Decoding Innovation

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In this episode of Decoding Innovation, Sheena Iyengar, author and professor, discusses the significance of making meaningful choices in a world of possibilities.

Our choices shape everything from daily routines to long-term aspirations. They impact not only individual outcomes, but also the broader societal landscape. As we navigate a world brimming with choices, understanding the dynamics of choice is essential for personal growth and societal progress.

Sheena Iyengar, a professor and author, brings a unique perspective to the study of choice. As a blind daughter of Indian immigrants, Sheena's bicultural upbringing exposed her to contrasting narratives of choice. Her award-winning research has shed light on how different cultures perceive choice and its role in civilization. Sheena's work emphasizes that while choice is innate to our desire for freedom, the ability to choose effectively is a learned skill.

The episode delves into the transformative power of choice, and explores the concept of "Think Bigger," a methodology based on neuro and cognitive science that empowers individuals to create meaningful choices. It also introduces the generative AI (GenAI) tool designed by Sheena and her team to assist in the decision-making process, making the art of choosing more accessible and intuitive.

Key takeaways:

• Choice distinguishes us from other species and helps us improve our lives and shape a better world.

• The abundance of choices may initially attract people, but it often leads to frustration, anxiety and decision avoidance.

• Exploring solutions from different sectors and historical contexts enhances the decision-making process. This out-of-the-box approach can help build innovative solutions.

The Decoding Innovation podcast series is a limited production of the EY-Nottingham Spirk Innovation Hub, based in Cleveland, Ohio. For more information, visit our website at https://ey.com/decodinginnovation. If you enjoyed this podcast, please subscribe, leave a review wherever you get your podcasts and be sure to spread the word!

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In this episode, Dan Drogman, CEO and co-founder of Smart Spaces, explores the transformative impact of technology integration on workplace efficiency and the evolution of commercial real estate.

Smart Spaces CEO Dan Drogman takes us on a journey through the evolution of the modern workplace, revealing how technology is fundamentally reshaping the way we interact with our physical environments. By integrating innovative software with building management systems, Smart Spaces is pioneering a new era of efficiency and sustainability in commercial real estate.

From the challenges of starting up and forging industry partnerships to the cutting-edge application of artificial intelligence (AI) and the creation of digital twins, Drogman shares insights into the complexities and triumphs of developing a platform that not only enhances the user experience but also redefines it.

As we navigate the post-COVID-19 pandemic landscape, the demand for flexible, intelligent workspaces is growing. Smart Spaces is at the forefront, offering solutions that cater to this shift, promoting hybrid work cultures and driving the transition towards mixed-use developments. Drogman's vision for a future where technology enables both personal and planetary optimization is not just a blueprint for Smart Spaces but a template for the industry at large.

Key takeaways:

Integrating smart technology in buildings is is essential for evolving workspaces into dynamic, user-centric environments.
Mixed-use developments represent the future of urban living, maximizing space utilization and catering to diverse needs.
Data security and privacy are paramount in managing the vast information generated by smart building platforms.
A strong company culture and clear purpose are essential in attracting top talent and driving innovation in the technology industry.

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In this episode of Decoding Innovation, Kristina Skierka, the founder and CEO of Power for All, delves into the transformative power of distributed renewable energy.

As the world seeks sustainable energy solutions, distributed renewable energy is at the forefront of innovation, offering a path to a cleaner, more equitable power supply. The global landscape of distributed renewable energy is rapidly evolving, with innovative solutions emerging to tackle the challenges of energy access, climate change and sustainable development. Around the world, communities are harnessing the power of the sun, wind, and other renewable sources to create decentralized energy systems that are resilient, cost-effective, and environmentally friendly.

Power for All is a pivotal player in promoting decentralized energy systems that are transforming energy access, particularly in remote and localized communities. These systems leverage local resources to create resilient and cost-effective energy networks that bypass the need for traditional infrastructure with various models of distributed renewable energy, including community microgrids and solar home systems, demonstrating the positive effects of these systems on local economies and the quality of life for individuals. Power for All's approach to fostering community engagement and building local capacity highlights the organization's holistic strategy to drive change.

Key takeaways:

Distributed renewable energy systems enable communities, especially in remote areas, to gain energy independence and improve their quality of life.
Energy systems can stimulate local economies by creating jobs, reducing energy costs, and supporting the development of small businesses.
Effective policies and innovative financing models are crucial for the widespread adoption and success of distributed renewable energy.
Personal choices, advocacy, and investment can support the growth of renewable energy and contribute to a sustainable future.

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In this episode of Decoding Innovation, Ben Hafele, CEO of Lean Startup Co., explores the transformative power of the lean startup methodology in corporate innovation.

The lean startup mentality epitomizes innovation and agility by providing a structured approach to developing products and services that truly meet customer demands. It emphasizes the importance of validated learning, rapid prototyping and flexibility in business modeling.

In conversation with host Brent Duersch, Ben Hafele, CEO of Lean Startup Co., discusses how startups and corporate innovation teams alike thrive on navigating uncertainty. Hafele emphasizes that corporate innovation teams inherently embody the startup ethos when engaging with emerging technologies in areas such as artificial intelligence (AI), mobility, wearables and electrification. This mindset is crucial for fostering innovation and maintaining a competitive edge in the rapidly evolving tech landscape.

With extensive experience in applying lean startup methodologies across various business landscapes, Hafele offers fresh perspectives on innovation, advocating for practical solutions and a “learner” mindset over a “knower” mindset. He explains how lean startup principles, with a focus on customer feedback and iterative design, enable organizations to continuously test and refine ideas, ensuring investments are made in concepts with genuine market potential.

