“The prosperity the United States enjoys today is due in no small part to investments the nation has made in research and development at universities, corporations, and national laboratories over the last 50 years.”
This document summarizes research on understanding changing consumer behavior and how businesses can capitalize on opportunities from those changes to energize global growth. Key points:
- Consumers are changing in networked, independent, communal, conscientious, and minimalist ways that impact how and why they consume.
- Businesses must understand these "how" and "why" dimensions to meet high expectations for growth, not just focus on "where" and "who".
- Industries associated with changing behaviors like experiences and sustainability are growing much faster than overall economies.
- "Industry growth leaders" develop advanced analytics, adaptive mindsets, and agile organizations to stay close to consumers and respond quickly to changes
This document discusses the changing balance of power between governments and large technology corporations. It notes that while corporations aim for progress, government provides stability through checks and balances. The document expresses concern that as government loses power to corporations, they may grow closer and more similar. It suggests the public has little stake in the cooperation between corporations and government regarding big data. Overall, the document raises concerns about concentration of data and power without proper oversight or accountability.
Everyone’s talking about integrated reporting. But not everyone has realised that there’s a new divide opening up within the integrated reporting movement.
It seems clear to us that the integrated reporters who show, rather than tell (and use the lens of the ‘capitals’ to do so), are the only ones able to truly convince their stakeholders that their company is doing something different. We take a closer look at the reporters getting it right in Salterbaxter MSLGROUP's latest ‘Directions’ report, ‘Integrated reporting: measurement matters’.
The document discusses how digital technologies and the internet are driving revolutionary changes that undermine traditional management practices developed during the industrial era. It argues that the current focus on short-term profits and shareholder value is holding many companies back from realizing the full potential of new technologies. To fully harness innovation, management needs to shift away from this industrial mindset towards a new model that values human capital, creativity, and long-term value creation over short-term gains. If not, outdated management could stifle technological progress and its ability to improve lives worldwide.
The document discusses potential developments and scenarios between 2014-2025 related to driving forces shaping the future global landscape. Key points include:
- The global economy in 2025 will be characterized by uneven development and continued economic turbulence as nations struggle with disruption. Science and technology will continue advancing rapidly, blurring the lines between magic and reality.
- Major shifts will include the establishment of new industries like synthetic biology and commercial space travel. Technologies like AI, robotics, and IoT will be integrated into all aspects of life and business.
- Society will see a growing global middle class and longer lifespans. Lifelong learning will be necessary to develop skills to thrive in an era of constant change and multiple careers
Future Today Institute | 2020 Tech Trends Report | Section 2 of 2Amy Webb
The document provides an overview of technology trends for 2020 according to the Future Today Institute's 2020 Tech Trends Report. Some of the key trends discussed include:
- The rise of AI systems that can be trained much faster as well as widespread algorithmic trading and off-planet human civilization.
- Home and office automation becoming more mainstream with technologies like smart assistants, security systems, and voice-controlled devices.
- Increased scoring of individuals based on vast amounts of personal data being collected and analyzed to make automated decisions about people.
Future Today Institute | 2020 Tech Trends ReportAmy Webb
NOTE: This is part 1 of 2 because our report is more than 360 pages. Which technology trends are most likely to impact your business in the coming years? Trends are waypoints to help anticipate future states in a world where uncertainty looms. The Future Today Institute's annual Tech Trends Report asks you to examine your assumptions, cherished beliefs and expectations for the future using a bolder, more holistic perspective. In the 13th edition of our Tech Trends Report, we forecast the key technology trends that will redefine businesses in the coming years. More importantly, we offer strategic analysis and guidance on those trends and further explore them in future scenarios to help you understand their implications on your organization and industry.
ICCA 2063 - Exploring the Next Fifty Years by Rohit Talwar 03/09/13Rohit Talwar
The document discusses potential scientific and technological developments over the next 50 years that could transform life and have implications for associations and their events. It explores advances in areas like biology, information technology, manufacturing, and human enhancement. Some key points:
- Lifespans could increase dramatically to over 100 years on average and possibly hundreds of years for some.
- Personalized genetic information and medicine will be widely available and used to customize experiences.
- Brain-computer interfaces may allow direct access to vast information stores and collective intelligence.
- Robots and AI will perform most human tasks, while 3D and 4D printing transform manufacturing.
- Human enhancement through drugs, implants or genetics may improve cognition and physical abilities.
This document summarizes research on understanding changing consumer behavior and how businesses can capitalize on opportunities from those changes to energize global growth. Key points:
- Consumers are changing in networked, independent, communal, conscientious, and minimalist ways that impact how and why they consume.
- Businesses must understand these "how" and "why" dimensions to meet high expectations for growth, not just focus on "where" and "who".
- Industries associated with changing behaviors like experiences and sustainability are growing much faster than overall economies.
- "Industry growth leaders" develop advanced analytics, adaptive mindsets, and agile organizations to stay close to consumers and respond quickly to changes
This document discusses the changing balance of power between governments and large technology corporations. It notes that while corporations aim for progress, government provides stability through checks and balances. The document expresses concern that as government loses power to corporations, they may grow closer and more similar. It suggests the public has little stake in the cooperation between corporations and government regarding big data. Overall, the document raises concerns about concentration of data and power without proper oversight or accountability.
Everyone’s talking about integrated reporting. But not everyone has realised that there’s a new divide opening up within the integrated reporting movement.
It seems clear to us that the integrated reporters who show, rather than tell (and use the lens of the ‘capitals’ to do so), are the only ones able to truly convince their stakeholders that their company is doing something different. We take a closer look at the reporters getting it right in Salterbaxter MSLGROUP's latest ‘Directions’ report, ‘Integrated reporting: measurement matters’.
The document discusses how digital technologies and the internet are driving revolutionary changes that undermine traditional management practices developed during the industrial era. It argues that the current focus on short-term profits and shareholder value is holding many companies back from realizing the full potential of new technologies. To fully harness innovation, management needs to shift away from this industrial mindset towards a new model that values human capital, creativity, and long-term value creation over short-term gains. If not, outdated management could stifle technological progress and its ability to improve lives worldwide.
The document discusses potential developments and scenarios between 2014-2025 related to driving forces shaping the future global landscape. Key points include:
- The global economy in 2025 will be characterized by uneven development and continued economic turbulence as nations struggle with disruption. Science and technology will continue advancing rapidly, blurring the lines between magic and reality.
- Major shifts will include the establishment of new industries like synthetic biology and commercial space travel. Technologies like AI, robotics, and IoT will be integrated into all aspects of life and business.
- Society will see a growing global middle class and longer lifespans. Lifelong learning will be necessary to develop skills to thrive in an era of constant change and multiple careers
Future Today Institute | 2020 Tech Trends Report | Section 2 of 2Amy Webb
The document provides an overview of technology trends for 2020 according to the Future Today Institute's 2020 Tech Trends Report. Some of the key trends discussed include:
- The rise of AI systems that can be trained much faster as well as widespread algorithmic trading and off-planet human civilization.
- Home and office automation becoming more mainstream with technologies like smart assistants, security systems, and voice-controlled devices.
- Increased scoring of individuals based on vast amounts of personal data being collected and analyzed to make automated decisions about people.
Future Today Institute | 2020 Tech Trends ReportAmy Webb
NOTE: This is part 1 of 2 because our report is more than 360 pages. Which technology trends are most likely to impact your business in the coming years? Trends are waypoints to help anticipate future states in a world where uncertainty looms. The Future Today Institute's annual Tech Trends Report asks you to examine your assumptions, cherished beliefs and expectations for the future using a bolder, more holistic perspective. In the 13th edition of our Tech Trends Report, we forecast the key technology trends that will redefine businesses in the coming years. More importantly, we offer strategic analysis and guidance on those trends and further explore them in future scenarios to help you understand their implications on your organization and industry.
ICCA 2063 - Exploring the Next Fifty Years by Rohit Talwar 03/09/13Rohit Talwar
The document discusses potential scientific and technological developments over the next 50 years that could transform life and have implications for associations and their events. It explores advances in areas like biology, information technology, manufacturing, and human enhancement. Some key points:
- Lifespans could increase dramatically to over 100 years on average and possibly hundreds of years for some.
- Personalized genetic information and medicine will be widely available and used to customize experiences.
- Brain-computer interfaces may allow direct access to vast information stores and collective intelligence.
- Robots and AI will perform most human tasks, while 3D and 4D printing transform manufacturing.
- Human enhancement through drugs, implants or genetics may improve cognition and physical abilities.
