Dr. Amin introduces the concept of Global Transition Dynamics, which states that politics, society, health, environment, and social development are propelled and held together by science and technology advancements. Engineering and science play a critical role in transforming societies; it is a force to enhance the quality of life, grow economies, and serve societies. This understanding allows assessment of broad technology megatrends such as the information revolution, materials advances, and the new genetics.
Assessment is very crucial. Businesses, organizations and institutes must make hard choices. They cannot try to do everything because that will result in nothing. The outcomes are boring and normal; Dr. Amin likes to call this “vanilla” or “peanut butter” innovation. To avoid this bland innovation, Dr. Amin suggests using a macroeconomic rationale that says gross domestic product (GDP) is a function of research and development (R&D), physical capital and human capital.
However, success is not only tied to good assessment of the new technologies, but also an understanding of business trends. The business world of today has changed and continues to change. Speed, innovation, change, anxiety, revolution, strategy brand, stress and more are the words Michael Wright, author of The New Business Normal characterizes today’s business climate. If one understands the business climate and applies the macroeconomic rationale, there is a greater chance of a successful decision.
Additionally, Dr. Amin provides a framework and assessment methodology for identifying business opportunities for industry, academia or government. This methodology first looks at scenarios coupled with technology needs to identify opportunity. Second it looks at the scenarios coupled with the strategies or applications. Then the two are combined to identify where needs and potential applications merge. George Day’s assessment can be applied as well, which asks is this opportunity real, can we win with it, and is it worth it? In addition to this methodology, Dr. Amin covers a tool to use when deciding matters of public policy.
In this webinar, Dr. Amin discusses methodologies and tools that can be applied to a diverse set of business opportunities. He stresses the importance of focus in innovations, stating if organizations, businesses and research institutes try to do everything, nothing gets done. Overall, this webinar gives innovators basic tools to make good business decisions both locally and globally.
About Dr. Massoud Amin
Dr. Massoud Amin, Director of the University of Minnesota's Technological Leadership Institute and Professor of Electrical and Computer engineering. A senior member of IEEE, he chairs the IEEE Control Systems Society's Technical Committee on Smart Grids, and serves as chairman of the IEEE Smart Grid Initiative.
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