Hafele envisions a future where the lean startup mindset remains essential, its principles guiding companies through the uncertainties of tomorrow's business challenges.

Key takeaways:

Lean startup is a mindset, focusing on what customers truly value. It's about systematically vetting and de-risking new ventures, applying the scientific method to business ideas.
For corporate innovation to succeed, teams must adopt the startup approach: embracing uncertainty, leveraging customer feedback and iterating rapidly in tech-driven markets.
Lean startup principles are set to evolve and stay relevant amid the uncertainties of AI and future technologies.
By combining the strengths of various methodologies, such as design thinking and agile, organizations can create a tailored approach that best suits their unique challenges and opportunities.

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In this episode of Decoding Innovation, Fred Schonenberg, the founder and CEO of VentureFuel, delves into how partnerships between startups and larger companies can drive efficient innovation.

Startups bring a unique agility and innovative mindset that can be immensely beneficial for larger organizations facing complex challenges. By forming strategic partnerships, startups can offer fresh perspectives and creative solutions that help established companies navigate rapidly changing markets and technological landscapes.

In turn, startups gain valuable industry insights, expand their networks and discover opportunities to scale their solutions. Such collaborations can form a symbiotic relationship that leverages the strengths of both startups and large corporations to foster transformative growth.

Founded in 2014, VentureFuel provides a platform designed to facilitate partnerships between startups and enterprise organizations, aiming to accelerate innovation and augment efficiency. Fred Schonenberg, the founder and CEO of VentureFuel, discusses the creation of meaningful collaborations and the influence of artificial intelligence (AI), including generative AI (GenAI), on these collaborative relationships, among other topics.

Key takeaways:

A successful partnership begins with a big company identifying a problem that urgently needs solving, rather than a superficial interest in a particular type of startup.
The initial focus is on understanding the desired outcome and the magnitude of the problem the big enterprise aims to solve, as well as the urgency of the solution.
Innovation is not confined to specific geographic ecosystems, and while certain areas may be known for particular industries, great ideas and technological developments are emerging from various places globally.

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In this episode of Decoding Innovation, Hemali Vyas from NASA Jet Propulsion Laboratory explores the space economy and shares the impact of systems thinking on future technologies.

The space industry stands at the cusp of a new era, where the commercialization of space opens up a multitude of possibilities. Hemali Vyas, a seasoned professional from NASA Jet Propulsion Laboratory with experience in both the public and private sectors, casts light on three pivotal areas that will shape this frontier: the transformative potential of space commercialization, the critical role of systems thinking and the indispensable value of collaboration.

Hemali also emphasizes the need for private players, including startups, to adopt a “blue ocean” strategy mindset to foster innovation and take advantage of the opportunities in the space economy.

Key takeaways:

Systems thinking enables a strategic approach to dissecting and addressing issues while proactively managing potential risks for improved outcomes.
Effective collaboration aids diverse perspectives, fostering consensus to overcome intricate challenges with collective intelligence.
Adapt to strategies that involve creating new markets and demand in an uncontested space. Differentiate from competitors and focus on innovation to avoid direct competition.

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In this episode of the Decoding Innovation podcast, Charles Fry, founder and CEO of CODE Éxitos, discusses innovations, funding and emerging trends in the digital products landscape.

As industries navigate major changes and disruptions, an increasingly dynamic startup realm is emerging. However, only a select few of these new ventures truly experience success. Rather than merely translating ideas into products for the marketplace, today's innovators and entrepreneurs need to concentrate on creating digital experiences.

To create a meaningful digital experience, a product should be created with the consumer in mind; the end product should foster a sense of enjoyment and affinity for its users. Adopting this user-first mindset will help shape a better outcome and transform the way creators and developers approach work.

Charles Fry, the founder and CEO of Code Éxitos — a company specialized in helping entrepreneurs craft clear product strategies and business trajectories — shares his vast experience in the field, and discusses the developments and challenges faced by businesses.

Key takeaways:

Only a small fraction of ideas are genuinely ground-breaking. A large number of entrepreneurs believe that their concepts are fully formed, only to find out, during the trial stages, that these ideas still require extensive refinement or development.
Potential investors today demand to see evidence of progress and incremental gains of the company. By building a dialogue history, businesses will be able to nurture relationships with investors throughout the product development journey.
Venturing into entrepreneurship is not suitable for everyone; it offers a chaotic and unpredictable environment. But if you decide to pursue it, it is important you do it with passion.

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In this episode of the Decoding Innovation podcast, Henry Ajder, a globally recognized artificial intelligence advisor, maps out the emerging landscape of AI and its opportunities, threats and benefactors.

While the concept of AI has been a subject of speculation for years — even decades — its significance, at least for the layperson, has elevated in the past couple of years. With the emergence and growing popularity of platforms, such as ChatGPT, Midjourney and Stable Diffusion, companies are eager to position themselves at the forefront of the AI renaissance.

As the relevance of AI increases, concerns and doubts associated with it grow as well. While it's undeniable that AI is capable of advancing industrial operations and human lives, it has also raised questions regarding the potential consequences of entrusting machines with power. This has given rise to debates surrounding privacy, consent validity, ethical considerations and potential for its misuse.

Henry Ajder, a globally renowned figure in the world of AI, generative AI (GenAI) and synthetic media, explores the advent of AI and the prospect of artificial superintelligence (ASI) and discusses the commercial implications. Further, he delves deeper into the ethical questions the technology brings forth.

