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Getting ahead of the competition: factors of success in the 21st century

June 02, 2:33 UTC+3
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KEY CONCLUSIONS:

  • Growth of technology has to speed up all the time

“The theory of the Red Queen applies to our economy. <…> To keep in the same place, to stay competitive, you have to keep innovating faster every single day,” said Dr. Michal Kosinski, Professor of Organizational Behavior, Stanford University.

  • Use of AI is a key to competitiveness

“We need to develop artificial intelligence, put it next to human and use them to complement each other. <…> The nation that learns most effectively and fastest is the one that is going to be the most competitive,” said Nicklas Lundblad, Vice President, Public Policy and Government Relations Europe, Middle East and Africa, Google Inc.

  • Development models cannot be transferred mechanically

“It has become popular to construct innovative eco systems around the world, but most attempts of this kind fail,” said Dr. Ilya Strebulaev, Professor of Finance, Graduate School of Business, Stanford University.

CHALLENGES:

  • Artificial intelligence competes with human

“In the development of human brain we have most likely reached the ceiling. <…> Computer algorithms became better than humans at predicting our future behavior,” said Michal Kosinski.

“One third of jobs in the United States will disappear in the next 10 to 15 years,” said Ilya Strebulaev.

  • Modern world is oversaturated with information

“World <…> is becoming more and more complex. <…> The amount of information in the world doubles every year. <…> With a wealth of information comes a poverty of attention. <…> With a wealth of complexity comes a poverty of cognition, of thinking,” said Nicklas Lundblad.

  • Limited capabilities of state in fighting poverty and backwardness

“If we are not going to invest in these younger generations I don’t think we’ll have a planet for us to survive. And governments are not the only piece in this puzzle. <…> Unlocking the creative potential of an entire generation is too important a task to be just left to the government,” said Dr. Manu Prakash, Professor of Bioengineering, Stanford University.

  • Speed of modern change

“We live in a world that is drastically different from the world that existed ten or even five years ago. It is a world that is ever changing. It is always different. And it is transparent: everything is known about every one of us,” said Professor Tatiana Chernigovskaya, Head of the Department of the Problems of Convergence in Natural Sciences and Humanities, St. Petersburg State University

  • Technology is unavailable for many

“We live in an information age. Information is cheap. Science and technology is costly. <…> There are a billion people on this planet who have no access to roads, infrastructure, or any healthcare, or any education,” said Manu Prakash.

SOLUTIONS:

  • Multi-factor innovations

“You cannot maintain the speed of innovation if you are just innovating within one environment, or one technology. <…> If you are building cars, you cannot keep competing on how great your engine is because basically we’ve reached the stage now when engines are as good as they will get,” said Michal Kosinski.

  • Comprehensive approach to innovations

“We need to think not of technology and infrastructure, but of the critical mass of managers and entrepreneurs. <…> It is better to support a great team with a good project than a good team with a great project. <…> Big venture capital is needed. <…> Nine out of ten start-ups fail. Out of each dollar of venture capital fifty percent gets lost. Innovation is impossible without failure. Failure should not be punished,” said Ilya Strebulaev.

  • Use of artificial intelligence for learning

“The reason we need to invest in artificial intelligence, machine learning, etc. is that it will allow us to learn more effectively. <…> Technology will ultimately allow you to learn in a month what it may have taken you a year to learn without technology,” said Nicklas Lundblad.

  • Be unique

“It is not about running fast, you don’t need to try to catch up, you should take a different route,” said Tatiana Chernigovskaya.

  • Create conditions for innovations

“We need to provide tools for science first,” said Manu Prakash.

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