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Stepping into Internet-Virtual Worlds and Future of Value Creation

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My slides from a lecture for Erasmus University in February 2014.

Published in: Business

Stepping into Internet-Virtual Worlds and Future of Value Creation

  1. 1. Stepping into the Internet: Exploring a new world of value-creation
  2. 2. Who am I? (LinkedIn Inmaps) Swedish Industry Research Stanford SSE Wharton McKinsey Exec Ed
  3. 3.  International, multidisciplinary team − − Denmark, Finland, Iceland, Norway, Sweden, USA Academia, Industry, Public Sector  Objectives − To explore how entrepreneurs and SMEs can use VWs to improve competitiveness − To create a Virtual Center for VW Entrepreneurship & Innovation  March 2010 to February 2012
  4. 4. Expats In Nordic Region Some “Nordic” players
  5. 5. Published April 2013 http://www.amazon.com/The-Immersive-Internet-Reflections-Entangling/dp/1137283017
  6. 6.  Overview − − − − EU funded, 3 year multilateral and transversal network (LLP EACEA, KA3 (ICT)) December 2011 – December 2014 Project Leader: University of Hull (Darren Mundy, Luisa Panichi) 19 partners from Austria, Cyprus, France, Germany, Israel, Italy, Netherlands, Norway, Portugal, Sweden, UK  Network Aims −Collect good practice examples in teaching and learning in virtual worlds from different subjects and national and local contexts − Facilitate transfer of core knowledge to new contexts − Provide framework for creation of pan-European virtual-world university  Expected Outcomes − Increased number of experts in virtual world education − Policy for long-term sustainability of network and its outcomes − Model for knowledge transfer − Range of dissemination events More information: http://www.euroversity.eu/
  7. 7. Learning Objectives  To gain an overview of virtual worlds and the 3D Internet  To experience immersion in virtual worlds through a variety of activities  To reflect on the benefits and challenges of virtual worlds for business organizations
  8. 8. Overview  11:00 – 11:45 Introduction to Virtual Worlds  12:00 – 12.45 Immersion Benefits and Challenges  13:00 – 13:45 Future of Value Creation
  9. 9. Here comes the “Immersive Internet” O’Driscoll, 2009
  10. 10. How many usually think of virtual worlds…
  11. 11. Building skills in virtual environments My CV •Leading a virtual team of 30 individuals from across the globe •Creating and successfully executing strategies under pressure •Managing cross-cultural conflict without face-to-face communication
  12. 12. What are Virtual Worlds? •Persistent, computer-simulated, immersive environments •Shared socialization spaces with interactive content •Economic activity and transactions
  13. 13. VWs moving out of “Gartner hype cycle” trough May 2006 July 2007 http://www.gartner.com/it/page.jsp?id=1447613 Virtual worlds today
  14. 14. The number of virtual worlds and users continues to rapidly increase ≈1.9 bln accounts ≈100 worlds http://www.slideshare.net/nicmitham/kzero-universe-q1-2012
  15. 15. “Clearly, if social activity migrates to synthetic worlds, economic activity will go there as well.” Castronova, 2006
  16. 16. The rise of Avapreneurs and Born Virtuals? “Avapreneur” = Avatar + entrepreneur Leveraging global reach − Microemployees and pro-ams − Global markets and local market knowledge Challenging multinational corporations’ traditional resource advantage? Teigland, JVWR 2010
  17. 17. DJs Event builders MODELLING SCHOOLS MODELLING AGENCIES Photo studio makers Photographers Modelling furniture Poses and animations Top models Virtual fashion ecosystem Clothes/ shoes Accessories Furniture Shop builders Hair MAGAZINES Skins Body shapes Viachka, Giovacchini, Teigland, Lindqvist 2011
  18. 18. US$ 635,000 for a virtual asteroid! •US$ 500,000 profit in 5 years by Jon “Neverdie” Jacobs •Entropia Universe with GDP >US$ 440 mln http://blogs.forbes.com/oliverchiang/2010/11/13/meet-the-man-whojust-made-a-cool-half-million-from-the-sale-of-virtual-property/
  19. 19. VWs for effectiveness through virtual collaboration and visualization ProViWo: Professional Collaboration and Productivity in Virtual Worlds, http://vmwork.net/proviwo/
  20. 20. City planning in Uppsala and Stockholm
  21. 21. http://www.bbc.co.uk/news/technology-20492908