Key takeaways:

Debates persist whether AI can be classified as true intelligence, considering it parrots to the users what they want to hear, based on the massive amount of data is has been trained on.
A large number of AI tools are readily accessible free of cost — some companies leverage this to build their reputation and user base. As there's a growing concern regarding how AI is monetized, several platforms have started embracing subscription-based models.
With tools capable of voice cloning and generating deepfakes, there's a growing need to create new legislation to curb the harm vectors posed by AI.

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In this episode of Decoding Innovation, Bob Nardelli, founder and CEO of XLR-8 LLC, discusses how CEOs and boards can drive organizational success through right company culture and strategic decision-making.

Company boards play a key role in continually driving organizational growth. The boards are adept at identifying opportunities and challenges, and making strategic decisions that can be lucrative, open access to new markets, drive organizational efficiency and consolidate resources.

Driving organizational efficiency is another key function of company boards. By scrutinizing internal processes and structures, boards identify areas for improvement, streamline operations and enhance overall efficiency.

In the second episode of this two-part series, Bob Nardelli, founder and CEO of XLR-8 LLC and former CEO of The Home Depot, Chrysler and GE Power Systems, discusses how CEOs and boards can drive organizational success through strategic decision-making, and why the right company culture is key to building better partnerships within and outside of the company that can drive organizational success.

Key takeaways:

CEOs must strive toward fostering the right company culture to drive growth and to enable strategic decision-making.
In the realm of growth strategy, boards play a crucial role in attaining substantial and rapid innovation for any organization.
Accountability and conviction in driving strategic decisions play an important part of improving organizational growth and investing in the right workforce.

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In this episode of Decoding Innovation, Bob Nardelli, former CEO of GE Power Systems, The Home Depot and Chrysler, discusses how CEOs can become champions of growth.

Successful CEOs recognize the imperative of navigating the complex landscape of corporate leadership with a strategic trifecta: accountability, innovation and acquisition. Fostering a culture of accountability is foundational; CEOs must instill a sense of responsibility at all levels, ensuring that each team member understands their role in achieving organizational goals. This not only cultivates transparency but also establishes a framework for measuring and optimizing performance.

In tandem, a relentless pursuit of innovation is paramount. CEOs must champion a forward-thinking ethos, encouraging creative problem-solving and embracing technological advancements.

Strategic acquisitions serve as a potent catalyst for growth. CEOs adept at identifying synergies and complementary assets can strategically expand their footprint, access new markets and consolidate resources. Meticulous due diligence in the acquisition process is vital, ensuring a seamless integration that enhances overall organizational efficiency.

Bob Nardelli, founder and CEO of XLR-8 LLC and former CEO of The Home Depot, Chrysler and GE Power Systems, discusses how CEOs can become champions of growth with the right growth strategies, and how the triumvirate of accountability, innovation and acquisition forms the cornerstone of a CEO's approach to driving sustainable growth and organizational success.

Key takeaways:

CEOs must recognize the importance of accountability as a key role in driving better organizational growth.
Acquisitions as part of growth strategy are paramount to achieving innovation at scale and speed for any organization.
The rate of progress has been growing faster than ever. It is important to apply accountability as part of improving organizational growth and investing in the right workforce.

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In this episode of Decoding Innovation, Scott Colosimo, founder and CEO of LAND Energy, discusses the inception of the company and the funding journey.

In the second episode of this two-part series, Scott Colosimo, founder and CEO of LAND Energy, delves deeper into the foundation of his second company, and how his first company, Cleveland CycleWerks, acted as the springboard for it. Although Cleveland Cyclewerks, a legacy motorcycle manufacturer, stopped producing, they still had to support old customers and fix issues, which consumed valuable employee time. This led to making some strategic decisions that, in turn, paved way for the establishment of LAND Energy.

Scott explains in detail how they found sources for seed funding among friends and family, and the importance of perseverance to attain meaningful relationships and success in the industry.

Further into the episode, Scott points out how supply chain paradigms have changed post-2020, and how they utilized technology and adopted latest innovations to augment their manufacturing processes.

Key takeaways:

It is important to have sustainable goals, especially during the beginning of your company; start slow and accelerate once you get the basics, such as attainable KPIs.
As using a single manufacturing floor is getting expensive and cumbersome, in-country manufacturing has its benefits for the automotive industry.
Patents are a business tool, but they are getting more complex, and the patent process can be a barrier to the company growth. Developing in-house knowledge and having a team that has know-how are more feasible.

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In this episode of Decoding Innovation, Scott Colosimo, founder and CEO of LAND Energy, discusses how his company pivoted to making electric bikes.

Scott Colosimo is the founder and CEO of Cleveland CycleWerks, which was making traditional motorcycles in an existing market that had not undergone major changes for more than a century. During the COVID-19 pandemic, he decided to build a new electric prototype: eMoto. The eMotos include electric pedal-less throttle-controlled bicycles, and electric mopeds and motorcycles.

In the first episode of a two-part series, Scott talks about the founding of his new venture, LAND Energy, and how the company managed to navigate the pandemic and post-pandemic landscapes. Further, he describes how his design background helped him finalize the ideal prototypes and how hiring only the A-players in their respective fields improved the dynamics of the new company.

Key takeaways:

Electrification of motorcycles offers more freedom and benefits, compared with traditional gas motorcycles. It provides the opportunity to tweak the design and move the components.
One of the biggest mistakes companies make is manufacturing a product without studying the market. It is important to study the market and consumer first, and curate the insights before moving to production.
With increasing pressure from stakeholders and governments, the transition from gas to electric vehicles is a natural progression.