Start-up losses are mounting and innovation is slowing, but venture capitalists, entrepreneurs, consultants, university researchers, and business schools are hyping new technologies more than ever before. This hype is facilitated by changes in online media, including the rise of social media. This paper describes how the professional incentives of experts and the changes in online media have increased hype and how this hype makes it harder for policy makers, managers, scientists, engineers, professors, and students to understand new technologies and make good decisions. We need less hype and more level-headed economic analysis and this paper describes how this economic analysis can be done. Here is a link to the journal, Issues in Science & Technology: www.issues.org
Self-employed, "1099" workers represent the new face of America's economy. Here, Core Innovation Capital examines this fundamental shift in the nature of work, the ramifications that 1099 status has on Americans' financial lives, and the technology companies that are rising to address novel financial pain points.
A somewhat longer version of my Frontiers talk about technology and the future of the economy, with additional material pitched to an audience of Internet operators at Apricot 2017, in Ho Chi Minh City, Vietnam on February 27, 2017
1) The document discusses the opportunity for technology to improve organizational efficiency and transition economies into a "smart and clean world."
2) It argues that aggregate efficiency has stalled at around 22% for 30 years due to limitations of the Second Industrial Revolution, but that digitizing transport, energy, and communication through technologies like blockchain can help manage resources and increase efficiency.
3) Technologies like precision agriculture, cloud computing, robotics, and autonomous vehicles may allow for "dematerialization" and do more with fewer physical resources through effects like reduced waste and need for transportation/logistics infrastructure.
This document summarizes a legal research paper about regulating corporate venture capital (CVC). It finds that CVC has grown dramatically since 2008 and now plays an important role in startup financing and the rise of "unicorns" (private companies valued over $1 billion). However, CVC faces little regulation. The paper aims to address this by analyzing the legal implications of CVC in two areas: securities regulation and conflicts of interest. It examines case studies of several prominent CVC firms like GV and Intel Capital to understand current disclosure practices and argues more transparency is needed given CVC's influence on private markets and company boards.
European Media Management Association Summer SchoolRicardo Leiva
This document summarizes the business models of The Wall Street Journal and The Financial Times for selling online news content. It discusses how both newspapers have developed profitable freemium and metered models. The Wall Street Journal offers a free version with some content and a paid premium version with full access. The Financial Times offers various metered subscription plans that allow access to a certain number of articles per month. Both newspapers have been successful with these models, with over 1 million paid subscribers between them.
[Salterbaxter Directions] Human Rights - The Time is NowMSL
Is your business up to speed on the risks and opportunities of human rights issues?
Learn from the early adopters of the UN Guiding Principles Reporting Framework and get ahead of the game.
For more information, connect with @salterbaxterMSL or reach out to us on Twitter @msl_group.
The document discusses how robots and automation are disrupting traditional employment and the viability of the 401(k) retirement plan. It notes that as robots replace human workers, unemployment and under-employment are rising. This makes relying on 401(k) contributions for retirement risky as contributions depend on steady employment and income. The document proposes an "Irregular Employment Accumulation Account" as a better option for self-employed or irregularly employed individuals. It would allow flexible contributions and withdrawals to adapt to changing income levels. The document also discusses issues with universal life insurance policies and how some policies now require increased premiums to maintain coverage due to lower than projected returns and dividends.
Driving forces: Over the next 10 years the world of work is set to rapidly change, with the World Economic Forum predicting that disruptive changes to business models will have a profound impact on the employment landscape in the coming years
AI driven automation will create wealth and expand economies. Find out the views of the Executive Office of the US President in this AI Government led initiative.
This document discusses trends affecting the future of work, including technological advances, globalization, the network economy, the knowledge society, and demographics. It focuses on millennials and generation Z, describing their characteristics and how they are reshaping the workplace. Companies like IBM, Unilever, and Microsoft are highlighted as innovating to attract and engage millennial talent through initiatives like digital hiring processes, reverse mentoring programs, and internal communities focused on the millennial experience.
The Science Debate initiative, formed to press politicians to state their views on science and science policy, has released answers by Mitt Romney and President Obama to 14 questions. The group's Web site is overloaded so it has given permission to download this file for use on Dot Earth.
The Science Debate site: http://www.sciencedebate.org/debate12/
Dot Earth posts on the presidency:
http://dotearth.blogs.nytimes.com/tag/presidency/
Irrational Exuberance: A Tech Crash is ComingJeffrey Funk
These slides apply Nobel Laureate Robert Schiller's concept of irrational exuberance (and a book) title to the current speculative bubble of 2019. Over investments in startups and a lack of profitability in them are finally starting to catch up with the venture capital industry and the tech sector that relies on it. Investments by US venture capitalists have risen about six times since 2001 causing the total invested in 2018 to exceed by 40% the peak of 2000, the last big year of the dotcom bubble. But the number of IPOs has never returned to the peak years of 1993 to 2000; only about 250 were carried out between 2015 and 2017 vs. about 1,200 between 1995 and 1997.
The reason is simple: startups are taking longer to go public because they are not profitable. Consider the data. The median time to IPO has risen from 2.8 years in 1998 to 7.7 years in 2016 and the ones going public are less profitable than they were in the past. Although only 22% of startups going public in 1980 were unprofitable, 82% were unprofitable in 2018. The same high percentages of unprofitability have only been achieved twice before, in 1998 and 1999 right before the dotcom bubble burst. Furthermore, startups that have recently done high profile IPOs such as Snap, Dropbox, Blue Apron, Fitbit, Trivago, Box, and Cloudera are still not profitable.
Futuristic technologies like artificial intelligence, augmented reality, 3D printing, and the Internet of Things will significantly impact both the public and private sectors over the next decade. These technologies are no longer things of science fiction and have many potential applications in government such as improving services, aiding first responders, and transforming manufacturing. However, their adoption and integration will require collaboration between government and industry to ensure technologies are developed and deployed responsibly. Cybersecurity will also remain a key priority and challenge as more devices and infrastructure are connected.
The document summarizes 14 domains that are reaching a point of disruption and fundamental change due to accelerating technological and social shifts. These domains include work, retail, media, money, privacy, government, education, climate, interfaces, collaboration, social divide, artificial intelligence, warfare, and self-creation. For each domain, the document provides a brief analysis of the changes underway and suggests potential responses to the disruption, emphasizing the need for action, adaptation, and developing skills to thrive in the new environment.
The Second Machine Age: An Industrial Revolution Powered by Digital TechnologiesCapgemini
The interview discusses the impacts and implications of emerging digital technologies. Erik Brynjolfsson and Andrew McAfee explain that the world is entering a "Second Machine Age" where machines are able to perform cognitive tasks previously done by humans. This will have widespread economic and social effects and transform organizations. They emphasize that technology will significantly disrupt jobs but can also create new opportunities if individuals and organizations adapt skills. Overall, the key message is that emerging technologies will continue advancing rapidly, and a proactive response is needed to harness potential benefits and address inequalities.
Back in 2018, I have been reading books and research studies related to the Technology world and found many thought provoking ideas that can be translated into game changers for the many industries.
Therefore, I would like to share an executive summary of a book called The Third Wave, written by Steve Case - former CEO and Chairman of AOL, with anyone whom may be interested in this subject.
The book highlights 3 main areas to develop for entrepreneurs and what they need to do differently in a Third Wave company to succeed.
The document maps key trends that will shape the decade of the 2020s. It highlights how technologies like augmented reality, biological modification, and renewable energy will transform society. Networks and talent will become more distributed globally. Economic power will shift and the divide between the wealthy and others may increase without concerted action. Media and culture will continue evolving rapidly in a hyperconnected world.
Where are the Next Googles and Amazons? They should be here by nowJeffrey Funk
Great startups aren’t being founded like they were in the 1970s (Microsoft, Apple, Oracle, Genentech, Home Depot, EMC), 1980s (Cisco, Dell, Adobe, Qualcomm, Amgen, Gilead Sciences), and 1990s (Amazon, Google, Netflix, Salesforce.com, PayPal). All of these startups reached the top 100 for market capitalization, but Facebook is the only startup founded since 2000 which has entered the top 100. Tesla and Uber are often discussed as highly successful but they have many times higher cumulative losses than did Amazon at its time of peak losses and neither has had a profitable year despite being older than Amazon was when it achieved profits. Furthermore, few of the recent Unicorn IPOs have experienced shareprice increases greater than those of the Nasdaq (14 of 45), only 3 of these 14 have profits, and only six of them have a
market capitalization over $30 (Zoom), $20 (Square), and $10 billion (Twilio, DocuSign, Okta). America’s venture capital system isn’t working as well as it once did, and the coronavirus will make things worse before the VC system gets better.
The document provides an executive summary of the 2015 Edelman Trust Barometer findings. Some key points:
- Trust has evaporated across all institutions in 2015 due to events like data breaches and airline disasters. Only governments saw a slight increase in trust.
