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Disruption at Food

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Willy Marroquin (WillyDevNET)
Willy Marroquin (WillyDevNET)

Emerging technologies and innovative business models are transforming life, business and the global economy at a speed none of us have ever seen before. As a result, the way we’ve been used to doing things isn’t just being modified, it’s being replaced. That’s disruption. D/SRUPTION is a new magazine for business leaders which aims to cut through the hype around emerging technologies, to help make sense of a rapidly changing world. We aim to stimulate discussion and debate, addressing questions facing business leaders today

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Making sense of a changing world O C T O B E R 2 0 1 6 N E W Economics/ Will the technology we all love eventually make us poorer? Innovation/ Aberdeen Asset Management’s Julie Chakraverty on life as an innovator Talent/ How the Chief Digital Officer became the face of disruptive corporate change Technology/ Is blockchain the way to claim back our online identities? Could urban farming be one way to feed our ever-expanding cities? Thefuture offood
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Theworld ischanging... Emergingtechnologiesand innovativebusinessmodels aretransforminglife, businessandtheglobal economyataspeednoneof ushaveeverseenbefore.As aresult,thewaywe’vebeen usedtodoingthingsisn’t justbeingmodified,it’sbeing replaced.That’sdisruption. Astechnologiessuchas3Dprinting,advanced robotics,artificialintelligence,autonomous vehicles,blockchain,theInternetofThings andvirtualrealitygoaboutdramatically reshapingthemodernworld,businessesthat wereestablishedinlessfluidtimesarehaving tomakeincreasinglycomplexandcritical decisionsagainstthetickingclockofchange. Whattheydorightnowcouldaffecttheir profitabilityforyears.Oreventheirsurvival. Butlookbeyondthealarmistheadlinesandthe proliferationofbuzzwordssurroundingthese technologiesandmanybusinessleadersstill lackasourceofexpertopinionandanalysisof thisongoingdigitaltransformation.That’sthe roleofD/SRUPTIONmagazine. Bringingtogetherthebestandbrightest entrepreneurs,thinkers,practitionersand innovators,D/SRUPTIONcutsthroughthe hypetoaddressthefullpotentialofthese emergingtechnologies.Weaimtostimulate discussionanddebatearoundthekey questionsfacingthebusinessworldthrough expertopinion,interviews,analysisandin- deptharticles. Theworldischangingandorganisations needtoinnovateinordertothriveinthis dramaticallyreshapedworld.JoinD/SRUPTION asweallworkouthowtomakethathappen. Wearealsoonthelookoutfortalented contributors.Ifyouareinterestedinsharing yourinsightsoropinions,pleasegetintouch- editor@disruptionhub.com /JohnStraw Founder,D/SRUPTION /welcome 03
/september_2016 Regulars What is blockchain? Innovation Industry 04 Thefivestagesofdisruption Signing-in06 Urbanfarminginnovators The future of food16 Blockchainandpersonaldata Disrupted loyalties28 Newsfromaroundtheglobe In brief08 TechinvestorJulieChakraverty A day in the life10 Willtechnologymakeuspoorer? The big idea12 Insurance andthe digitalworld Risk and opportunity 22 Thetop10blockchainstartups Beyond banking32 Thisconceptmaybeoneofthemost transformativeideassincetheinternet, withcryptocurrenciessuchasBitcoinbeing merelyitsbest-knownapplication. Theblockchainisapublictransactionledger builtinadecentralisednetworkstructure that’sbasedoncryptographicprinciples. Anytradingofassetsdoesnotneedto gothroughacentralisedintermediary. Assetscanbeideas,healthdata,financial assets,automobiles,andgovernment documents.Anyassetmaybeencodedinto theblockchainandtransacted,validated,or preservedinamoreefficientmannerthan atpresent.
Technology 05 InnovativeconstructioninDubai 3D printing42 WhatIoTmeansforconsultants Internet of Things38 TheriseoftheChiefDigitalOfficer Talent53 DoesVRhaveaplaceintheoffice? Virtual reality44 Theopportunitiesofchange Investing in disruption54 Theincreasing valueofdata Signing out58 Whatifmachinestakeallthejobs? Artificial intelligence48 50 Theproblemwithpatents IP strategy56 D/SRUPTIONmagazine Editor/CamWinstanley Editor-in-chief/JohnStraw Publisher/RobPrevett Headofmarketing/TaniaDuarte Design/DylanChannon disruptionhub.com Contentmanager/LauraCox Headofdigital/JaysonWinters Copyeditor/KevCooke Contributingeditors/ CalumChace,JulieChakraverty,TimothyChou, IanGass,ClareJohnston,StephenLowery, WillMcMaster,GwilymRoberts, CollinThompson iDisruptedLtd 86-90PaulStreet LondonEC2A4NE www.disruptionhub.com @disruptionhub Contactoureditorialteamon: editorial@disruptionhub.com Contactoursalesteamon: media@disruptionhub.com Nopartofthispublicationmaybereproduced, storedinaretrievalsystemortransmittedby anymeanswithoutthePublisher’spermission. Theeditorialdoesnotnecessarilyreflectthe viewsofthePublisher.ThePublisheracceptsno responsibilityforerrorswithinthepublication. Thevalueofa robotsidekick inbusiness Robotics September 2016 Strategy
/signing_in 06 MostpeoplealreadyknowhowKodak waswaytooslowtorecognisethe cameramarket’srapidswitchto digital.ThefatalblowtoKodakwas therapidwholesaledestructionofits consumablesbusiness-film.Losing groundoncamerasalescertainly hastenedtheendbutitwasthecollapse offilmandprocessingthatdiditin. Fromthelate‘90sonwards,huge amountsofmoneywentintobuilding internetinfrastructure.Butbythe latenoughties,themarketstartedto askwheretherevenues(letalonethe profits)were.Theanswerwassuch aresounding“don’tknow”thatthe bubbleburstandthemarketvaluation wasmassivelyreduced.Inotherwords, disruptiongotdisrupted. With Google Trends showing an upturn in search terms such as “technology disruption”, John Straw founder of D/SRUPTION gives his take on the process, stage by stage Google Trends: “technology disruption” searches May 2013 May 2014 May 2015 The Kodak moment Internet infrastructure Thefivestages ofdisruption
07 Let’stakealookatUber–afabulous pieceofusertechnologythatmarries driverswithpassengers.Initself,that’s notparticularlyinnovative…untilyou bringinthe‘zeromarginalcost’benefit. ThisallowsUbertousedriversina ‘deliveryforeverything’modelwithno noticeableincrementalcoststoitself.It coststhesametodeliveranything,from customersandfastfood,toparcelsand evenflujabs. Onitsown,perhapsthisisenoughto giveFedexandUPSaKodakmoment, butit’sgonedeeperthanthat.Uber recentlyboughtoutanAPIthatallows otherbusinessestouseUberservices. SocurrentlyinAmerica,Opentable, anappforbookingrestauranttables, includesUberaspartoftheservice sothatbookingatableautomatically includesanUberridethereandback.It’s horizontalintegrationwithnomarginal cost,andtechnology+zeromarginal cost=scaleabledisruption. Thesesamefiveprinciplescanbeseenhappeningacrossnumerousbusinesssectors.Valueand profitbecomeentrenchedinthedatasetsheldbytheindustryleaders,movingrevenueaway fromwhereit’straditionallybeenmade.Suchaprofoundshiftcananddoescreatesocialchange asAIhasandwillcontinuetocreateunemploymentinpreviously‘safe’sectors. Thedisruptionofdisruptionisn’toveryet… Imagineabusinessworldwhere everythingisconnected.Everything. That’srawmaterialstotransport,to manufacturing,distribution,retail andtheconsumer,thenbeyondthatto consumerengagement. TheInternetofThingswillenableallof that,providinganend-to-endviewof thewholeprocessinrealtime.Atthe veryleast,that’llmakesavingsatevery stepoftheway.Theworldwastes$1 trillionoffoodeveryyearbutbyreal timeanalyticsofproduction,transport andconsumption,thatcouldbereduced downtoafewtensofmillions.Allmade possiblebytheadvancedunderstanding ofreal-timedatathroughAIanalytics. Teslacarscannowuseasoftware upgradetoprovide‘ludicrousmode’ –0-60mphin2.9seconds.That’san electriccargivingthesameperformance asaFerrari488.TheTeslaupgradetakes 20minutestoinstallandcosts$10,000. ToupgradetoaFerrari488willtakea customertwoyearsonawaitinglistand willcostnorthof$300,000. Adoptioncurvesarebecomingsteeper. Takevirtualreality,whichtenyearsago hadvirtuallynousers.Thenalongcomes OculusRift,whichexcitesusersenough tobrieflythinkaboutspending$300but notenoughformanytoactuallydoso. Google,spottingtheopportunity,brings outGoogleCardboard–a$5boxwith aviewtogettingearlyadopters(and evangelists-I’moneofthem)tomarket. Justaddasmartphonetotheboxand youhaveaVRheadsetthatcontent makersarehappytodesignfor.Thus theadoptioncurvesteepensbecause, ofcourse,Googlehasamoreupmarket (andprofitable)productdowntheline. Technology meets disruptive business models Internet of Things and Artificial Intelligence The adoption curve
08 WhileGoogle,TeslaandevenFord’s advancesindriverlesscartechnology havebeengrabbingthelimelight recently,Uberhasbeenquietly workingonaroadrevolution.Ina recentinterviewwithBloomberg Businessweek,Uber’sCEOTravis Kalanickannounced“Wearegoing commercial”ashesketchedoutaplan toputafleetofspeciallymodifiedVolvo XC90SUVsonthestreetsofPittsburgh thisautumn. Initially,customersusingtheUber appwillberandomlyassignedoneof theself-drivingcarsandpaynothing fortheirtrip.Whileahumanengineer willsitatthewheel,ifthetrialsare successful,VolvoandUberplantospend $300mtodevelopafullyautonomous fleetthatwilluseGPS,camerasand radartoeliminatedriversentirely. ProducedbyLocalMotors,creatorsof theworld’sfirst3Dprintedcar,Olliisa 12-personelectricbusthat’salready ontheroadinDCandwillbeinMiami- DadeCountyandLasVegasbytheend of2016.It’sthefirstvehicletouse IBMWatson’scloud-basedcognitive computingtolearnnotjusttraffic patternsbutalsopassengerbehaviour. WatsonallowsOllitounderstand questionsfrompassengersandanswer verbally,hopefullyallowingforan entirelyintuitivejourneyexperience. The D/SRUPTION website offers daily updates covering disruption, innovation and digital transformation. Visit disruptionhub.com for opinion, insight, trend reports and more DriverlessUber carsprowlPittsburgh Thebusthat talksback DISRUPTED CARS DISRUPTED AI Volvo IBM
/news 09 Afteryearsofdeveloperstrying everythingtheycouldthinkoftospeed uptheadoptionofaugmentedreality,it turnsoutthatalltheworldreallywanted wastousetheirphonestochaseand traplittlecreatures.PokémonGohas provedtobeahitinacrosstheglobe, generatinganestimated$1.5maday oniTunesaloneandgaining100musers insixdayswhenittookCandyCrush 15months.Whatremainstobeseen iswhetherthepublic’sinterestinAR remainswhenallthehunting’sover. AttheIntelDeveloperForuminSan FranciscothisAugust,IntelCEO BrianKrzanichunveiledIntel’sleap intovirtualreality.ProjectAlloyisa standaloneheadsetthatrequireno computerorexternalsensorstoplace theuserinsideavirtualspace.Its RealSensecamerashavedepth-sensing capabilities,allowingtheheadsetitself totracktheuser’shandswhileother systemsrequireadditionalsensors. ProjectAlloywillbeofferedasanopen platformin2017. Inteljumps intovirtualreality PokémonGo takesARmainstream DISRUPTED VR DISRUPTED AR Become a disruptionhub.com member and receive direct access to trend reports, technology guides and more. IntelCoporation From the Hub www.disruptionhub.com Disruption and innovation in retail How technology is powering the high streets’ fight back against online retailers and why the IoT will transform the way we all shop. A guide to chatbots See the power of AI as it transforms the way businesses communicate with their users.
