Don’t grow fast, grow exponentially
Six views on “Exponential Growth” from the six industry and government leaders
at the “SingularityU Thailand Summit” launch event
In case you haven’t noticed, the last 10 years’ technological advancements have been more than “rapid”. With factors such as internet penetration, commercialized telecom industry growth and fierce competitions in the markets, technologies are easier to grab, quicker and more affordable. Things we used to see only in sci-fi movies such as AI, simulation technology such as AR and VR, have become a part of our everyday lives. But, in a world that is rapidly transforming, what place do businesses, industries and government have, and what should we do to catch up with technology’s exponential jump?
Here are the thoughts on “Exponential Growth” from six industry and government leaders at the launch event of “SingularityU Thailand Summit 2018”,the first seminar to bring the global community of innovative leaders to Southeast Asia.
1. Technology has no ownership
“Technology has no ownership as its main purpose is to serve the people.”
Chanond Ruangkritya, President and Chief Executive Officer of Ananda Development PCL said, “Technology development and its accessibility means a change in the demand-supply structure and the new needs that arise will force businesses to move away from their existing business models into uncharted territory. As for our region, the tendency is not to become a specialized inventor, but to provide more manageable solutions that solve, or apply, to local issues that could potentially be adapted to international communities.”
2. Perform and transform
“In order to catch up, businesses need to perform and transform at the same time.”
For industries stepping into this new era, Orapong Thien-ngern, Chief Executive Officer, Digital Ventures – The Fintech Subsidiary of SCB, addressed organizational changes made during the important transition, “You can’t work the same way you used to. Agility, data analysis, and understanding of the digital ecosystem have become the necessities to survive. As strong as you are, if you cannot adapt, you’ll disappear.”
3. Kayaking through the hyper-connected world
“It’s like rapidly kayaking. If you’re not careful, your boat will turn over.”
Dr. Janson Yap, Asia-Pacific Leader, Deloitte Global Risk Advisory and Innovation Practice Leader, Deloitte Southeast Asia, spoke about the survival of businesses amidst modern competition, “Apart from the technology itself, the next big thing is going to be integration and ecosystem partnership where the biggest change will come from the power of integration to transform both the business and technology worlds.”
4. Trends and opportunities
“For the government, the attempt to educate the people of trends and opportunities is still our top priority.”
Dr. Nuttapon Nimmanphatcharin, Director of the Digital Economy Promotion Agency (DEPA) said about the national agenda, “Thailand 4.0,” and the challenges facing the government, “We are continuously and relentlessly trying to provide everyone equal access to technology and building awareness or how, with the right use, it could help improve their well-being, which is an important part in driving Thailand 4.0 to reality.
5. Adopt, Adapt, Ahead
“By choosing to ‘adopt and adapt’, we can step ahead of the changes. But the available time to do so has decreased while the importance has risen.”
Dr. John Leslie Millar, the Head of Exponential Social Enterprise Co., Ltd., said about the trend for growth that needs to be addressed by business and technology, “What’s happening now is one-tenth of what is going to happen soon, and we have much less time than we thought.
6. Not a linear growth, exponential growth
“Exponential growth means that you do not think of growth in the linear projection, but rather in a mathematical exponential sequence where growth jumps and doubles.”
Nattaphol Vimolchalao, SingularityU (SU) Bangkok Chapter, talked about the difference between a rapid growth and an exponential growth, “What we have recently seen as world-changing growth rates are not the result of the rapid growth of technology, but because we had passed the first era of digitalization. This makes the market and consumers more familiar with the new consumption behavior, and therefore creates more needs, which can now be met with solutions that are more precise, more accessible in everyday life, and easy to use. This is not just a linear, rapid growth, but an exponential growth that has no end in the future.”
The SingularityU Thailand Summit 2018 will be held at the InterContinental Bangkok on 19th and 20th June, 2018. For more information and ticket sales, visit the SingularityU Thailand Summit 2018 website at www.singularityuthailandsummit.org or visit their Facebook page at www.facebook.com/SingularityUThailandSummit