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Third and Fourth Industrial Revolutions?
This document summarizes key technologies and trends in collaborative economy, including sharing economy platforms, internet of things, 3D printing, crowdfunding, and crowdsourcing. It discusses how these areas are enabling new forms of value creation through peer-to-peer sharing of assets and services, as well as crowdfunded and crowdsourced innovation. However, it also notes challenges around regulating new business models and ensuring trust in the context of rapidly changing technologies outstripping the pace of legal and ethical standards.
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Third and Fourth Industrial Revolutions?
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- 3. The future isalready here, it’s just not very evenly distributed. - William Gibson
- 4. Thx to R.Wieselfors, Ericsson for photos
- 5. Thx to R.Wieselfors, Ericsson for photos
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- 7. • What technologiesare used? • What assumptions are broken? https://www.youtube.com/watch?v=y-rEI4bezWc
- 8. People • “Net generation” •24x7 “mobile” workforce • Knowledge via MOOCs • Sharing not owning • Sustainability • Work but not employed Technology • Broadband • Smart phones • The cloud • Internet of Things • Big Data • 3D printing • Robotics/AI • VR/AR • Holography Open Source IP • Software • Hardware • Physibles Convergence of….. Finance • Microlending/microfinance • Crowdfunding/equity/P2P • Cryptocurrencies • Blockchain • Mobile money/payments • M2M payments
- 10. History tends torepeat itself…. Innovation, financial crisis, industrial revolution, … Steam engine Internal combustion engine Internet Microelectronics Late 18th C Late 19th C Late 20th C Schön 2008 Third industrial revolution?
- 11. Uber • Launched June2010 • >330 cities in 60 countries • Limited physical assets • > USD 60 bln valuation (Ericsson – USD 30 bln) “Doing more with less” through a global platform
- 12. From 60 yearsin 1960 to 16 in 2010
- 13. Increasing pace ofchange From 2000 to 2010 − 40% Fortune 500 list replaced Predictions − In next few years, 70% Fortune 1000 to be replaced − By 2020, >75% of S&P 500 do not exist today − By 2025, >45% of Fortune 500 to be from emerging markets Fast Company, McKinsey & Inc
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- 15. Amazon + 3rd-partyvendors > Wal-Mart in 2016?
- 16. Doing more withless
- 17. A system thatactivates the untapped value of all kinds of assets through models and marketplaces that enable greater efficiency and access. - Botsman The Sharing Economy Harvard Business Review, 2014 The Sharing Economy: Embracing Change with Caution http://www.slideshare.net/eteigland/sharing-economy-webb
- 18. Examples and well-knownactors in the Sharing Economy Asset Examples Actors Swedish Actors Tangible Transportation Property Food Uber BlaBlaCar Didi Kuaidi AirBnB Skjutsgruppen SunFleet Hoffice Intangible: Financial Crowdfunding P2P lending Kickstarter Indiegogo LendingClub Prosper GoFundMe FundedByMe Crowdcube ToBorrow Intangible: Services Professional Personal Innocentive Mechanical Turk Upwork TaskRabbit eWork Vint TaskRunner
- 19. The Sharing Economyis enabled through peer-to-peer (P2P) transactions on multi-sided platforms (MSPs) http://sloanreview.mit.edu/article/strategic-decisions-for-multisided-platforms/
- 20. LEARNING p2p learning opencourses & moocs PRODUCTION co-design / co-innovationdigital peer production distributed fabrication (makers) FINANCE p2p funding p2p payments p2p insurance compl. currencies GOVERNANCE SWARM participatory organizations participatory government blockchain / DAO CONSUMPTION redistribution local food systemsproduct-service on-demand services COLLABORATIVE ECONOMY FRAMEWORK V0.1
- 21. “Sharing” is bigbusiness… http://www.web-strategist.com/blog/2015/06/04/the-collaborative-sharing-economy-has-created-17-billion-dollar-companies-and- 10-unicorns/ USD 26 bln today -> USD 335 bln in 2025
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- 23. Increasing efforts toregulate the sharing economy
- 24. If Uber wereto pay drivers as employees in USA.