/A day in the life 10 healarmalwaysgoesoffat7am butI’moneofthosepeoplewho needstohitsnoozeacoupleof timesbeforeIcanopenmyeyes. UnlessIhaveearlymeetings,Igettowalkto schoolwithElla,mydaughter.Thisismyfavourite waytostarttheday,hearingwhat’sonhermind andcomparingwhatwe’vegotonforthecoming day.ThenIdashintoeithertheCityortheWest End.Beinganon-executivedirectormeansareal varietyofchallengesandtopicstofocuson. Atthemomentwearequitebusywithinnovation, soImightbecheckingnewemployeeideasfor our‘Ignite’competitions,helpingwithinterviews forseniorappointments,ortalkingthroughour innovationstrategywithourCTO. Iamoftenthinkingaboutwhichinnovation speakerstolineupforcommitteemeetings.Our veryfirstspeakerwasJohnStraw,whogotour attentiononhowtothinkaboutthreatsand opportunitiesinanentirelydifferentway. Irealisedthatnoneofmy‘bigideas’evercameto mesittingatmydeskorinmeetings.Ialwaysget themonholiday,sodefinitelyneedtoberelaxed inordertolookataproblemdifferently. Aboardmeetingdayinvolvessolidmeetings back-to-back,havingalreadyreadthe500+pages thatwouldtypicallyaccompanyAudit,Risk,and MainBoardpreparation.AfterCitymeetings arefinished,IcheckTwittertocatchuponnews storiesasIheadbacktotheofficesofmystartup, rungway.Istartedthis18monthsagotocreate atoolforpeopletohelpeachotherwithworkplace adviceandneedtoseehowdevelopmentisgoing. Thenit’sbackhometodealwithemailsandfollow upwiththeorganisationswhoaretriallingthe app.Allhaveideasandquestionsthatneedtobe respondedto,andI’lltypicallyhavesomephone callsbookedtoo.Butfirstthing,Ichangeintomy belovedtracksuit.It’salwayscomfortoverfashion whenworkingfromhome! AfterElla’sbedtimeroutine,alatedinnerwithmy husbandandaquickbitofTVtogether,it’sback tothePCtocheckthelatestonrungway.Allmy colleaguesareusedtomylatenightemailsas it’sthebesttimetoproperlyfocus.Ikeepmyself awakewithchunksofDairyMilkOreo(thebest treatevercreated)andlisteningtotheDaily PoliticsshowoverBBCiPlayer.ThenI’musually intobedby11.30atthelatest.Iturnonthe electricblanketregardlessoftheweatherand willbefastasleepwithinaminute. The non-executive director and chair of Innovation at Aberdeen Asset Management on her new mentoring app, innovation competitions and the wonders of chocolate bars Julie Chakraverty DownloadrungwayfromtheAppleStore, GooglePlayorrungway.com
11 “None of my big ideas ever came to me sitting at my desk”
/the_big_idea 12 psychology economics technology
13 conomictheorydefines wageasafunctionof themarginalphysical productivityoflabour.But inapurelymarket-ledeconomy,wages –andparticularlyminimumwages–are drivenbydemand.Andifthemarket decidesthatanhourlyrateshouldbe lessthananagreed-upon$15anhour minimum,that’swhatwillbepaid. Thisisthe‘technonomy’–theeconomy asdeterminedbytechnology.Foran exampleofit,looknofurtherthanUber’s taxi-bustingapp.EachUberdrivermust paytheirownfuelandcommissionsto Uberitself,nottomentionthecostofthe carthey’redriving.Driversdon’tgetpaid fordeadtimebetweenfaresbutsince consumersdon’twanttowaitfortheir Butwhenthealgorithmisboss,there isnoroomforjudgmentsonfairnessor humanity.Whenrewardsaresetentirely accordingtomarketforces,workershave toeitheracceptaconstantlyfluctuating incomeortheymustfindadifferent wayofscratchingaliving.Inthislight, thebravenewworldofthesharing economystartstolooklessappealing.So istechnologyhelpingorhinderingthe workforce’squestforalivingwage?Are appsgivingusallfreshcareerchoices,or killingincome? Willtechnologyerodeincome? Imagineaworldwhereinnovation suddenlychangedeverything.Nuclear fusiongivesanon-pollutingpower sourceforuniversalwaterdesalination. Bioengineeringallowsfoodtobe ridetoarrive,theremustbeplentyof capacityinthesystem,soidlingisbuilt intothebusinessmodel.Fordriverstobe guaranteedminimumwage,they’dhave tochargecustomersafeethat’snotonly $15anhourgreaterthantheiroverheads butalsoonethatcoverstheirslacktime. Andthat’snothowitworks. Ubercalculatescostsbyalgorithm,as doservicessuchasPeoplePerHour.com, whichallowsfreelancerstoselltheir services.Thesealgorithmsdetermine supplyanddemandatapreviously unimaginabledegreeofaccuracy, calculatingwagefluctuationsbasedon thescarcityofavailablelabourvirtually inrealtime.Theyaretheembodimentof economicforcesworkingexactlyhowthe textbooksalwayssaidtheyshould. Willthetechnology wealllovemake uspoorer? Technology doesn’t happen in isolation – it can alter society in unintentional ways. John Straw explores the ‘technonomy’ to show how technological causes and disruptive economic effects can affect us all
14 manufacturedcheaperthanthecostof farmingit.Anewlandtransportsystem letsustravelatthespeedofflight. Wouldn’tthatbegreat? Surprisingly,theanswerisn’tcut-and- dried.Forunlessthisworldsees ademandforgoodsand servicesriseintandem withthegreater productivitythese innovationsallow,then insteadofenteringan ageofplenty,itmight actuallyfaceanever- endingdepression.It’sall thosefarms,refineriesandcar plantsclosedovernight,yousee.What willbecomeofalltheworkersmade redundantbychange? Perhapsthiswasanunderlyingcause ofAmerica’sGreatDepressioninthe 1930s.CoulditbethattheUShadnot figuredoutawaytobenefitfromallthe greatinnovationsofthelate19thand early20thcentury?Ifso,thenittook theKeynesianstimulusandupheavalof WorldWar2toturnpotentialintoreal wealthcreation. Whataboutthegreatinnovationsof thelate20thandearly21stcentury? Theinternetpromisedtotalequalityyet itwasn’tlongbeforeasmallminority gatheredmostofitswealth.Hundredsof thousandsofauthorshavepublishedon Kindle,forexample,butonlyAmazonhas gottrulyrichofftheirefforts. InmybookiDisrupted,Inotethat innovationisacceleratingatan acceleratingrate.Thedreamofentering anageofplentyisnolongerapipe dreambutwillthiscreateplentyor misery?Currently,GAFA–Google,Apple, allbuttheelite.Youmayevenworry thatitwillleadtoendlessinstability. Butaneconomistwouldnotethatsuch aneconomyisn’tevenoptimal.They’d saythatsinceit’sbetterforeveryone –especiallyGAFA–fortheeconomy togrow,thatamajoritylivingonthe breadlinewouldbeabraketothat. Becauseofcourse,ifmostpeoplehave nospendingpower,they’dceasetobe consumers,whichwouldendtheelite’s reignofexpansion.Paradoxically,a consequenceofrisinginequalitymay,in thelongrun,betomakethesuper-rich worseoff. Soifrisinginequality,theerosion ofmedianlevelincomes,mass unemploymentandmaybeeven recessionarethepotentialdownsidesof technologicalrevolution,isourconsumer addictionultimatelygoingtomakeusall worseoff?Notnecessarily.Onesolution maycomefromthemarketsthemselves. ArecentMcKinseyreportsuggestedthat theinternetisnowdroppingbarriers toentrysolowthatbigcorporatesare facingrealcompetitionfromstartups. “Whileglobalrevenuecouldincreaseby some40percent,reaching$185trillion by2025,”itsaid,“profitgrowthiscoming underpressure.Thiscouldcausethereal growthrateforthecorporateprofitpool tofallfromaroundfivepercenttoone percent,practicallythesameshareasin 1980,beforetheboombegan.” Theinternethashelpedmakethis competitionpossible,withthe newer,moreagilecompanies embracingthesortof newtechnologies thatestablished companieshave yettoeven understand. Facebook,Amazon–areenjoyingan extendedperiodofprofitandexpansion. Ifthisweretocontinueforallbig businessesatthesamerate,we’dquickly reachapointwheretheminoritythat eitherbuildsorownstechnology,orthat ownsthelandweliveandwork on,wouldholdnearlyallthe wealth.Farfromheralding asgoldenage,such rampantprofitwould forcethemajorityto settleforaminimum wagejobasthebetter alternativetobeing surplustorequirement. Manversusmachine AreportfromCarlBenediktFreyand MichaelOsbornefromOxfordUniversity titledThefutureofemployment:How susceptiblearejobstocomputerisation?, lookedatthisverytopic.Theynotedthat sincecomputersandrobotscanwork tirelesslyanddextrously,eveninhot, crampedspaces,thenmanufacturingjobs aremostlikelytobetheonestakenfrom humanworkers.Thereportalsonoted thatjobsrequiringahighlevelofsocial intelligenceareharderforcomputersto do,makingrolesthatinvolvedeveloping ideas,originality,negotiation,social perceptivenessorcaringforothers virtuallyfutureproof.Buthere’sthe problem–skilledconstructionjobstend tobewellpaidwhilecreativewriting, socialcareorjobsrequiringempathy aresopoorlypaid,manycarersareoften volunteers.Therobots,itseems,areset toscoopupallthewellpaidjobs. Asanindividual,you mayfretthatan economyofsuch inequality isunfairto /the_big_idea psychology economics technology psychology economics
15 WithprofitstoGDPsettofall,thenby definition,wagestoGDPmustrise.In thisway,wealthisredistributedfrom corporategiantstostartups.Thisis apossibleself-balancing mechanism.Thevery richestwouldbebetter offiftheeconomy wasbigger,even iftheyowneda smallershareof it.Whilewe,the workforce,retain ourincome. Improvementsinglobal educationmayalsohelp. Agrowingnumberofcompanies complainaboutthelackofdigitalskills withinthelabourmarket,soschools couldsolvethisbyputtinggreater emphasisoncoding.Newproductsand servicessuchastheKhanAcademyare settoimproveglobalaccesstohigh qualityeducation.Atatimewhenthe verybesteducationisunaffordableto most,technologymaypushtheotherway bytotallyflatteningtheplayingfield. createdbythesurgeincorporateprofits toGDP.Yetthedebatehasevolved evenbeyondthisstate.Moreandmore economistsaretalkingaboutanewform ofquantitativeeasing,onethatinvolves centralbanksfundinggovernment spending,whichcouldbeintheformof massivefiscalstimulusortaxcredits. Inanageofpotentialplenty,butonethat seesmassunemploymentandexcessive inequality,thecreationofmoneyto fundthekindofjobsthatpeopleneed, butcannotafford,mayprovideapartial solution.And,thankstotechnology creatingmassiveunfulfilledproduction potential,thedangerofinflationislow. Wemaynoteverliveinaperiodoffree powerandcleandrinkingwaterforallbut wedoliveinaworldwhereinnovation ischangingeverything.Andeven thoughwecan’taccuratelypredictthe implicationsofthischange,thatshould neverstopusfromtrying. Thatsaid,thereisstillaveryrealdanger thatthepaceoftechnologicalchange willbesoprofoundthatnoamountof educationwillsolvetheunderlying problem.Technologymaybecome sosophisticatedthatthere maybealimitedneed forworkersemployed inwealthcreation activities. Asbleakasall thissounds,there isstillhope.The lastdecadehasseen interestratesacrossthe developedworldcollapseand theevolutionofanewformofmonetary policycalledquantitativeeasing,which injectsmoneyintothebankingsystem inordertopromotegreaterborrowing and,it’shoped,moreconsumerspending. Thesedevelopmentsaresymptomsof underlyingchanges,partlychargedby technology.Recordlowinterestrates areaconsequenceofwhattheformer FEDchair,BenBernanke,callsaglobal savingsglut.Atleastinpart,thiswas JohnStrawisthefounderofD/SRUPTION andco-authorofiDisrupted psychology economics technology Keynesian stimulus vs Quantitative easing Two-part solution to America’s Great Depression of the 1930s Monetary policy - interest rates reduced Fiscal policy - government infrastructure investment Recession ended by: creating jobs and encouraging people to spend A central bank stimulus when all other measures have failed First used by Bank of Japan in 2001 in a bid to end ongoing recession Widespread use after the crash of 2008 Recession ended by: encouraging lending, thus stimulating spending
16 /food 16
1717 The future offoodThe countryside provides, the city consumes. That’s how it’s always been… until now. As pioneers test the market for urban farms, what part might food grown within the city play in ensuring food security throughout the 21st century?
