel should it be made available on the market. The consensus reached by majority of the class was that, given the relative ambiguity as to the long-term side-effects of application of the gel, it would be wiser to employ its use only as a last resort while under normal circumstances, especially when faced with small wounds, it would be safer to stick with traditional remedial methods. I agree that given it is uncertain what, if any, adverse long-term side effects may arise from continuous usage of the gel, until further research and tests have been conducted on the medication to ensure that it is as safe for use as possible, I would not want to use the gel unless there are no other viable alternatives available.

Irfan Nusrulhaq’s presentation on ‘Elixir of Youth: Telomerase’ posed the question whether the class would subscribe to telomerase and to the concept of immortality. Personally, I would not want to be immortal. I believe that what makes life exciting and fulfilling is in part because we are aware that it is limited. We only have a certain amount of time alive and that drives us to make the most of it; to seek meaning in what we do and to experience contentment and satisfaction when we realize various milestones/achievements. I think that if I knew it is possible for me to live forever, I would be very much less productive of my time. Ambition and dreams would fade as one expects to be able to experience/achieve anything one fancies to at some point in time, given that we have forever. Hence, personally, I would not approve of the introduction of any sort of technology that would deliver immortality to the human race.

Key Take Away Points 

1. There is great promise in the current BioBusiness and Biomedical sector revolution. One particular area of innovation that is particularly noteworthy is the potential of tele-consultation. As shown in the video on the Future of Healthcare, I note that the advent of tele-consultation envisages extensive patient benefits, among these: the saving patients’ waiting time and costs of transportation (which could be an onerous burden for those living in rural areas) in consulting a doctor; lesser patients suffering from detrimental consequences of missing their medication with the wireless ‘reminder’ system; patients being able to track their own progress and with greater information of their own condition, would be more motivated to take responsibility/play their own part in caring for their own health.

2. The video on childhood obesity is particularly striking. The World Health Organization predicts that by 2015, 2.3 billion people will be overweight, with 700 million obese. The situation of childhood obesity is also on the rise, with an estimate of 22 million overweight children in 2010. Particularly shocking is the example of Mexico, where the obesity index has risen by 300% in the last 30 years from 2010 and 70% of adults and 30% of children aged between 5-11 years are overweight as of 2010. Several reasons are identified in the clip for the prevalent global obesity trend. The growing affluence of low and middle income countries coupled with globalization resulted in an adoption of Western lifestyles and eating habits. Fastfood is becoming the diet of choice in many countries such as India and China and is often marketed as good food. Since fastfood is relatively affordable to the masses, the problem of obesity afflicts all levels of society and is does not just affect the wealthy. Another reason postulated is the changing concept of play – which increasingly contemplates very little physical activity and more electronic gadgets. This reinforces the idea of how the forces of globalization and technological advances in the various sectors which have a direct impact on our lives, may produce adverse consequences if not properly understood and managed.

Personal Ratings for Session

I would rate this lesson a 8 out of 10.

TWC Lesson 5: ICT and World Change

Brief Overview/Summary of the themes/topics addressed during the session

The topic covered this week was on Information Communications Technology and its relevance to World Change – its uses, impacts and potential.

Prof Shahi started out the lesson in his usual way by introducing to us two apposite quotes which captured some of the key ideas relevant to the topic. A quote by Arthur C. Clarke is a pertinent observation of how any one thing which is advanced enough and so far ahead of our time/existing mass-marketed technologies, would be “indistinguishable from magic” to us. To me, the quote conveyed the idea about how vast the frontiers of technologies are, that something we cannot begin to comprehend today can nevertheless culminate in something functional in time.

The second quote was by John Naisbitt and it basically poses the fundamental questions of what it means to be a human being – whether it merely constituted the concept of our physical being and whether this perspective has undergone any extension in light of the technological pervasiveness and breakthroughs of the 21^st century. Prof Shahi opines that, with the rise of the internet and our ability to reach out and communicate with the greater part of the world, our concept of ourselves as individuals has expanded – there is a rise of a new consciousness among individuals, the idea that everyone is part of a new global community and that we all have a responsibility in the wider context of global issues.

The lesson then proceeded on a review of some of the key components of ICT in the 21^st century. Significantly, there appears to be preparation for a move towards Web 3.0 from Web 2.0 which we currently experience. The implication of this is the advent of an internet that is not only interactive, but exists invisibly and is all-pervasive and omnipresent in our lives.

