[Posted on behalf of Subbu Iyer Industry 4.0 Leader shaping the future with Design Thinking, Digital Transformation & Innovation Company - Hreemm]
Every other person is lamenting about world never ever going to be the same again. This of course references the current context of the Covid - 19 wringing its destruction on this planet. The most important truth we have to come to terms with is, the Covid - 19 did not seek to cause any destruction or kill people. We as a human race were in its way. Complacent and secure in our belief that our incremental and approach of convenience to changing the status quo is adequate preparation to growing challenges that the planet is facing; brought upon by our own actions.
The question that ravages my mind is, why does it have to be the same? We have been on the precipice of disaster on this planet. This intervention almost seems to be like one last chance being offered by a superpower for the humans "to get their shit together".
Science & Technology
The age now is digital; one that has the potential to fuse science and technology for Life Applications. These two branches over a period of nearly 300 years have grown separately and now show the promise of convergence being aided by the computational capability on "Universal Life Data". Ushering in global openness of connectivity and computing at the speed and rate of human aspiration. In essence, reducing the distance between Conceptualization and Commercialization in a Continuum.
The connection between Public and Private health will globalize healthcare and perhaps lead us in the process enable us dot across the seven stations of life including Health, Wealth/Economy, Education, Governance, Mobility, Governance and Technology.
Globalization
Science and Technology is proving that connections are valuable only when it is shared, open and collaborative through the common thread of data. National jingoism, whether in US, India, China or even Syria for a brief period had been threatening democratic progression that is so foundational to globalization. Even the bizarre narrative of Trump in the US, the unbelievable bravado of Boris Johnson in the UK or the virtuous brinkmanship of Narendra Modi in India have had to yield to comparing global data, being guided by each others' actions and acknowledging the power of shared data in the past few months; even as the world waits to see China share more evidential data that can find closure to the grave causality of this brutal coronavirus pandemic. There have been many sceptical voices that have questioned the validity of a flattening globe but the Covid - 19 pandemic has brushed all that away in a stroke assuring we don't forget the value of collaborating on evidential data in realtime.
Whatever be the narrative, there is no denying that the world is hurting to stay at home when we have tasted the freedom of being out there to the experiences of an open world; both virtually and physically.
Economy
The creation of Wealth (Economy) is the crux of life today. Globally, the economy was nose diving as the world grappled the geopolitics of a fossilized privilege of the developed economies. Progressive ideas were being throttled as it did not serve the interests of a few vested interests attached to the status quo. And this reflected in how leadership somehow got elected in democracies or foisted at corporates globally.; be it US, UK, Poland, India and elsewhere. But there was and is hope at the other end of the spectrum from New Zealand, Singapore, Sweden and others who see innovation as a way to leapfrog their economies to the future serving a more wholesome life.
This is a rare moment of truth in the history of this planet, to realize that "the same" is no longer relevant. We need to innovate with agility and authenticity to a "new way" which represents the aspirations of the people...living, learning, behaving and harmonizing new mechanisms that support our decisions intelligently.
The Indian government is about to announce the details of Rs 20 lakh crore Covid relief package one among the largest in the world. I am hoping that a portion of that money would be apportioned to promoting startup and innovation ecosystems in the country. This will come at a great cost. Nobel Laureate Paul Krugman has made a very pertinent point that stimulus borrowings will not dramatically impact economies such as US, UK and Japan because they borrow in their own currency. Not countries like India that borrow in US dollars and the exchange rate has been climbing steadily in the last several years. To that effect, VC and Private Equity Capital is expected to dry up considerably in the next few months / years for Indian entrepreneurs.
The Indian government needs to look at Innovation as a means of getting out of this economic black hole and promote entrepreneurship. Leave the incumbent industry to compete with China. Facilitate young Indian entrepreneurship to give rise to the self-reliance that the Prime Minister has called for in his latest address to the nation.
As a sizable number of graduates join the workforce across the country during the current quarter, we hopefully will create entrepreneurship that will overhaul every major aspect of life that has lagged our country behind. Build to fulfilling the aspiration of the country before trying to serve the world. We need to reverse the trend of the last decade by creating more copycats that spews more eCommerce (B2C) business and encourage the creation of the business that become the torch bearers of the B2B2C models that address and raise the collective aspiration of the people of the country of India. This is the only way we can become a self reliant nation; one that can legitimately borrow and service debt in its own currency.
Competing with China requires scale and this must perhaps be left to be addressed by the incumbent companies who can attract and create capital and perhaps already have the benefit of being part of a vibrant stock market. This is perhaps the only way they will see a way to innovate and be part of a rewarding economy that values creation rather than preservation of wealth.
Here is a call to the Prime Minister and Finance Minister of India to create a 1 Lakh Crore Rupees fund for promoting entrepreneurship with collateral free loans and / or seed funds; with an effective governance around progression and the growth of investment. The past announcements of this government around schemes to promote entrepreneurship under the slogan of "Make in India" have been guided by poor implementation and incompetent administration. Stop relying on the same tested and jaded people who are the so called industry experts; who have failed to deliver to the cause of growing the nation.
We must find a way of transforming the nation's mentality of trading to a Growing / Making one; that delivers directly to the life engagement and experience of customers globally.
With no disrespect or intended malice towards the IT Services companies in India, contrary to the opinion of the intelligentsia in the country, all they did was capitalize cheap labor. These companies are now set to cause a severe black hole; as their workforce will not be competent and trained for a newer generation technology development, maintenance, support and legacy integration. Their lack of imagination and the capital inadequacy to overhaul their workforce will lead to a longer period of economic misery where the assets they have created become redundant in a digital world that demands a different approach to all the four C's - Concept, Culture, Capabilities and Configuration. Unless of course, they shed their hubris and have the humility to renew their participation to the relevance of a newer reality of servicing life with innovation.
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