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In this episode, Martin Freer, nuclear physicist and the Director of Birmingham Energy Institute and the Energy Research Accelerator, discusses the role of alternative fuels and the potential of nuclear energy.

As we navigate technological advancements and new iterations of industrialization cycles, finding sustainable alternative energy sources should also be top of mind.

Martin Freer, a seasoned nuclear physicist, the Director of Birmingham Energy Institute, and the Director of the Energy Research Accelerator, discusses how harnessing nuclear power can help reduce humanity's impact on nature. He also shares his insights on alternatives fuels, challenges faced by the innovators in the nuclear energy landscape and the possibilities of nuclear fusion.

Key takeaways:

Government has an important role to play in setting framework and strategy. It should be a long-term commitment that allows larger companies to invest in nuclear power initiatives.
The lack of support toward services and technology is one of the crucial hindrances several companies face. The solution is engaging between people with different skill sets and creating a balance.
The rate of progress is too swift for industries. It is important to find new ways of working, investing and supporting the development in the nuclear power sector.

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In this episode of Decoding Innovation, Malthe Larsen, CTO and Cofounder of Coastgrass, discusses how bio-composite materials, such as seagrass, can be used for making climate-friendly plastic.

Each year, millions of tons of fossil-based plastic are produced worldwide. A large majority of these nonbiodegradable plastics are not recycled and crop up as an enormous responsibility for the planet. With the advancement in technology and science, bio-based alternatives for conventionally used plastic have been emerging.

Coastgrass, a Danish company, is building such an alternative from seagrass. Seagrass, such as eelgrass and seaweed, is collected from beaches, cleaned and turned into pellets. These pellets will be primarily used for packaging design. As seagrass is an abundant resource and considered as an inconvenience to locals and authorities, it is easily available at a low cost. Besides, seagrass decomposing at beaches can lead to greenhouse gas emissions and pollution.

The advantages of seagrass are manifold. Its inherent qualities, such as heat resistance, make the fiber ideal for injection molding. Products made from seagrass can be used in packaging in cosmetics, luxury materials, furniture, home appliance and others. These products can be recycled and are environment friendly than their conventional plastic counterpart.

Key takeaways:

Even though seagrass is abundant, the cost of processing the fiber is high. The company is striving to streamline the process to increase the efficiency and bring down costs.
There are big possibilities for bio-based materials. But to fully realize and leverage its potential, there are a few legislation and infrastructure processes that need to be corrected.
New taxes, legislations and standards aimed at sustainable development will be an advantage for bio-based and biodegradable plastic in future.

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In this episode of Decoding Innovation, Pete Foley, an independent consultant, shares his insights on how psychology and behavioral science can be applied as a catalyst for innovation.

With the rising disruptions and the advent of new technologies, industries need to focus their innovation efforts on the most crucial component of their businesses: the consumer.

Organizations, from startups to large companies, face various hurdles during their innovation journey — from scale to stage gates. Since, in the end, it’s the consumer's action that decides the outcome of an innovation, infusing psychology and behavioral science with innovation can shape and accelerate meaningful innovation.

Pete Foley, an independent consultant who focuses on human-centric innovation, explains why invention and innovation are different, how the core benefit of the product is the true driving force, and why balance is important in an organization for effective innovation.

Key takeaways

Organizational culture is one of the most important aspects in successful innovation. Innovative culture has passion, expertise and the resources to leverage.
Consumer research is cyclical, rather than a linear process. After market study, there's always the possibility of changes and improvements.
Most of the problems encountered are observed as executional, where people don't fully understand the product.
It is recommended that rather than simply hiring for expertise, people who show a breadth of interests can be more adaptable for innovation.

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In this episode of Decoding Innovation, Keiran Smith, CEO and co-founder of Mr. Green Africa, discusses circular economy and how technology is changing the way plastic is recycled worldwide.

Sustainability has been of key focus in modern day living. Circular economy plays a key role in achieving sustainability by reaching maximum input efficiency using minimal resources, as well as reducing waste production. The regenerative economic system aims to achieve sustainability without diminishing existing products but to churn the “waste” into something useful via systematic shifts.

By extending the life of products, especially plastic, the natural capital that goes into recycling can be reduced. The life of plastic products can be extended by bringing in a loop of reuse, repair and remanufacturing products. Circular economy involves a clear distinction between technological and biological cycles that aims to rebuild all types of capital.

Keiran Smith is a disruptive innovator in the recycling space. The CEO and co-founder of Mr. Green Africa shares his insight on the right combinations and necessary understanding needed to implement circular economy for plastic recycling, and how Mr. Green Africa is paving the way to building a sustainable tomorrow.

Key takeaways:

Circular economy holds a key role in building sustainable societies and can lead to increased efficiencies using minimal input resources and a connected ecosystem of capital.
Awareness and technology are the biggest hurdles faced in plastic recycling that need immediate addressing.
Connecting a commercial model with a sustainable, social-friendly model is the way to go for recycling plastic worldwide.
Partnership element plays a key role in successful implementations of plastic recycling based on the circular economy approach.

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In this episode of the Decoding Innovation podcast series, Helen Burdett, Head of Technology Strategy at the World Economic Forum, talks about circular economy as a vision for the future.

Circular economy reimagines the linear economy in which we live. It’s a pervasive systems approach that is broader than reduce, reuse and recycle. As a concept and set of principles, circular economy brings immense economic and resiliency opportunities.

