Top 10 tech trends to watch in 2023

At HP, we constantly monitor technology trends that we believe will significantly impact our society, the environment, industries, and customers.

As I sat down to write this blog post and synthesize some of our latest thinking, I thought I would turn to the first trend on my list for some help and to compare notes. So, I asked OpenAI’s ChatGPT for their take on the top trends, and here’s our dialogue (note: I did not edit the responses below for content or grammar):


Me: What do you think are the top 10 technology trends to watch in 2023?

ChatGPT: It’s difficult to predict exactly what the top technology trends will be in 2023, as technology is constantly evolving and new developments are being made all the time. However, some trends that are likely to continue to be important in the coming years include:

  1. Artificial intelligence and machine learning
  2. Edge computing
  3. 5G and other advanced wireless technologies
  4. Internet of Things (IoT)
  5. Virtual and augmented reality
  6. Cybersecurity
  7. Blockchain
  8. Quantum computing
  9. Robotic process automation
  10. Biometric authentication and security

These are just a few examples, and it’s possible that other emerging technologies could also rise to prominence in the coming years.

Me: Why is artificial intelligence at the top of your Tech Trends for 2023 list?

ChatGPT: Artificial intelligence (AI) is at the top of my Tech Trends for 2023 list because it has the potential to revolutionize many industries and fundamentally change the way we live and work. AI refers to the development of computer systems that can perform tasks that would normally require human intelligence, such as understanding natural language, recognizing patterns, and making decisions.

AI has already made significant progress in recent years, and it is expected to continue to advance rapidly in the coming years. Some potential applications of AI include:

  1. Improving healthcare: AI can be used to analyze medical records, identify patterns and trends, and help doctors to make more accurate diagnoses and treatment recommendations.
  2. Enhancing customer service: AI-powered chatbots and virtual assistants can provide personalized and efficient customer service, freeing up human employees to handle more complex tasks.
  3. Improving transportation: AI can be used to develop self-driving cars and other autonomous vehicles, which could improve safety and efficiency on the roads.
  4. Improving cybersecurity: AI can be used to detect and prevent cyberattacks by analyzing network traffic and identifying unusual patterns.
  5. Enhancing productivity: AI can be used to automate routine tasks, freeing up human workers to focus on more valuable work.

Overall, AI has the potential to impact many aspects of our lives significantly, and it is likely to be a major technology trend in the coming years.


Now while I have a slightly different take on what technology will rise this year, I was impressed with ChatGPT’s responses and ability to articulate logical and believable answers. While they could use a good edit (can’t we all) and some help with tone and depth, they were as strong as many blog posts I’ve read.

This a great example of why I believe Creative AI will be one of the top 10 technology trends in 2023. Let’s jump into the entire list.

1. Creative AI

More and more, AI is being used to generate creative content — blog posts, poetry, illustrations, 3D photography, etc. By using machine learning models, creative AI software can be trained to generate responses to creative prompts like my questions above, create arttranslate copy, perform sentiment analysis, and more. This could profoundly impact creative fields such as marketing, entertainment, design, gaming, etc. I don’t believe it will replace professionals in these fields (yet), but it will enrich their own creative expressions. By leveraging creative AI, we’ll be able to challenge our own conceptions, explore new design inspirations, save research time, and potentially improve our overall creative output. There is enormous potential here, and VC investors are taking note, with OpenAI, the creator of ChatGPT, rumored to be in talks to sell existing shares in a tender offer that would value the company at around $29 billion. Much more of this to come in 2023!

Various images generated by DALL-E 2: Prompt: A cup of coffee that is also a portal to another dimension, digital art.

2. Game Engines Everywhere

A game engine is software that makes it easy for game developers to design and build games. It’s estimated that 60% of game developers use game engines. Some of the big names in game engines are UnityUnreal Engine, and Game Maker Studio. The flexibility and robust visual and audio support also make these engines attractive for use well beyond game development. NASA is turning to game engines for astronaut training, automotive designers and architects are using them to visualize designs, and movie and TV studios are using them to create elaborate virtual productions. They are also an enabling technology for the Metaverse. Game engines are powerful tools that will continue to impact new markets and industries in the year ahead.

Daemon Targaryen on a virtual bridge at Dragonstone. Ollie Upton / HBO

3. The rise of the virtual office

Gallup survey last year found that 8 in 10 people are working hybrid or remotely. And while remote and hybrid workers have proven they can remain productive even when not in the office, the software and tools to make their lives easier have been slow to develop. Over the past few years, we’ve all experienced the limitations of meeting and collaboration software, which were never intended to replace offices. This has led to a new breed of virtual office platforms called virtual offices. These virtual offices are digital replicas of physical spaces dedicated to getting your work done alone and with co-workers. They are designed to offer transparency, ease of communication, and collaboration and are committed to how you and your company work. Roam recently raised $40 million and is one such platform provider. Their virtual headquarters allow employees to drop by, attend video conferences or town-hall meetings, and get work done. I expect we’ll see more and more of these virtual office platforms start to launch in the coming year.