18 control.Ontheotherside,supporters havearguedthatadvancesinrenewable technologiessuchassolarpower,wind turbines,LEDlightingandwatercapture, inconjunctionwithverticalfarms’ proximitytoconsumers,makethema viableformofrenewabletechnology. What’sneededaremorecasesofworking farms.PasonaO2ismarvellousbitit’s justaproof-of-conceptshowcase.Ithas noneedtoturnaprofitormakeastrong businesscaseforitsownexistence. Tofindanactualbusiness,youdon’t havetotravelroundtheworld,justto EastLondon.Youwon’tevenhaveto lookup.Becauseoneoftheworld’sfew commercialurbanfarmshasembraced Despommier’sconceptbygoingdown. OverthirtymetresbelowClaphamHigh Street,aWorldWar2erabombshelter housesGrowingUnderground,acompany thatproducespesticide-freeherbs andsaladleavesallyearround.Mostly soldwholesaleatNewCoventGarden Marketforthehotelandcateringtrade, fewofthepeashoots,wasabimustard, corianderorotherleaveseverescapethe M25,almosteliminatingfoodmiles. Bombproofsalads Thecompanystartedwhenco-founder RichardBallardshowedDespommier’s booktohisbusinesspartner,Steven ormostofits50years, thePasonabuildinghas beeninstantlyforgettable, anine-storeycubeof glassandconcreteatabusyTokyo intersection.Butthena2010revamp byNewYorkfirmKonoDesignsturnedit intosomethingfarmorehighprofile-a cityfarmthatfillsofficeswithcropsand drapesvegetationdownexteriorwalls. PasonaO2isthelargesturbanfarm-to- tableschemeinJapan,usingafifthof its20,000m2 officespacetogrowover 200speciesoffruits,vegetablesand herbs.Protectedfrompestsandgrownin optimumconditionsunderLEDlighting, threericecropsmanagetothriveevery yearinsidethebuilding. PasonaGroupisarecruitmentcompany, sowhilestaffareencouragedtotakean interestinthecropsthatsurroundthem, dedicatedgrowersdomuchofthegrunt work.Atlunchtimethough,anyonecan pickwhatevertheywantandaskthecafe toincludefresh,zerofoodmilecropsinto theirmeal. Thebuildingisoneofthemostvisible examplesof‘verticalfaming’–aconcept firstproposedin1999byColumbia UniversityprofessorDrDickson Despommierandhispostgraduate /food “We decided that although anyone can sit around talking about the problems, we should get involved and just do it” Steven Dring – Growing Underground students.Indeed,thecoverofhisbook, TheVerticalFarm,showsleafyhigh-rise buildingsverysimilartoit.Inthebook, Despommierarguesthatmassproducing foodcropsundercontrolledconditions withinskyscraperscouldbeawayof solvingnumerousproblemsassociated withmodernfarmingandspiralling globalpopulations.Cropsproduced withinacityforthecitywouldeliminate thecostandpollutionoffoodmiles,while countrieswithlimitedarablelandcould growmorecropsbygoingupratherthan out.Inallinstances,harvestswouldbe guaranteedbyeliminatingthethreatof droughtorpestilence,creatingagreater securityoffoodsupply. Inmanyrespects,PasonaO2seemsto betheDespommierdreammadereal. Withonly12percentofJapansuitable forcultivation,thecountryimports muchofitsfoodfrom,onaverage,over 9,000milesaway–thehighestfoodmile rateintheworld.Ifanywherewasready toembraceverticalfarms,itshouldbe Japan.Yettheconcepthasstubbornly remainedjustthat–aconcept.Sceptics havearguedthatbuildingskyscraper farmswillgeneratemorepollutionthan eventhemostintensiveformsoffarming, whileretrofittingexistingbuildings wouldcreateanequallymassivecarbon footprintthroughartificialclimate
19 Dring.“Wewerebothlookingatthis field,”explainsDring,“whetheritwasthe democratisationofenergy,waterscarcity orfoodsecurity.Andwedecidedthat althoughanyonecansitaroundtalking abouttheproblems,weshouldget involvedandjustdoit.Wefiguredifthe sumsstackeduponpaperthenwe’dgo foritandiftheydidn’t,we’dhaveproved thattheacademicshadgotitallwrongin termsofviability.Becauseit’sonething tobuildagreenhouseandsomethingelse tobuildacommercialurbanfarm.” Whatfollowedwastwoyearsofresearch intoeveryaspectofaprojectneitherhad anyexperiencein.Howmuchstartup moneywouldtheyneed?Whatabout runningcosts?Andattheendoftheday, wouldtheybeabletomakemoneyby sellingatacompetitivemarketprice? “Welookedatofficeblocksandtheywere bloodyexpensive,evenbackduringthe recession,soweknewtheywerealways goingtogoupinprice,”saysDring. “Richsaidheknewtherewereabunch oftunnelsunderLondonbutthiswas 2012andwecouldn’tgetaccesstomany ofthemduetosecuritysurroundingthe Olympics.ThenTransportLondonshowed usacoupleintheClaphamareaandwe saidtothem‘Look,we’reastartup.We haven’tgotanymoneyandweain’tgoing tosignaleasewithyouuntilweknowit’s aviablebusiness.’” Fromtheseshakybeginnings,aone metresquaresectionprovedtheycould growcropswithoutnaturallight,sothey scaledupto100m2 toattract£1.3million ofinvestment,althoughthat“stillonly onlyallowedustobuildproof-of-concept ofacommercialfarm.Wegotthesurveys andtheairqualitychecksdoneandsoon. We’renothermeticallysealedfromthe tunnelbutitisafoodsafeenvironment. Thenitrequiredafurtherroundof fundingtotakeoveranothersectionof tunnelandstartbuildingthescale.” GrowingUndergroundhasalwaysstuck toitsfoundingecologicalprincipals. Whereitoriginallyusedahempsubstrate fortherootstogrowinto,forexample, theyswitchedtoaproductmadefrom carpetoffcutsoncetheydiscoveredthat thisrecyledmattinghasalowercarbon footprint.Butwhilethismakesfora goodPRstory,itdoesn’tstackupatthe NewCoventGardenwholesalemarket. “We’reinapricecompetitivemarketand youcan’treallyextractanyvaluefrom thelovelystoryaboutthetunnel,our sustainablevaluesoreventhatit’sgrown justdowntheroadinClapham,”notes Dring.“Ultimately,ifit’snottheright price,wewon’tsell.” Becausetheydosell,andbecause theyhavemaybetwomoreyearsof expansionintheircurrenttunnelsbefore Whydon’tweeatinsects?Itseemsacrazy questionyetaccordingtotheUnited Nations,twobillionhumansalreadydo. TheUNcalculatesthat30percentofthe world’sice-freelandmassis usedtoraiselivestockinan industrythatgenerates nearly15percentofall greenhousegasemissions. It’sanincrediblyinefficient process,withonekiloofbeefrequiring tenkilosoffeed–whichitselfmustbe grown–andvastamountsofwater.With anever-increasingglobalpopulation, anddevelopingnationsswitchingfrom traditionalvegetariandietstomore westernones,thefiguresdon’tstackup. Whichbringsusback toinsects.TheUNnotes thataround2,100typesarealready beingeaten.Ittakesjusttwokilosof feedtoproduceakiloofcricketsand manyinsectscanbedriedandground intoshelf-stableproteinpowderstobuild upreservesagainstdisaster.Withtwice theproteinofbeef,cricketflourcanbe anpowerfullyeffectivefaminerelieftool. Butfoodsecurityandtheenvironment willneverconvincethegeneralpublicto eatbugs.Whattheywantistasteand, amazingly,insectsapparentlyprovide plenty.BigCricketFarms,basedinarust beltwarehouseinYoungstown,Ohio, producecricketsforthegourmetmarket andestimatetheycan onlyserve10percentofthe currentdemand.Thecompany’sfounder, KevinBachhuber,describescricketsas“a marriageofcashewsandsweetcorn.” TinyFarms,aSiliconValleystartupthat raised$75mofinvestment,hasfound thataroundthreequartersofchildren willsampleinsectsattrade shows,compared toaroundathird ofadults.Witha growingacceptance andinsectflourstarting tobecomeavailableinbothEuropeand theUS,itseemsthatthebusinesscase foredibleinsectsisgrowing. A six-legged solution
20 /food ‘downstream’wastageofasystematic farm-to-forkproblem. Thesupermarkets’“cultofperfection” meansthatharvestable,nutritious producethathasripenedeithertooearly ortoosoon,orblemishedbywindorrain, isnotconsideredsellable.Afractionofthis issoldtoprocessedfoodmanufacturersor asanimalfeedbutmostissimplyploughed under,producingthegreenhousegas commentabouthyperlocalsaladversus continent-spanningimportedleaves doesputusontheroadtowardsour conclusion.Forfoodis,inmanyways,the verydefinitionofaFirstWorldproblem. Inourlifetimes,thewesternworldhas neverfacedfamine,foodinflationor lingeringscaresabouttaintedmeat. Quitetheoppositeinfact–industrial farmingcurrentlymakesomuchclean andnutritiousfoodthat’ssoldsocheaply, manyofthefarmerswhoproduceit arestrugglingtostayinbusiness,let aloneturnaprofit.Andsinceconsumers havegotusedtoallkindsoffoodbeing availableallyearround,regardlessofthe season,anentrenched,seeminglywilful, policyofwastagehasbeenestablishedat everystepfromfarmtoplate. We’vebecomeusedtoheadlines screaminginpanicthattheaverageUK householdthrowsawaybetweenafifth andaquarterofallfooditbuysbutthe emergingpictureisthattherealityisfar, farworsethanthat.ArecentreportinThe Guardianconcludedthatwhileathirdof Americanproduce–60mtonnesworth $160bn–isindeeddiscardedannuallyby retailersandconsumers,thisisjustthe theymustfindanothersite–theseare thereasonstotakenoteofGrowing Underground.“Wealwayswantedto provethatthegreensectorisanarea toinvestinbyshowingwewereagood returnoninvestment,”saysDring.“Our differentiatoristhatwegoupagainstour competitorseverydaysolelyonpriceand qualityandservice. “Iwantthistostandonitsowninterms ofviabilityandprofitabilitywhileat thesametimestickingtoourprinciples ofgrowinghyperlocally.Icangive Londoncorianderandmintallyearround fromunderClaphamHighStreetwhile competitorsareflyingitinfromPeru andIsrael.Shouldweeverwanttosell inBristol,ManchesterorEdinburgh, we’llstartupinthosecitiesbecause thewholepointofthisisnotmoving producearoundthecountry.Bygrowing andconsumingitlocally,wecanactively engagesociallywithourconsumers.” FirstWorldproblems Theissuessurroundingfoodsecurityand industrialagriculturearesovastthat peoplecanandhavewrittenentirebooks aboutthem.Whilewecanonlytouch onsomeaspectshere,Dring’sprevious The bloody veggie burger PatBrown,Stanfordgeneticistand founderofImpossibleFoods,took ascientificapproachtoproducehis ImpossibleBurger,examiningata molecularlevelwhatgivesbeefits appealingflavourandaroma.He hitonasubstancecalled‘heme’ that’sextractedfromyeastand givesarich,red‘blood’oozeto hisuncookedvegetarian‘mince’. Withnocholesterol,hormones orantibioticsandmoreprotein thanbeef,theImpossibleBurger appearstopassboththehealth andtastetests.Itshouldn’tbea surprisetolearnthatBillGatesis amongthemanyinvestorsinthis pioneeringcompany. impossiblefoods.com Hydroponics and LED lighting produce optimum growing conditions
methane.AUNFoodandAgriculture Organisationreportstatedthatin2007, thecarbonfootprintofglobalemissions fromtheproductionanddestructionof uneatenfoodamountedto3bntonnes ofcarbondioxide–morethanwhatmost individualcountriesgenerate. Combined,the‘upstream’and ‘downstream’wastagebringsUSfood wastageuptoaround50percent, althoughthere’slittletosuggestthat Europeancountriesareanybetter.In otherwords,thecapacitytofeedmany morepeopleisalreadyhere,ifonlythe foodchainwerebettermanaged. SaysStevenDring,“Ifyoufeeltheneed totakeastanceonhyperlocalfoodand foodmiles,you’vegottounderstandthat youcan’tpickandchoose.Areyoureally passionateaboutit?Doyoureallyhold thatopinion?Thenstopeatingmeatright nowandyou’llinstantlystartaffectingthe planet.Butsincepeoplearen’tpreparedto dothat,andcarnivorousdietsareactually increasing,that’snothappening.Sowe allneedtoaffectwhateversmallareawe can.ForGrowingUnderground,thatmeans gettingsaladsgrownhyperlocallyinto markets.” WherePasonaO2standsasaproof- of-concepttoverticalfarming,Going Undergroundisbreakingnewgroundin provingthatsustainablevaluesarenota limittocommercialsuccess.TheLondon skylineisunlikelytoeverbedottedby toweringmulti-levelfields–property pricesmakethatanunrealisticdream –butthat’snottosaythatothercities withdifferingprioritieswillneveradopt them.Fornow,urbanfarmingremainsan industrywithgreatpotentialthatstands tobeonetoolintheneverendingproblem offeedingtheworld. 2121 FURTHER READING Edible insects: Future prospects for food and feed security The Vertical Farm: Feeding the world in the 21st century Ifthehumanpopulationincreasesby50percentoverthenext 40years,wherewillthecropsthatfeedthembegrownwhen currentlyover80percentofarablelandisalreadyinuse?Thiswas theproblemthathauntedDicksonDespommierinthe1990s.His proposedsolutionisdescribedinTheVerticalFarm,his1999book thatarguescitiesshouldproducemoreoftheirownfoodinspace savingtowerblockhydroponicfarms.It’sonlynow,nearly20years later,thathistheoriesarebeingputintopractice. TheVerticalFarmispublishedbyPicador CommissionedbytheFoodandAgricultureOrganisationof theUnitedNationsin2013andrunningtonearly200pages, thisreportlooksatthewiderangeofedibleinsectsandthe potentialbenefitsofitsconsumptiononaglobalscale.It concludesthatwhileindustrialproductionandstockpiling ofinsectproteinasflourcouldbeaforceforgood,thatwe stillallhavealongwaytogo,bothineducatingpopulations andassessingtheenvironmentalimpactsofcommercial harvesting.However,withitslowdependencyonwater andland,insectfarmingdoesoffertheopportunityoffood securitytoeventhepoorestinsociety,whileindustrialscale farmingforanimalfeedcouldfreeuptheconsiderableamount ofgraincurrentlyusedtorearmeatforhumanconsumption. Downloadthereportfrom www.fao.org/docrep/018/i3253e/i3253e.pdf “If you feel the need to take a stance on hyper local food and food miles, you’ve got to understand that you can’t pick and choose”