While there has been a proliferation of circular roadmaps at a national level for countries around the world, the question remains: How do we ensure an absolute and effective shift of the system to get to this new reality?

In this episode of the Decoding Innovation podcast series, Helen Burdett from the World Economic Forum (WEF) talks to our host Mitali Sharma about how circular approaches are redesigning the way our economy works, the importance of design and global collaboration in circular economy, and the initiatives being undertaken by global organizations like WEF to promote circularity in an inclusive manner.

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In this episode of Decoding Innovation, Scott Krisiloff shares Helion Energy’s journey so far in creating electricity from nuclear fusion and the subsequent plans to commercialize this form of energy.

Fusion — the inverse of fission — is a process where energy is created when two lighter atoms are combined to form a new atom. Established in 2008, Helion Energy is aiming to use nuclear fusion for producing electricity and meeting the global energy demand.

Scott Krisiloff, Chief Business Officer of Helion Energy, details how the company has taken an unconventional approach to its fusion reactions, so that more energy is generated from the reaction than is put into it. Helion’s sixth prototype, completed in 2020, was able to reach a temperature of 100 million degrees. Without such high temperatures, bulk fusion reactions cannot begin. By showing that it can achieve commercially relevant fusion conditions, Helion Energy was able to raise US$500m at the end of 2021.

Scott also talks about Helion Energy’s future goals. The company expects to demonstrate the ability to produce net electricity by 2024. But for nuclear fusion to replace fossil fuels, society will need to be educated about the safety profile and risk characteristics of fusion.

Nuclear fusion may completely transform the global energy industry and help tackle climate change. However, it will need a lot more experiments, advancements and investments.

Key takeaways:

Helion Energy uses deuterium and helium-3 as the fuels. Enough deuterium exists on Earth to produce fusion energy for billions of years, whereas helium-3 is a by-product of deuterium-deuterium fusion.
The sixth-generation Helion prototype is small enough to fit in a shipping container, and is able to create an ideal combination of temperature, density and time — the three fundamentals that govern fusion reactions.
The US$500m raised by Helion Energy in 2021 came from its group of existing investors, who were impressed by the results of the sixth prototype and the future potential of this form of energy.

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In this episode of the Decoding Innovation podcast, Quidnet Energy CEO Joe Zhou discusses the use of innovative geomechanical methods and its impact on the global energy industry.

Currently, pumped hydro is the only form of commercialized long-duration energy storage available globally. Quidnet Energy — with its innovative use of geomechanical methods to deliver long-term energy storage — looks set to transform the global energy industry.

Joe Zhou, CEO of Quidnet Energy, explains in detail how the company uses conventional oil and gas techniques to effectively put the weight of the mountain on top of the stored water. Quidnet’s technology stores energy underground in the form of high-pressure water, with the help of impermeable and shallow rock.

Joe also shares his views on the differences between the business models of startups that build their products in a lab, versus those, such as Quidnet, that harness a real-world resource. Such startups must collaborate with regulators, communities and financiers from the start — and share with them the business risk and future rewards involved.

Key takeaways:

About US$300b worth of pumped hydro has been built globally — but we are running out of viable mountainous sites to meet the future energy consumption needs.
Over the next three decades, the demand for global energy requirement is likely to rise by 80% — due to electrification of transportation, heating, industrial uses and economic growth.
Quidnet is planning to become a grid-scale solution, built in modular pieces. Like wind farms, the Quidnet technology aims to construct single-megawatt modules spread across a field, electrically linked to a single point of interconnection to the electricity grid.

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In this episode of the Decoding Innovation podcast, Mathieu Nouzareth, CEO of The Sandbox, explains how a community-driven platform is shaping the future of the metaverse.

The metaverse technology creates a 3D virtual space on computers and phones to bring people closer. For organizations such as The Sandbox, the metaverse is a medium where users can meet each other, make friends and play games. According to Mathieu Nouzareth, CEO of The Sandbox, the objective of creating a metaverse is not to replace reality — it is only to augment it.

The Sandbox is a community-driven platform where creators can monetize their assets and gaming experiences on the blockchain. The organization has created a map with a finite amount of land that users can buy. Like real estate, the price of virtual pieces of land is decided by location. So, buying a piece of virtual land in a celebrity neighborhood will be more expensive than other neighborhoods.

Mathieu also talks about the three early adopters of this technology: gaming, digital fashion and luxury, and entertainment industries. The Sandbox has partnered with several famous luxury brands because users are willing to buy digital accessories for their online avatars. Furthermore, some users want to extend the experience of a movie or a TV show by entering a virtual world.

Web3 adoption will bring a whole new set of features to metaverse environments. Since Web3 is a nonzero sum game, organizations such as The Sandbox want to create value for the entire community — including their competitors — for long-term rewards.

Key takeaways:

Users can create avatars, NFTs and items for the game, and publish on the marketplace. The Sandbox’s commission is very low — only 5% — compared with the commissions charged by mobile phone app stores (between 20% and 30%).
Currently, the biggest market for The Sandbox includes the US, the UK, Canada, Western Europe, Korea and Japan.
About 65% of the current user base of The Sandbox is male. However, the organization is partnering with a foundation that is working to bring women into Web3.

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In this episode, Ajay Khaladkar, former Technical Program Manager, Golisano Institute for Sustainability, Rochester Institute of Technology, discusses how the institute is helping companies transition to Industry 4.0.

