Session 3

TWC classes, I've realized, are way different from any other class I have. Instead of a set syllabus and course books, we have interactive discussions and debates on such a wide spectrum of subjects. It is a class where we exercise any kind of opinion we may have.
The class started with the first part on Technology and Industrial Development: Towards Sustainability. We discussed the linear and cyclical approach to industrial development. The linear approach is leading to a fast depletion of the natural resources as it involves accumulation of the raw materials, manufacture of the product and subsequent dumping of the product. There is no scope for sustainable use of the resources in the linear approach. An interesting fact I learnt was that USA has 5% population and consumes 30% of the resources. If all lived like that, we would need 4-5 planets like earth. It is essential to move towards a cyclical approach and ensure that all the countries in the world can make use of sustainable and efficient industrial development.
We were shown a video called the Story of Stuff which basically illustrated the destruction caused by linear industrial development.
We discussed how Europe is moving towards developing renewable resources of energy. Europe is trying to ensure that all the other countries of the world are also moving towards developing newer and modern methods of production. The old pattern of industrialization needs to be changed.

Prof also told us about the concepts of externality and internality. When something isn’t your cost, its an externality. For example, the pollution caused to the society due to the production of some commodity by me is an externality, as I don’t have to pay for it. If, however, I have to be responsible for the pollution created by my activities and have to pay for it, it becomes internality.

The third reading discussed about business communities, and how in the past, they scoffed at the idea of sustainability, but now businesses are realizing that it is in their best interest to move towards sustainability. More and more companies have gone greener now for their best interest. They see the strategic advantage of moving towards green. Sustainable products are going to more expensive than non sustainable products. Hence, the consumers should be willing to promote sustainable products.

An interesting policy that can be adopted by the government is the Green public procurement- promote green products through government.

Labeling products as eco friendly raises awareness among people. It is called green labeling.

 The presentation by Prashant on the 'Sustainability in Fast Fashion' was interesting and brought to light the various environmental hazards caused by unnecessary change in fashion. Fashion is a highly unpredictable industry, where new trends come and go everyday. To keep up with this change in trend, a large amount of resources is wasted and this is absolutely senseless in the present times, when the need to conserve resources is essential.

The presentation by Joseph and Jolene were highly informative too. 

Part 2: Technology and Innovation Management

We discussed the Shahi landscape model for technology assessment: three parts, valleys, summits and clouds.

Summit is technology intensive, knowledge intensive, high barriers of entry

Valleys are low knowledge, low technology and not very innovative

Cloud is the opportunity, which is not exploited yet, and there is little knowledge about it. When a cloud idea is explored and brought to reality, it becomes a summit opportunity.

A summit idea can become a valley one very fast if no new knowledge and innovation is brought into it

For example, Apple products have declined majorly but every time they bring in a new product to rise to the summit soon. Now it is falling as no new innovations are being made.

What is essential is to get the right balance in whatever you do. Focus should be on summit opportunities. In order to create summit opportunities, we need to go through research, development and application.

Research is the process of coming up with new ideas and new things to do. It is the process of invention of new products. Typically, research is conducted in academic and research institutions. Research is like working with raw diamonds.

Development is the process of translation ideas into products in the market place. It is essential to respond to the needs of the people at the market place and that is what development aims at.  Development is the process of shaping and mining the diamond to make it presentable to the market.

Application is the actual process of selling the product in the market. It involves the sale of the diamond in the market place.

According to Prof. Arai, Research is considered to be a dream, development a nightmare and application a reality.

Prof. told us that there are two ways to develop a product, technology driven and market driven.

A market driven product has a high demand among consumers. Technology driven products don’t have any market demand as such but may be an interesting idea. A poor company would want to make mostly market products to earn more money. A richer market may be in a position to produce technology driven products, to create a demand for a product, which did not exist previously. Example, sony Walkman, iphone. The product generated and created the market. Generally, a market driven product is more beneficial to a company than a technology driven product.

A smart investor is one who comes in when the idea is new and hasn’t been exploited already. A smart investor sees the opportunity of the product in the market. Money made like this is called smart money.

Also in this session, Micheal and Kartika presented.

Kartika spoke about Singapore and its scope for innovation. For any country to develop and grow, it is essential to present each product with a new degree of innovation so as to attract the attention of the consumers. People are increasingly diverting from taking risks, and such a situation will ultimately lead to monotony and a poor market.

I would like to rate this session an 8 out of 10. What I take away from the class in Prof. Shahi's model, an innovative one, describing the various opportunities in World markets.

That's all for the day. Individual Topical Paper, here I come!