Drivers of Innovation Scaling:
- Shifts in demand: India and china will make up 30% of the world population and Africa making up another 15%. Right now, about half the world live in cities, by 2050, this number increases to 2/3 – we need to find more efficient ways of living in cities and managing the inputs and outputs of these centres. Ideas like circular economies, driving “waste” from one process as and “input” into another, extracting value at every stage
- Dual demographic bulge and rising inequality: Today, 12% of the population is over 60 years old. This grows to 20% by 2050. In Europe, the median age will be 46, while in least developed countries, this number is only 26 – the disparity in age, also impedes the LDC’s ability to accumulate wealth as – further innovations in mobile money and economic inclusion become key here in leapfrogging traditional development trajectories
- The rise of the informed consumer: 72% of consumers feel that businesses are failing to meet transparency expectations. 83% of executives feel that transparency of products is affecting behaviours. Innovations like digital supply chain monitoring and reporting could go some way to alleviating this – the applications are massive for the medical cold- and supply chains transparency, especially with last mile distribution challenges in remote rural settings.
- Expectations for digital responsibility: 44% of consumers are wary about information they share online. 9 in10 internet users would avoid businesses that do not protect privacy. Right now, we all live in the context where multiple entities hold our personal data and we trust that the organisation to protect it. Right now, these entities can monetise our personal information. With the advent of Blockchain technologies, the right of individuals to own, control and monetise your own identity is fast-becoming a reality. The expectation is that any entity must be able protect data and privacy of its user. Failing to protect your beneficiates or customers is almost instantly ‘fatal’ to businesses
Natural resource complexity: 2.5 billion consumers will join the middle class by 2030 – to meet the needs of this at current consumption rates, 3 planets will be needed to meet demand. Unprecedented innovation is needed in driving efficiency, reducing waste and maximise value extraction at every opportunity. This especially true for cities and meeting the needs in a sustainable way, while addressing inequality of access – to education, to medical support, to services, to information and everything else. It is my opinion that the drive for circular economy is only an efficiency innovation – we need to find that market-changing innovation to address this driver of innovation
Zahid Torres-Rahman said:
Great contributions! Let's move onto our second set of questions:
What are some of the key drivers and barriers to innovations reaching scale sustainably and what are the essential enabling conditions required for success?