- Search engines have surpassed traditional media as the most trusted source for news and information. Social media and digital sources are also increasingly trusted compared to print and television.
- While still the most trusted institution, NGOs saw declines in trust in most countries. Business and media also experienced declines in trust levels globally in 2015.
On the streets, on social networks and at the ballot box, people are voicing their discontent. They are worried about the environment. They are demanding social equality. They are advocating for better living and working conditions. And they are reacting to perceived institutional injustices. In short, they are angry at their leaders and they are making sure their voices are heard. This is not about a handful of radicals shouting from the wilderness. What we are witnessing is a massive shift in the ‘middle’. Indeed, the voices on the fringes of these issues largely remain shrill and extreme. What is changing is the quiet chorus of voices that make up the middle ground (i.e., the average voter).
For many governments, this upswelling of discontent could not be happening at a worse time. Public budgets are highly constrained (either by debt or by borrowing limits). Technologies are rapidly changing. New risks are emerging. And planning is becoming infinitely more complex. The pace of response from governments is proving to be inadequate.
Cyber Warfare: Can business trust the government to protect them?Jason Fernandes
The past several years have seen a rise in private companies being targeted by everyone from state sponsored hackers to criminals and even so called Hacktivists (hackers for a cause). Businesses have found that the attacks have reached a level of sophistication that often times is far in excess of what the company is handle themselves. Particularly in the case of state sponsored cyber-attacks, fighting back on equal footing is not an option for most businesses. The alarming number of recent high profile hacks occurring with increasing frequency have
many questioning the role of government, the responsibilities of businesses and whether closer cooperation between the two could successfully combat cyber-attacks.
Start-up losses are mounting and innovation is slowing, but venture capitalists, entrepreneurs, consultants, university researchers, and business schools are hyping new technologies more than ever before. This hype is facilitated by changes in online media, including the rise of social media. This paper describes how the professional incentives of experts and the changes in online media have increased hype and how this hype makes it harder for policy makers, managers, scientists, engineers, professors, and students to understand new technologies and make good decisions. We need less hype and more level-headed economic analysis and this paper describes how this economic analysis can be done. Here is a link to the journal, Issues in Science & Technology: www.issues.org
Self-employed, "1099" workers represent the new face of America's economy. Here, Core Innovation Capital examines this fundamental shift in the nature of work, the ramifications that 1099 status has on Americans' financial lives, and the technology companies that are rising to address novel financial pain points.
A somewhat longer version of my Frontiers talk about technology and the future of the economy, with additional material pitched to an audience of Internet operators at Apricot 2017, in Ho Chi Minh City, Vietnam on February 27, 2017
1) The document discusses the opportunity for technology to improve organizational efficiency and transition economies into a "smart and clean world."
2) It argues that aggregate efficiency has stalled at around 22% for 30 years due to limitations of the Second Industrial Revolution, but that digitizing transport, energy, and communication through technologies like blockchain can help manage resources and increase efficiency.
3) Technologies like precision agriculture, cloud computing, robotics, and autonomous vehicles may allow for "dematerialization" and do more with fewer physical resources through effects like reduced waste and need for transportation/logistics infrastructure.
This document summarizes a legal research paper about regulating corporate venture capital (CVC). It finds that CVC has grown dramatically since 2008 and now plays an important role in startup financing and the rise of "unicorns" (private companies valued over $1 billion). However, CVC faces little regulation. The paper aims to address this by analyzing the legal implications of CVC in two areas: securities regulation and conflicts of interest. It examines case studies of several prominent CVC firms like GV and Intel Capital to understand current disclosure practices and argues more transparency is needed given CVC's influence on private markets and company boards.
European Media Management Association Summer SchoolRicardo Leiva
This document summarizes the business models of The Wall Street Journal and The Financial Times for selling online news content. It discusses how both newspapers have developed profitable freemium and metered models. The Wall Street Journal offers a free version with some content and a paid premium version with full access. The Financial Times offers various metered subscription plans that allow access to a certain number of articles per month. Both newspapers have been successful with these models, with over 1 million paid subscribers between them.
[Salterbaxter Directions] Human Rights - The Time is NowMSL
Is your business up to speed on the risks and opportunities of human rights issues?
Learn from the early adopters of the UN Guiding Principles Reporting Framework and get ahead of the game.
For more information, connect with @salterbaxterMSL or reach out to us on Twitter @msl_group.
The document discusses how robots and automation are disrupting traditional employment and the viability of the 401(k) retirement plan. It notes that as robots replace human workers, unemployment and under-employment are rising. This makes relying on 401(k) contributions for retirement risky as contributions depend on steady employment and income. The document proposes an "Irregular Employment Accumulation Account" as a better option for self-employed or irregularly employed individuals. It would allow flexible contributions and withdrawals to adapt to changing income levels. The document also discusses issues with universal life insurance policies and how some policies now require increased premiums to maintain coverage due to lower than projected returns and dividends.
Driving forces: Over the next 10 years the world of work is set to rapidly change, with the World Economic Forum predicting that disruptive changes to business models will have a profound impact on the employment landscape in the coming years
AI driven automation will create wealth and expand economies. Find out the views of the Executive Office of the US President in this AI Government led initiative.
This document discusses trends affecting the future of work, including technological advances, globalization, the network economy, the knowledge society, and demographics. It focuses on millennials and generation Z, describing their characteristics and how they are reshaping the workplace. Companies like IBM, Unilever, and Microsoft are highlighted as innovating to attract and engage millennial talent through initiatives like digital hiring processes, reverse mentoring programs, and internal communities focused on the millennial experience.
The Science Debate initiative, formed to press politicians to state their views on science and science policy, has released answers by Mitt Romney and President Obama to 14 questions. The group's Web site is overloaded so it has given permission to download this file for use on Dot Earth.
The Science Debate site: http://www.sciencedebate.org/debate12/
Dot Earth posts on the presidency:
http://dotearth.blogs.nytimes.com/tag/presidency/
Irrational Exuberance: A Tech Crash is ComingJeffrey Funk
These slides apply Nobel Laureate Robert Schiller's concept of irrational exuberance (and a book) title to the current speculative bubble of 2019. Over investments in startups and a lack of profitability in them are finally starting to catch up with the venture capital industry and the tech sector that relies on it. Investments by US venture capitalists have risen about six times since 2001 causing the total invested in 2018 to exceed by 40% the peak of 2000, the last big year of the dotcom bubble. But the number of IPOs has never returned to the peak years of 1993 to 2000; only about 250 were carried out between 2015 and 2017 vs. about 1,200 between 1995 and 1997.
The reason is simple: startups are taking longer to go public because they are not profitable. Consider the data. The median time to IPO has risen from 2.8 years in 1998 to 7.7 years in 2016 and the ones going public are less profitable than they were in the past. Although only 22% of startups going public in 1980 were unprofitable, 82% were unprofitable in 2018. The same high percentages of unprofitability have only been achieved twice before, in 1998 and 1999 right before the dotcom bubble burst. Furthermore, startups that have recently done high profile IPOs such as Snap, Dropbox, Blue Apron, Fitbit, Trivago, Box, and Cloudera are still not profitable.
Futuristic technologies like artificial intelligence, augmented reality, 3D printing, and the Internet of Things will significantly impact both the public and private sectors over the next decade. These technologies are no longer things of science fiction and have many potential applications in government such as improving services, aiding first responders, and transforming manufacturing. However, their adoption and integration will require collaboration between government and industry to ensure technologies are developed and deployed responsibly. Cybersecurity will also remain a key priority and challenge as more devices and infrastructure are connected.
The document summarizes 14 domains that are reaching a point of disruption and fundamental change due to accelerating technological and social shifts. These domains include work, retail, media, money, privacy, government, education, climate, interfaces, collaboration, social divide, artificial intelligence, warfare, and self-creation. For each domain, the document provides a brief analysis of the changes underway and suggests potential responses to the disruption, emphasizing the need for action, adaptation, and developing skills to thrive in the new environment.
The Second Machine Age: An Industrial Revolution Powered by Digital TechnologiesCapgemini
The interview discusses the impacts and implications of emerging digital technologies. Erik Brynjolfsson and Andrew McAfee explain that the world is entering a "Second Machine Age" where machines are able to perform cognitive tasks previously done by humans. This will have widespread economic and social effects and transform organizations. They emphasize that technology will significantly disrupt jobs but can also create new opportunities if individuals and organizations adapt skills. Overall, the key message is that emerging technologies will continue advancing rapidly, and a proactive response is needed to harness potential benefits and address inequalities.
Back in 2018, I have been reading books and research studies related to the Technology world and found many thought provoking ideas that can be translated into game changers for the many industries.