Another key observation was how the advent of mass media has changed the way we communicate and our expectations as global consumers. In the past, the media was mainly utilised for the one-way dissemination of ideas by a single entity to the masses. Today, individuals around the globe are able to engage in interactive, two-way conversations. The demand for information has increased and mass media has facilitated the greater sharing of ideas and knowledge. The enabling of feedback and communication between the population and the governing authorities of a country also allows for the fine-tuning of policies and approaches, making the government of the day more relevant in the eyes of its people and enabling the fostering of a more cohesive society.

Other promising ICT technologies discussed were that of gaming – how it holds great potential when used in education and in helping soldiers coming out of brutal war to deal with post-traumatic stress disorder, as well as its invaluableness in providing a platform for the training of doctors; wireless technologies – the possibility of wireless energies; cloud computing – its utility to pave the way forward for IT in allowing the creation of capacity and addition of capabilities on the fly without the need to invest in new physical infrastructure, training of personnel or licensing of new software; and knowledge management – the concept of synthesizing data to information to relevant knowledge and ultimately to beget wisdom in its user.

Readings

In reading one, it was highlighted that one of the misconceptions of how computers can help learning stems from an insistence that the same skills that we have been taught for the past century remain the most important and relevant in today’s networked world. It was observed that there is a need for radically different learning systems that tap into the potential that computers offer. In his projects, Mitchel Resnik of the Massachusetts Institute of Technology Media Lab showed how computer-enhanced learning can create meaningful change in the lives of children, and points to the importance of the underlying philosophy of learning as key to instituting reform.

It was also recognised that although the internet can help to create true excellence in business practices, technology alone will achieve nothing if the appropriate managerial and organizational infrastructure and knowledge are not present. Soumitra Dutta of INSEAD writes on how leadership and organisational excellence can have a tremendous impact in creating business success using ICTs in the developing world. Hence, it is important to keep in mind that managerial innovation is essential to creating environments where ICT-enabled business models can thrive.

In reading 2, John Gage reflects on how ICTs could have a profound influence on World Change. He notes that there are three fundamental technical changes in ICTs which are responsible for the explosion in their use to promote economic development – plummeting costs, expanding access to the network, and more powerful human-to-machine interfaces. These developments are allowing for the expansion in use of applications and devices as well as increased access to network systems by those previously deprived of such. Instructive interface metaphors also allows for new users to understand how to use these services independently. 

He further envisaged how four technical advances, in particular, hold much promise to aid development – peer-to-peer networks, precise local spatial data systems, sensor fusion, and unique identity systems. Although the foundations of these technologies stemmed from the innovations of the past, they nevertheless provide new tools for change in the 21^st century. At the conclusion of his article, Gage emphasises the need to match educational reform to the complex systems that have arisen through ICTs and suggests several immediate, measurable actions to bring this to fruition (1. Completing the job of ubiquitous connectivity and access; 2. Ask each linked location to describe their local world; 3.form a local microcredit organization at the linked location).

The third reading considered how ICTs may be utilised to enable the achievement of Millennium Development Goals (MDGs). The article posits that effective incorporation of ICTs into development should be founded on six axes: strategy, regulatory framework, implementation, capacity development, partnerships, and measurement.

Governments need to develop a clear and coherent national ICT strategy document which acknowledges the relevance of ICT to its citizens. There also needs to be a regulatory framework which supports the implementation of the strategy and ICT development-oriented policies should be specifically addressed. A multitaskholder framework is also critical for the successful implementation of ICT policies and three principles govern this framework – coordination to avoid duplication and to ensure coherence of different policies), Integration (whether one policy is in line with existing general development policies) and alignment (to ensure that implementation follows the originally established objectives. As ICTs become more accessible, the need for a pool of skilled technical individuals increases – governments should play a cognisant role to facilitate such capacity development through the provision of educational programmes and curricula. All relevant stakeholders, apart from the government should also be actively involved in the implementation of the country’s ICT strategy. Hence there is the need to provide for appropriate mechanisms to facilitate the forming of such partnerships. Finally, it is essential that progress may be traced in a very clear, concise and quantifiable manner, so that projects can be fine-tuned and actions adjusted to facilitate the accomplishment of original development goals.

The fourth reading contemplates the development of a European green knowledge society through a balanced application of ICT in the long term. Three key themes underlie the paper:

First, ICT is bringing about a fundamental shift in our economic and social lives – there is a need to be ever more aware of human and social aspects as they relate to ICT.

