AI, VR, 5G, Digital Currency & Block Chain, driverless cars- were any of these terms used as much 5 years back? More importantly, what does all of this mean for us and how will it impact us in next few years is what I became better informed of at ‘SME Beyond Borders Summit 2019’, held in JW Marriot Marriot recently. The center of focus being “what lies ahead & what will matter, in the future.”
The session was started off by one of the best selling authors, keynote speaker and the futurist Mr. Peter Hinnsen on ‘The day after tomorrow.’ Mr. Hinnsen discussed the importance of ‘continuous innovation’ by enterprises in order to thrive and stay ahead in the current economy. He also provided valuable insight into the ‘new norm’ in the present day and age. Some of the business ‘tools’ like digital marketing, social media engagement, mobile-friendly websites and apps that were considered ‘optional’ back in the day have become the ‘new standard’ that every startup has to opt for, as they have become extremely vital with massive advancements in technology. In addition, sound relevant examples were discussed to show how tech has transformed the way we live today and what more to expect. All of the info presented made me believe that we are definitely amidst ‘highly volatile yet exciting’ times ahead.
Visual: Quote by Donald Rumsfeld.
The next session was followed by CNN featured futurist & documentary maker Mr. Ian Khan initiated the discussion by stating two major components that will be extremely vital for any business in times ahead, namely- ‘Change’ & ‘Trust’. He also spoke about some of the key factors that will be indispensable in the future such as mobile, automation, convergence, and digital currency. What was most important take away from this session was the tremendous amount of value that both individuals and enterprises will have to place moving forward, on aspects such as engagement, accountability, consistent learning, collaboration, acknowledgment & constant value creation.
Visual: ‘Smart Toilet’ along with an app, that can be expected in the near future.
Moving ahead, I got to witness one of the most inspiring stories from CEO and Co-founder of iD Fresh Food Mr. Musthafa P.C, a journey that can truly be termed as- ‘Rags to Riches.’ He started off the session describing a severe amount of challenges he went through since childhood, some of them absolutely unheard of to most of us here in UAE. What is vital here is the fact that in spite of tremendous challenges as a child, his determination and zest to win was never lost. Musthafa attributed the scale up & enormous success of his enterprise to two components- innovation and use of technology. With the severe advancement of technology and massive competition in the recent past, it is evident why the two factors are extremely vital for any enterprise to grow.
Visual: Major key components that thrived Musthafa’s venture.
“Goodbye Digital…Hello Fusion” was the topic introduced by Business Futurist, Innovation Strategist and a Disruption Advisor Mr. Charlie Ang. Mr. Ang started off by providing insight on 30 crucial technologies of the next decade like- Artificial Intelligence, IOT, Mobile, Blockchain, Immersive Media etc. What was personally most appealing about the session was a deeper insight on our shift to ‘Fusion Era’, an era that combines the physical, digital and biological spheres. This era as compared to others will evolve at an exponential pace (as compared to linear) and as a result, prove to disrupt every industry at an extremely rapid pace. In addition, he also classified various technology advancements into 3 different categories namely- Cognitive (Machine learning, AI Personal Assistant, Intelligent Robotics), Trust (Block Chain, Cryptocurrency, Smart Contacts) & Immersive ( AR/VR/MR, Telepresence, Virtual Avatars). All of the above was followed by an exciting example of ‘daily life in the future.’ to show how much more impactful technology will be in managing our day.
Visual: A day of an average individual in the near future.
Last but not least, Jenk Oz, a 13-year-old young entrepreneur provided an enlightened session into what we call the Gen-Z. Jenk, founder of iCoolkid.com talked about the attributes, mindset and the value system of Gen-Z. Being a Gen-Y individual, it was quite intriguing to learn that in spite of not being too far away from Gen-Z, the thinking and operating patterns of Gen Z are enormously different. When it comes to career goals, 60% of Gen Z prefer to be their own boss, which explains why we have a huge rise in the number of startups and young entrepreneurs in the present era. One of the most important aspects of the session was the importance for businesses today to be extremely mindful of the value system & thought process of Gen-Z; and incorporating that information carefully when innovating, serving and satisfying the youth of today with their products and services. Any enterprise who fails to take that into consideration will face extreme challenges in progressing forward.
Visual: Gig Economy & Gen-Z.
There was a lot more I gained from the event in terms of what to expect and how to prepare well in advance across various industry experts. However, it was next to impossible to have everything covered in one blog. Nonetheless, to summarize, the event was a massive eye-opener & provided sound information on how to shape, prepare and innovate for the next decade.
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Best,
Jai A