Therefore, I would like to share an executive summary of a book called The Third Wave, written by Steve Case - former CEO and Chairman of AOL, with anyone whom may be interested in this subject.
The book highlights 3 main areas to develop for entrepreneurs and what they need to do differently in a Third Wave company to succeed.
The document maps key trends that will shape the decade of the 2020s. It highlights how technologies like augmented reality, biological modification, and renewable energy will transform society. Networks and talent will become more distributed globally. Economic power will shift and the divide between the wealthy and others may increase without concerted action. Media and culture will continue evolving rapidly in a hyperconnected world.
Where are the Next Googles and Amazons? They should be here by nowJeffrey Funk
Great startups aren’t being founded like they were in the 1970s (Microsoft, Apple, Oracle, Genentech, Home Depot, EMC), 1980s (Cisco, Dell, Adobe, Qualcomm, Amgen, Gilead Sciences), and 1990s (Amazon, Google, Netflix, Salesforce.com, PayPal). All of these startups reached the top 100 for market capitalization, but Facebook is the only startup founded since 2000 which has entered the top 100. Tesla and Uber are often discussed as highly successful but they have many times higher cumulative losses than did Amazon at its time of peak losses and neither has had a profitable year despite being older than Amazon was when it achieved profits. Furthermore, few of the recent Unicorn IPOs have experienced shareprice increases greater than those of the Nasdaq (14 of 45), only 3 of these 14 have profits, and only six of them have a
market capitalization over $30 (Zoom), $20 (Square), and $10 billion (Twilio, DocuSign, Okta). America’s venture capital system isn’t working as well as it once did, and the coronavirus will make things worse before the VC system gets better.
The document provides an executive summary of the 2015 Edelman Trust Barometer findings. Some key points:
- Trust has evaporated across all institutions in 2015 due to events like data breaches and airline disasters. Only governments saw a slight increase in trust.
- Search engines have surpassed traditional media as the most trusted source for news and information. Social media and digital sources are also increasingly trusted compared to print and television.
- While still the most trusted institution, NGOs saw declines in trust in most countries. Business and media also experienced declines in trust levels globally in 2015.
On the streets, on social networks and at the ballot box, people are voicing their discontent. They are worried about the environment. They are demanding social equality. They are advocating for better living and working conditions. And they are reacting to perceived institutional injustices. In short, they are angry at their leaders and they are making sure their voices are heard. This is not about a handful of radicals shouting from the wilderness. What we are witnessing is a massive shift in the ‘middle’. Indeed, the voices on the fringes of these issues largely remain shrill and extreme. What is changing is the quiet chorus of voices that make up the middle ground (i.e., the average voter).
For many governments, this upswelling of discontent could not be happening at a worse time. Public budgets are highly constrained (either by debt or by borrowing limits). Technologies are rapidly changing. New risks are emerging. And planning is becoming infinitely more complex. The pace of response from governments is proving to be inadequate.
Cyber Warfare: Can business trust the government to protect them?Jason Fernandes
The past several years have seen a rise in private companies being targeted by everyone from state sponsored hackers to criminals and even so called Hacktivists (hackers for a cause). Businesses have found that the attacks have reached a level of sophistication that often times is far in excess of what the company is handle themselves. Particularly in the case of state sponsored cyber-attacks, fighting back on equal footing is not an option for most businesses. The alarming number of recent high profile hacks occurring with increasing frequency have
many questioning the role of government, the responsibilities of businesses and whether closer cooperation between the two could successfully combat cyber-attacks.
The document discusses cyber warfare and whether businesses can trust governments to protect them. It notes that cyber attacks on private companies have increased in sophistication and many are state-sponsored. While governments have largely ignored the threat, some like the UK and India are now reaching out to the private sector to share information and establish partnerships to combat cyber attacks. However, there are still open questions around how such public-private partnerships would work in practice and whether increased cooperation could threaten privacy and enable government overreach.
1) The document discusses ethical issues surrounding private companies leading research into artificial intelligence, including potential job displacement and how research resources are allocated.
2) It considers utilitarian and human rights approaches to analyze the situation. A moderate approach of government investment in retraining and companies increasing charitable efforts is argued to best balance economic growth with its effects on employment and income inequality.
3) Innovation competitions are also proposed to attract AI researchers to social problems and bolster companies' reputations, while maintaining individual human dignity.
Writing Compare And Contrast Essay High School Vs ColleCynthia King
The document discusses the film Minority Report and how it uses cinematic techniques and narrative elements to explore the theme of government overreach through mass surveillance and lack of privacy. It notes how the film depicts a colorless, monotonous environment that lacks freedom and privacy for citizens due to excessive surveillance. It also discusses how the film uses foreshadowing and characterization to show how a pre-crime program founded on manipulating people actually undermines its goal of protecting citizens.
Unleashing government’s ‘innovation mojo’ an interview with the us chief tec...Mondher Ben-Hamida
1) Todd Park explains how as US Chief Technology Officer, he aims to accelerate innovation in government by replicating the Health Data Initiative model in other sectors like energy and education. This involves making more government data publicly available and usable.
2) Park also wants to promote a "lean startup" approach within government agencies, with small cross-functional teams rapidly prototyping solutions over short iterations rather than long planning cycles.
3) To demonstrate this approach, Park launched the Presidential Innovation Fellows program pairing entrepreneurs with government innovators on high-profile projects over 6 months to signal this as an accepted way of working.
The document discusses the challenges and opportunities of the emerging digital economy and connected world. Key points include:
1) Trust, reliable identity, and reputation will be essential for the connected economy to reach its full potential, but the current internet lacks these features.
2) Payment systems must become more secure, frictionless, and have lower fees to efficiently exchange value in the digital economy.
3) Security and privacy concerns must be addressed for people and organizations to feel safe and for the connected world to avoid criminal activity like fraud and cyberattacks.
In this paper, I talk about three distinct areas: Big Data, Crowdsourcing, and Public Sector. Each of the these areas is vast on its own but through this paper I want to argue that it is the intersection of the three which offers unique and immense possibilities that can truly make the world a better place.
This document provides an overview of Market Maker Capital's private placement memorandum. It discusses trends in the market environment that have created opportunities for alternative investment strategies. Specifically, it notes that traditional securities provide little return in a low interest rate environment while exposing investors to significant risk. The document highlights demographic trends like an aging population that will reduce demand and create a systemic event. It argues the current market is in a credit bubble and overvalued. The fund aims to protect capital during downturns and acquire assets at lower prices.
This document provides an overview of Market Maker Capital's private placement memorandum. It discusses trends in the market environment that have created opportunities for alternative investment strategies. Specifically, it notes that traditional securities provide little return in a low interest rate environment while exposing investors to significant risk. The document highlights demographic trends like an aging population that will reduce demand and create a systemic event. It argues the current market is in a credit bubble and overvalued. The fund aims to protect capital during downturns and acquire assets at lower prices.
Over the past two years, awareness of the declining competitiveness of the United States has intensified. In 2005, reports such as AeA's "Losing the Competitive Advantage" and the National Academies' "Rising Above the Gathering Storm" warned of threats to U.S. leadership in science and technology. Since then, political leaders have acknowledged the issue but legislation has failed to pass. Meanwhile, other countries continue to invest in innovation and education, narrowing America's lead. Urgent action is still needed to strengthen U.S. competitiveness through increased support for research, math and science education, and immigration policies to attract international talent.
One-third of the Australian economy faces imminent and substantial disruption from digital technologies according to a new report. The report divides industries into four categories based on how soon they will be impacted ("fuse") and how significantly they will be impacted ("bang"):
- Sectors like finance, retail, media, and IT have a "short fuse, big bang" scenario with both immediate impacts and significant disruption.
- Industries such as education and health have a longer fuse but potentially profound changes.
- Mining, construction and manufacturing have longer fuses and less incremental disruption.
- The report urges leaders to take a granular view within industries as subsectors and companies will be impacted differently.
The document discusses how economic headwinds, increased individual accountability, and disruptive change are converging to create risks for directors and officers (D&O) in 2016. It recommends that companies prioritize financial, executive, cyber, and professional liability insurance to protect against today's heightened exposures. Key risks mentioned include a potential economic crisis, increased regulatory enforcement against individuals, evolving cybersecurity threats, activist investors, securities litigation trends, and disruptive technologies.
Networks, swarms and policy. The future of policy making in a complex systems...Alberto Cottica
Modern policy making arose in the 20th century as a series of techniques to optimise a simple system, like a machine. There are now signs that 21st century policy makers are starting to view societies and economies as a complex system instead: one of them is the adoption of network modelling by senior decision makers.
The presentation looks at some of the emerging consequences of this new world view for public policies, including a new set of policy tools for smart swarms of citizens. I conclude by trying to paint a big picture of the shift in modern policy making and the role of the state.
