SingularityU Thailand Summit 2018 showcased business vision in exponential era

SingularityU Thailand Summit 2018 has invited experts from Silicon Valley to discuss about the coming of technologies that have resulted in exponential growth and preparation for organisations’ leaders in ASEAN region to cope with the rapid changes.

At SingularityU event, there are screening to see the future of each industry such as agriculture, transportation, medical, cyber security, blockchain, IoT network, energy, food management, manufacturing and many more, as well as an analysis of modern technology trend that will change the lifestyle of people in the near future.

Peter Diamandis, founder and chairman of Singularity University, said, “People may not be aware that the world is changing very rapidly. And with such the rapid changes, the leaders of each industry should be able to keep abreast of the technological development. Understanding of today’s technologies may be too slow for tomorrow.”

Diamandis cited several legendary names of businesses such as Kodak and Blockbuster as the case studies of being forced out of the market. For the case of Kodak, despite ‘photography’ is still important for consumers, but Kodak couldn’t foresee exponential growth of the business that came as a result of changing technologies, so the business finally came to the end. So as Blockbuster which once was a big business but has now become extinct, despite people still love to see movie. This is due to the business platform has completely changed.

The important factor is the viewpoint. Diamandis said scarcity in one era may become abundance in the exponential era. The business that can survive must adjust their business models in accordance with the changing business scenario too. This is why Instagram and Netflix have become tremendously successful nowadays.

To survive in the exponential era also depends on the building of ecosystem.   Amid Toufani, the financial expert, cited the case of companies in the S&P 500 in 2002 which have now been slipped out of the list such as PeopleSoft, Compaq, Sears, Palm and been replaced with new names like Google, eBay, nVidia, Netflix, WholeFoods, Amazon, Comcast and Estee Lauder.

Amin Toufani said the cause of business failure was because they did not adjust themselves. Several businesses just focus on production but do not want to add services,  build platform, or develop the ecosystem, so they can be replaced from newcomers.

The SingularityU Thailand Summit 2018 was organized by Exponential Social Enterprise Co Ltd in cooperation with Ananda Development, Siam Commercial Bank, True Corporation, Muang Thai Life Insurance, Deloitte, National Innovation Agencies, Stock Exchange of Thailand, Young Presidents’ Organization (YPO) Thailand Office, Digital Economy Promotion Agency, SAP, Cisco, Mitsui Fudosan Asia (Thailand) Co Ltd and Singha Venture.