/insurance 22 How does a centuries-old industry react to technological changes that have only recently emerged? By redefining the customer experience, the insurance sector is starting to meet fresh challenges head on Riskand opportunity
23 Notthattheonlineretailgianthasdone anythingbadtoinsurers.It’sjustthat Amazonhasdoneitsthingsowell,the companyhasbecomethebenchmark standardforalldigitalservices. WillAbbottismarketingdirectorat insuranceproviderHiscox:“Inaworld whereyoucangostraighttoyourAmazon app,findaproductwithavoicesearch, payforitwithyourthumbprintandgetit deliveredthenextday,financialservice processescanfeelverydifferent.” That’sanunderstatement.StevenMendel co-foundedboughtbymany.comfour yearsagowiththestatedaimofmakingit easierforitscustomerstomakeinformed choicesforthemselves.“It’sgenerous tosaythatgettinginsurancecanbea paininthebum,”hesays.“Whypeople toleratethatitcantakeadaytofindthe lowestpremiumtoreinsureyourhome orcarisnotexactlyclear.Butit’ssimply unacceptablethatthisisstillthenorm.” claimandtheexperienceissoshockingly bad,you’dneverusethatcompanyagain regardlessofthepricetheyoffer.Or three–youclaim,theycoughupquickly andyoufeelgoodaboutthat.Butthena monthbeforeyourenew,everyinsurance companyyou’veeverspokentobombards youwithquotesandhoweverfavourably youthinktowardsyourcurrentinsurer, you’llprobablymakeyourdecision basedonpricealone.Nothingonthat journeyisattractiveinanyshapeorform. Unfortunately,that’sinsurance.” TheAmazoneffect Sothebusinessthatdoeseverything rightstillmightlosetherenewal.Howcan thathappen?Whyisinsuranceregarded asanecessaryevilratherthanasocial good?Andwhatrolecantechnologyplay inalteringwidespreadperceptions? Blameisperhapsastrongwordtousebut iftheinsurancesectorwantstopointa fingerofblame,itwouldbeatAmazon. et’sjustgetthisoverwith straightaway–noone lovesinsurance.Businesses andindividualspayforit becausetheyneeditand,insomecases, havenochoice.Carinsuranceisalegal requirement,forexample.Evenwhenit doesprovidethesafetynetthatsaves yourbusiness,replacesyourstolen carorrebuildsyourfloodedhouse,it meanssomethingreally,reallybadhas happenedinyourlife. BradleyGamage,adirectoratdigital marketingagencySapientNitro,deals withinsuranceindustryclientsona dailybasis.He’sinnodoubtthatasector currentlyundergoingprofounddigital transformationalsohasanequallylarge imageproblemtodealwith. “Insurancecustomersonlyeverhave oneofthreeexperiences,”hesays.“One –youdon’tuseitbutayearlater,you havetobuyitagain.Two–youhaveto
/insurance 24 BigcompaniessuchasAviva,Prudential, Legal&GeneralandHiscoxarelike ocean-goingsupertankers–theyrequire alotoftimeandefforttochangecourse. Butbyadoptingincubatorprogrammes, embracingstartupsorgivingpartsof theirbusinessadegreeofautonomy, thesecompaniesare,ineffect,starting tocreatefleetsofsmallerdepartmental ships.Hiscox,forexample,hascreateda businessclubinYork,wherestartupsfrom acrossYorkshirearefreetouseoffice spaceandshareideas.Avivahasdone somethingsimilar,whileAxaandAlliance havesetupventurecapitalinvestment subsidiariestoinvestinstartups.But, notesHiscox’sWillAbbott,“Peopletalk aboutstartupsfailingfastandembracing failure,whichcanbedifficultiffailing hasasignificantdetrimentaleffectona customer.Sowestilltreadcarefully.” BradleyGamageconfirmsthateven thecompanieswhowanttomovelike startupsmuststillbehavelikeinsurers. “Theyknowtheyhavetoprovidearicher, consistent,morecompletecrosschannel experience.Butsincetheyhavetoget everythingright–data,transparency, security,regulatory–that’swhatslows themdown.Becauseasinanyfinancial service,themediaisquicktojumpon themwhenevertheygetitwrong.” hasamagnitudeofcomplexitygreater thanproductsonAmazon.Theinput anddataneededtoassessriskandseta premiumrequiresmoretimeandmore questioning.Sorecognisedshortcuts suchas‘Wealsorecommend’justdon’t applyinthesameway.” Otherlessonsfromonlineretailersare moredirectlyapplicable.Creatingthe singleviewofacustomerhaslongbeen adrivingforceforretailerssuchasJohn Lewis,whoaspiretorecogniseindividual shoppersregardlessofwhethertheyshop onlineorinstore.Yettoanylargeinsurer thathasgrownoverdecades,often throughacquisition,thecombinationof legacysystems,disparatedatasources andoutsourceddepartmentsmakethe singleviewatrickyproposition. “Whenacustomerwhoalreadyhascar insurancephonesuptoaskaboutpet cover,theyshouldn’tbetreatedasanew customer,”notesSapientNitro’sBradley Gamage.“Theyexpecttogotoasingle placetoseealltheproductstheyhold,or speaktosomeonewhoknowsthat.They expectapersonalisedexperiencewith benefits.Butbecausetheyareidentified byonepolicynumberforcarinsurance andanotherfortheirhome,that’snot happening.Andthat’sjustnotsmart.” It’sclearthattheindustrymustchange anditischanging.Butbydesign,it’sbuilt forstability,notinnovation.Itcanand doesweatherstorms,quiteliterallyinthe caseofshippinginsurance.Anysystem robustenoughtoabsorbshockssuch as9/11ortheChristmastsunamiis,by definition,analmostimmovableforce. It’snosurprise,then,thatinsurersare lookingtoinnovatewithintheirexisting frameworksratherthantearingitdown andstartingagain. Behavinglikeastartup Retailbusinesseshaveledthewayin digitaltransformationformanyreasons butprincipallybecauseputtingproducts onlinewasalwaysaneasysell.Ona basiclevel,ecommercemimicspaper catalogues,withrivalsabletoshowcase productsandpricesthatthecustomer canreadilycomparelike-for-like. Itwasnoaccidentthatthebiggest breakthroughforinsurersonlinewasthe independentpricecomparisonwebsite. However,insurancecompaniesarenow workinghardtotaketheirproducts backintodigitaldomainsoftheirown creation.WillAbbottfromHiscoxagain: “Whilechangeisbeingdrivenbythe needtomakeprocesseseasierforthe customer,pricingandbuyinginsurance “Pricing and buying insurance has a magnitude of complexity greater than products on Amazon” Will Abbott, Hiscox
25 Canstartupsgetahead? Whileexistingcompanieshavepower, scaleandformidablereputationbutare heldbackbylegacysystemsandculture, theoppositeitstrueofnewentrantsinto themarket. Entryintofinancialserviceshasalways beendeliberatelydifficult.Itusedtotake aminimumof18monthsand£25mto getabankinglicence.However,recently revisedregulationsnowmeanabusiness cangetalicencewithinsixmonths andbebackedby£5mcapital-enough tosensiblywinddown12monthsof business.Theresulthasbeenmanymore onlineandnicheinsurersarriving. Inadecade,SimplyBusinesshasbecome thelargestinsurerofsmallUKbusinesses byconcentratingononemarket.In Australia,trov.comseekstoengage theyoungwithitsphoneappwhile Boughtbymanyengagesinonlinemedia. Allappeartobeflourishing. Yettheproblemsfacedbystartupsare essentiallythesameasthosefacedby theincumbents.SaysWillAbbott:“The companieswhoputcustomersfirstand usetechnologytoimprovetheirproducts andserviceswilldowell.Theonesthat getcomplacentwon’t.” Insurance innovators trov.com Originallyadigitalinventoryof auser’shigh-valuepurchases, Australia’strovhasbecomean app-basedinsuranceservicewhere insuranceandclaimsareprocessed withjustasmartphoneswipe.The phone-basedsystemandemphasison coveringindividualitemsareintended toappealtoyoungeruserswho typicallyignoreinsurance. simplybusiness.co.uk Startedin2005asanonlineprice comparisonwebsite,SimplyBusiness isnowtheUK’slargestbrokerof smallbusinesses,shopandlandlord insurance.Itbrokerspublicliability, professionalindemnityandemployers’ liabilityinsuranceforover300,000 smallbusinesses.Itisalsocurrently rankednumberoneintheSunday Times ‘Best100companiestowork for’list. boughtbymany.com Thisonlinebrokernegotiates discountedpremiumsforgroupswith specificneeds.Itcurrentlysupports 289suchgroups,fromtheresidents ofYeovilinSomersetandmobile hairdresserstobeardedcollieowners. Bymatching“willingbuyersand willingsellers”itclaimsanaverage 18.6percentreductiononpremiums foritsnearly200,000customers. lemonade.com Foundedin2015,NewYorkbased Lemonadeisanonlinecarrierthat planstooperateasapeertopeer insurer.Itsfounderssaytraditional insurersare“inthebusinessof denyingclaims.”Byarranginggroups ofsimilarpolicyholdersintoclaims pools,Lemonade’smodelisthateach poolselffundsclaims,witheveryone gettingarefundfromanyremaining potmoneyattheendofeachpolicy.
/insurance 26 “My expectation is that we soon will see businesses such as justmymacbook or justmykeys popping up” Steven Mendel, boughtbymany.com 2 Betteruseofdata Insuranceisadata-drivenindustry,with actuariesandunderwriterscombining realworldinformationwiththeir experiencetodeterminethelikelihoodof outcomesinordertosetpremiums.Thisis settobecomefarmorefine-grained. SaysBradleyGamage:“Houseinsurance careslessaboutyouthanyourpost code.Soifyou’reonthefringeofaleafy, safeareabutshareapostcodewitha differentarea,tough-you’llgetcharged ahigherpremium.”Theindustrytendsto treatindividualsasstereotypeswithina segmentedaudience,eventhoughdata aboutpersonalpreferencesabounds.But byseeingwhatFacebookusersaretalking about,forexample,insurerscantarget marketingmessagesmoreaccurately. Amoreanalyticaluseofthirdpartydata canalsobeusedtobetterdeterminerisk. Increasinglyhyperlocalweatherdatacan determinewhetheryourhouse,notarea, ismoreorlesspronetoflooding.Or,by cross-referencingflightinformationwith travelinsurancepolicies,aninsurercan payoutonflightdelaycovermoments afteracustomer’splanemissesitstake- offwindow. The problems faced by the insurance industry are glaringly apparent - it’s hard to love, people find it complicated and companies have been slow to implement a joined-up strategy. But what about the solution? Here are five changes that are likely to transform insurance within the next five years… thingsthat lieahead 1 Improvingtheuserjourney Whenmostcrosschanneltransactions arequickandeasy,insurancecontinues tobefrequentlyslowandfrustrating. Educatingcustomersastothereasonsfor thisispartofthesolutionbutimproving interfacesisapriorityforallinsurers. Whateverittakestomaketheprocess lesspainfulcanandwillbetried.Aviva currentlyhasaMyDriveappwhosein-car telemetricsmonitorhowyoudrive.On thesurface,thisseemstobeamechanic thatrewardssafedrivingwithalower premium,althoughthis‘gamification’ ofinsuranceisasmuchaboutengaging customersasreducingspeeding. Ifsmartwatchfitnessdatastartsto affecthealthinsurancepremiumsinthe sameway,itsprimaryaimwouldsurely betogetitsuserstopromoteinsurance throughsocialmediachannels.
27 3 Microtransactions andone-stopshops Thinkingsmallerandthinkingbigger aretwoendsofthespectrumthatshow potentialforgrowth.Atoneextreme, there’stheever-increasingcostof individualitemsthatcustomersleavethe housewith.Smartphonearehundredsof pounds,whileevenamid-levelroadcycle cancostsseveralthousand.Singleitem insuranceservicetrov.comisprobably justthefirst,thinksStevenMendel. “Myexpectationisthatwesoonwillsee businessessuchasjustmymacbookor justmykeyspoppingup,”hesays. Attheotherextreme,asingleprovider foreverythingisanequallyappealing propositiontocustomerswhofearthe annualdrudgeryofrenewal.Onlyby treatingeachcustomerasanindividual whoholdsnumerouspoliciesrather thanasetofpoliciesthathappentobe takenoutbythesameindividualcan theindustryworktowardsseamlessly offeringasinglestopforhome,car,life, health,pet,dentalandtravelinsurance. 4 Blockchain Thepowerofblockchainandthe distributedledgeristhatitcreates secureyettransferablerecordsthatare tamperfree.Mostwidelyassociatedwith cryptocurrencies,blockchainalsoallows anindividualtoholdtheirowndata. Thishasaprofoundimplicationforthe insuranceindustry:ifalltheinformation abouteveryinsuranceproductismade freelyavailableonlineandifevery customerhasproofofalltheirdetailsand historiesonblockchain,there’sverylittle callforamiddleman. Theresellersofinsurancearethebig namedcompanieswhospendmostof theirmoneyonmarketingbuthave verylittleoftheriskassociatedwith thepolicy.Theunderwritersarethe companiescreatingthepolicies:they shouldertheriskbutspendlittleon marketingsincetheyselltothebig companies.Sowhatifthecustomersstart goingstraighttotheunderwriters? 5 Redefiningwhataninsureris Eventoday,manynewcarbuyerstakeout financeandinsuranceintheshowroom. Whilethesetendtobewhitelabelthird partyservicesbadgedtomatchthecar brand,otherretailersarealsolookingto getinonthisaction. JohnLewishassuchbrandaffinitythat fewcustomerswouldthinktwiceabout notonlybuyinganewsofabutalso insuringitthroughthem.RadioTimes, withitshuge,agingsubscriberbase,is lookingatnotonlymovingintotravel insurancebutalsopackageholidaysas perfectlysynchronousoffshootstothe magazinebusiness. In conclusion Insurancewillalwaysbeatoughsell – youbuyaproductthatyoudon’t want,can’tseeandhopeyou’llnever havetouse.Yetbymakingiteasier, byincorporatingitintosocialmedia conversationsandbyadaptingittosuit theneedsofyoungergenerations,this vastbusinesssectorischangingour perceptionsofit.Itmayneverbeahot topicbutintime,wemayallstartto changetheconversationtowardsthe protectionthissafetynetofferstous allandawayfromtheonerousburdenof premiumsorthedifficultiesofrenewal.