- 25. Spawning a newform of capitalism - Modern day sweatshops? Digital Robber Barons? “Monopoly” platform “Monopoly” platform “Perfect competition” “Perfect competition”
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- 27. LEARNING p2p learning opencourses & moocs PRODUCTION co-design / co-innovationdigital peer production distributed fabrication (makers) FINANCE p2p funding p2p payments p2p insurance compl. currencies GOVERNANCE SWARM participatory organizations participatory government blockchain / DAO CONSUMPTION redistribution local food systemsproduct-service on-demand services COLLABORATIVE ECONOMY FRAMEWORK V0.1
- 28. Banking is essential, butbanks are not. Bill Gates The emergence of FinTech
- 29. Local Stockholm successstory: Flippin’ Burgers Money raised: SEK 36,502 / €4,000 Number of investors: 186 Date funded: September 2011 Sector: Food
- 30. Enabling local, small-scalesolutions http://travel.cnn.com/best-americana-restaurants-europe-023346
- 32. Four forms ofcrowdfunding 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. Loan-based Loan Repayment of loan with interest. Alternatively intangible benefits if loan given interest-
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- 36. But in Chinaalone in 2015… http://www.crowdfundinsider.com/2016/01/79612-report-china-p2p-lending-topped-150-billion-in-2015/
- 38. Democratizing innovation through accessto capital?
- 39. “Made in Africa”3D printer (Togo) Winner of International Space Apps Challenge http://www.engineering.com/3DPrinting/3DPrintingArticles/ArticleID/5712/E-Waste-3D-Printer-to-Mars.aspx
- 40. What is FinTech? Accenture/CBInsights Technologies for banking and corporate finance, capital markets, financial data analytics, payments, and personal financial management Finance TechnologyFinTech
- 42. A recent surveyof milennials
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- 45. Profits from non-mortgageretail lending, e.g., credit cards, car loans, could be reduced by 60% and revenues by 40% over next decade.
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- 48. Bitcoin – Anemergent phenomenon • Open source project on SourceForge in Jan 2009 • Original source code by “Satoshi Nakamoto” – pseudonym? • Developed by self-organizing community of thousands of strangers across globe • Approx USD 6.3 bln market cap and approx 180,000 daily transactions volume 1 BTC = USD 413 (March 8, 2016) Teigland, Yetis, Larsson 2013 http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2263707 Within 6 years: Challenging the fiat money system?
- 49. Bitcoin – oneof 100s of cryptocurrencies https://coinmarketcap.com/
- 50. What is acryptocurrency? Digital Decentralized, peer-to-peer (P2P), i.e., no central, third party Uses cryptography to validate/secure transactions Also uses cryptography to generate currency itself Non-technical explanation of Bitcoin − https://www.youtube.com/watch?v=t5JGQXCTe3c
- 51. How does Bitcoinwork? Screenclip from: How Bitcoin Works under the hood, by “Curious Inventor” Block chain • Shared public ledger • All transactions ever made logged • Chronology and integrity enforced by cryptography
- 54. Betting on theBlockchain - Together Goldman Sachs, JPMorgan, Credit Suisse, Barclays, Commonwealth Bank of Australia, State Street, RBS, BBVA, UBS, Nordea, SEB, + …… +
- 56. Enablers of a“true” Collaborative Economy? Blockchains Collaborative Economy IoT/sensors P2P/M2M micropayments Big data
- 57. LEARNING p2p learning opencourses & moocs PRODUCTION co-design / co-innovationdigital peer production distributed fabrication (makers) FINANCE p2p funding p2p payments p2p insurance compl. currencies GOVERNANCE SWARM participatory organizations participatory government blockchain / DAO CONSUMPTION redistribution local food systemsproduct-service on-demand services COLLABORATIVE ECONOMY FRAMEWORK V0.1
- 58. The automotive industry Disruptions......the likes of which the industry hasn’t seen since the automated assembly line. http://asmarterplanet.com/blog/2015/01/auto-industry-innovation.html
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- 61. New technologies enablenew entrants
- 62. As do newforms of financing…crowd equity
- 63. No one knowseverything, everyone knows something, all knowledge resides in humanity.networks. Adapted from Lévy 1997Image: Krebs
- 64. “Local Motors isthe place for people to create influential vehicles together.” http://communities-dominate.blogs.com/brands/2015/02/local-motors-and-the-radical-redesign-of-business.html • 100xs less capital cost • 5xs faster production
- 66. Local Motors toprint 3D cars in its micro-factories
- 67. Microfactories – Localand Mobile Integrating offline and online communities
- 68. Community platform Hierarchicalfirm VS E.g., Ford ~Created by employees within organizational boundaries E.g., Local Motors ~ Created by community collaborators regardless of affiliation Teigland, Di Gangi, & Yetis 2012 The Flipped Firm: New model of value creation?