Humanity is in relentless pursuit of enhancing living standards and creating a more comfortable existence. Every major effort to advance society using human intellect and technology has not only induced socioeconomic ripples but also transformed the world — starting from the first industrial revolution in the 1700s, also known as Industry 1.0, to the digital transformation we are witnessing today: Industry 4.0.

As technology is rapidly evolving and new frameworks are being introduced, experts point out that the periods between industrial revolutions are decreasing. A good transition strategy can help traditional businesses to successfully adapt to the latest transformation metrics.

Ajay Khaladkar, former Technical Program Manager of Advanced Manufacturing and Industry 4.0 Solutions at Golisano Institute for Sustainability, Rochester Institute of Technology, discusses how the institute is supporting organizations’ transition to Industry 4.0, the challenges and what to expect after the transition.

Key takeaways:

It is noted that the periods between industrial revolutions are getting smaller and we may enter Industry 5.0 quicker, with the emergence of new technologies and the fast, widespread integration of information.
Industry 4.0 is considered as a catalyst for better, sustainable goals and may bring societal shifts, such as in job profiles and social equity.
Industry 4.0 is more complex than its previous counterparts for calculating returns on investment, because some Industry 4.0 tools will not replace workforce, but help empower leaders to make agile, reliable decisions.

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In this episode of the Decoding Innovation podcast series, Ryan Umstattd, VP of Product Development at Zap Energy, talks about the future of clean energy production through efficient fusion techniques.

Many people still see nuclear fusion as a far-flung, futuristic solution for cleaner energy. But the truth is, every day, scientists and energy-generation companies around the world are proving that this technology is becoming viable in our own present day.

Deuterium and tritium have been observed as the main sources of fuel to design futuristic, commercially viable fusion plants worldwide. Among the many paths to generating fusion energy, choosing the right approach that can be commercially sustainable and successful has been the key differentiator between energy companies across the globe.

Ryan Umstattd, VP of Product Development at Zap Energy, shares his insights on how commercialization of fusion for energy generation is not that far away, and dives deep into Zap Energy’s approach to generating clean fusion energy and much more.

Key takeaways:

Harnessing the power of self-generated magnetic fields for generating clean energy can be a game-changer for building commercially viable fusion plants.
Stabilizing the Z-pinch and keeping it going for longer periods can generate useful fusion reactions that can be utilized toward clean energy generation.
Density and temperature are the major challenges in stabilizing the Z-pinch within fusion reactors.

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In this episode, John Nottingham and Joe Gfoeller explain the process of innovation and the factors that determine the successful introduction of a new product in the market.

Most businesses are hesitant to invest in innovation when their existing products are already performing well in the market. According to John Nottingham, Co-President of Nottingham Spirk, and Joe Gfoeller, President of Nottingham Spirk, innovating at such times can transform a business from a market leader into a dominating force.

At Nottingham Spirk, an idea is carefully vetted before work begins on it. Furthermore, the company only works on sustainable and big ideas. John describes how the commercialization of innovation is a relentless process — one that involves market analysis, customer insights, design, engineering, manufacturing and launch.

One of the best known ideas that the company worked on was the Spinbrush. At a time when powered toothbrushes were being sold for US$100, Nottingham Spirk launched the Spinbrush for US$5 — completely transforming the powered toothbrush market. This product was eventually acquired by a multinational corporation.

Joe explains that when they find a product — typically, a durable and a consumable product — that has the potential to dominate a domestic market of a billion dollars or more, at a gross margin of 50% or higher, the company considers it seriously.

Commercialization of innovation begins by identifying an opportunity in the market. Once that is done, depending on the market and economic changes, Nottingham Spirk applies pivots to launch the product.

The need for innovation is now more than ever — given the speed at which the world has globalized and is being digitized.

Key takeaways:

Only 5% of all patents issued by the US government get commercialized. However, 95% of the 1,400 patents that Nottingham Spirk created were commercialized.
Nottingham Spirk introduced a portable men’s deodorant spray and sold a single pack for US$0.99.
The Spinbrush — containing two alkaline AA batteries, a motor, a switch and two moving nylon heads — was manufactured for US$1.25 and retailed for US$5, at a time when other powered toothbrushes retailed for US$100.
The EY-Nottingham Spirk Innovation hub integrates Nottingham Spirk’s innovation and design experience with EY digital, manufacturing and wavespace™ capabilities to help businesses from concept through commercialization.

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In this episode, Varjo founder and CTO Urho Konttori shares his vision about the metaverse and how it has the potential to transform businesses of the future.

The metaverse is combining mixed reality technologies with high-speed internet and transitioning the industry toward a “virtual goods realm.” According to Urho Konttori, founder and Chief Technology Officer of Varjo, the metaverse is fundamentally the next iteration of the internet-human interaction.

Technology innovators look at the metaverse as the medium that can democratize distance — so people can be with their family and friends whenever they want. Furthermore, this new technology is already adding value to many industries. The defense industry, for example, is using virtual technologies to train its pilots. As a result, the industry is shortening the total calendar time of such trainings, reducing associated costs and cutting carbon emissions.

Urho also explains why innovative companies cannot be “risk averse.” According to him, unsuccessful technology undertakings help companies understand the limits of innovation.

Key takeaways:

The cloud has the potential to completely transform the current computing paradigm — something the gaming industry has already started implementing.
Virtual technologies will directly impact product design — by reducing the cost of training and increasing collaboration among innovators.
The metaverse provides a new form of communication that can impact professional and personal lives. It aims to transcend geographical distance by bringing people closer to each other.

