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October 2014 
www.hhs.se
Who am I? (LinkedIn Inmaps) 
Swedish 
Industry 
SSE 
Exec Ed 
Research 
Wharton 
Stanford 
McKinsey 
vonorange.com
Then… 
Thx to R. Wieselfors, Ericsson for photos
…Now 
Thx to R. Wieselfors, Ericsson for photos
History tends to repeat itself…. 
Innovation, financial crisis, industrial revolution, … 
Steam 
engine 
Internal 
combust...
People 
• “Net generation” 
• 24x7 “mobile” workforce 
• Knowledge via MOOCs 
• Sharing not consuming 
• Sustainability 
T...
No one knows everything, 
everyone knows something, 
all knowledge resides in nheutmwaonrkitsy.. 
Six degrees of 
separati...
What’s happening today? 
24x7 Global Internet Collaboration + Open Source + 3D Printing 
$60,000 
$150 
Available for free...
Bitcoin = The power of community + 
open source + internet + CPU 
• Developed by self-organizing community of thousands of...
”Bitcoin has made me interested in 
issues like finance and money – things 
that I never thought about before. Now 
I am r...
Rise of local currencies
The genie is 
out of the bottle….
Global platform for local community collaboration 
Launched June 2010 
USD 17 bln valuation 
43 countries globally 
Uber 
...
IoT + Smartphones + Bitcoin protocol = ? 
IoT 
connecting 
everything 
Android 
smartphones 
<USD 50 
Bitcoin protocol 
en...
If the rate of change on the 
outside (of an organization) 
exceeds the rate of change on 
the inside, the end is near.......
Many are stuck in our old ways …
Increasing pace of change 
 From 1920s to 2010s 
− Average lifespan of S&P 500 company fell from 67 
years to 15 years 
...
In just a few years in Sweden alone… 
Company Founded Business 
Klarna 2005 E-commerce payment services 
MyLoan 2006 Loan ...
http://techcrunch.com/2014/09/04/kncminer-raises-14-million-to-take-bitcoin-mining-to-the-moon/
Banks’ share of wallet is rapidly shrinking 
International Entrepreneurs 
Nordic Entrepreneurs 
Nordic Banks 
Pay, Save, 
...
Four forms of crowdfunding 
Form Benefits for funders 
Donation-based Donation Intangible benefits. 
Reward-based 
Donatio...
Measuring demand in advance
How big is crowdfunding? 
 Global crowdfunding almost doubled 2012 to 
2013 to USD 5.1 bln 
 March 2014 Kickstarter pass...
Toborrow.se
Democratizing innovation 
through access to capital? 
Women in USA 
 <30% of business owners 
 <15% of angel investors ...
Democratizing innovation 
through access to capital 
Kickstarter 
• Women 13% more likely to to meet 
crowdfunding goals t...
“Made in Africa” 3D printer (Togo) 
crowdfunded through Ulele 
Winner of International 
Space Apps Challenge 
http://www.e...
DIY 3D printing becoming more commonplace… 
http://openfabpdx.com/fffiddle/
Innovation in automotive design/production 
“Local Motors is the place for people to create 
influential vehicles together...
Models of Knowledge Creation 
The Firm 
E.g., Microsoft 
~ Built by employees within 
organizational boundaries 
vs The Co...
OpenSimulator: A value-creation ecosystem 
Academic 
Entrepreneur 
Hobbyist 
Large Firm 
Non-profit 
Local Public 
Federal...
From the mobility of goods 
to the mobility of financial capital to … 
Teigland, JVWR, 2010 
...the “mobility” of labor?
Knowledge becomes quickly outdated 
Ray Kurzweil, Singularity Institute
Thomas Jefferson (1816) 
“Laws and institutions must go hand in hand 
with the progress of the human mind.” 
The problem i...
http://www.futuristspeaker.com/2014/09/should-robots-have-their-own-bank-accounts/
Institutions 
Challenges to institutions? 
Emergent Collective 
E.g., Central Bank 
~ Long-standing financial 
institution...
Some questions… 
 What basic assumptions about value creation will 
no longer hold? 
 What opportunities are there relat...
The future is already here, 
it’s just not very evenly 
distributed. 
- William Gibson
If you love knowledge, 
set it free… 
Robin Teigland 
robin.teigland@hhs.se 
www.knowledgenetworking.org 
www.slideshare.n...