/blockchain 28 Disrupted loyalties Taking identity management back from big business Blockchain consultancy firm Distributed Vision’s co-founder Ian Gass on how we should be reclaiming our online identities
29 lthoughperhapshard toimagine,thereare currentlytechnologies onthehorizonthathave asignificantchanceofdisruptingthe dominationofGAFA–Google,Apple, FacebookandAmazon.AlltheGAFA companiesrequirenetworkeffectsfor theirbusinessmodels,whichinturn requireloyalty.Theproblemforusers isthat,overtime,shouldyourloyalties becomedividedforanyreason(for example,youbecomeuncomfortable withthelevelofpersonalinformationa singlenetworkhas),theonlyoptionyou haveistoleavethatnetwork,therefore leavingallthatpersonaldatabehind. Loyaltyisthereforeintertwinedwith identitybuttechnologywillsooncreatea fundamentalchangetothatstructureof identitymanagement. Currentcomputingnetworksrely onorganisationalsuppliedservers storingandprotectingourdata, effectivelya‘walled-garden’that usersexpectorganisationstodefend. Yetnewdecentralisedpeer-to-peer technologiesnowpermittheencryption andauthenticationofindividualdata elements.Thismeansnotonlynoneed forserversbutalsononeedforthe companiesthatprotectthem. It’sallaboutidentity Weliveinaparadoxicalworldwhenit comestodigitalidentity.Rigorouslaws existtopreservetheconfidentiality andprivacyofourpersonaldata,yet weregularlysignawayandwaivethose rightscontractuallythrough‘termsof service’thatfewofusread.Bydoing this,wethenpermitastaggeringamount ofourdatatobesoldandshared. Anecdotally,ourcollectiveattitude towardsidentitymanagementseems tovaryenormously,fromparanoidto apathetictoignorant.Theseattitudes tendtochangedependingonboth demographicsandnationalities.Itis interestingthatGenerationY,whose adultlivesarelikelytobeheavily digitised,seemtobefarmoreawareof personaldatainfringementsbutalsoless concerned,providedtheyknowtheycan control‘write’access. Thisisaworryingstateofaffairs,since historyshowsusthatverybadthings canhappenwhenwerelegateprivacy toa‘nicetohave’status.Thereisalong listofhistoricalevidence,forexample theRwandangenocideof1994or theadministrativeefficiencyinthe NetherlandspriortotheSecondWorld War,whichdirectlycontributedtoa highpercentageoftheDutch-Jewish population(75percent)beingidentified, foundandmurderedduringtheyearsof Germanoccupation. Longperiodsofstabilityservetoweaken theimportancethatsocietiesplaceon identityandprivacy,whichisparticularly relevantrightnow.Thecurrentstructure oftheinternet,combinedwiththe rapidpaceofchangeintechnologyand services,meanweallhavetoaccept termswe’dprobablyrathernot. Therisksandconsequencesofdoingso areamplifiedbythefactthatmostof the‘free’onlineservicesandcontent weconsumeisfundedthroughtargeted advertising.Theimplicationsofthis arenotfullyunderstoodbymost people,whichiswhyitisnoaccident thatlegislationischangingtoensure businessesnowpayattentioninstead. Conflictingidentityobjectives BeforeIgointothetechnology,itis worthhighlightingsomeofthehigh levelissuesthatsurroundidentity.In ordertogoaboutourcomplicatedlives, weneedbothprivacyandtransparency, yetitistheseconflictingobjectivesthat causecomplexityandconfusion.Weall bothneedandwantthepotentialtobe differentpersona,indifferentsituations andatdifferenttimes.It’sforthisreason thatthecurrentfragmentedmanagement ofonlineidentity,whichallowsany individualtocreateanynumberof accountsandidentities,isnotnecessarily acompletedisaster.Whilethissystemis inefficientandinsecure,attheveryleast, ithasallowedforustokeepsomedegree ofsegregationbetweenourpersonae. However,we’reatatippingpoint. Thesheernumberofonlineaccounts andidentitieswealltrytomanageis impracticalandrunstheriskofweak passwordprotection.Tomakematters worse,thereisalongandinfamouslistof organisationsthathavefailedtoprotect ourpersonaldata. Isdataanassetoraliability? Intheinternetage,thegatheringofdata hasalwaysbeenconsideredanasset.That isabouttochange.Take,forexample,the newEUGeneralDataProtectionRules “The missing link is very nearly here and it’s called DENCS – Decentralised Encrypted Networked Computers”
(EUGDPR),whichimposeanumber offairlypunitiveobligationsonall companiesastohowthey(andtheir commercialrelationshipswithwhomthey sharedata)handletheprivatedataofEU citizens.TheEUGPDRisamuch-needed pieceoflegislationinaworldthatsays onethingbutdoesanotherwithprivate data.Itisinevitablethatcompanieswill betakentocourtoverbreachesrelating totheEUGPDRandwhenthishappens, theideaofthisdatabeingaliabilitywill begintopermeatethroughbigbusiness. Tocombattheseidentitymanagement failures,therehasbeenanoticeable increaseinidentity-basedbusinesses, inadditiontowell-publicisedeffortsby thelikesofGoogle,FacebookandApple tofacilitatesinglesign-onservices. WhileIapplaudtheeffortsofsomeof thesecompanies,thereisafundamental long-termdisconnectbetween theseparticularcorporatebusiness motivationsandtheinterestsoftheusers attheircore.Evenifcurrentmotivations arepure,no-oneknowswithcertainty howthesecompanieswillbehaveinthe future.Withoutsignificantcompromise, itisunavoidableoverthelong-runforany networkorservicetohaveanythingother thantheprotectionofpersonaldataat itscore. Let’sdoitdifferently Whatisneededisidentitymanagement attheedgesofconnectednetworks ratherthanatthecentre.Todate,thishas alwaysbeentechnicallyimpossiblebutit isthisthatisabouttochange.Advancesin peer-to-peertechnology,cryptography, blockchainanddecentralisedcontributed- computingresourcesareabouttoofferus anewparadigmofdigitalidentityanddata management.Thesehavethepotential toimpacttheentireworldaroundus, fromthewaygovernmentsarerunand howwevoteforthem,tohowweconduct business,howwefundandaccesscurated contentandhowwemanageourfinances. We’reataveryinterestingtimein computinghistory.Liveworkingexamples existofdecentralisedpeer-to-peer computingsystemsthatenablethe electronictransferofassets,includingthe agreementandsettlementofcontracts throughtechnologiessuchasEthereum, BitcoinandTendermint. Thereisagreatdealofexcitement surroundingthecommercialapplication ofthesetypeoftechnologiesbut theycurrentlytendtocomeatacost. Specifically,thetrustedprovenanceof thesenetworkstendstoalsocomewith pseudonymityratherthantrueanonymity. Althoughyoucaninteractwiththe networksunderanameotherthanyour own,youridentitytothenetworkwillbe thepseudonymyouassume.Whileitis possibleforasingleusertocreatemany pseudonyms,itisequallypossiblethat overtime,thisuser’strafficorhistory couldbeusedtoidentifythem.Notethat thisisnotinherentlybad,indeeditcan bedesirable.Itisjustnotdesirableallthe timeinallcircumstances. ItisforthesereasonsthatIthink blockchaintechnologiesareanimportant andnecessaryingredientofidentity managementbutthat theyarenotthe completesolution. Themissinglinkisnearlyhere– DecentralisedEncryptedNetworked Computers(‘DENCs’).Thecombination ofbothDENCsandblockchainswill createtherightconditionsneededfor identitymanagement.Itwillpermitthe appropriatebalancebetweentransparency andanonymity,transitoryrecordsand permanence.Itwillallowindividualsto trulycontroltheirdatabypermittingthe appropriatelevelofdisclosuretowhatever datatheychooseunderagreedand transparentterms. TheendofGAFA? Itishardtooverstatetheimpactthis wouldhavewereittohappen.Atthevery leastitwouldleadtoarethinkofcertain businessmodels.Inthesamewaythat ad-blockingwebbrowsersarecreating panicamongonlinebusinessesthatrely onadvertisingastheirprimarysourceof revenue,anidentity-basedconfiguration asdescribedabovecouldhaveanot- dissimilarimpactontheGAFAcompanies.  Otherestablishedbusinesseswouldalso beinthefiringline.Agoodexampleis Microsoft,asitsdominanceofcorporate ITsystemsispartlypredicatedonits directoryservices,whichcouldvery quicklybecomeredundant. UserloyaltytoGAFAcompaniesandother householdnamesmaybeabouttoshift. Howwillthataffectusall?Onlytimewill makethatapparent. IanGassisco-founderofDistributed Vision,ablockchainconsultancy www.distributed.vision “The trusted provenance of these networks tends to also come with pseudonymity rather than anonymity” /blockchain 30
Think blockchain is all about Bitcoin? Think again. Collin Thompson highlights ten innovative startups who are taking blockchain in very different directions Beyond Banking /blockchain 32
33 Provenanceisareal-timedataplatformthatallowsbrandsto takestepstowardgreatertransparencybytracingtheoriginsand historiesofproducts.Withitstechnology,userscaneasilygather andverifystories,keepthemconnectedtophysicalthingsand embedthemanywhereonline. JessiBakerandDrJuttaSteinerbringsomeserioustechnological chopstothisproject,asbothhaveadeepunderstandingof supply-chainengineeringandcryptography,whichlendswell toauniqueperspectiveonproduct‘proofofexistence’and transparencyutilisingtheblockchain. ProvenanceisbasedinSouthEastAsiaandwhilethisisarea hosttoafewimportantfinancialservicescentres,anevenlarger opportunityfortransformationlieswithinshipping,logistics, andcommercialtrade.Theregionishometofouroftheworld’s topfiveshippingports:Shanghai,Shenzhen,Singaporeand HongKong.Underthisvastindustryumbrellaexistsarich varietyofsubcategoriesthatwouldallbewellservedbythe Provenanceplatform.Luxurygoodsisagreatexample,asit’s facedanongoingbattletowipeoutthescourgeofcounterfeit productswhichProvenanceseemsprimedtomitigate.Outsideof thisarea,onecanonlyimaginewhatthetechnologycouldmean fortheartworld. www.provenance.org Cominginaclosesecondonmylistisastealthystartupcoming outoftheMITmedialabcalledEnigma.LeadbyGuyZiskind andOzNathanandadvisedbyProfAlexPentland,Enigma isadecentralisedcloudplatformthatguaranteesprivacy. Privatedataisstored,sharedandanalysedwithouteverbeing fullyrevealedtoanyparty.Itprovidessecuremulti-party computation,empoweredbytheblockchain. Thisisasfuturisticandradicalastheblockchaingetsandif proved–it’sstillinbeta–couldbeoneofthemostimportant innovationstocomeoutinthespaceasitsolvestwoofthemost difficultandpressingproblemsintechnologytoday,privacyand security.Thiscorefunction,layeredontopofdistributedcloud technology,isadynamiccombinationthatcouldtransform howdataisstoredandretrieved.Itcouldpotentiallyprovide industriesasdiverseasfinance,healthandcivilserviceswiththe underlyingtrustandsecuritytotrulyunlockthepotentialofnext generationmobileapplications. enigma.media.mit.edu Provenance Enigma
/blockchain 34 Warning:thiscompanyisonlyabout 10,000fthighonthehardcoretech-nerd scalebutisextremelyimportantnone theless.IPFSisshortforInterplanetary FileSystemanditdoesexactlywhatthat nameentails. Thinkofitasrewiringandre-routing theentireinternetsothattrainsrunand stopontimeandgopreciselywherethey needtogo,allwhilegreatlyreducing redundancy.Designedbythevisionary technologistJuanBenet,IPFSisapeer- to-peerdistributedfilesystemthatseeks toconnectallcomputingdeviceswith thesamesystemoffiles.Insomeways, IPFSissimilartothewebbutIPFScould alsobeseenasasingleBitTorrentswarm, exchangingobjectswithinoneGit repository.Inotherwords,IPFSprovides ahighthroughputcontent-addressed blockstoragemodel,withcontent- addressedhyperlinks. Lookformoreearlystagestartupsand innovatorstoexperimentwiththisopen sourcetechnologytotrulycreatesome out-therenextgenerationtechnologies. ipfs.io UnderthestoicleadershipofJoseph Lubin,Consensysisanantifragile organisationthatissteepedinthe theoreticalframeworksofRonaldCoase. Ahubandspokemodel,itnurtures aloosefederationofblockchain technologistsallworkinginmultiple verticals,yetleveragestheircollective understandingandskills.Someofthe companiescurrentlyundertheConsensys umbrellaaregoodenoughtostandalone hereonthistoptenlist,especiallyUport andUjomusic. LookforConsensystobuildupon theirsuccesswithBlockAppsandthe MicrosoftcollaborationonAzure,as theirfederationandcoreteamgrowsto bringsomeexcitinginnovationsinthe blockchainspace. consensys.net AsmalloffshootoftheEthereumProject leadbytheproject’sco-founderand coreCdeveloper,DrGavinWood,EthCore hasanall-starcastofhardcoredevelopers andthoughtleaders,includingDrJutta SteinerandVitalikButerin,whoaspire toenablebusinessesandorganisations tocapitaliseonblockchaintechnology andbenefitfromthenewopportunities itpresents.Theydevelopcutting-edge softwaresolutionsforenterprisesand industriestounlockthefullvalueof decentralisedtechnology. Atthevanguardofblockchain technology,theEthcoreteamisprimed tobeworkingonanddrivingalotofthe changeintheindustryformultinational businessesandgovernments. ethcore.io IPFSConsenys Ethcore
35 Oneofthemostthoughtfulandambitiousprojectsinthe blockchainthisyearisleadbyaformerartist/designernamed JackDuRose.BeforeColony,Jackwasthejewellerwhocreated FortheLoveofGod–theinfamousDamienHirstdiamondskull. JackandColonyaretakingon“thefutureofwork”andarenow droppingthefutureintoourhands,andalsoourlaptops.They havecreatedabeautifullydesigneddecentralisedautonomous organisationthatreplicatesacompany,exceptinsteadofbeing managedbyfallibleindividuals,Colonyharnessesthewisdom ofthecrowdusingAItoensurethattherightthingsgetdone bytherightpeople,attherighttime.Peoplecannowconvene andcollaborateonlargescaleprojects,evenstartups,andhave awaytomanageandmeasureproductivityinordertoprovide themeansforpeopletogetpaid.Colonyallowscreatorstostock valueintheirowncryptocurrency,called‘nectar’. Watchforstartupaccelerators,hackathonsandopensource projectsaroundtheworldtotakenoticeofwhatJackandthe Colonyteamhavecreated,asitsolvesmanyoftheorganisational issuesoftalentandcapitallocalisation,aswellascompensation foropensourceprojects. colony.io Colony BasedinTelAviv,withawelldefinedandbroadlyskilledteam ofengineersandthoughtleaders,Backfeeddevelopsresilient technologyandneweconomicmodelsthatsupportfree, large-scale,systematiccollaboration.Basedonadistributed governancemodel,Backfeedprotocolsmakeitpossiblefor peopletoeasilydeployandmaintaindecentralisedapplications andorganisationsthatrelyonthespontaneousandvoluntary contributionofhundreds,thousandsorevenmillionsofpeople. BackfeedisledbyDrMatanField,atheoreticalphysicistturned entrepreneurwhowasalsothefounderofopen-sourceand decentralisedcollaborativetransportationsystemLaZouzand isdedicatedtochallengingthenotionofworkandorganisations intheageofglobalisation.Buildingontheemergingblockchain ecosystem,Backfeeddevelopsgrassroots-poweredtechnology thatenablesscale-freehumancooperation.Thetoolkitsit providesofferresilientinfrastructureandinnovativeeconomic modelsthatpromotetheviabilityandsustainabilityof decentralisedcommunitiesaswellaslegacyorganisations throughequitabledistributionofco-createdvalue. Asananalogy,iftheblockchaincanberegardedastheTCP/IP (communicationlayeroftheinternet),Backfeedisbuildinga canonicalprotocolandplatform(akintotheHTTPprotocoland thewebbrowser)toenableblockchain-baseddecentralised collaborationaseasilyasonewoulddeployawebsitetoday. backfeed.cc Backfeed