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In this episode of the Decoding innovation podcast series, UrsaLeo Co-founder and CEO John Burton shares the company's journey and how XR technologies are changing industries and the world.

With companies across industries generating ever-increasing amounts of data, a question emerges: How do you leverage this data to enhance the quality and improve sustainability? The wide adoption of virtual reality (VR) and augmented reality (AR), and the emergence of the metaverse are pointing toward the increasing enthusiasm for immersive 3D technologies. Combining a realistic 3D environment and real-time data generated by industrial equipment and facilities could change the way data is visualized and presented to stakeholders. By employing digital twins, organizations get a better understanding of the performance of their products, do better analyses, identify potential anomalies and improve collaboration. Increasing sustainability discussions in board rooms are also considered to be a driving force of immersive technology. XR technologies are gaining momentum and interest, and they are predicted to be ubiquitous across sectors. John Burton, CEO and Co-founder of UrsaLeo, a 3D platform that creates photo-realistic digital twins, dissects the evolving trends in the field and shares his insights on the impact of immersive technology.

Key takeaways:

XR technologies offer an immersive 3D environment that enhances the data generated by companies. This feature offers a new trajectory in data visualization — from viewing complex 2D real-time data to a more realistic 3D experience.
The increasing adoption of virtual and augmented reality technologies is encouraged by C-suites. With XR technologies, they can view data in a much more interesting and understandable way.
One of the challenges faced by XR companies is the sourcing of data from multiple technologies, as these data streams will have to be combined and translated into a single format.

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In this episode of the Decoding Innovation podcast, Judi Greenwald, the Executive Director of Nuclear Innovation Alliance, shares her journey and insights on advanced nuclear power.

As climate change is growing into the defining issue of our time, governments, industries and stakeholders are searching for new global energy solutions. Harnessing nuclear power is one of the major steps they can implement.

Over the last decades, nuclear energy has been seen as a debatable power source, but latest innovations, and research and initiatives carried out by organizations, such as Nuclear Innovation Alliance, prove that it is safe, cost-effective and has minimal impact on nature.

Judi Greenwald, the Executive Director of Nuclear Innovation Alliance (NIA), talks about her journey in the advanced nuclear power space and about NIA, a nonprofit "think-and-do" tank, working toward enabling advanced nuclear power as a major solution for climate change.

Key takeaways:

Advanced nuclear energy has several built-in safety measures, such as automatic shutdown during an emergency situation, as opposed to its conventional counterparts.
Organizations, such as the International Atomic Energy Agency, make sure the fuels created from nuclear processes are not diverted and weaponized.
To bring advanced nuclear energy to the forefront of global energy, governments need to ensure the effective implementation of policies and adequate funding for the plants.

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In this episode, Felix Heisel, Assistant Professor and Director of the Circular Construction Lab at Cornell University, discusses why circular economy is ideal for the construction industry.

Earth has finite resources and industries are key consumers of those resources — some bigger than the others. The construction industry marks significant impact on the environment and the world economy, with its consumption of resources, such as energy and raw materials, and generation of waste. The “take-make-waste” model of linear economy is not considered as feasible to the planet anymore. With rising urbanization and decreasing resources, the need to shift toward a better, sustainable model is at hand. Hence, the emergence of circular economy. The footprint of construction can be lessened by shifting the paradigm from linear economy toward circularity. Felix Heisel, Assistant Professor and Director of the Circular Construction Lab at the Cornell University, explains why circular economy is an opportunity for reducing waste and pollution, encouraging reuse and regenerate culture and inspiring thinking beyond today.

Key takeaways:

The goal is to make sure every material used for construction can be reused or recycled.
Most of the existing buildings are not designed to fulfil circularity requirements. Hence, urban mining is faced with obstacles, such as contaminants and by-products.
Enacting circular economy creates more jobs, eliminates waste and reduces pollution and CO2 footprints.

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In this episode of the Decoding Innovation podcast, Daniel Hawkins, CEO and founder of Avail Medsystems, talks about Avail leveraging remote technology to pioneer the evolution of modern health care.

Modern healthcare across the globe is evolving every day as per growing demands in the sector. The significance of quality plays a key role when it comes to access to modern health care. Access to the best health care professionals, medical procedures and operators has become easier thanks to modern health care innovations.

The evolution is being pioneered by MedTech through some truly disruptive technologies. The innovations seen in the world of modern health care have been driven by identifying the need to innovate, leveraging existing technology and applying them through creative methods by innovators. Remote technology through telepresence has played a critical role in medical care during the pandemic and continues to drive the evolution of facilitating better access to care across the globe.

Daniel Hawkins, the guest speaker, is a prolific innovator and a seasoned MedTech expert. The founder of Shockwave Medical, and the CEO and founder of Avail Medsystems speaks about the correlation between innovation and commercialization, identification of the need to innovate, the role of remote tech in the world of telehealth, and how Avail is pioneering the evolution and empowering medical companies across the globe to facilitate remote access to modern healthcare.

Key takeaways:

Leveraging remote technology to provide the best access to medical care is a game changer in the world of modern health care.
The identification of the need to innovate, combined with leveraging existing technology smartly is key to the success of modern health care startups.
The only way quality user experience can be guaranteed is by fully controlling the quality behind every aspect of that experience.
The biggest challenge in the medical industry to implement remote technology is the status quo and the bias against remote technology in health care.

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In this episode, Douglas Horne, CEO and founder of Evanesce, talks about compostable packaging and explains why “dirt-to-dirt” is the real circular economy.