Presentation at the INSITE final conference, 9-10May 2014, Venice.
1. Interestingly enough, while I wont stake a claim to any politi.docxjeremylockett77
1. Interestingly enough, while I won't stake a claim to any political party on this post, I have stood by one claim since I've been old enough to vote. I may not approve of the President or his actions; one thing is sure; I don't want his job either. I will take the same approach here. I believe government regulations could've helped prevent the major credit crisis of 2008 in many ways. However, as I have suggested, I don't necessarily have any full-proof ideas either. Regardless of the company, group, or entity, almost every organization has a series of checks and balances. For example, I can't help but wonder what condition people might be in without the formation of the FDA to regulate food and drugs to keep businesses in line (Seaquist, 2012). If you contemplate communist Germany during the rule of Hitler, aside from the mass genocide that spread through the area like wildfire, one more thing stands out. There was little to no freedom.
We, as humans, have proven that we are cyclical people. As mentioned, during WWII, many people had no freedom. From the opposite perspective, why do I need a babysitter when my wife and I go out to dinner? Primarily because the freedom otherwise given to a three and one-year-old would enable naive and creative minds to endanger themselves. There must be a balance, and there must be a group or entity with the power to prevent catastrophic issues like the credit crisis from happening. Having regulations in place would help both the greater good and businesses, although, at times, it may not seem like it. Looking back, I would be interested to learn if the investors and bankers that wanted a huge return on their money would do it all again had they known the impact of their actions prior to investing. Regardless of the situation, there must be a balance in all things. How do I know? Every single time I lose my balance, I fall.
2. I recall the time when everyone seemed to be living above their means, purchasing homes that they could not afford, cashing in equity on said home, and then using the money to purchase additional items. This type of greed and unwise financial dealings gave birth to the destruction of financial markets. The credit crisis of 2008 often referred to as the Great Recession is by far one of the worst economic down turns of our time. “Excessive borrowing, lending, and investment were inextricably interconnected through a range of transaction structures derived from well understood techniques of securitization. Essentially, securitization is a transaction structure in which loans (such as loans secured by residential real estate, i.e., mortgages) are pooled together ("repackaged") as collateral underlying the issuance of securities, predominantly debt securities”. The event caused great financial lost and caused homes to decrease greatly in value. However, after every crisis, the question is posed “what can be done to prevent this from happening again?”
The government is ...
This document summarizes key issues related to small-scale fisheries in South Africa:
- South Africa's fisheries legislation has historically excluded thousands of small-scale fishers, contributing to overfishing and depletion of stocks.
- New proposed legislation aims to formalize small-scale fisheries by allocating collective rights to fisher cooperatives, allowing them to target multiple species.
- However, most near-shore fish stocks are currently collapsed, so increased fishing pressure from an expanded small-scale sector risks further overfishing unless illegal fishing is addressed.
- Recognizing small-scale fisheries' social and economic roles while ensuring sustainability will be an ongoing challenge.
"Our $559,667 sample also included four coaching-related payment requests, totaling $12,530, for training and meeting expenses. We found that three of the four sampled coaching-related payments, totaling $4,135, were not adequately supported. None of these three payment requests contained copies of the bills for which NYCLA requested reimbursement, such as an invoice from the venue in which a meeting was held."
This audit report summarizes the findings of a follow-up audit to evaluate whether the New York City Department of Education (DOE) implemented recommendations from a prior 2014 audit related to inventory controls over computer hardware. The follow-up audit found that DOE did not improve its inventory controls and that its decentralized inventory records remained inaccurate and incomplete. Specifically, DOE could not account for 4,993 out of 14,329 pieces of computer hardware inspected at 9 sampled sites. The audit makes 19 recommendations for DOE to implement a centralized inventory system, conduct regular monitoring of site inventory records, determine locations of unaccounted hardware, and provide sites with training and resources to improve controls. In its response, DOE did not acknowledge the
"From 2014 through fiscal 2017, for the first time on
record, New York City’s pension contributions exceeded
actual and projected (mostly bond-financed) capital
expenditures. In other words, the city has been spending
more to meet its pension obligations than to build
and renovate bridges, parks, schools, and other public
assets. In fiscal 2018, roughly 57% of contributions will
be needed simply to continue paying down what the
city still owes its pension systems, in order to continue
paying benefits promised to retirees. The rest will
cover the “normal” cost of added benefits earned by
city employees. In other words, if the pension systems
had been fully funded in the past, the city would have
saved more than $5 billion."
American Competitiveness Initiative:Leading the World in Innovation aci06-b...Luis Taveras EMBA, MS
The document summarizes the American Competitiveness Initiative announced by President George W. Bush in 2006. The initiative commits $5.9 billion in 2007 and $137 billion over 10 years to strengthen the United States' position as a global leader in science and technology through increased investment in research and development, education reforms, and workforce training programs. Specifically, it aims to double funding for physical science and engineering research at agencies like the National Science Foundation and Department of Energy, improve K-12 math and science education, and provide training for 800,000 workers annually. The goal is to sustain American innovation, productivity, and economic competitiveness in the face of increasing challenges from abroad.
"Council Speaker Melissa Mark-Viverito, a Manhattan Democrat, and Council woman Julissa Ferreras-Copeland, a Queens Democrat who is chairwoman of the council’s Committee on Finance, praised the administration’s efforts to find cost-saving measures but said they remain concerned about rising shelter and pension costs."
"As consumers, Latinos wield more than $1.3 trillion in buying power, and the number of affluent Hispanic households is growing much faster than for the overall population: In 2015, there were approximately 370,000 US Latino households with incomes over $200,000, an increase of 187 percent since 2005."
" The Success Academy Board of Trustees failed to adequately monitor aspects of the finance affairs of SA and did not consistently follow the procedures for operation required by its bylaws"
This document provides information about a school advisory service firm called Optimization with an Impact (OpIm). It offers three levels of financial advisory services to help schools optimize their budgets and purchasing. The basic service focuses on budget management and purchasing optimization for $25,000. Additional services include budget management optimization for $20,000 and purchasing optimization for $15,000. The goal is to improve instruction, the school environment, and local community through efficient use of school financial resources.
"In 2013, the Non-Profit Revitalization Act was signed into law, and requires the adoption by non-profit corporations of robust financial oversight requirements, conflict-of-interest policies, and whistleblower policies. Although the Non-Profit Revitalization Act improved the accountability of New York’s non-profit corporations, including the CUNY college foundations, the New York Not-for-Profit Corporation Law (which the Act amended) does not provide specific guidance regarding how non-profit foundations use their assets."
“OpIm relieves instructional leaders of non-instructional tasks so they can focus on student achievement and professional development of the teaching staff.”
New York State depends on Wall Street tax revenues even more than New York City, because the State relies more heavily on
personal and business taxes and does not levy a property tax as the City does.
This document lists 8 references used in another work. The references are books published between 2012 and 2015 that discuss topics such as the relationship between the public and private sectors, the impact of technology on jobs, issues with the sharing economy and capitalism, tax policy, corruption, and national security.
"You would be surprised that in some schools, the restriction appears to be implicitly understood, since they neither have a line for temporarily restricted funds on their balance sheet nor the statement below in their respective financial statement notes".
The Educational Impact of Broadband Sudsidies for Schools Under ERateLuis Taveras EMBA, MS
"The “universal service fund” pays for E-Rate with a 17.9 percent tax on long distance telecommunications. The term may sound odd; “long distance” is an artifact of the past for most Americans. However, international calls over plain old telephone network are still made, mostly by Latin American migrants living in the U.S. The telecommunications levy hits them particularly hard. More affluent households, on the other hand, use Facetime, Skype and other apps that avoid the tax."
http://www.politico.com/agenda/story/2016/08/stop-spending-money-connecting-schools-to-the-internet-000191
A San Francisco tech worker wrote an open letter complaining about the city's homeless population. He referred to them as "riff-raff" and said their "pain, struggle and despair" made commuting unpleasant for "wealthy" residents. The letter sparked backlash for its lack of sympathy. Homeless individuals interviewed expressed frustration with wealthy tech workers who do not care about others and want to "grab anything they can get." While the tech worker apologized for his word choice, he faced criticism for failing to acknowledge the daily challenges of homelessness.
a) Maintaining approximate compensation parity among employees within the same employment categories (for example, among junior software engineers);
b. Maintaining certain compensation relationships among employees across different employment categories (for example, among junior software engineers relative to senior software engineers)
Even among tech companies, Apple's rates are low. And while the company has remade industries, ignited economic growth and delighted customers, it has also devised corporate strategies that take advantage of gaps in the tax code, according to former executives who helped create those strategies.