Blockchain architecture, research, training and advisory services Check out our Get Started package for corporations www.chainsmiths.com
Enoughhasalreadybeensaidabout Ethereumandtheprecociousand visionaryleaderVitalikButerin,soIreally don’thavethecapabilitytoaddmuch moreotherthanthecourageandverveof theproject,andteam,areinspiringand everyoneshouldwatchwhattheyputout thisyear.Iwishthemthebestingrowing andscalingtheprojectsothatmore innovationcanspringfromtheirinsights. www.ethereum.org Slock.itstandsattheintersectionoftwo oftechnology’shottestareas–IoTand blockchain.ItexploreshowEthereum lightnodesembeddedinconnected cars,homesandbusinessescould revolutionisetheemergingsharing economyinfrastructurebyenabling anyonetorent,sellorsharetheir propertywithoutamiddleman.It’sledby oneoftheco-foundersoftheEthereum project,StephanTual,andtheJentzsch brothersSimonandChristoph.The Slock.itcrewhasbeenatthevanguardfor awhilenow,creatingsomeinteresting productsaroundphysicallocks,mobility andconnecteddevices. slock.it Sothere’smylist.They’reallgreatteamsworkingonsomeseriouslyinterestingproblems andopportunitiesthatarehelpingtransformindustriesandtheworldthroughtheuse ofimaginationandblockchain.Anyonewho’severscaledastartupwillknowthatit’san unglamorousprocessthattakesasignificantamountofenergywithoutanyguaranteeof success.IapplaudallthefoundersandteamsI’velistedfortheirvisionandcourage. Theseguysaresmallandjuststarting outbutIgotachancetotalktothe founder,TerekJudi,andIreallyliked hisfocusandambition.Plexisan automotivetelematicsplatformthatuses Ethereum,machinelearningandartificial intelligencetogiveinsurancecompanies real-time,remotediagnosticsonacar anditsdriver. Insuranceisastaidandwellmonied industrythatdeservesmoreattention fromtheblockchaincommunity, especiallywiththedawningageof automateddriving. plex.ai Ethereum Slock.it Plex CollinThompsonistheco-founderand managingdirectorofIntrepidVentures, aventuredevelopmentfirmthatinvests, buildsandacceleratesblockchainand IoTcompanies. Conclusion 37
IoTforthe management consultant Internet of Things investor Timothy Chou explains the value of web-enabled machines to both manufacturers and users 38 /internet_of_things
39 samanagement consultant,you’llalready befamiliarwithsuch buzzwordsastheInternet ofThings(IoT),IndustrialInternetand Industry4.0.Butwhatstaffresources dobusinessesneedtoimplementan IoTsolution?Howdoyoudealwiththe client’ssecurityfears?And,maybemore fundamentally,whointheorganisation actuallyownsIoT?We’llanswereachof theseinturnandhopefullyleaveyoualot moreenlightened… Let’sstartwithwhotheclientisby dividingtheworldintoenterprisesthat build‘Things’andbusinessesthatuse them.SoAGCObuildscombineharvesters butAugustFarmsusesthem.GEbuilds MRIscannersbuttheChildren’sHospital ofOrangeCountyusesthem.Goldwind buildswindturbinesbutSemprauses themtogenerateelectricity.Andsoon. TobusinessesthatbuildThings,the benefitoftheIoTisthataconnected Thingwillgiveahigherqualityofservice. Acombineharvestermustbereadyto workround-the-clockduringharvest time,soonethatcanselfanalyseto predictfailureduringitslengthydown timeisanobviouswin.Acompanythat rentsconstructionequipmentglobally canspend$1bnonmaintenancesoagain, usingdatatoimprovemaintenancehas massiveimplicationsonoperatingcosts. Thisisinterestingtoexecutivesonthe productorservicesideofthebusiness. ButCEOsofleadingmanufacturersare alsobeginningtounderstandthatthe internethasthepotentialtochange theirbusinessmodelsinordertoallow foradditionalsourcesofrevenue andproductdifferentiation.These newer,web-enabledmodelsfollow apathpioneeredbytheenterprise softwarecompanies.Ifyourealisethat increasingly,thevalueofthemachinesis inthesoftware,thenthisshouldcomeas nosurprisetoyou. As-a-servicemodel Theinternethasenabledthe‘as-a- service’modelforITinfrastructureand software.TheIoTenablesmachines-as- a-serviceorequipment-as-a-service businessmodelsforallkindsofproducts, potentiallyallowingmanytypesof companytoshiftfromsellingproductsto sellingservicesbasedontheseproducts. Thismodelcantransformlargecapital expendituresintoapay-by-usage operatingexpense.Emergingexamples ofthistrendincludesellingtyresbythe numberofmilesdriven,compressors bytheamountofusageandindustrial coalminingmachinessuppliedbasedon thevolumeofcoalmined.Sellingsuch serviceswilloftenbemoreprofitable thansellingtheproductstheyarebased on.Inyourindustry,whileyoumaynot wanttotaketheriskofbeingthefirstto moveintoofferingproduct-as-a-service, youcertainlywon’twanttobethelast. Reducingconsumables Let’smoveontotheenterprisesthat useThings:hospitals,farms,airlines, manufacturersandutilities.Whyshould theycareaboutweb-enabledprecision technology?Thereareatleastfour reasons:lowerconsumablecosts,higher qualityservice,healthierproductsand saferservices. Mostmachinesrequireconsumables tooperate.Planesneedfuel,gene sequencersneedchemicalreagentsand soon.Anyonewho’severrunaninkjet printerknowsthatthemachinerarely costsmorethanthetonerusedoverits lifetimeandgenerally,consumablesare sointegralthattheyformalargeportion ofanyoperationalcoststructure.It followthatanyreductioninconsumables canbeasignificantbenefit. Let’stakeNickAugust,ownerofAugust Farms,asanexample.Precisionfarming canlowerthecostofconsumables suchasfuel,fertiliserandpesticides andNickestimatesthatwithprecision agriculturalmachines,hecanreducefuel consumptionfrom60to5.9litresper hectareforcropestablishment.That’s ahugesavingtohimbutofcourse,he alsousesfertilisersandpesticidesand areducedconsumptionofthosenot onlyreduceshiscosts,italsocreatesa healthierproductthat’shavinglessofan environmentalimpact. Application Sowhattechnologiesandskillsdoes abusinessneedinordertoimplement anIoTsolution?Suchapplicationscan “CEOs of leading manufacturers are beginning to understand that the internet has the potential to change their business models”
40 beverycomplexbecausetheycrossso manydifferentdomains.Inmyrecently publishedbook,Precision:Principles, PracticesandSolutionsfortheInternet ofThings,wesimplifythedomainintoa five-layerframework:Things,Connect, Collect,Learn,Do… Thingsarebecomingsmarter.Driven bythewidespreaduseofsensorsincell phones,costshaveplummeted,allowing next-genmachinestoincludenumerous sensors–arecentoildrillingplatform intheGulfofMexicohasover40,000. Thecontinuingreductionincomputing anddatastoragecostsallowsanyThing –acropsprayer,bloodanalyserorsolar grid–tobedrivenbyincreasinglymore sophisticatedsoftware.AsanyTesla ownercantellyou,theytendtogetnew featuresmoreoftenthantherestofus. ConnectingThingsrequireadiverseset oftechnologiesbasedontheamountof datathatneedstobetransmitted,how faritneedstogoandhowmuchpower youhave.Youalsohavemanychoiceson howtomanagetheconnectionandhowit isprotectedandsecured. CollectingthishugevolumeofIoTdata willbeachallenge.Currently,datamight typicallycollectedandstoredusing SQL,NoSQLandtraditionaltime-series fromcompaniessuchasIBM,SAP,Oracle andTeradata.Yourdataarchitectwill bedealingwithadifferentkindofdata thanatraditionaltransactionprocessing systems.Learningandanalysisproducts willalsoberequiredtomakesenseof thisfloodofdata.Eachproductwill includequerytechnologyaswellasboth supervisedandunsupervisedmachine- learningtechnologies.Because,until now,wehavemostlyfocusedonIoP (InternetofPeople)applications,mostof thetechnologyappliedtolearningfrom datastreamshasbeenappliedtolearning fromdataaboutpeople.Machine- learninginnovationisbeingdrivenby largecompaniessuchasIBMandtheir well-knownWatsontechnologyaswellas companiesassmallasLecida,astealth startupfromStanford. InIoPthereisasetofhorizontal packagedapplicationforERP,CRM, PurchasingandHR.Thesamewillbetrue ofIoT.AnexampleofanIoTmanagement applicationcomesfromacompanycalled Oomnitza.Traditionalassetmanagement assumesthingsaredumb,soaperson needstoscanabarcodeortypean identifierintoanIoPapp.Furthermoreif theThingneedstobeserviced,aperson issuestheserviceorder. Butinthe newworld,Thingsaresmartandcanbe programmed.Sopotentially,eachThing cannowidentifyitselfandissueitsown servicerequest. LiketheIoPworld,therewillbemany morecustomapplicationsthanpackaged applications.Manycompaniesare startingtoprovidemiddleware,from largecompaniessuchasGEwithPredix downtoyoungcompaniessuchas AtomitonwiththeiruniqueThingQuery Language(TQL).Asmanyinthesoftware industryalreadyknow,themovement todeliveringsoftwareasaservicehas revolutionisedtheenterprisesoftware industry.Itpromisestobenodifferent forenterprisesthatbuildmachinesand thosewhousethem. Amatterofsecurity Nomatterwhichpartofthefivelayers you’redesigningonorusing,you’llhave tomakesureyou’reconsideringissues relatingtosecurity.Someofthesewill beuniquetoIoT.Forexample,datafrom /internet_of_things
41 machinesasdifferentasagricultural equipment,compressorsorgene sequencerwillconsistoftwokindsof data:machinedataandwhatI’mgoingto callnomicdata. What’sthedifference?Well,agene sequencerhasmachinedatasuchasthe powerlevelofthelaserortheamountof chemicalreagents.Butitalsogenerates ge-nomicdata,theactualgenesequence. Onthefarm,seedspreadersandfertiliser sprayersgeneratemachinedatasuch asspeed,oilpressureandlocation, alongsideagro-nomicdatasuchasthe nitrogenlevelofthesoilorthemoisture levelofthegrain. Shouldallofthisdatabeavailabletothe buildersofmachines?Carmanufactures mightnotwanttosharethedatafrom theirconstructionrobotsasthismightbe usedtoforecastthecompany’squarterly results.Semiconductormanufacturers mightnotwantsensitiveprocessdata outsideoftheirfourwallsforsimilar reasonswhileChinesewindturbine companiesmightnotwantenergydata goingtoforeigncountries.Thisisgoing tobeanongoingdebatesinceclearlythe machinemanufacturercanonlybuilda morereliable,secure,performantproduct ifthisdataisshared. Assomeonewho’sworkedinthearea ofcloudcomputingforyearsI’moften asked,“Isthecloudsecure?”Itellthem thatweneedamoresophisticated authenticationmightbeabletoskip aheadandmovetoschemeswhich requirenopasswords. Akeyprincipleinbuildingsecuresystems isauditing–therecordingofallthe changesthathappentoanapplication anditsunderlyingtechnology.Because anysystembuiltbypeoplewillhave flaws,youwanttobeabletostudythe audittrailinordertoidentifythesource. Intrusiondetectionsolutionsusereal timeauditingtosoundthealarmwhen asecurityfaultoccurs.Maybeoneday likethecharactersinthemovieMinority Report,we’llbeabletodiscoverasecurity faultbeforeithappens.Whichbringsus neatlytosecuritytesting… Thereisawidevarietyofsecurity testswhichcanberuntodetermine whetherthesecurityoftheapplication andunderlyingtechnologycanbe compromised.Sincethisclassof operationsmanagementcloudservices isavailablefromanumberofcompanies, itstillremainstobeseenwhatuniversal standardswillemergeforIoT. We’reonlyatthebeginningofthiswave oftechnology,whatIthinkofasthethird generationofenterprisesoftware.As amanagementconsultant,youshould considerbecomingastudentofthis area.AsItellmyStanfordstudents,our industryhassofaronlyreallyaffectedthe virtualworld.We’vemadeiteasiertopay forthingsorplanatripbutaswestart beingabletousesoftwaretochangethe physicalworld,we’regoingtoneedto buildamoreprecisionplanet. understandingwhattheword“secure” actuallymeans.Securityisacomplex topicbutasamanagementconsultant, it’susefultosimplifythesubject. AnyIoTapplicationissecureonlyifit meetsfeaturespecificationsinfivekey areas:hardening,identityandaccess management,auditing,testingand, finally,compliance. ThesecurityofanyIoTapplication dependsonnotonlytheintegrityof theapplicationitselfbutalsoallthe supportingsoftwareandhardware.Soat thebasiclevel,youmustmakesurethe latestsecuritypatcheshavebeenapplied andtherearenovirusesormalware.A well-documentedvulnerabilityinanIoT applicationisthestoryoftheStuxNet virus.Ifeverythingfromtheapplication downtothenetworkisnothardened, allbetsareoff.Aspecificexampleofa securityfeatureforanIoTapplication mightbethatfromthetimeasecurity patchisissuedfromtensuppliers,433 testsareappliedandthepatchisplaced intoproductionwithin32minutes,plus orminus15seconds. Theimplementationofanysuch securitypolicyisdependentonknowing theidentityofanindividual.Once authenticated,accessmanagement isdecidingwhatdataoroperations anindividualcando.Justlikethe speakeasiesduringtheProhibitionera, someoneinsidehastoknowwhoyou beforeyoucanenter.Thingormachine TimothyChouistheformerpresidentof OracleOnDemand,alectureratStanford UniversityandchairmanofLecida,an industrialmachinelearningcompany. “As someone who’s worked in the area of cloud computing for years I’m often asked, “Is the cloud secure?”