We have been talking about recycling for a long time, but there have been very low numbers of recycling happening and very few recyclables being recycled — especially food waste.

Food waste going into landfills poses a major problem for recyclers as it doesn’t mix up with things that aren’t compostable. So how can we change consumer behavior in the recycling process?

In this episode of the Decoding Innovation podcast series, Douglas Horne, CEO and founder of Evanesce, talks to our host Mitali Sharma about compostable packaging as a solution to recycle waste, the outlook of brands toward sustainability, how different industries are pivoting to compostable solutions and why he deems “dirt-to-dirt” as the true circular economy.

Key takeaways:

On the recycling side, dirt-to-dirt approaches are more sustainable and circular. They begin and end with dirt which is the natural and organic product that we start and end with — in most circular projects.
A major problem with recycling food waste is the usage of multiple bins. Compostable packaging allows people to put things in a single bin and dispose food waste for composting, which otherwise ends up in landfills.
There’s a lot of internal packaging for different medical products. Thus, to meet sterilization requirements for packaging materials, the medical industry is also looking for compostable solutions.

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In this episode of the Decoding Innovation podcast series, Oliver Kharraz, CEO and founder of Zocdoc, talks to Mitali Sharma about telehealth and how technology is positively impacting health care.

Although smartphones, internet and video conferencing facilities were available years ago, telehealth has seen its popularity rising only recently — during the COVID-19 pandemic. Getting a virtual consultation with your health care provider from the safety of your home proved to be pivotal in a time where social distancing was advocated and enacted. Lack of awareness, privacy apprehensions and limited access to technology may have acted as hurdles for the pre-pandemic adoption of telehealth.

Oliver Kharraz, the CEO and founder of the telehealth platform Zocdoc, explains the journey of Zocdoc, dissects the challenges faced by a virtual health care venture, and throws light on the advantages and possibilities of telehealth.

Key takeaways:

Telehealth solves the supply and demand problem in health care, and helps patients to find providers when they actually want.
Telehealth will not be a full substitute but will be a supplement to in-person doctor visits.
Mental health is an area where telehealth was found to be effective, as providers can view the living conditions of the patient and assess accordingly.

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In this episode, Andrew Horvath, Global Group Chairman, Star Scientific Limited, discusses the role of hydrogen in the new energy economy.

Hydrogen became more prevalent after the first energy crisis in the early 1970s. It has now taken a giant leap forward as climate change and the war in Ukraine has made energy and its production a bigger issue. People have come to realize that there is a significant role for hydrogen to play in the new energy economy.

With hydrogen taking a center stage in the energy discourse, there are ongoing efforts to reduce its high manufacturing costs and governments are stepping in to provide impetus to hydrogen economy.

What remains to be seen is how long it will take to convert our existing energy infrastructure so that it can run entirely on hydrogen.

In this episode of the Decoding Innovation podcast series, Andrew Horvath, Global Chairman for Star Scientific Limited, talks to our host Mitali Sharma about his journey in the hydrogen economy, the impact of hydrogen on parts of our economy, the “plug-and-play” approach for a transition to hydrogen across industries and the ways by which governments can facilitate the adoption of hydrogen.

Key takeaways:

The problem with hydrogen has always been the high cost of manufacturing. However, by reducing the amount of energy to produce hydrogen, new smarter systems can bring hydrogen under the cost of natural gas.
Enabling power plants to run entirely on hydrogen is challenging and massively costly. Thus, adopting an incremental approach of changing just the heat component is better suited for a transition to hydrogen.
Government has a big role to play in the transition to hydrogen by making the process to get grants easier. Industry, banks and people need to be provided regulatory relief.

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In the second episode of the Decoding Innovation podcast series, General Fusion CEO Greg Twinney talks about why fusion is the most sustainable approach to clean energy production.

The innovative techniques in fusion energy generation hold the key to designing commercially viable fusion plants worldwide. The technological approach that has been used for fusion defines the economic and commercial success. Additional peripheral technologies have helped bring innovative fusion techniques into reality that was deemed unimaginable.

Greg Twinney is a disruptive innovator in the fusion space. As the CEO of General Fusion, he shares his insights on the right combinations and the secret sauce for disruptive innovation, General Fusion’s approach to generating clean fusion energy, and much more.

Key takeaways:

The technological approach to fusion plays a key role in building a commercially viable fusion power plant.
Fusion energy, coupled with additional peripheral technologies, can be a game changer for clean energy generation worldwide.
The focus on achieving net positive energy is key to building a successful fusion plant.

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In the first episode of the Decoding Innovation podcast series, General Fusion CEO Greg Twinney talks about his approach to bringing disruptive innovation into reality through strategic partnerships and execution.

The world has consistently witnessed new waves of disruptive innovations that have changed how different sectors function today. The ability to recognize an opportunity to innovate and to execute the idea, while having the right resources and technology, is the secret sauce to success for disruptive innovators around the globe.

Greg Twinney, CEO of General Fusion, believes that having clarity about the impact of an innovation for a five-year time period is the key to understanding whether it will be disruptive or not. Along with this, the right kind of partnerships that align with the vision of the company hold key for the innovation to reach its maximum potential to deliver the intended impact.

Key takeaways:

The execution of an idea along with recognizing the opportunity to innovate is key to driving disruptive innovations, and not just the idea in itself.
Strategic partnerships that align with the company’s vision to deliver disruptive innovations is key to reaching the full potential of the innovation.

Decoding Innovation: Recent Episodes

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