Gleevec, a drug that treats a rare form of leukemia, was approved in 2001 with a list price of $26,400 per year. Since then, its price has steadily increased, reaching over $120,000 per year currently. While the drug has competition now, its price increases were incremental at first and accelerated even before competitors entered the market. The price hikes have helped make Gleevec a top revenue drug for its manufacturer, Novartis, even though it was initially not expected to be a major moneymaker due to the small patient population. However, critics argue there is a lack of meaningful competition in the drug market that would normally drive prices down.
"Nationwide, charter schools reported an average graduation rate of 70 percent. Hawaii, Arizona, Indiana, Ohio and California have the highest percentages of low-graduation-rate charter high schools."
2. Elemental Economics - Mineral demand.pdfNeal Brewster
After this second you should be able to: Explain the main determinants of demand for any mineral product, and their relative importance; recognise and explain how demand for any product is likely to change with economic activity; recognise and explain the roles of technology and relative prices in influencing demand; be able to explain the differences between the rates of growth of demand for different products.
"Does Foreign Direct Investment Negatively Affect Preservation of Culture in the Global South? Case Studies in Thailand and Cambodia."
Do elements of globalization, such as Foreign Direct Investment (FDI), negatively affect the ability of countries in the Global South to preserve their culture? This research aims to answer this question by employing a cross-sectional comparative case study analysis utilizing methods of difference. Thailand and Cambodia are compared as they are in the same region and have a similar culture. The metric of difference between Thailand and Cambodia is their ability to preserve their culture. This ability is operationalized by their respective attitudes towards FDI; Thailand imposes stringent regulations and limitations on FDI while Cambodia does not hesitate to accept most FDI and imposes fewer limitations. The evidence from this study suggests that FDI from globally influential countries with high gross domestic products (GDPs) (e.g. China, U.S.) challenges the ability of countries with lower GDPs (e.g. Cambodia) to protect their culture. Furthermore, the ability, or lack thereof, of the receiving countries to protect their culture is amplified by the existence and implementation of restrictive FDI policies imposed by their governments.
My study abroad in Bali, Indonesia, inspired this research topic as I noticed how globalization is changing the culture of its people. I learned their language and way of life which helped me understand the beauty and importance of cultural preservation. I believe we could all benefit from learning new perspectives as they could help us ideate solutions to contemporary issues and empathize with others.
Turin Startup Ecosystem 2024 - Ricerca sulle Startup e il Sistema dell'Innov...Quotidiano Piemontese
Turin Startup Ecosystem 2024
Una ricerca de il Club degli Investitori, in collaborazione con ToTeM Torino Tech Map e con il supporto della ESCP Business School e di Growth Capital
Solution Manual For Financial Accounting, 8th Canadian Edition 2024, by Libby...Donc Test
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Abhay Bhutada Leads Poonawalla Fincorp To Record Low NPA And Unprecedented Gr...Vighnesh Shashtri
Under the leadership of Abhay Bhutada, Poonawalla Fincorp has achieved record-low Non-Performing Assets (NPA) and witnessed unprecedented growth. Bhutada's strategic vision and effective management have significantly enhanced the company's financial health, showcasing a robust performance in the financial sector. This achievement underscores the company's resilience and ability to thrive in a competitive market, setting a new benchmark for operational excellence in the industry.
Lecture slide titled Fraud Risk Mitigation, Webinar Lecture Delivered at the Society for West African Internal Audit Practitioners (SWAIAP) on Wednesday, November 8, 2023.
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Let's be real for a second – the world of meme coins can feel like a bit of a circus at times. Every other day, there's a new token promising to take you "to the moon" or offering some groundbreaking utility that'll change the game forever. But how many of them actually deliver on that hype?
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1. Where is Our
Government? Part II
“The Socialization of
Risks and Rewards”
“Long before there were computers or the Internet,
scientists were unlocking the secrets of lasers,
semiconductors, and magnetic materials upon which
today’s advanced applications were built. This
enterprise was fueled in large part by Federal
investment in basic research that was necessary but
not necessarily profitable for the private sector to
undertake over the long term.”
www.fiscalintelligence.org
2. Where is our government? Part II
“The Socialization of Risks and Rewards”
1
Once again, I find it essential to pose the question where is our government? Where is the goal-
oriented, innovative, risk-taking, and proactive government that we all enlist wishfully every four years?
The one that establishes the robust platform and infrastructure that enable companies, such as Apple,
Inc., Google, Microsoft, Biogen, Genentech, and many others, to flourish beyond their wild
imaginations. I do not want to give you the impression that I am naïve. We all know that the
government’s attention has shifted to the war on terror, which has proven to be very lucrative for the
few insiders at the expense of the many. It should not be a surprise to anyone that seven of the ten
wealthiest counties in America are in the Washington, D.C., metropolitan area. To tie these facts of
money and power together, my educated guess is that many of you are already familiar with the
following two concepts; the homeland-security-industrial complex and the counterterrorism bubble.
First, allow me to initiate this lively discussion with the following quote by the Office of Science and
Technology Policy, so that you can put things into perspective from the very beginning; “Long before
there were computers or the Internet, scientists were unlocking the secrets of lasers, semiconductors, and
magnetic materials upon which today’s advanced applications were built. This enterprise was fueled in
large part by Federal investment in basic research that was necessary but not necessarily profitable for the
private sector to undertake over the long term.”
I do understand that this is a difficult concept for many of you to grasp, simply because we have been
told time again that the creation of companies and the key technologies underlying them are the
bastion and business of the private sector, primarily venture capital firms. We have been led to believe
that the government is useless at the initial stage of development, particularly where research and
capital are crucial and the level of uncertainty is quite high, and that we are better off if the government
stays away from it altogether. I guess that we might have been placed on the incorrect track and/or
wrong path. Indeed, it is undeniable that the government has played an instrumental role in the
development of crucial sectors (e.g., the biotech/pharma sectors, information technology, and
nanotechnology, among many others) within our economy. What these sectors have in common is that
they touch our daily lives and are so pervasive in our social consciousness, that we oftentimes take
them for granted.
3. Where is our government? Part II
“The Socialization of Risks and Rewards”
2
It is highly recognized among the experts that it would have been impossible for us to accomplish as
much as a society if it were not for the research funded by the U.S. government. They are also acutely
aware that risk-taking is a collective endeavor involving, the State and private entities, with the
government taking the lead in many instances. If this has been the case and our policymakers in
Washington, D.C. are aware of that, then they are responsible for devising policies that ensure the
collective distribution of the returns - resulting from investments made in Research & Development
that later on led to successful ventures. This appears to be the missing link in the risk-return nexus that
is taking inequality to a level yet unseen in the U.S.
Once it is clearly understood that what we need to demand from our leaders in Washington, D.C. are
policies that lead to the democratization of risks and rewards, we can get closer to the outcomes that
will bridge the gap of inequality in America. This redistribution of risk and rewards could act as a
substitute or in lieu of what many experts in the subject have come to describe as the Universal Basic
Income. Undoubtedly, our taxpayers have invested a great deal in many successful companies in the
U.S. It is now time for these companies to take the baton in order of influence and usher America into a
new industrial era of innovation and progress. To facilitate this journey, private entities should work
alongside the government to ensure that not only capital owners (e.g., investors, shareholders, and
executives) benefit from the revenues being generated by decades of government-funded research, but
that these benefits trickle down to the society as a whole. Our politicians, therefore, are in a unique
position to make a difference in the lives of the average Americans. It will not be easy, but it is definitely
possible. My message to them is loud and clear: please do not refrain from doing what is right for
America at this crucial crossroads of great potential and opportunity.
I am sure that after reading the introduction to this paper you might still be asking yourself why the
government should fund research of highly risky ventures in the first place. You still embrace the belief
that government should stay away from them in order to protect the taxpayers’ funds. But, this would
be contrary to the widely held beliefs that the government has a significant role to play in ensuring that
the nation is innovating and remains competitive. A more compelling rationale would be that the
government does invest in risky ventures under the expectation that successful investments (i.e., the
commercialization of technology) might lead to an increase in the number of jobs that pay a living wage
or better, an increase in tax revenues, and/or increase of high-value goods and services. Those are
4. Where is our government? Part II
“The Socialization of Risks and Rewards”
3
some great objectives that explain the cost-effective measures of a long-term vision for a prosperous
America. However, when assessing the investment returns in this respect, our government has failed,
in light of that, the question that still remains unanswered is; why we aren’t holding the companies that
benefited the most from government-funded research to the same standard of social negligence.
Certainly, it is because of the public’s tax dollars that these companies had a chance to grow, and quite
unfortunately, they do not appear to be doing much to execute upon their side of the deal.