Second, Europe has reached a tipping point in the transition to a knowledge economy and moving forward, change has to be revolutionary, no longer evolutionary.

Third, the issue of climate change is the most important challenge of our time and ICT occupies a leading role in the fight against climate change, contributing to a sustainable low-carbon economy.

Presentations (take-aways)

Daniel Sim – What if the Internet crashed

Should the internet crash, we would definitely still be able to survive in the literal sense of staying alive. However we would certainly not be able to function as per how we are used to – our way of live will be rather disruptively affected.

Katty Lim – The role of ICT in sustainable development

The increasing interaction between people of less developed countries and the developed world will not necessarily lead to Westernization of cultures in the less developed world. Interaction is inherently a two-way process, what is facilitated is a mingling and exchange of information and knowledge of one another’s culture. This could lead towards the formation of a more unified global culture. However, someone pointed out that this ‘global culture’ which emerges might ultimately be ‘western culture’ after all, given the pervasiveness of Western cultures in the world today.

Olanda Cherie Low – What augmented reality means for retailers

With the widespread adoption of augmented reality technologies in online shopping platforms, there will be huge savings in cost for brands as they are able to dispense with the need to maintain rental/overhead/staff costs. However, one negative implication of such a trend is that consumers may be encouraged to do more of their shopping online and this could promote consumerism and the consequential risk of credit card debts, given the ease with which one is able to make purchases online. Also, the issue of cyber security and credit card frauds becomes pertinent.  

Personal Ratings for Session

I would rate this class a 9/10 for the breadth of coverage and the informative discussions which Prof Shahi got the class engaged in.  

TWC Lesson 4: Drivers of World Change; Change Management and Change Leadership

Brief Overview/Summary

The topics covered in this lesson were: Drivers of World Change and Change Management and Change Leadership

Prof Shahi started off the lesson with a recap of what was discussed in week 3 on industrialization and sustainability. There was a recap of the arguments made by both newly emerging economies and developed countries on sustainable development – industrialized countries routinely condemn developing countries for not adopting clean technology in the pursuit of industrialization, whereas the emerging economies are adamant that since current environmental issues are the result of past destructive practices undertaken by the industrialized countries themselves, it should be the industrialized countries who should be responsible for the funding of green technology research and the production of clean energy.

It struck me that sustainable development is every global citizen’s responsibility. We all have a role to play in ensuring the sustainability of Earth’s resources for the very survival of our future generations. Furthermore, in this age of representative governance, the impetus for individual responsibility is especially pertinent, given that the mandate and support of the people is indispensable in order to fuel the political will to make the necessary changes.

Prof Shahi also mentioned the need for us to be ‘unreasonable’, in the sense that we should not be content with the status quo, but instead be advocates of change – to believe in a revolutionary vision and hence harnessing our potentials to seek improvement to the status quo.

Using the flow chart illustrating two concepts of technology revolution, Prof introduced the evolutionary and revolutionary concepts of change.  Various drivers of world change such as globalization, competition, business and commercial innovation, were also identified.

In the second half of the lesson on change management and change leadership, we covered the importance of embracing change and what it takes to be an effective leader.

Interesting Observations and Ideas

Drivers of World Change

Reading 1 identified and summarily explained the major drivers of global change:

1. Climate change (its impacts and our responses);

2. Converging new technologies (promises and perils);

3. Demographics (notably the growth in Africa and most of Asia);

4. Energy (emerging technologies and diversifying supplies);

5. Food security (issues of demand and supply);

6. World economic power shifts (the rise of China and India);

7. Governance (attempts at both international and national levels to reduce risk through regulation);

8. Health and well-being (global spread of lifestyle diseases);

8. Infectious diseases (the impact of globalization on the global spread of diseases);

10. Marine concerns (acidification, pollution, over-fishing);

11. Mobility (increase in human movement);

12. Money, wealth and economy (faltering growth and the emergence of new models of economic activity);

13. Resources (global scarcity and the need for efficient utilization);

14. Values and people (generational shift and complexity in the face of globalization and better connectivity through IT).

Reading 2 provided a further comprehensive discussion on the key drivers of change in today’s world and they are, broadly, globalization, technology innovation and competition (competitiveness).

Globalization has resulted in the removal of barriers to free trade and capital mobility and allowed for the diffusion of knowledge and information. It presents valuable opportunities for potential economies of scale to be reaped by countries with small domestic markets.