- 69. Darja Isaksson, Ziggy Automated,fossil free, service-based
- 70. The Sharing Economy: Howmany cars do we need?
- 71. Increasing number ofsubstitutes
- 72. New forms of“face to face” meetings
- 74. How does Bitcoinwork? Screenclip from: How Bitcoin Works under the hood, by “Curious Inventor” Block chain • Shared public ledger • All transactions ever made logged • Chronology and integrity enforced by cryptography
- 77. Betting on theBlockchain - Together Goldman Sachs, JPMorgan, Credit Suisse, Barclays, Commonwealth Bank of Australia, State Street, RBS, BBVA, UBS, Nordea, SEB, + …… +
- 79. Groupwork Prepare max8 min ppt presentation answering the questions in Notes in your groups: 1. Sharing Economy 2. Internet of Things 3. 3D Printing 4. Crowdfunding 5. Crowdsourcing Some search tips − Company homepages blogs − www.wikipedia.org www.slideshare.net − www.youtube.com www.instagram − www.linkedin.com www.facebook.com − www.twitter.com
- 80. If the rateof change on the outside (of an organization) exceeds the rate of change on the inside, the end is near.... -Jack Welch
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- 84. …to server hallsand …
- 85. ….. robots and MX3Dto 3D print steel bridge
- 86. .… “Third Places”and co-working spaces US: 40% of workforce freelancers
- 87. Hoffice – aSwedish concept gone global
- 88. Jobs that didnot exist 10 years ago iOS/Android developer Social media manager UI/UX designer Big data architect Cloud services specialist Digital marketing specialist Sustainability expert Zumba instructor Beach body coach Drone pilot and photographer http://talent.linkedin.com/blog/index.php/2014/01/top-10-job-titles-that-didnt-exist-5-years-ago-infographic
- 89. Increasing forces for localcommunity
- 91. Scheveningen Harbor –The Hague
- 92. A 3D printerworkshop on Lisette’s boat RepRap community E-commerce
- 93. My first attemptat 3D printing – successful!
- 94. Microfactories and localnetworks of 3D printers
- 95. Enabling circular economies •Printers printing themselves • Recycling local garbage into filament
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- 97. Turning 3D printinginto a business… http://openfabpdx.com/fffiddle/
- 98. Developing circular economies Localdemands? Local materials? Reduced transport?
- 99. What’s around thecorner? 24x7 Global Internet Collaboration + Open Source + 3D Printing http://mashable.com/2013/02/13/robohand/ $60,000 $150 Available for free download on $45 Where is the firm? $5
- 100. Thomas Jefferson (1816) “Lawsand 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/
- 101. The challenge ofensuring trust Leap of faith when meeting strangers -> Increased trust in society? Innovation is forward looking while regulations are backward looking. http://www.weforum.org/sessions/summary/rise-demand-economy
- 102. Some questions… • Whatbasic assumptions will no longer hold, e.g., economies of scale, third party verification? • How will trust be enabled? • How will new forms of value creation be regulated? • Why does the firm exist?
- 103. Exploitation Improving existing value creation activities Exploration Developingnew value creation activities Adapted from March 1991
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- 105. Robin Teigland robin.teigland@hhs.se www.slideshare.net/eteigland www.funnovation.se @robin.teigland If youlove knowledge, set it free… If you like this presentation and would like to contribute to our research, we accept bitcoins: 14hs4JbnQLXE87GGzu84uXGaspmxmnLpwC. Thank you!!!!!