Leading into the Third Industrial Revolution
Leading into the Third Industrial Revolution
Leading into the Third Industrial Revolution
Leading into the Third Industrial Revolution
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Leading into the Third Industrial Revolution

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My keynote presentation at the NEMO 14 (New Media Modern Democracy) "Meet the Digital Naturals" Conference at Lund University Campus Helsingborg in October 2014. http://nemo.blogg.lu.se/594/

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Leading into the Third Industrial Revolution

  1. 1. October 2014 www.hhs.se
  2. 2. Who am I? (LinkedIn Inmaps) Swedish Industry SSE Exec Ed Research Wharton Stanford McKinsey vonorange.com
  3. 3. Then… Thx to R. Wieselfors, Ericsson for photos
  4. 4. …Now Thx to R. Wieselfors, Ericsson for photos
  5. 5. History tends to repeat itself…. Innovation, financial crisis, industrial revolution, … Steam engine Internal combustion engine Microelectronics Late 18th C Late 19th C Late 20th C Schön 2008 Third industrial revolution?
  6. 6. People • “Net generation” • 24x7 “mobile” workforce • Knowledge via MOOCs • Sharing not consuming • Sustainability Technology • Broadband access • The Cloud • Mobile phones • Internet of Things • Big Data • 3D printing • Robotics/AI • VR/AR Open Source • Software • Hardware • Physibles Convergence of….. Finance • Microlending/microfinance • Crowdfunding/equity/P2P • Non-fiat cryptocurrencies • Mobile money/payments
  7. 7. No one knows everything, everyone knows something, all knowledge resides in nheutmwaonrkitsy.. Six degrees of separation - Milgram, 1967 Adapted from Lévy 1997
  8. 8. What’s happening today? 24x7 Global Internet Collaboration + Open Source + 3D Printing $60,000 $150 Available for free download on http://mashable.com/2013/02/13/robohand/ Where is the firm?
  9. 9. Bitcoin = The power of community + open source + internet + CPU • Developed by self-organizing community of thousands of “strangers” across globe • Not one but many motivations (intrinsic, extrinsic) • 91 bln SEK in circulation vs SEK 36 bln of Bitcoin in five years • Approx USD 5 bln in circulation (Oct 2014) and 70,000 daily transactions http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2263707
  10. 10. ”Bitcoin has made me interested in issues like finance and money – things that I never thought about before. Now I am really curious and questioning why things are the way they are in the finance world….and wondering what can I do to change them.” - Bitcoin 2014 Conference Attendee
  11. 11. Rise of local currencies
  12. 12. The genie is out of the bottle….
  13. 13. Global platform for local community collaboration Launched June 2010 USD 17 bln valuation 43 countries globally Uber Limited physical assets UberPop, Uber Rush, ??
  14. 14. IoT + Smartphones + Bitcoin protocol = ? IoT connecting everything Android smartphones <USD 50 Bitcoin protocol enabling global property transfers
  15. 15. If the rate of change on the outside (of an organization) exceeds the rate of change on the inside, the end is near.... -Jack Welch
  16. 16. Many are stuck in our old ways …
  17. 17. Increasing pace of change  From 1920s to 2010s − Average lifespan of S&P 500 company fell from 67 years to 15 years  From 2000 to 2010 − 40% of companies on Fortune 500 list replaced  Predictions − In next few years, 70% of Fortune 1000 companies to be replaced − By 2020, >75% of S&P 500 companies do not exist today − By 2025, >45% of Fortune 500 companies to be from emerging markets Fast Company, McKinsey & Inc
  18. 18. In just a few years in Sweden alone… Company Founded Business Klarna 2005 E-commerce payment services MyLoan 2006 Loan broker Trustly 2008 Online payments TrustBuddy 2009 P2P lending iZettle 2010 Mobile payments FundedByMe 2011 Crowdfunding, crowd equity Kivra 2011 Digital mailbox Tink 2012 Personal finance Safello 2013 Cryptocurrency exchange KnCMiner 2013 Cryptocurrency mining equipment Toborrow 2013 P2P lending for companies
  19. 19. http://techcrunch.com/2014/09/04/kncminer-raises-14-million-to-take-bitcoin-mining-to-the-moon/
  20. 20. Banks’ share of wallet is rapidly shrinking International Entrepreneurs Nordic Entrepreneurs Nordic Banks Pay, Save, Lend, Insure
  21. 21. Four forms of crowdfunding Form Benefits for funders Donation-based Donation Intangible benefits. Reward-based Donation or pre-purchase Rewards in addition to intangible benefits. Equity-based Investment Return on investment if company does well. Rewards sometimes also offered and intangible benefits may motivate too. Debt-based Loan Repayment of loan with interest. Alternatively intangible benefits if loan given interest-free. Ingram & Teigland 2013
  22. 22. Measuring demand in advance
  23. 23. How big is crowdfunding?  Global crowdfunding almost doubled 2012 to 2013 to USD 5.1 bln  March 2014 Kickstarter passed USD 1 bln in total pledges  FundedByMe raised USD 10.5 mln to date  Swedish market to be SEK 100 mln in 2014  By 2025 global crowdfunding could reach USD 90 to 96 bln (1.8 times today’s global VC industry)  Growth potential greatest in emerging markets? USD 50 bln in China by 2025?