On the separate front, revolution in information and communications technology has made communication much faster and cheaper and this has led to significant decreases in the transaction costs in the transference of ideas and information, especially with the arrival of the internet. This allows countries with relevant and advanced technologies to be have the comparative advantage to innovate further and to reap the rewards of such innovation.

The interplay between globalization and technological innovation was also recognized in that global firms rely on technological innovation to enhance their capabilities. Hence, it is important to bear in mind that technology is both driven by and is a driver of globalization.

Notably, globalization also manifests itself in the form of intensified competition among firms and in the creation of new industry structures. This forces firms to be innovative in terms of the responses and strategies to deal with emerging new scenarios (e.g. the need to create new products). The ultimate purpose of global firms is to compete, to gain a comparative advantage over and, if possible, to eliminate the competition in the industry and to dominate the market.

The interaction between these 3 key drivers of change in today’s world represent a dynamic and iterative process, taking place constantly and on the whole, may be viewed as a positive-sum game for society, reflecting Schumpeter’s idea of “creative destruction”.

The fourth reading presented a refreshing perspective on the drivers of change affecting the construction industry in Zambia. It highlights several similar drivers as those identified in the previous readings. Notably, the key drivers of change in our world today are largely  analogous and universal across industries and economies.

Change Management and Change Leadership

Several key ideas may be drawn from the readings for this section.

1. The traditional approach to change management, which adheres to conceptual model of unfreeze-change-freeze, is no longer relevant.

In this model, change is treated as an aberration, a temporal disturbance in a generally stable organizational environment. However, in today’s competitive and volatile economic context where change is the norm and steady-state situations are “fleeting and illusory”, in order to ensure an organization’s viability in the long-run, the willingness and openness to continuously adapt to change is paramount.

2. It needs to be recognized that organizations are not the entities that adapt to change, it is the people who make up the organization that do.

Leadership, judgment, flexibility and innovation of management is what is essential to achieve effective organizational change.

Reading 1 highlights the example of Enterprise Resource Planning (ERP) systems which is implemented with the aim of providing seamless integration of critical information flows. However more often than not, the ERP systems fail to achieve these goals because of an underestimation of the human element required to bring about the desired change. As the article notes, “without proper training, incentives and leadership, a flexible, integrated system will not magically eradicate organizational silos to produce a flexible, integrated workforce.

3. It is critical to engage all stakeholders of the organization in order to achieve the desired goals of change.

Oftentimes, well-intentioned and promising initiatives for change are unwittingly sabotaged by employees of the same organization who do not understand the imperative and workings behind the changed system.

Statistics bear out the hypothesis that effective change management is not prevalent – a 2002 Watson Wyatt study found that only 49% of respondent employees say they understand the steps that their companies are taking to reach new business goals – a 25% drop from 2000. Shockingly, a significant number are confused about the link between their jobs and company objectives. This is necessarily detrimental to recovery efforts by the company.

The article also pertinently notes that “people resist change only when it makes them feel out of control – when the change is foisted on them without their consent”. Hence, there is an imperative for companies to embark on an inclusive and consultative change process with their employees – employees need to feel as though they have a stake in the organization and that their own goals are aligned with that of the company.

4. Leadership is meaningless without followers.

Through the two videos shown in class, Prof conveyed the concept of leadership in a realistic setting – a leader is merely a “lone nut” – albeit a courageous one who is unashamedly public in the pursuit of his activity – without a group of followers. The first few followers of the leader play a crucial role in enabling leadership – the leader needs to conscientiously nurture his first few followers and to treat them as equals.

The video on the little Indian boy who decided to change the status quo of the situation conveyed the powerful message that in order to bring about change, there is firstly a need for initiative. Someone has to be willing to take the first step to challenge the status quo and set an example for others to follow suit.

Key Take Away Points

1. The government of Singapore embodies visionary leadership and a proactive leader of change. This is illustrated in how even before a pressing need arrives, there are already plans in the pipeline to build a fourth aircraft terminal in the country. This is as Singapore anticipates that it is set to experience massive increases in the amount of aircraft traffic in the near future, with the ongoing phenomenon of globalization.

2. The concept of leadership is inexplicably tied to the concept of followers. No form of leadership, whether effective or not, can exist without follower presence. As per the idea conveyed in reading 4, leaders are defined by their ability to leverage with those who associate with them.