  22. 22. A spectrum of business virtuality possibilities Virtuality Fully real Fully virtual NO activities conducted inworld ALL activities conducted inworld
  23. 23. Cloud Party just acquired by Yahoo!
  24. 24. Overview  11:00 – 11:45 Introduction to Virtual Worlds  12:00 – 12.45 Immersion Benefits and Challenges  13:00 – 13:45 Future of Value Creation
  25. 25. Marketing and branding State of flow - Greater purchase intent - Positive brand attitudes Hooker et al 2010
  26. 26. VWs as a tool for training • Browser-based, multiuser, voice-enabled simulated medical spaces • Medical interactive narrative requires learner action • Learn through practice and debrief: fail early and learn through failure
  27. 27. Learning virtual teaming skills http://www.youtube.com/watch?v=uQa6vyG8Dkg
  28. 28. “ Armed with new connective tools, consumers want to interact and co-create value... „ Prahalad and Ramaswamy, 2003 Slide from Kohler 2011
  29. 29. Accelerating innovation to meet global needs Integrating users in development process Teigland et al. 2010 http://www.youtube.com/watch?v=2kMNWBU1Yb8
  30. 30. VWs offer significant affordances Teigland et al 2010
  31. 31. Today’s challenges  I’m “afraid” of the technology.  Isn’t a webconference better?  It’s just a game.  Who’s behind that avatar?  Here today, gone tomorrow….  You’re only as good as your technology.  The technology isn’t stable.  I can’t read their body language.  ….
  32. 32. Overview  11:00 – 11:45 Introduction to Virtual Worlds  12:00 – 12.45 Immersion Benefits and Challenges  13:00 – 13:45 Future of Value Creation
  33. 33. Models of Knowledge Creation E.g., Microsoft ~ Built by employees within organizational boundaries The Firm vs The Collective E.g., Linux ~ Built by users and distributed freely regardless of affiliation Teigland, Di Gangi, & Yetis 2012
  34. 34. Only a matter of time…. O’Driscoll 2009
  35. 35. A “Born Virtual” organization Members Core team Meetings $$ Teigland, JVWR, 2010
  36. 36. OpenSimulator: An open source value-creation ecosystem USD 5.5mln in development costs Academic Entrepreneur Hobbyist Large Firm Non-profit Local Public Federal Public Research Inst SME Employee Periphery Teigland, Di Gangi, & Yetis 2012
  37. 37. Companies competing and collaborating on through an open source platform
  38. 38. Moving into the Experience Economy Pine Jr. & Gilmore 1998, 1999; DiGangi 2010
  39. 39. My 10 year old cousin is addicted to Stardoll and does not see why I like Facebook since I can only read what other people send me. For her it is just natural for all her friends to be moving around the Stardoll website. - Masters student at Stockholm School of Economics As soon as the Facebook generation wakes up and embraces virtual reality, we are going to see a giant wave of virtual world millionaires. -Jon “Neverdie” Jacobs
  40. 40. ≈1.4 bln VW accounts under age 16 290 mln 220 mln >200 mln 42 mln (and 12 mln bought) 290 mln http://www.slideshare.net/nicmitham/kzero-universe-q1-2012
  41. 41. Developing international entrepreneurs?
  42. 42. 3D printing becoming more commonplace…
  43. 43. Kids exploring the link between VWs and 3D printing http://www.minecraftprint.com/
  44. 44. The future of immersion… http://www.bbc.com/news/technology-19568451
  45. 45. Exploitation Exploration Improving existing value creation activities Developing new value creation activities Adapted from March 1991
  46. 46. From the mobility of goods to the mobility of financial capital to … ...the “mobility” of labor? Teigland, JVWR, 2010
  47. 47. From factories to office parks to….
  48. 48. Here today, gone tomorrow?
  49. 49. Where is the Firm? 24x7 Global Internet Collaboration + Open Source + 3D Printing $60,000 $150 Available for free download on http://mashable.com/2013/02/13/robohand/
  50. 50. Learning Objectives  To gain an overview of virtual worlds and the 3D Internet  To experience immersion in virtual worlds through a variety of activities  To reflect on the benefits and challenges of virtual worlds for business organizations
  51. 51. If you love knowledge, set it free… Karinda Rhode aka Robin Teigland robin.teigland@hhs.se www.knowledgenetworking.org www.slideshare.net/eteigland www.nordicworlds.net RobinTeigland Photo: Lindholm, Metro Photo: Nordenskiöld Photo: Lindqvist

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