  24. 24. Toborrow.se
  25. 25. Democratizing innovation through access to capital? Women in USA  <30% of business owners  <15% of angel investors  <10% of venture capitalists But… Women on Kickstarter  35% of project leaders  44% of investors on platform  >40% of projects women invested in had female project leaders Marom, Robb and Sade 2014
  26. 26. Democratizing innovation through access to capital Kickstarter • Women 13% more likely to to meet crowdfunding goals than men • 67% of women-led technology ventures reached goals vs 30% of male-led ventures Indiegogo • Women 61% more likely than men to meet goals • Women account for 41% of projects that meet goals http://online.wsj.com/articles/kickstarter-closes-the-funding-gap-for-women-1407949759
  27. 27. “Made in Africa” 3D printer (Togo) crowdfunded through Ulele Winner of International Space Apps Challenge http://www.engineering.com/3DPrinting/3DPrintingArticles/ArticleID/5712/E-Waste-3D-Printer-to-Mars.aspx
  28. 28. DIY 3D printing becoming more commonplace… http://openfabpdx.com/fffiddle/
  29. 29. Innovation in automotive design/production “Local Motors is the place for people to create influential vehicles together.” http://www.youtube.com/watch?v=azCRuwtE_n0
  30. 30. Models of Knowledge Creation The Firm E.g., Microsoft ~ Built by employees within organizational boundaries vs The Collective E.g., OpenSimulator ~ Built by users and distributed freely regardless of affiliation Teigland, Di Gangi, & Yetis 2012
  31. 31. OpenSimulator: A value-creation ecosystem Academic Entrepreneur Hobbyist Large Firm Non-profit Local Public Federal Public Research Inst SME Employee Periphery Teigland, Di Gangi, & Yetis 2012 USD 5.5mln in development costs
  32. 32. From the mobility of goods to the mobility of financial capital to … Teigland, JVWR, 2010 ...the “mobility” of labor?
  33. 33. Knowledge becomes quickly outdated Ray Kurzweil, Singularity Institute
  34. 34. Thomas Jefferson (1816) “Laws and institutions must go hand in hand with the progress of the human mind.” The problem is that the human mind itself can’t keep pace with the advances that computers are enabling. http://wadhwa.com/2014/04/15/mit-technology-review-laws-and-ethics-cant-keep-pace-with-technology/
  35. 35. http://www.futuristspeaker.com/2014/09/should-robots-have-their-own-bank-accounts/
  36. 36. Institutions Challenges to institutions? Emergent Collective E.g., Central Bank ~ Long-standing financial institutions and regulations vs E.g., Bitcoin Community ~ Emergent collective of users across globe connected through internet Teigland, Yetis, Larsson, 2013 http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2263707
  37. 37. Some questions…  What basic assumptions about value creation will no longer hold?  What opportunities are there related to the future of money, collaborative innovation, and the sharing economy?  What strategic challenges are there within the nearest 2-3 years in connection with the future of money, collaborative innovation, and the sharing economy?  What will you do tomorrow as a result of today’s discussion?
  38. 38. The future is already here, it’s just not very evenly distributed. - William Gibson
  39. 39. If you love knowledge, set it free… Robin Teigland robin.teigland@hhs.se www.knowledgenetworking.org www.slideshare.net/eteigland www.nordicworlds.net @RobinTeigland If you like this presentation and would like to contribute to our research, we accept bitcoins: 14hs4JbnQLXE87GGzu84uXGaspmxmnLpwC. Thank you!!!!!

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