Personal Ratings for Session

I felt that the choice of videos to convey the concept of leadership were very powerful and appropriate. Also, the presentations were comprehensive in their coverage of the pertinent issues of the lesson’s topics. For instance, Eric Sim’s presentation on how the proliferation in use of social media platforms in China has profoundly changed the way Chinese youths express themselves in reaction to societal issues and this has in turn, great significance for the way these issues are ultimately dealt with in the country. This widespread penetration and use of social media platforms could not have been possible without the driver of globalization and innovation. The presentation on Jack Welch also provided a useful insight into how change management and change leadership is effected.

I would rate this session 8/10.

Individual Report: Brief outline, approach and framework

The age of social media

·         Definition: what is social media?

·         Reasons for the rise of social media

o   Proliferation in use of smart phones (due to increases in material income/rise of a generation of technology-saavy youths)

o   Increasing reliance on the internet and the increase in network connectivity in countries (e.g. in Singapore, the government has increased the number of wireless hotspots around the country)

·         What are the implications of a proliferation in the use of social media and networking platforms?

o   Transmission and receivership of news

§  What does this spell for traditional sources of news/newsprint?

·          

§  What are the implications for traditional journalism?

o   Engendering societal change/revolution

§  Role in encouraging accountable governance

§  Role in promoting representative governance in societies previously under authoritarian/tyrannical rule/corrupt, oppressive regimes (revolutions aided by the use of social media)  

·         Revolutions in Egypt, Syria, Libya, Turkey

o   Building a more cohesive global community and breaking down barriers of communication (in terms of language, geophysical distance, etc.)

§  Establishing of transnational networks/global communities of shared interests and friendships through social networking sites like facebook/instagram – through the use of ‘hashtags’, ‘Facebook groups’, trending topics

·         Implications on a wide variety of aspects of our daily lives

o   Health and fitness: sharing of fitness tips and motivation; establishing international network of enthusiast through the use of ‘hashtags’

o   Consumption patterns: influences the choices we make in terms of dressing and diet

·         Enable learning and understanding of foreign cultures and customs

o   Through the sharing of photos and reflections via social networking platforms twitter and instagram

o   Revolutionising the way we do business and implications on the consumer marketplace

§  Promotes the growth of e-businesses (increased platforms on which to conduct online business e.g. sale of clothing through instagram instead of the usual platform of a formal web domain site)

§  Promotes entrepreneurism – impact on small and medium/individual enterprises

·         Increase in easy to use/navigate and free social media networking platforms on which to conduct businesses encourages the setting up of small online businesses (e.g. home bakers, sellers of pre-loved items, sellers of customized craft and handiworks, etc.).

·         Take advantage of the wide reach of such platforms to reach out to the mass market as well as target audiences

§  Rise of the food blogging scene (in Singapore) makes the food and beverage industry more dynamic

·         Many people look to social media platforms like instagram/burpple/food blogs for recommendations on places to eat

·         Reviews may make or break food establishments

·         Implications and suggested approaches to this development

o   Governments

o   Traditional news organisation

o   Individual consumers

TWC Lesson 3: Technology and Industrial Development; Innovation Management

As I was sick on the day of class, I couldn't attend the session - so this post will be an overview of what I have read and my takeaways from the readings.

Brief Overview Summary + Interesting Observations and Ideas:
There are two parts to the topics covered for week 3 and they are: (a) Technology and Industrial Development: Moving towards sustainable development; and (b) Technology and Innovation Management.

(a) Technology and Industrial Development 
The heady age of rapid technological advancement and industrial development (e.g. growth of the manufacturing sector from 1950-1973 followed by boom of the services sector from 1973 onwards, especially in the developed countries) sees industrialization as a crucial driver of growth in countries.
However, there is also a need to, going forward, pursue sustainable industrial development, given that we have limited resources, in order that there may be lasting improvements in living standards, incomes, working conditions and healthcare.

The first reading reviews the key issues in industrial development from the perspective of the European Commission (EC) and the initiatives which the EC has implemented in taking the lead to reduce the adverse impacts of industrial processes. Some of these initiatives include the Integrated Pollution Prevention and Control Directive (1996) which aims to minimise pollution from around 55,000 major industrial and agricultural installations in the European Union (EU); the Environmental Technology Action Plan (2004) which aims to promote environmental technologies and eco-innovation in Europe; and the European eco-label which is an environmental labelling scheme allowing consumers to make environmentally-friendly choices. The article also notes that one of the ways to drive progress towards more sustainable industrial practices is by stimulating technological innovation - through research and development of environmentally sound technologies and supported by legitimate environmental regulation. There is a need for countries and individuals to engage in frequent dialogue, knowledge management, technology transfer, education, training and capacity building so that sustainable industrial practices can diffuse throughout the world and benefit the global community. Costs of inaction must also be acknowledged and avoided.

