Location of Things to reach $71.6B by 2025

 

 

IOTInternet of Things  (IOT) continues to grow rapidly enabled by the internet, cloud computing, sensors, and cell phones.   A rapidly growing subcategory is the Location of Things (LOT) with is expected to reach $71.6B by 2025.   LOT is focused on connected devices enables connected devices to communicate their geographic location.   This is creating new forms of big data and analytics that many companies are eager to collect and leverage. North America and Europe accounted for the majority share in the location of things markets today but Asia is growing rapidly.
Source: Research and Markets
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Wyoming is planning economic growth

United-States-Map-2Wyoming is out of the gate early in 2018 with economic growth planning.  This is one of the first stories of momentum in 2018.  Lead by states that have put several years into dedicated long-term planning and can effectively engage their legislatures for state-level funding.   The next race is for 2018 Federal dollars and that race has already begun several years ago with states getting repeated grants for the development of innovation ecosystems and cluster development.   Those states are also seeming to fair better in winning the development of federal research labs and the research grants that support them long term.

Wyoming: Governor Matt Mead
Has prioritized diversification strategies to grow the state’s economy by funding $1M to form ENDOW (Economically Needed Diversity Options for Wyoming) was created late in 2016, as a dedicated team that built plan and the request for $37M plan for 2018-2019 (receiving $36M)
  • $36M in statewide programs to support tech-based development, which includes:
    • $6M million for Research and Innovation Fund that provides matching funds as a way to leverage federal R&D opportunities
    • $15M to expand the commercial air service
    • $10M to improve the state’s access to broadband
    • $5M to develop a new organization called Startup:Wyoming, which would administer a Fund and provide support to entrepreneurs throughout the state.
  • Other areas of recommendations outside the funding above include:
    • $20M in seed money for the Startup:Wyoming Fund to invest in promising technology startups and to attract startups from other states.
    • STEM & Computer Science for higher education prep.
    • Research and development in high-growth, high-potential industries, such as block chain, vertical takeoff and landing technology, and wind energy.
    • Workforce Training in high-potential industries.

 

source: STTi

Elements Group Speaking at MACC

IMG_5162.jpgI was a speaker at the 2017 Midwest Architecture Community Collaboration this November held at the Double Tree Hotel.  A large community of architects, technologists, and strategists convened for both presentations and workshops.  My presentation covered top challenges that business and technology leaders will face as the speed of business and technology increases.

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Key topic areas included:

  1. The Nature of Competition is changing:   In this section, I talked about how last century there were around eight clearly defined business strategies in markets and how since 2000+ over 30 strategies are now active and many are more complex requiring new internal capabilities, external partnership,s and new value systems.  Most companies today lack the business intelligence and strategic planning process required to map these new strategies and map their ecosystems effectively, including cross-sector threats.  Many companies ignore these options and keep on doing what they have always done giving time to the competition, but regardless of being proactive with offensive strategies, companies will be forced into developing defensive strategies as their competitor’s differentiators start to disrupt their business.
  2. Regional Competitive Advantage:   All around the world, leading cities are developing regional development plans with industry to create more competitive business environments.   This is creating entirely new playing fields where companies can’t afford to not be active in these regions given the advantages in industry clusters, investment, government policy, workforce development, education, and entrepreneurship are all integrated and operating a significantly higher level of acceleration.    Business need to explore the global landscape to see how these regions are developing and how they can get involved.   For cities and companies that don’t develop their own regions may find themselves at a great disadvantage in the coming years and workforce, investment and companies are forced to leave atrophying regions in search of more competitive advantages.  While foreign cities are leading the way, establishing best practice, several USA cities have taken very proactive steps and have easily a 6-8 year head start.  Many USA cities are pretty complacent,  but they fail to see that are in a declining state vying to be the next Detriot.
  3. New Role:  Lastly,  I spoke about new roles that are needed in corporate leadership and in regional leadership.   These represent huge career paths and opportunities for today’s business, technology and government leadership.

See more pictures of the event in the photo gallery

Tim Pawlenty Speaks on the 4th Industrial Revolution

Screen Shot 2018-01-01 at 4.38.57 PM.pngThe St. Paul chamber hosted a speaking event featuring former governor Tim Pawlenty focused on the 4th industrial revolution.  The talked covered a broad range of topics including automation, big data, globalization, etc.   After the talk, he stayed to engage in 1:1 dialogue with attendees.

These trends will create large changes in the workforce over the next ten years.  Both in re-tooling existing personnel and in the transformation of education systems that will be required.   What isn’t clear during Q&A is if Minnesota currently leadership has a plan or vision for its future.  Hopefully, in the future MN will take up the challenge.

See more images of the event in the photo gallery

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Mass Exits From the S&P500

Screen Shot 2018-01-03 at 2.12.33 PM.pngAs the speed of business and disruption of innovation increase so does the rate that long-standing companies are being replaced in the S&P500.  The rise of the internet is an example of a game-changing disruption that has seen the rise of many new business models like Amazon or Netflix.   Traditional companies,  not used to change as a core competency of their business, have struggled to adapt and are often left behind before they even understand the shift that has occurred.   By the 1950s,  many companies would last 50-60 years in the S&P.  In that past decade, that number has dropped to around 15-17 years.   Currently, the churn rate is around 75% with today’s S&P being fully replaced by 2030.

Source: Professor Richard N. Foster, co-author of Creative Destruction

Finland / Minnesota Trade Event

IMG_3131.jpgI attended the Finish Ambassador’s presentation at the Gutherie Theatre that was hosted by several of the Euro-American Minnesota Chamber organizations and the Minnesota Trade department.  The event marked a 100-year celebration of Finland’s independence.  Ms. Kirsti Kauppi,  the Finish Ambassador talked about Finland’s history and their strong capabilities in innovation.   There are many similarities between Minnesota and Finland and many reasons to explore collaboration and trade.

 

See more photos of the event in the gallery