online rising business keynote 6th ispim innovation symposium 9 decemnber 2013
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Keynote Address at 6th ISPIM Innovation Symposium – Innovation in the Asian Century The International Society for Professional Innovation Management. Melbourne, Australia. http://symposium.ispim.org/ ====================================== Unstoppable Rise of Online Services Digitisation of Industries Global networking of Industries What’s ahead Distinctive Economics of Online Online Gravity En Masse Self Service Data science and online innovationTRANSCRIPT
Online RisingAnd what it means for you.
Innovation for Business Stream@PauleMcCarthy
What’s in this talk Unstoppable Rise of Online Services
● Digitisation of Industries● Global networking of Industries● What’s ahead
Distinctive Economics of Online● Online Gravity● En Masse● Self Service
Data science and online innovation
The Digitisation Tsunami Continues
As Global Social Graphs expand...
Software is eating industries...
• Online leaders are consuming the place held by traditional leaders in a range of industrieso Video: Neflix & Blockbustero Encyclopedia: Wikipedia & Encyclopaedia Britannicao Photography: Instagram v Kodako Retail: Amazon vs Bordero Health is next...
Software is eating industries...
IBM is now a software company...
IBM's A Software Company Now!
http://www.businessinsider.com/ibm-software-company-2012-8
Future here but distributed unevenly
Future here but distributed unevenly
Rise of digital and online
Digitisation precursor to online
Online music
Health is next...80% of doctors can be replaced by machines.
- Vinod Khosla @vkhosla.
Australia is renowned for health care
Digital health technology strengths
Health Informatics ● Cochlear (Public, ASX:COH 2291 Employees)● iSoft (Acquired by CSC 2011)● Resmed (Public, NYSE:RMD 3700 Employees)
And education...
Global Export Education Rising
Digitisation and Quality of life
Distinctive Economics of OnlineEcosystems and Dynamics of Online
● Online Gravity● En Masse● Self Service
The Ecosystem
● Are there winning patterns?
● Certain traits or strategies work and lead to new stories being created
● Beginning, middle and end
● These are common to digital & analogue
Online Gravity
100 years of competition in cola market from same three competitors.Leader, challenger & niche - dominant form of traditional markets.
However this is not the case in Online markets. ...they tend toward monopolies.
Increasing returns due to platform-lock in and benefits of network effects.
Goodbye Jaguar Jobs.
Value of En Masse CollectionsValue of En Masse Collections
Would you choose?
Joseph Bank’s Diaries 100 years SMH
Or
Cost to digitise = $1m Cost to digitise = $1m
Public En Masse Data Collections
● Google Books and Culturomics - All books ever published
● Internet Archive- History of the Web etc
● Trove’s Newspaper Australia- Australia’s Newspaper Archive
Culturomics at Harvard University
From Worst to Best in class.
Value of Self-Service Tools
DELTA and Commonwealth Bank
Value of Self-Service Tools
Academics like self-service too...
Qualtrics rapid expansion to 5000 customers including 96 of Top 100 Global Business Schools
Data ScienceOnline’s Third Wave.
Data Science is the new wave
Statistics now overtakenEconomics as the most popular courseat Harvard University.
Stats has seen a 10x Growth in the lastFive years at Harvard.
Universities: Berkeley, Stanford, WaikatoResearch Institutes: NICTA, MIRI, Enterprise: IBM, Microsoft & Wolfram.NGOs: Mozilla, Internet Archive, R Foundation.Startups: Trifacta, Kaggle & DataElite (VC).
Todays Frontiers in Data Science
Berkeley
View from SF “The Aussies are slowly but surely taking over...
Australia’s Online Scene Growing
Who now follows Australian Tech closely?A: The Kings of Global Technology Finance.
Paul GrahamNaval Ravikant Dave McCLure Rich Wong
Australia’s Tech Cred on the Rise
Sydney● #1 City in the World
for Data-Driven Startups. Nov 2012
Future Directions
Next Generation Online Services
The 10,000 hour rule
● Greatness requires 10,000 hours of deliberate practice
○ The Beatles "Hamburg Years" 1200 performances 1960-1964
○ Bill Gates: 10,000 hours programming
Based on studies by Dr. K. Anders Ericsson and popularised by Malcolm Gladwell in his book Outliers.
The Beatles "Hamburg Years" 1200 performances 1960-1964
Hacking the 10,000 hour rule
"An Australian racer qualified for the Olympics just 18 months after she first saw a sled. Amazingly, she had completed only 220 runs before qualifying.
A typical US skeleton racer makes upwards of 2,000 runs before appearing in the Olympics.
- Wired, June 2012 Michelle Steele, Surf life saver turned Australian Winter Olympian.
The Knowledge Economy Institute aims to have Xerox PARC like impact in Data Science.
Impact of Xerox Parc
● Apple(GUI, Mouse, Ethernet, postscript, Laser printers)
● Microsoft(Windows interfaceMouse & GUI)
● HP (Laser Printers)● Adobe (Postscript)
Center for Research in Securities Prices (CRSP)
World's first comprehensive data set of historic share data
"Chicago-effect"
CRSP est 1960
1970-201025 Nobel Laureates in Economics
Chicago
Three of the largest global derivatives exchanges
● CME, CBOE, CBOT
More Jobs...Finance & Business: Now Chicago's Largest Employer
Highly-paid jobs...Chicago: Finance highest wage industry & US premium
Chicago-effect
● Higher disposable Income
Chicago-effect
● Higher tax base
Knowledge Economy Institute
Vis
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AdvancingAustralia'sGlobal Leadin Data Science.
MelbourneFunds &Super
SydneyBanking
InsuranceMarkets
WollongongFunds Admin
& Tech
Australia’s strengths in Finance
Tourism and Travel Innovation Lab
Tourism Analytics Campus based in
Wollongong
Australia’s Strengths in Tourism
Tourism and Travel Innovation Lab
HQ in Sydney.
Sensor Platform Lab
Sensor Pre-Analytics Lab in Sydney
Australia’s Strengths in Agriculture
Statewide Sensor Network
HQ in Hobart.
Paul McCarthy, Director of Strategy and Innovation,
SIRCA Limited@paulemccarthy
Online Rising