Another reading sets out the justifications for pursuing sustainable industrial development and highlights the concerns that we would face should we continue our current patterns of industrial development.
Among the imperatives for sustainability are:
1. Globalization and its attendant consequences - unprecedented rates of growth in developing countries leading to the rise of a global middle income with greater purchasing power; freer movement of goods, capital and people across international borders; rapid economic growth in emerging countries placing enormous pressure on the physical environment, very possibly exacerbating environmental damage
2. Evolving consumption patterns globally - concerns with regard to the demand for, pricing and availability of water, food and energy; the business imperative in response to rising resource prices
3. Evolving industry consumption patterns - the urgent need facing companies to redefine their product and process models in light of sustainability consideration and to align their supply chains to support them.
The article concludes by recognizing that economic viability must be a core component of any sustainability initiative undertaken in our modern world context and notes a set of design principles which has emerged to guide companies along the path to sustainable growth.

(b) Technology and Innovation Management 
The readings present the idea of technological learning and innovation, which is noted to be critical for the constant renewal and survival of businesses in today's globalized world, as well as to enable countries to be a forefront leader in terms of technology achievement.
Key lessons that one can draw from the technology innovation policies of the United States are:
1. Technological innovation is a complex process involving invention, development, adoption, learning, and diffusion of technology into the marketplace. The process is highly iterative, and different policies influence outcomes at different stages
2. Gains from new technologies are realized only with widespread adoption, a process that takes considerable time and typically depends on a lengthy sequence of incremental improvements that enhance performance and reduce costs
3. Technological learning is the essential step that paces adoption and diffusion. “Learning-by-doing” contributes to reductions in production costs. Adopters of new technology contribute to ongoing innovation through “learning-by-using.” Widespread adoption accelerates the incremental improvements from learning by both users and producers, further speeding adoption and diffusion
4. Technological innovation is a highly uncertain process. Because pathways of development cannot be predicted, government policies should support a portfolio of options, rather than a particular technology or design.

Drawing from the success of countries categorized as leaders under the UNDP human development report 2001 Technology Achievement Index, one also realises that to be a leader in technology innovation, a country/organisation needs to ensure that innovation is self-sustaining and seek to achieve high levels of technology creation, diffusion and investment in human skills.

Another reading written by Prof Shahi also introduced the concepts of "Cloud" opportunities, "Summit" opportunities and "Valley" Opportunities in the field of BioBusiness.
Cloud opportunities represent business ideas that are technology and knowledge intensive, that is still largely experimental and which face high barriers to entry and little competition in the area.
Summit opportunities are opportunities which yield high returns (the law of increasing returns underlie these business cases) and which draw very high interest, although at present, there are few competitors and relatively high barriers to entry. However, Summit opportunities very likely will find themselves coming under threat from competitors offering similar products/competing technology solutions and could find themselves sliding down and becoming Valley opportunities.
Valley opportunities represent opportunities which have been "commoditized", with low barriers to entry as the knowledge to capture the opportunity is generally available so no player is able to establish a competitive advantage. These opportunities although of low perceived value in themselves are nevertheless very ripe for rethinking and injection of innovative and knowledge-intensive approaches that would help them transform into much higher value-added Summit opportunities.
Hence, the business imperative is to aim for higher value-add undertakings by either from translating cutting-edge new technology and knowledge-intensive “Cloud” opportunities into “Summit” opportunities, or from rethinking and transforming traditional “Valley” opportunities towards becoming “Summit” opportunities through strategic investment in innovation for new product, service and technology development in response to market interest and demand.

Key Takeaway Points:
1. Our current pattern of industrial development is not sustainable and there is a pertinent need to reinvent our approaches to development and growth. Ignoring the eminent dangers of our ravenous consumption-driven economic model will only be our downfall eventually. Ominent outlook aside, the globalized era we are in and the rapid technological advances that take place today present unique opportunities for us to harness constantly emerging and promising technological innovations to chart sustainable paths to continued industrial development. Hence, development need not languish into staticity in the move towards sustainability.

2. In order to stay ahead of the technological curve and remain competitive and relevant, it is helpful for businesses to understand the concept of Valley, Summit and Cloud opportunities. This would give them a framework within which to recognize the options they have and to work towards their business goals. Whether is it to strive for premium returns or to simply remain relevant in the market.