According to a report published by the National Academy of Science in 2005 entitled “Rising Above the
Gathering Storm”, state interventions were the necessary and key enablers for repositioning the
nation as a leader of progress and innovation capabilities. Here I’d like to share the report’s opening
statement, which highlights the importance of federal involvement in fostering the growth of our
nation:
“The prosperity the United States enjoys today is due in no small part to investments the nation has
made in research and development at universities, corporations, and national laboratories over the
last 50 years.”
This is clear evidence for our continuous need to maintain the involvement of the government in
funding the nation’s institutions, but also a call to the profitable beneficiaries, and particularly
corporations, to pay it forward and invest portion of their own revenue in ventures that will enable the
United States to remain competitive for years to come. Indeed, the same approach that we apply to
risks should be applied to returns as well. They both should be seen as a collective effort, however, what
we keep coming across way too often is the socialization of risks and the privatization of rewards.
5. Where is our government? Part II
“The Socialization of Risks and Rewards”
4
The iEcosystem brought to you by the
U.S. Government
Let’s now turn our attention to a sector that has changed all of our lives significantly over the last
twenty years, the IT sector. Many people would like to believe that this sector was the creation of a few
genius computer geeks and highly entrepreneurial individuals working from their garage in Silicon
Valley, and this is not too far- fetched. But, the reality is that the U.S. government (particularly the
military) plays a vital role in the development of the key technologies in which the entire sector is
based. I know this is a difficult concept to grasp for many, because we have hardly read or heard
anywhere about the true role of government involvement in establishing the game-changing tech-
sector, but I am determined to present evidence that shows you otherwise. Although I will do my best
to analyze Apple, Inc. (a.k.a. Apple Computer, Inc.) closely, many other organizations in the high-tech
sector have benefited as much from government-funded research as Apple, Inc.
Have you given any thought to the role the government has played in the creation of all the gadgets
that we have grown so dependent on and love so much? It is true to say that the government did not
manufacture any hardware and/or gadget on its own, but no one can deny the fact that its resources
and influence were instrumental in the underlying popular technologies that have made consumer
products smart and ubiquitous. Please examine closely the diagram below developed by the Office of
Science and Technology Policy (OSTP) in 2006. This visual will certainly help you understand where I
am coming from exactly. You might want to pay close attention to the information within the squares,
which indicates what entity was responsible for funding key development projects under the term
“Basic research foundation”.
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The diagram above shows us the key technologies that made the iPod a viable, feasible, and a beloved
product, but more importantly, it shows which government agencies (i.e., DOE, DARPA, NIH, DoD, and
Army Research Office) were behind funding the necessary research that lead to the product’s
production.
I have no intention of minimizing the tremendous role that Steve Jobs and his team played in bringing
this phenomenal product to the consumer market. They were instrumental in making the research a
commercially viable one. This is crucial, as it encourages the scientists behind the scenes to conduct
even more research, because they were inspired by the successes of the prior results. Mr. Job was a
visionary and an integrator capable of pushing the envelope of what was possible when integrating the
intelligence and insight generated by government-funded research. This ability alone enabled Apple,
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Inc. to generate $183 million in global sales in 2014. When we compare this number with the revenues
generated by Apple Computers in 2005 $13.9 million - the difference is a substantial one (see diagram
below).
This clearly indicates that a crucial element to Apple’s later success must have come about from
technical improvements due to research, and it certainly paid off handsomely for Apple’s executives,
shareholders, and investors. The best way to summarize how all these points I brought up relate to each
other is to say that the U.S. government had the foresight of the evolution of the electronics and
communication fields in the 1960s and 70s, and that Apple, Inc. creatively pioneer the field of consumer
electronics.
This paradigm of commercialization technology for consumer benefits has also been the case of other
companies in the high-tech sector, such as Google. The basic research for the algorithm on which
Google’s search infrastructure is based on was funded by the National Science Foundation – a
government body that has benefited enormously from taxpayers-funded research. Why is it, then, that
it is refusing to contribute back on the same lines? You might be asking yourself what do I mean by
that? It is clear that Apple has brought to us all beautifully designed and functioning products on which
we all depend, and I am more than willing to give the company credit for that. But, let’s not forget why
the U.S. government is so willing to entertain the idea of entering into uncharted territory that
represents the innovation space. The reasons are quite clear; to increase the number of jobs that pay a
livable wage or better, to increase tax revenues, and/or increase the high-value goods and services.
When Apple’s performance is analyzed closely, one realizes that it has failed miserably on two
important fronts - tax revenues and job creation.
By now it is widely known that Apple has done everything it could to reduce its tax liability, and one
could say that like most businesses looking after their shareholders and profit margin, it is not any
different. And despite taking advantage of the tax loopholes that are widely available to profitable
(US$, millions)
Year Global Change Americas Change
2014 182,795 1212% 65232 890%
2005 13,931 6590
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businesses, Apple has gone above and beyond to navigate corporate tax havens in order to reduce its
tax liability even further. More on this story can be read in various publications, namely in the article
“How Apple Sidesteps Billions in Taxes” by The New York Times which describes all the strategies that
Apple had put in place in order to accomplish evading its legal dues. So, what about its other
negligence- that of creating jobs? Let’s review Apple’s role in tech employment.
Everyone knows that Apple has created a great deal of jobs in the high-tech sector, but it is likewise
known that the corporation has engaged in questionable practices in order to suppress salary and
restrict mobility of its employees. Why would a company that was essentially created on state-funded
research join forces with other competitors to ensure that all the companies pay the same salaries to
their high-tech staff? For instance, if an engineer was working at Apple but was interesting in now
working for Google, the idea is to pay the same salary to the employees regardless of which company
the individual ends up working with. If s/he was making US$120,000 at Apple, Inc. then Google was
going to pay the same salary in order to suppress salary and restrict mobility. “Court papers show that
in 2005, when Google sought to hire a group of Apple engineers, Steve Jobs, then Apple’s CEO,
threatened: “if you hire a single one of these people, that means war.’’ Not only did Google back down,
but Jobs even got Google to fire one of its recruiters for attempting to hire from Apple.” Don’t you think
that a company like Apple should be doing quite the opposite and encouraging its employees to
achieve their full potential income-wise and contribution-wise? My guess is that focus on profit
generation runs a successful company’s culture on everything else – community, contribution, and
social impact. If that were not the case, Apple would be cooperating with the government rather than
struggling against it. Collectively, a greater distribution of risks and rewards across our economic
sectors could take us far in reducing inequality, starting with companies who recognize their role and
function in the socioeconomic web. It is important to highlight that in 2012, Apple announced that it
has USD $98 billion available in cash, but even more astonishingly, that Timothy D. Cooks pocketed
$382 million ($376 million in stock awards) in his first two years as a CEO of Apple. The availability of
funds to reward its employees and value their stay has never been a problem for the company. This
reality simply corroborates what many expects keep communicating to us - that there is an
overconcentration of capital in the hands of capital owners (i.e., executives, stockholders, and
investors). The questions that remain unanswered until this point are: Shouldn’t the government do
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something to tilt this process toward benefitting average Americans? And, most importantly, do they
have the will to do so?
Returning to tax-related matters, it is even more confounding to discover that Apple is so determined
to reduce its tax liability, that even at the state level (California, - where it houses its headquarters) - it
refuses to pay its fair share. For instance, the company reported $2.5 billion in interest and dividends
that it earned in 2006 in Nevada rather than California just to avoid the capital gains tax. This is clearly
known in business as milking the cow, but when it comes to Apple, it is just doing “the smart thing” and
maximizing its shareholders’ value. And no wonder that this self-interest works at the expense of the
community. Then some people have the audacity of asking themselves how is it that there are so many
homeless people in San Francisco and people are quick to blame the government for not doing much
about it. It is time for us to start making greater connections. Perhaps if some services are not being
provided by our government, perhaps we should look elsewhere to see if someone is short-changing
the same government that we all love to complain about. I would like to share the following quote with
you; “The state of California’s infamously large level of debt would have been significantly reduced if
Apple had fully and accurately reported its US revenues in the state where a major portion of its
value (architecture, design, sales, marketing etc.) was created and achieved.” [1] And I will venture
to say that this is the case of many other companies, especially those concentrated in a specific
geography and sector, such as the high-tech companies of the Silicon Valley.
Before moving on, it is important to highlight that the U.S. government had been a supporter of Apple
Computer, Inc. since its inception. The government invested $500,000 right before its IPO – which
raised approximately $97 million dollars in 1980 - through a Small Business Investment Company (SBIC)
set up by the Small Business Administration (SBA) known as Continental Illinois Venture Corp. an
investor in small firms. The same government entity also provided funding to Intel and Compaq. And
we all know how the story turns out for those two companies.
