As part of its launch this semester of the YSB Venture, Innovation & Startup Program (YVIP), the business school simultaneously began a colloquium series designed to complement the program’s goal for YSB to serve as the “global hub of innovation and startup knowledge platform of the 21st century.” The series features speakers addressing specific topics and business models and practices related to innovation and entrepreneurship.
》 The 1st Colloquium : “The Google Way: Google’s Creation and Innovation Strategy”
In the first of the series, held April 24, Dr. Yeong Jae Baek spoke on “The Google Way: Google’s Creation and Innovation Strategy.” The subsequent two programs have focused on the impact and future of 3-D printing and on the Fourth Industrial Revolution and the continuing impact of digital technology.
Dr. Baek said that Google recently changed its motto from “Mobile First” to “AI First,” pointing out that this reference to artificial intelligence is recognition of our rapidly changing lifestyle because of technological advances. Noting how widely used machine learning is in media, language, and medical science, he said that our challenge is not “man versus machine.”’ Rather, he said, we must focus on how we can use machines to provide solutions for medical treatment, climate change, education, etc. He also advised students in his audience that their academic background and origin matter. “I hope you will develop your differentiating factor based on your academic uniqueness,” Dr. Baek said, mentioning that his passion for anthropology served as a differentiating factor for him in the business world.
》 The 2nd Colloquium : “Ecosystem of 3-D Printing: Connecting Academia and Industry”
In the second colloquium on June 9, Dr. Aric Rindfleisch was the main speaker in a session that explored on many levels the impact and future of 3-D printing. Co-hosted by YSB and the BK21 PLUS Team, with Professor Subin Im of Marketing as the moderator, the session included two other presentations. Dr. Hui Dong Go and Dr. Byeong Hyeon Yu of the Korea Institute of Science and Technology (KIST) addressed the impact of 3-D printing on production, and Dr. In Deok Lee, co-founder and CEO of LOCOOP, a 3-D printer developer and manufacturer, spoke on the “Ecosystem of 3-D Printing: Connecting Academia and Industry.”
Dr. Rindfleisch, a professor in the College of Business at the University of Illinois Urbana-Champaign, the first business school in the United States to operate a 3-D printing lab, said, “3-D printers have the potential to magnify customer satisfaction and purchasing desire if it becomes miniaturized to a size of a desktop computer.” He presented recent research results to support his prediction.
In the second presentation, Dr. Go and Dr. Yu discussed social production in the Fourth Industrial Revolution. They highlighted that in the course of the Fourth Industrial Revolution, the combination of open software, open source hardware, and 3-D printing will lead to the democratization of production. They also predicted that customers will enjoy greater influence in the production and customization of products through dissemination of open source information and its realization through virtual reality (VR), augmented reality (AR), and 3-D printers.
In the third presentation, Dr. In Deok Lee spoke on the future of the 3-D printing environment. He pointed out that 3-D printing is not receiving much attention nowadays because it is difficult to conceive how it relates directly to the democratization of production.
A panel discussion with questions and answers followed the presentations. In responding to a question about the current biggest 3-D printing issue, Dr. In Deok Lee commented, “The current problem in the 3-D printing ecosystem is the myopic focus on a single rising issue that hinders people from having a holistic vision.”
In closing the event, Dr. Rindfleisch observed, “3D printing will empower customers to produce what they purchase because it changes the whole exchange process from production to marketing.”
》 The 3rd Colloquium : "The Fourth Industrial Revolution and the Digital Matrix"
In the third of the new series, Dr. Venkat Venkatraman spoke on July 28 on “The Fourth Industrial Revolution and the Digital Matrix.” He began with a question. “How can digital technology change business?”
In answering, he predicted the further digitalization of entire industries via enhanced arithmetic abilities, connections, and transmission speed, including 5G. He said that a holistic vision of digitalization based on data and artificial intelligence is required, capturing the whole business model comprising goods, services, operational processes, etc. He looked into the digital future with various examples of how Google, Apple, Amazon, and other digital corporate giants are redefining the rules of the game.
He used as an example Amazon’s recent market entry with its AI-equipped Alexa speaker. In discussing the transformational nature of digitization, however, he emphasized that leaders of the digital transformation age must be capable of maintaining a balance between creating new businesses and effectively running existing ones.