Bengaluru Tech Summit : Day 3 - Part 1
We had interesting panel discussion on the topic Innovations driving next generation enterprise
Trends
* Now, the personal computing is more affordable compare to 1960s and 1980s due to to reduction is computing cost, storage cose and emergence of open source culture.
* In 1990s all the computers are interconnected and the Internet emerged along with new business models for finance/banking, retail e-commerce and e-mail. New enterprises also got emerged. Today we are living in digital age or mobile age.
* The people who born around 1995, have entered as work force around 2015. Generation Z, how to influence these 2 billion people, with different set of expectations.
* IoT
* Emergence of rural area. Now rural people also have access to information.
* Now people feel pride to work at startups.
* A new startup can be started just using WhatsApp groups.
* Supportive governments and Law. Few examples of few funny laws, that exist even today. Laws are reaction to 150 years of industrial revolution. The government should not stop the growth. So Karnatak is first state in India with regulatory sandbox, where you are allowed to break (only state) law for duration ranges from 3 months to 2 years, powered by Karnataka Innovation Authority. More can be achieve on startup front with de-regularization like allowing crypto currency.
* All the new innovations are becoming necessities.
* Big giant companies like IBM are supporting startups by finance, by connecting them to large customer base, scaling up. They cannot continue with their own R&D center so they come to startups. Block chain based virtual idea market may emerged in next few months.
* Online transactions will ultimately eliminate the need for banks.
* Education: 500 Mbps bandwidth at each home, will eliminate universities. all students will study online. Then even 6th standard students will talk about Artificial Intelligence, Machine Learning, IoT, Block Chain etc.
* The rule based and law based audit will change. Already after GST and demonetization the B.Com degree has more value compare to BBA or BBM. Now working people need to play different roles to remain in job market. Innovations at large enterprises are reducing jobs. On the other hand, same innovation increases the jobs at startups.
The factors that drives innovations are changed based on above trends. The generation z is consumer as well as is at startups, so disruption is bound to happen. Now all enterprise needs innovation to survive or to make more profit in areas of their products, service and/or process.
Discovery v/s Invention v/s Innovation
We know discovery is about something that already exists. Invention is one step further, by combining multiple few discoveries. Innovation goes even further by combining multiple inventions and build a use case to satisfy needs. The startups are all about building faster, better, cheaper solutions with help of inventions. Today major innovations are around (1) Artificial Intelligence, (2) data science and (3) block chain. Again startups need to focus on usage rather than the technology. 90% of startups fail due to lecuna about how to take it forward. All entrepreneurs cannot scale up their venture. Startups are risky, but design driven approach, reduces the risk.
It is not important, what you study (in college/school to get your degree). The important aspect is what you continue to study. Today everyone should know, how to learn new topics, unlearn old topics and re-learn as per emerging trends.
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