just18people.The2,500squarefeet officeuseda3Dprinterthatwas20feet high,120feetlongand40feetwide, suppliedbyaChinese3Dprintingand constructioncompanycalledWinSun Global.Partswereprintedinconcrete beforebeingassembledonsiteinjusttwo days.Afurtherthreemonthswerethen requiredtofitout,decorateandfurnish theofficebuilding. hefirstfullyfunctional officecreatedusing3D printingtechnologyhas openedinDubai.The‘Office oftheFuture’sitsatthefootofEmirates Towersandwasofficiallyinaugurated on23MaybyHisHighnessSheikh MohammedbinRashidAlMaktoum, VicePresidentandPrimeMinisterofthe UAEandrulerofDubai.Hesaid,“Today /3d_printing 42 Laura Cox reports on an experimental building in Dubai that lays the foundations of a major disruption to construction weannouncetheopeningofthefirst 3D-printedoffice,afterlessthanamonth oflaunchingDubai3Dprintingstrategy. Theworldischangingrapidlyandwehave toaccelerateourpaceofdevelopment, together.Historydoesnotrecogniseour plansbutourachievements.” Thestructuretookjust17daystoprint and,significantly,employedateamof
atriumphinenergyefficiency.Theoffice usesLEDlighting,responsivebuilding systemsandlowenergyairconditioning throughout.Thespacewasdesignedto encourageinventive,reflectiveworkand facilitatespontaneousmeetings. AccordingtothegovernmentofDubai, theprojectcostaround$140,000to complete.Throughtheuseofsucha small,specialistteam,labourcosts were50percentlowerthanasimilar buildingbuiltusingconventional techniques.TheOfficeoftheFuture isasmuchastatementofintentasa constructionproject,literallysetting instonethecountry’scommitmentto using3Dprintingtechniquesinaquarter ofitsbuildingsitesby2030.Fromthe standpointofreducedlabourcostsalone, it’seasytoseewhy. “Weseethisprojectasacasestudy thatwillprovidevaluablelessons,”said SheikhMohammed.“Itwillalsobenefit governmentsaroundtheworldasthey seektobetterunderstandandtake advantageofthisimportanttechnology.” Theprojectisregardedasacornerstone forrealestateandhealthcare,aswellas WatchtheconstructionoftheOfficeof theFuturehere:http://bit.ly/1sNoM96 43 CreatingtheOfficeoftheFutureispart ofalargerstrategycalledtheDubai FutureAgenda,whichrepresentsthe country’scommitmenttodeveloping initiativeswithglobalpartners.The officewillbethetemporaryhome oftheDubaiFutureFoundation,the governmentagencyresponsiblefor prototypingfuturistictechnologies.It’s hopedthattheadoptionof3Dprinting onsuchalargescalewillencouragethe disruptionofvarioussectors,aswell asinspireotherglobalpowerstoinvest inadditivemanufacturingtoincrease costefficiency.Thissinglestoreyspace haspavedthewayforthecreationof multistoreystructuresthatwillcombine theinnovativedesignpotentialof3D printedconcretepieceswithease-of- productionandcostbenefits. Printingtime 17days 3Dprintedmaterials Glassfiber-reinforced gypsum,fiber-reinforced plastic,concrete Constructiontime 2days Constructioncrew 18workers Goal 25percentofbuildingin Dubai3Dprintedby2030 Breakdown
/virtual_reality 44 atasimilarpointtointernetpioneers, whomighthavegraspedtheideaof socialmediabutwhocouldneverhave foreseenhowFacebookandTwittercould transformthebusinessworld. What’sexcitingisthatmanycompanies arenowworkingonmakingVRthenorm. BusinessesarestartingtoapplyVRto theiroperations,training,recruitment anddevelopment.We’veseenmarketing departmentsleadingthewaywith innovativecampaignsthatattractand holdcustomerattentionincompletely newways.Butbusinessesstillhaven’t graspedthatVRhasthecapabilityto transformthewaytheyoperate.Instead, we’reseeingcompaniesdeveloping projectsthatmaygoliveormayjust beproof-of-concept.Thesetendto befocusedondrivingrecruitmentor training,andsincethesearepartsofany businessthathavetangiblemeasurement metrics,itallowsthoseinmanagement positionstomeasuretheireffectiveness. enyearsfromnow,it’s likelythatthisyearwill beregardedastheyear thatvirtualrealitywent mainstream,yetthereisstillalotoftech tobedevelopedandconceptsexplored beforeVRcanbefullyingrainedinto ourworkandbusinesslives.Fortheway thingsarerightnow,whatcanbedone withVRisfairlylimiting,especiallyin businessapplications. Evenso,we’veseenexamplesthat showcaseVR’spotentialacrossalmost allsectors,fromtravelcompanies transportingtheircustomerstoholiday destinationstotheautomotivesector takingpotentialbuyersonvirtualtrack days.We’veseenbusinessesinvesting billionsintodevelopmentandtaking theirVRproductstomarketbutwe haven’tyetseenindustriesusingthose productsaspartoftheirday-to-day operations.Sowestilldon’tknowhow VRwillmanifestitselfinbusiness.We’re Usually regarded as a breakthrough in immersive gaming, virtual reality has the potential to change work environments too. Will McMaster from Visualise maps out his vision of a virtual office Seeing business differently
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Experiencingthemoment WeatVisualisehaveworkedonaproof- of-conceptcampaignwithDeloitte topromotethecompany’sethicsand bestpractice.Themajorityofinternal trainingatthemomentdirectsstafftoa companyintranetpage,whereanonline coursepresentsthemwithscenarios andasituation-basedmultiplechoice question.Thisformatcanbequitedull, butaddVRandstaffaretransportedtoa real-life,360degreescenario. Theycanhearwhat’sgoingonaround them,experiencetheunfoldingscenario andselectresponsesinaninteractive way.Theirchoicesthenplayoutandthey canseetheimplicationsoftheiractions. Suddenly,trainingbecomesfarmore interestingand,becauseheadsetsare used,externaldistractionsareblocked out.Perhapsthiswilleventuallychange theperceptionofstafftraining. VRconferencesmightemergesoonas atime-savinginitiativethatwillallow employeestointeractandlearnfrom guestspeakersattheirowndesks.The educationsectorhasalreadyexplored this–BIMAlive-streameditsDigital VisualisehasworkedonaBritishArmy recruitmentdrivebycreatingacampaign toattracttheverybesttalent.Asa result,applicationswentup65percent inFebruaryand41percentinMarch comparedtothepreviousyear.Thatreally bringshomewhatispossiblefromVR. IthinkthatVRwithintheworkplacecould totallytransformour‘normal’working days.Flexibleworkingalreadyoffers manythefreedomtochoosehoursthat fittheirlifestyles.It’snowadefinite possibilitythatemployerscouldcreate virtualofficeenvironmentsinwhichto attendmeetingswhileatothertimes shuttingoutdistractions.VRcouldbea greattimeandmoneysaverforstaffwho currentlyhavealotofexternalmeetings orwhocanavoidthecommutebyusing virtualofficesfromthehomewheneverit isappropriatetodoso. Changingperceptions Themostcommondeterrentstousing VRapplicationsinbusinessareafailutre tounderstanditspotentialandthe perceptionthatit’sexpensive.But consideredincontext,VRissurprisingly inexpensive.Thefirstpersonalcomputer wastheIBM610,whichwentonsale for$55,000inthe1950s,atatime whenanewcarcostunder$2,000. Bycomparison,agoodVRsystemisa fractionofthat.Andofcourse,VRcosts willcomedownasthequalitygoesup,in linewithallcomputingtechnologies. There’snoreasontoexpectthatVRwon’t havethesametransformativeeffectthat thecomputer,mobileandsocialmedia havehadonthebusinessworld.Watch thisspace! Daytoschoolstoinspireacareerinthe sector.Weexpectthistrendtoexpand intoconferenceandwebinarformats. RecruitmentisanothersectorwhereVRis alreadydeliveringbenefits.Asmuchasa companylooksforpotentialincandidates duringinterviews,theprocessalsolets theintervieweesgetafeelforwhatit’s liketoworkthere.ByinvestinginVRfor recruitmentpurposes,companiescansee pastanyexaggeratedCVclaimsandput eachcandidatetothetestfromthevery startoftheprocess,withoutthecostsof arrangingface-to-faceinterviews. “There’s no reason to expect that VR won’t have the same transformative effect as the computer, mobile and social media...” WillMcMasterisheadofVRatVisualise,a London-basedVRstudiofoundedin2012. visualise.com Couldvirtuallyattendingmeetings fromyourdeskbecomethenorm? 47
/artificial_intelligence 48 Is a world where machines do all the work a utopian or dystopian vision? Calum Chace wonders how close we’re getting to this tipping point Preparing for the economic singularity
49 yforthcomingbook,The EconomicSingularity, arguesthatimprovements inmachineintelligenceare goingtomakeitimpossibleformanyofus –maybeallofus–toearnaliving.Ifthis isevenanoutsidepossibility,we’dallbe wisetospendsometimeworkingouthow weintendtodealwithit. In1900,40percentofAmericanworkers wereemployedinagriculture.Thathas nowfallenbelowthreepercentandwhile thefarmworkerseventuallyfoundbetter jobselsewhereintheeconomy,their horsesdidn’t.Fortheyear1900was‘peak horse’,witharound25mofthemworking onfarmsinAmerica.Today,thereare virtuallynone.Thedifferencebetween thefateofhumanandhorsefarmworkers isthatoncemachinesprovidedthe muscle,humanshadsomethingelseto offer:cognitive,emotionalandsocial abilities.Sincehorseshadnothingelse tooffer,theirpopulationcollapsed. Thequestionnowiswhetherweare approachingthe‘peakhuman’era. Artificialintelligenceisimprovingatan exponentialratebutmachinesarestill farfrombecomingArtificialGeneral Whilethatsoundsterrible,itcould actuallybeextremelygoodnews.Aworld inwhichmachinesdoalltheboringwork couldbewonderful.Theycouldbeso efficientthatgoodsandservicescould beplentifuland,inmanycases,free. Humanscouldgetonwiththeimportant businessofplaying,relaxing,socialising, learningandexploring.Surelythisiswhat weshouldbeaimingfor? Ofcoursetherearechallenges,and mybookexplorestheseindetail.With considerablereluctance,Iconcludethat wemayneedtoadoptanentirelynew economicsystem.Wedon’tknowwhat thisshouldlooklike,orhowtogetthere, whichiswhyItalkaboutan“economic singularity”,borrowingthetermfrom physicstodescribeapointatwhichthe normalrulesceasetoapply. Thebookarguesthatweshouldbe monitoringoureconomiesforsigns thattechnologicalunemploymentis beginning,andundergoingcareful scenarioplanningtohelpusto avoidthenegativeoutcomesand ensurethegoodones.Aswefacethe prospectofwidespreadtechnological unemployment,thisplanningmay turnouttobemissioncriticalforour economies,andourcivilisation. Intelligences(AGIs)–possessingthe sameflexiblecognitionofanadult. Eventhesmartestmachinespossess onlynarrowintelligences:theymay playameangameofGo,buttheycan’t experiencefearandtheycan’tyetwrite agoodjoke.Mostsignificantly,even thoughtheycanbeatahumanopponent atGo,theyaren’tevenawaretheyare playingagame. Butmachinesdon’tneedtobecomeAGIs todisplacemostofusfromourjobs–they simplyhavetobecomebetterthanus. Andbecausemachinesexcelatmany formsofpatternrecognition,including naturallanguageprocessingandimage recognition,they’realreadywellontheir waytoovertakingus.And,ofcourse, onceamachinehasyourjob,itwilldoit faster,better,longerandcheaperthan youcan,withitsabilitiesimproving exponentiallyallthetime. Tosocietyatlarge,self-drivingcarswill bethecanaryinthemine–thesingle developmentthatservesasawakeup call.Butthefateofdriversislikelytobe swiftlysharedbyothersectors.Some thinkthatmassunemploymentfearsare prematuresincesocietywilldevelopnew humanrolesasmachinestakeoverthe oldones.Evenifthisispossible,these areonlylikelytobetemporaryrespitesas whateverthesenewjobsare,machines willbemorecapableofdoingthemtoo. Inthemediumterm,itdoesseemlikely manywillnotbeabletoearnaliving. CalumChaceisanauthorandspeaker aboutartificialintelligence’slikelyfuture impactonsociety. “To society at large, self-driving cars will be the canary in the mine – the single development that serves as a wake up call”
/robotics 50 heideaofrobotshasfed ourcuriosityformorethan halfacentury,withhumans constantlyintriguedby thepotentialofhavinganotherform tointeractwithonourownnatural terms.Inreality,robotsofferusmuch moreand,throughrecenttechnological innovations,robotsarenowhelping usreachthenextfrontierinartificial intelligenceresearchandengineering. AtSoftBankRobotics,webelieveina futurewhereinteractive,communicating robotswillaccompanyhumansintheir jobsandfamilylivesaswellaswiththeir hobbies.Currently,ourrobotsaremainly availableontheprofessionalmarketbut ourgoalistomakethemavailablefor everyonesoon. Atthemoment,wehavethreerobots. Allhaveahumanoidformbecause westronglybelievethatitmakesthe interactionmorenatural.Quitesimply, theirdesignfacilitatessocialinteraction. Pepper,NAOandRomeowerecreated toresembleahuman-likefigure,with ahead,armsandlegs,buttheyarenot meanttolookexactlylooklikehumans. WecanseewithPepper(shownonthis page)thatisahumanoidrobot–both engagingandsurprising.Pepperis thefirstemotionalrobot.Hewasnot designedforanindustrialfunction, rathertobeatruecompanionfordaily life.Someotherroboticsplayerstoday workonrobotsthatlookverymuchlike humans,withfeaturessuchasartificial ‘skin’that’ssimilartoawaxfigure.That isnotwhereweareheadedwithour developments.Wewanttobecompletely transparentandwantpeopletokeepin mindthattheyaretalkingtomachines, albeititmachinesthattheycontrol. Far from taking our jobs, could the role of interactive robots be to augment their user, being a digital Robin to their human Batman?