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The Orphan Drug Act
Thankfully, the IT sector has not been the only one benefiting from government-funded research. The
Bio/Pharma sector has gone a long way to not only advance basic and applied research, but also lobby
legislations that ensure that the sector is striving and not just surviving. How is it possible, then, to
allow a drug on the market that was developed by the National Institute of Health (NIH) to be priced at
$350,000 for a year’s dosage? Whose interests is research and pharmaceutical medicine really looking
after? Once again, this is a unique opportunity for our policymakers to intervene and act responsibly.
Which makes it even more perplexing that a legislation gives the government the right to sell
government-developed drugs at reasonable prices, but that the government has refused to exercise
this option. Instead, it chose to silently side with the monopoly of the big pharma.
The most important piece of legislation for the biotech/pharma sector is known as the 1983 Orphan
Drug Act (ODA). The act is loaded with tax incentives, clinical as well as R&D subsidies, fast-track drug
approval (this is huge in the pharma industry), and intellectual and marketing rights for products
developed for treating rare diseases. The sector clearly communicated to the government that without
those incentives, it was not going to be able to develop drugs (they were going to remain orphan) for
these conditions given the size of the market, which is calculated to be less than 200,000 people.
Hence, it could be said with certainty that the government spearheaded an entire industry that
otherwise would not have been able to exist. I can envision the skeptical readers already pointing out
that this is what the government is there for. Yes, but its foremost service is to the people. The ODA
has been instrumental for the growth of many companies in the biotech/big pharma industry, such as
Amgen, Biogen, Genentech, Novartis, Roche, and Johnson and Johnson. As I mentioned before, many
pharmaceutical companies were reluctant to enter into the rare disease market because of its size;
however, working together with rest of the medical industry, the pharma companies have been able to
generate a great deal of revenues in spite of the perceived shortcomings. For instance, Novartis
recorded $4.3 billion in global sales in 2010 for its leukemia drug known as Gleevec. Have they been
liable to share a portion of these profits with the federal government for the purpose of investing the
same back into R&D? I don’t think so.
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The following statement can contribute to further your understanding of the instrumental role that the
U.S. government played in the expansion of the pharmaceutical hegemony-in treating rare diseases:
“In fact, 59 per cent of total product revenues and 61 per cent of the product revenues of the six
leading dedicated biopharmaceutical firms come from orphan drug sales.” [1] Imagine for a moment
that these companies set aside a percentage of their revenues to invest in R&D in conjunction with the
U.S. government. The nation would most certainly reach a level of innovation unseen in this industry.
Don’t you think that the taxpayers should benefit from these revenues as well? After all, the entire
industry was created by research funded by the U.S. government, and this is exactly why our
representatives in Washington, D. C. should be more than willing to intervene on the behalf of their
taxpayers’ interest. It is critical to put into perspective that the top ten companies in the pharmaceutical
industry have made more profit than the rest of the Fortune 500 companies combined just in the last
ten years. Shouldn’t they be expected to invest a percentage of their own revenue in R&D rather than
depending more and more on the U.S. government for more handouts?
If you are still skeptical of the level of involvement of the U.S. government in the biotech/pharma
industry, I would be delighted to leave you with the following quote: “the BP industry has become big
business because of big government, and … remains highly dependent on big government to sustain
its commercial success.” [1]
Searching for the New BigThing
There is yet another area in which the U.S. government-funded research has made huge strides toward
its development - the nanotechnology sector. It is quite a surprise to find out that the sector has not
been as successful as the IT and biotech sectors due to the skepticism of the private sector to invest in
its commercialization. Likewise, the private sector is under the impression that the government should
undertake and lead the commercialization of the sector.
The nanotechnology sector came about as the result of an effort launched by the U.S. government
during the Clinton Administration in the late 90s, and is known as the National Nanotechnology
Initiative (NNI). A total of 13 state agencies led by the National Science Foundation were involved in the
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effort alongside the National Institute of Health (NIH), the Defense Department and the Small Business
Innovation Research (SBIR) program. The government invested as much as $1.8 billion annually on this
effort. It was committed to finding the new big thing after its success in the biotech and the computer
revolution that were discussed previously. It is important to reiterate that this vision did not
materialize, because the private sector refused to partake in the risky effort.
My expectation is that after reading this paper you will become much better informed about the
massive investments made by the U.S. government and become acutely aware of its involvement in the
development of the technologies that you and I rely on and enjoy so much. The core idea is for you to
shift your views about the U.S. government ever so slightly. We all know that the government is far
from perfect and that it could certainly be better -and this is something we must strive for every day.
But there is no doubt that our government does have a significant impact in providing us with all the
necessary technologies and pharmaceutical products that have a significant impact on society today
and for many years to come. We should give the government the credit that it deserves and encourage
it to continue investing in research and development and new promising sectors of the future that will
create a better world for us all. But in order to level the playing field and to have enough to go around,
we need to appeal to our representatives in Washington, D.C. to contractually stipulate that the
companies they support must share a percentage of their revenue with the government that assisted
them in order to maintain a level of development and competitiveness that restores and/or reimagines
our place on the global stage.
I understand that you might be skeptical about this proposition, given the reputation our politicians
have earned in delivering unfulfilled promises. However, there are many ideas around the world that
they can certainly evaluate and that don’t seem so far-fetched. A neat one that comes to mind is the
State Investment Bank. For instance, in 2013, the Brazilian State Development Bank (BSDB) generated
14.5% in return on equity (ROE). The return is broken into two parts; a percentage is retained and
placed into a technology fund (FUNTEC), and another goes to support social and cultural projects which
benefit the society as whole. I just want to clarify that this concept is not only limited to developing
countries, but also developed countries - such as Germany, which has been very successful with a State
Investment Bank initiative of its own. Can you imagine if Google would have been required to return a
percentage of its income stream to the National Science Foundation (NSF) - the agency responsible for
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funding its algorithm? This would have made a huge difference in furthering the scope of innovation in
the tech field. It could have even helped to create many more ventures as successful as Google and
Apple.
Nowadays, our elected leaders do have a rare opportunity to give back to their constituents, and, at the
same time, keep their relationships open with the business community. The corporations are lobbying
our leaders in Washington, D.C. to allow them to repatriate the profits they do have sitting abroad to
America. This represents a perfect occasion for the politicians to demand that they invest a portion of
their revenues in the innovation space, which historically speaking has not been the case, in conjunction
with the U.S. government. The politicians should ask the corporations to give back their fair share.
That’s all. Doing so can propel the U.S. into an industrious and productive era, impacting everyone in
society.
I strongly believe and support the ideas behind individualism, but our nation is calling us to unite behind
collectivism for a moment. After all, we have all benefited greatly from the government’s investment in
the innovation space, and it is time for the most able beneficiaries to give something back. In my
humble opinion, this should not be a choice for many of us, but a legal obligation. We still have time to
prevent what appears to be a race to the bottom. The question then is if we are willing to stand aside
and watch the U.S. become what is known to mathematicians as a “negative-sum game”? It is
becoming more clear that if our representatives do not insert the “re-investment” clause in the
legislation – Tax Repatriation Holiday- most of the money, once it is repatriated, will end up being used
for shares buybacks benefiting only a few at the top rather than the many. It is important to highlight
here that between 1934 and 1982, the Securities and Exchange Commission regarded stock buybacks
as potential vehicles for stock manipulation and fraud.
What we need to do is to demand that our government be smarter, inclusive, and more assertive in
collecting the rewards ultimately belonging to the taxpayers and reinvesting them back into the
society. I do understand that next to Google and/or Apple, the government ‘brand’ does not sound so
appealing, but our blind trust in companies and visceral mistrust of the government is a palpable and
painful reality that has to change. The socialization of risks and rewards should be a reality for all
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players shaping our society rather than just a pipe dream of a few. This can only make us stronger,
wiser, and even more prosperous, leading to a far more equitable society.
I would like to take this opportunity to impart some wisdom to all my readers by sharing another
insightful quote on this topic;
“In Karl Polanski’s epic book, The Great Transformation (1944), he argued the State created – pushing,
not only nudging- the most ‘capitalist’ of all markets, the ‘national markets’ (while local and
international ones have pre-dated capitalism). The capitalist economy will always be subordinate to
the State and subject to its changes. Thus, rather than relying on the false dream that ‘markets’ will
run the world optimally for us ‘if we just left them alone’, policymakers must learn how to efficiently
use the tools and means to shape and create markets—making things happen that otherwise would
not. And making sure those things are things we need.” [1]
There is no doubt that politicians have their work cut out for them. They might have to change and/or
re-imagine the way they go about executing policies by imagining the future consequences of their
actions. Are they up to the challenge? It remains to be seen.
Happy reading,
www.fiscalintelligence.org
REFERENCES