2nd September 2013: Technology and Industrial Development: Toward Sustainability , Technology and Innovation Managements ( Session 3 )

Hello!

Brief Overview / Summary:

• We began the class by discussing how humans are stressing the earth's homeostasis mechanism, Prof Shahi provided statistics such as the United States currently is only left with 4% of their forest. 
• We also discussed about how developing countries have the 'latecomer' advantage, that they do not have to spend so much money on innovating and through technology spillover they could also enjoy the benefits.
• 90% of great ideas never gets implemented, and how sometimes a product can create the market.

Interesting Observations and Ideas:

• In order to achieve greater sustainability, pollution can no longer be regarded as an externality. Pollution are generally regarded as an externality (such as toxic gas and hazard chemicals output). However, nowadays, people are beginning to quantify pollution, such as total carbon output and as such internalizing the cost.
• Companies are required to use "BAT" (Best Available Technology), such that they are using more efficient technologies, in hope that they produce less waste. However, taking into account that companies are profit-driven  and investment in new technologies may erode their profits, they may not readily accept such costs. Moreover, monitoring of such technologies and whether companies are using them incurs another cost, which could be better directed at managing the company
• The idea that the amount of energy the sun shines on earth for 1 hour is enough to sustain us for 1 year is amazing. After a fast google search, i found that the developments on solar energy is progressing, they are able to better capture solar energy by absorbing the rays through their individual wavelengths as such becoming more efficient. http://www.technologyreview.com/featuredstory/513671/ultra-efficient-solar-power/
• How 90% of great ideas never get implemented, and Prof Shahi described Successful Innovation builds on the confluence of 4 smarts: Smart People with Smart Ideas having access to Smart Money and Smart Partnership. That your sponsors must be able to see value in your idea and be patient enough to see it come through. Linking back to Singapore, how Singapore encourages innovation, how you can apply for funding and invest into your idea.
• Watched a video that my classmate shared on facebook regarding how education is limiting creativity really sparked my interest. I posted a comment regarding the topic on facebook about how Singapore has always placed economic interests as priority and unless we can quantify creativity, conventional education will continue to have its place in Singapore.

Key Takeaways:

• Innovation in itself may not necessarily be the engine of growth. In this day and age, there is however, a clear benefit towards innovation. Such as patents and intellectual rights.
• Cloud opportunities can become summit opportunities once you know how to monetize it. However, the only way to stay at the summit is through constant innovation.

Issues for further discussions:

• In particular, I think the Masdar city could provide great insights to sustainable development and we should really discuss about this pilot study, identify its limitation and maybe address it
• Acknowledging that solar energy might be our future source of energy, will we witness an acceleration of "Energy Race", and how will our world be different with a renewable never ending source of energy

Personal Rating:

• I would give this lesson a 9!