51 RodolpheGelinisEVPchiefscientific officeratSoftBankRoboticsEurope www.ald.softbankrobotics.com Moodandmemories Areyousadorhappy?Bythetoneofyour voice,theexpressiononyourface,your gesturesandthroughthewordsyouuse, Pepperisabletodetectyourmoodand adapthisbehaviouraccordingly.Pepper’s mainobjectiveistocommunicatewith you.Hehasacertainpersonalityand expresseshisown‘emotions’throughthe colourofhiseyes,hisgesturesandwords heuses. There’snoneedforakeyboard,mouse orscreen–allourrobotscommunicate thesamewayyoudo,throughvoiceand gestures.Thisisanotherexampleofhow technologycanusethesimplestandmost intuitiveformsofcommunication. Today,ourrobotsareabletomemorise names,facesandmoods.Tomorrow, weaimforthemtoalsorememberan individual’spersonaltastesandhabits. Theirevolutionwillalsobefuelledbyan applicationlibrarywhicheitheryouorthe robotswillbeabletoaccesstofindnew behaviours,activitiesandcontentthat willinform,entertainorsurpriseyou. Today,SoftBankRoboticshasnearlya hundredCertifiedPartners.Alongside them,wearecreatingB2Bsolutionsfor Pepper.Thisinvolvesmakingawiderange ofapplicationsthatcanbeincorporated intoPepper’svariouscapabilities–which includemotion,conversationandsensors –toallowpeopletoexperiencePepper’s businesscapabilities.Theseinclude taskssuchaswelcoming,informingor entertainingclientswithinindustriesas diverseasretail,banking,hospitality andhealthcare. Sharedresponsibilities SoftBankRoboticsmakesinteractive robotsforthewell-beingofhumankind. Ourrobotsarenotmeanttoreplace humansandtaketheirjobs.Theyare interactivecompanions,onlyabletodo simpleandrepetitivetasksthatleave employeesfreetofocusonmorevaluable missions.Furthermore,theycannot undertakeanyphysicaltasks. Robotsmaytakesomejobsbuttheyare morelikelytocreatemanymore,andof adifferentkind.Ifyoulookatcountries suchastheUS,GermanyandJapan, theycurrentlyhavemorerobotsyetless unemploymentthananywhereelse. Wehopesomedayourrobotswillbe abletobelifelikecompanionsbutour goalisnottomakethemcompletely interchangeablewithhumans. Ultimately,ourrobotswillmake interactionsmoremeaningfuland,as faithfulsidekicks,theywillmaketheir humansevenbetter! (L to R) Nao, Romeo, Pepper
Kemp Little - the leading technology & digital media law firm_ Kemp Little Cheapside House, 138 Cheapside, London EC2V 6BJ Contact us for an informal chat about how we could help your business www.kemplittle.com info@kemplittle.com 020 7600 8080 @KempLittle KempLittle-theleadingtechnology &digitalmedialawfirm_ KempLittle CheapsideHouse,138Cheapside,LondonEC2V6BJ Contactusforaninformalchatabouthowwecouldhelpyourbusiness www.kemplittle.cominfo@kemplittle.com 02076008080@KempLittle wtheEntrepreneuradvert-A4.indd127/08/201514:57:50 KempLittle-theleadingtechnology &digitalmedialawfirm_ KempLittle CheapsideHouse,138Cheapside,LondonEC2V6BJ Contactusforaninformalchatabouthowwecouldhelpyourbusiness www.kemplittle.cominfo@kemplittle.co 02076008080@KempLittle FollowtheEntrepreneuradvert-A4.indd127/08/201 Kemp Little - the leading technology & digital media law firm_ Kemp Little Cheapside House, 138 Cheapside, London EC2V 6BJ Contact us for an informal chat about how we could help your business www.kemplittle.com info@kemplittle.com 020 7600 8080 @KempLittle Follow the Entrepreneur advert - A4.indd 1 27/08/2015 14:57:50
/talent 53 TipsforhiringCDOs nBesectoragnostic.Hirethosewiththe experiencetodriveculturalchange nEuropehasgreatdigitaltalentand keyhubshaveemergedinLondon, StockholmandBerlin nBeopentopeoplefromboththe corporateworldaswellasthosewith pure-playexperienceandideallyfind ahybridfrombothworlds nEnsurethattheCEO meetscandidatesto demonstratethe importanceof therole valuableexpertiseofhowadigital-first businessworks,theycanalsoinjectan ‘intrapreneurial’spiritintotraditionally slow-movingcorporateenvironments. TheCDOwilltypicallybuildabroad teamspanningUX,design,product, engineering,digitalmarketinganddata. Theseskillsareoftenacquiredexternally buttrainingcanalsobeusedtounearth existingtalentwithintheorganisation. CDOs,andthedigitaltransformationthey oversee,arenotjustconfinedtolarge listedcorporates.Privateequityfirms areseeingdigitalasakeygrowthdriver fortheirmoretraditional,multichannel portfoliobusinessesandsoarealso hiringCDOstoleadthischange. SincethemeasureofaCDO’ssuccess istomaketheirownroleobsolete, aseachbusinessbecomestruly multichannelordigital-first, theeraoftheCDOmayproveto beatransitionalone.However, today’ssuccessfulCDOscould wellbesettobetomorrow’sCEOs. Itisalsoimportanttonotethat meangingfulchangehastocomefrom thetop,withaCEOwhoiscommittedto supportingtheCDO’svision. ithnumerousdisruptive newcomerssnapping attheirheels,many corporates,spanning sectorssuchasfinancialservices,media andretail,havedecidedtoinvestin ChiefDigitalOfficers(CDOs)todrivethe wholesaletransformationnecessaryfor growth,orevensurvival.Thenumberof CDOscurrentlystandsataround2,000 globallyandhiringonetypicallysignalsa commitmenttotransformation.Butwhat shouldtheroleencompass?Andhowdo yougoaboutfindingtherightperson? We’reoftentaskedby‘traditional’ businessestofindachangeagentwho canembedbothdigital-andcustomer- centricityintotheentirecompany’sDNA. Longgonearethedayswheredigital isthesoleconcernoftheCIOorCMO. Instead,organisationsnowrequirea leaderwhocanbreakdownsilos,build teamsandevangelisedigitalandthe customeracrosstheentirebusiness. CDOscancomefrommarketing,strategy, product,technologyorgeneral management.AsthepathoftheDCO becomesincreasinglywell-trodden,we’re seeingmoredigitalexecutivesfrompure- playsconsideringtransformationalroles withincorporates.Aswellasbringing Theriseofthe ChiefDigitalOfficer In today’s world, where businesses need to become truly customer- and digitally-centric, the CDO is often the human face of digital transformation ClareJohnstonisfounderandco-CEOat TheUpGroupwww.theupgroup.com
/finance 54 tSiliconValleyBankwe havebeensupportingour techclientsforover30 years,workingalongside entrepreneursandinvestorsbyproviding thebanking,debtandfinancingsolutions thathelpthemmakeanimpact. Inallthattime,wehavebeenatthe heartofthetechecosystem,helping tofinancethebuildingblocksofthe industry–PCs,internet,sensors, displays,communicationsandmobility throughtosocialnetworks,bigdata, cloudcomputingandAI–allthekey developmentsthathaveledtomassive change.Witheachdevelopment,there hasbeenanewwaveofinnovationfor eachcompanytoride.Buteachwaveis travellingfurther,fasteranddeeperthan theonebeforeit. Today,technologyhasbeenabsorbed intoeverydaylife,ineveryindustry,in easily.Astheworldtriestodomoreand more,aswealltrytosqueezeeverylast dropoutoflife,we’reallseekingout businesses,toolsandbrandsthatmake ourlivesbetterandeasier. Financialservicesandhealthcareare twohugeindustrieswheresignificant advancesarebeingmade,withnew services,moreautomationandadvanced usedofdataanalytics.Functionalareas withinindustriesarealsobeingtargeted fortransformation.Staffingisthelargest expenseformanyemployersandwe’re seeingfast-growingcompaniesthatare addressingHRchallenges,makingit easiertohirepeople,providebenefits solutionsandimproveperformance. everycorneroftheworld.Intheyearwe openedourdoors,thetotalamountof venturecapitalinvestedintheUSwas lessthan$3bn.Thisyear,apointwas reachedwhentheworld’sfivelargest companiesbystockmarketvaluewere venture-backedtechcompanies.Their combinedvalue?Over$2,200bn.Withso muchaheadofus,whatarewelookingfor intheleadersoftomorrow? Technology-ledsolutions thatsimplifymajorproblems We’relivingatatimewheretechnology, businessmodelsandinnovationare converging.Thecompaniesthatcombine themalltomakethingssimple,orprovide enrichingexperiences,aretheonesthat aredisruptingmarkets. It’swhathasworkedforthetechgiants. Google–searchingeasily.Facebook– keepingupwithfriendseasily.Amazon –buyingthingseasily.Uber–travelling Stephen Lowery, managing director of capital markets at Silicon Valley Bank UK, on what it takes to benefit from times of extreme change
55 Atthesametime,therearesignificant newtechnologiesandtoolsbeing developedaroundrobotics,dataanalysis andmachinelearning/AI.Theseare thenewtechnologiesthatwebelieve willformthecoreoffutureinnovations insocially-vitalsectorssuchas transportation,retailingandeducation. Teamswithvisionthatcan executetheirplans It’sbeensaidamilliontimesbutthe team,andthesuccessfuldevelopmentof theteam,arecriticalsuccessfactorsfor buildingasustainablebusiness. attributesonline,sothere’snoneedtogo intogreaterdetailhere. Whenthetippingpointtoscalehas beenreached,welookforteamsthatare investingforsuccessandbuildingstrong positionsthroughacombinationof organicgrowthandacquisitions. Raisingcapitalisacompetitiveprocess too.Welookforcompaniesthathavethe tractiontheyneedtoraisethemoney theyneedtofurthertheirambitions.Has thebusinessdevelopedsufficientlyto attracttheinvestmentontermsthatthe teamwants? StephenLoweryismanagingdirectorof capitalmarketsatSiliconValleyBankUK www.svb.com/uk/ “What has become clear from the patterns of the last 30 years is that while industries are disrupted, certain characteristics remain constant” Welookforpeoplewhocanattract,retain anddeveloptalentandformitintostrong teamsthatcanperformwell.Welookfor teamsthatiteratequicklyandcanmake decisionswiththepotentialtoscale rapidlywithgreatexecution.Equally importantly,welookforteamsthatcan buildtheconfidenceofinvestorssothey canraisethecapitaltheyneedtodeliver theirplan. Tractionandmomentumin afastgrowthenvironment Inacompetitiveandbusymarket, buildingmomentumintherightdirection iskey.Welookforcompaniesthataddress asubstantialmarketwithaclearproduct- marketfit,combininguniteconomics withgreatcustomersatisfaction.Thereis muchexcellentmaterialthatcoversthese Inconclusion Whathasbecomeclearfromthepatterns ofthelast30yearsisthatwhileindustries aredisrupted,certaincharacteristics remainconstant.Leveragingmajor technologytrends.Makingthingsmuch cheaper,betterandfaster.Assembling greatteams.Gainingmomentum.Raising capital.Thesearetheconstants. There’snosilverbullet–it’sjustaperfect combinationofthefactorswe’velisted abovethatmatcheachopportunity.If youcanputthesetogether,there’sa betterchancethaneverofmovingquickly fromdisruptortoincumbent. Onebusinessthatcaughtoureye thisyearisGooee,whichconnects lightingmanufacturerstothe InternetofThings(IoT). Keepingitsimple Bydevelopingtheworld’sfirst operatingplatformtoconnect lightingtotheIoT,Gooeehassolved theproblemsofintegrationand interoperability,makingitsimple forbusinessesandendusersto accessthebenefitsoffeature-rich, connectedsolutions. Ateamwithvision CEOAndrewJohnsonpreviously foundedAuroraLightingandthe managementteamismadeupof expertsinLEDlighting,software engineeringandembedded hardwaredesign.Theyare complementedbyastrongadvisory boardfromthetechcommunity. Intellectualproperty AttheheartofGooeeisasensorthat detectsmotionandambientlight whiletrackingLEDperformance. Theplatformalsoleveragesbigdata fromlightingnetworks,opening upopportunitiesforenergysaving andproducttrackingbusinessesto interfaceefficiently. Scalability Commercially,Gooeehaspartnered with30lightingmanufacturersto deliverthesolutionaroundtheworld andisengagedwithafurther40 companies.Thisgivesusconfidence aboutthepotentialofthisbusiness. Smart lighting CASE STUDY
Patentpending DoesIPlagbehindinnovation? /ip_strategy 56
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