The exponential development of technology is driving fundamental change in the world. As the pace of change is continuously increasing, people and companies need to understand the nature of exponential growth.
Exponential technologies, disruptive innovation and the future of business and society were the main topics of Anders Hvid’s keynote speech at the CTO Forum. The event, organized on the 25th of October by Spinverse, Tekes and Technology Industries of Finland, brought together technology leaders from innovative Finnish technology companies.
Danish Anders Hvid is an alumnus of the Global Solutions Program at Singularity University and an associated faculty member of Singularity University in Denmark. Hvid is also co-founder and CEO of Dare Disrupt and co-author of the book Face the Future, which was now published in Finnish under the title TeknologiaX – Kohtaa tulevaisuus.
“Finland has a famous education system, some of the best universities and probably the best startup environment in the Nordics. I hope we can add to that agenda with the book”, Hvid said.
Few understand exponential growth
Exponential technologies such as machine learning, artificial intelligence, 3D printing, biotechnology and nanotechnology are driving transformation in education, work, energy and health among other key fields. Face the Future gives insight into the effects of these exponentially accelerating technologies.
The motivation for the book came from the need to bring the important topics under further discussion in society. The book aims to make exponential growth understandable, as few really understand the phenomenon. People tend to exaggerate the opportunities of technology on a short timeframe but undermine their effects in the long run.
“The exponential development of technology fundamentally changes our lives, our businesses and how our societies work. The book is about how we engage with all the new opportunities that technology brings”, Hvid explained.
From products sold to problems solved
Digitalisation has developed rapidly and is now the driving force of transformation on other technological areas. Exponential innovation drives fundamental paradigm shifts in key industries and businesses: energy from resource to technology, cars from ownership to service, health from treatment to prevention and education from push to pull orientation.
In his speech Hvid demonstrated how technological change has both wiped out businesses as well as created new markets unpredictably fast. In order to understand the future and take advantage of exponential technologies, companies need new skills. Hvid also emphasized the importance of tapping into external resources and open innovation, as radical innovation rarely happens inside a company.
“There has never been more opportunity or a better time to innovate”, Hvid said and added that although the future is characterized by abundance, there are major challenges to be solved. Companies should therefore not define business by products sold, but by problems solved. Most of all, Hvid encouraged companies to ask themselves a fundamental question.
“What is the purpose? With these technologies we have more power in our hands than ever before. We should spend it on something important.”
Photo credit: Dare Disrupt