ROAM is a new collaboration platform that is customizable to meet the needs of all distributed teams.

4. From security to resiliency

Our society has become dependent on digital tools and technologies, and the impact of cybersecurity breaches and attacks cannot be overstated. When cybersecurity fails or is ill-equipped, several aspects of our lives are at risk, from our data and identities to our safety. That’s why there are increasing efforts underway not just to prevent attacks but also to be prepared to withstand them and quickly recover if they do occur. Moving beyond cyber security to cyber resiliency will become increasingly important this year, with more technological emphasis on risk assessments, detection and response, data recovery, and compliance.

5. Sustainable technology

Net zero climate goals and environmentally minded consumers mean that tech companies―and companies across all industries―will need to step up their sustainability credentials in 2023. Consumers are increasingly aware of their choices and environmental impact and want to select brands that prioritize sustainable practices and values. At HP, we have long been proponents of climate action. Our mission is to drive toward a net-zero carbon, fully regenerative economy while engineering the industry’s most sustainable portfolio of products and solutions. As seen at CES recently, companies will be pushing the sustainable innovation envelope this year. New technologies are being deployed, from electric watercraft to clean water robots and vertical farms, to solve some of our toughest sustainability challenges.

The Candela C-8 electric hydrofoil boat @ CES 2023 in Las Vegas (Photo by Patrick T. Fallon / AFP).

6. Super Apps

In our increasingly mobile-first world, the desire for apps to do more and more is paramount. That is spurring a new application platform called “super apps.” Think of them as Swiss army knife-like applications that perform as a suite of multiple mini apps. WeChat is probably one of the best-known super apps, with the ability to message, shop, stream content, and even book a trip all in one place. Many other super apps are also rising in popularity, including Revolt, an all-in-one money management app. Omni is one of South America’s fastest-growing apps that allows you to do everything from bike-sharing to managing your finances and health. Super apps have also made their way into the business realm, with apps like Microsoft Teams, Slack, and Peerbie making it easier for teams to communicate and get work done.

7. Metaverse goes phygital

As technology develops, we will continue to see the real world and our digital worlds synchronize in new and exciting ways. One way the metaverse does this is by bridging the physical and digital worlds to create a cohesive user experience. The need for this seamless physical-digital experience is growing. Thanks to NFTs, the metaverse “phygital” (a bundle of physical and digital goods) is arguably one of the most exciting applications of these blended experiences. Brands are creating NFTs and/or virtual storefronts in the metaverse to offer their products to a broader audience. With the gradual adoption of the metaverse phygital infiltrating every sector in the coming years, we’ll see new buying behaviors, purchase patterns, and physical brand and digital creator collaborations. Some recent examples include Holographic NFT Display Cubesdigital and physical clothingphygital retail stores, and collectible craft cocktails.

An ultra-exclusive 1 of 1 digital and physical hoodie crafted by MCQ with an embedded NFC chip which allows the product to be registered via the brand’s own blockchain. (photo: MCQ)

8. Spatial computing

From Fortnite to virtual reality (VR), spatial computing is essential to our current and future digital experiences. In previous iterations of computer games and virtual worlds, we moved using 2D mouse pointers on screens. Now, more and more, we are transitioning to 3D experiences, which feel much closer to how we move around in the physical world. Spatial computing allows users to digitally interact in 3D vs. 2D, which is more intuitive for most people and will enable us to interact with a digital world, similarly to how we navigate the physical world. VR/AR/MR are good examples of this, but so is playing Fortnite on your phone.

9. Ambient computing

Making computing more ubiquitous and seamless to users is called ambient computing. From the smart thermostat heating your home to the perfect temp at the right time to your favorite AI device turning on your TV or lowering the lights, ambient computing continues to become increasingly integrated into our everyday lives. I expect to see more advancements in this space, especially in our hybrid work lives. At CES, HP just launched the HP E-Series G5 Monitors, which include an Ambient Light Sensor that automatically adjusts the screen brightness. We also introduced a suite of PCs enhanced by HP Presence, offering intelligent camera face tracking for video calls and PC hibernation mode based on usage patterns. These are features, enabled by technology, that work seamlessly together in the background to create a better user experience.

The HP Dragonfly Pro is engineered to optimize and balance performance and includes HP Presence software for enhanced audio and video collaboration experiences.

10. Web3 2.0

I also expect that 2023 may be the year we see blockchain gain traction in enterprise applications. Blockchain saw much skepticism in 2022 with many wondering whether it is a technology in search of a problem or something the world really needs. The jury is still out, with people taking a position on both ends of the spectrum, sometimes with the ‘enthusiasm’ of a presidential election, but my bet is that in 2023 we’ll see use cases and adoption emerge in the enterprise space that will start to point at where blockchain technology could gain more widespread traction in the future. I also think blockchain technology will need to evolve to meet enterprise needs — sustainability, scalability, and performance — so it’s possible the blockchain of tomorrow will look very different from the blockchain of today, ushering in the era of Web3 2.0.

As ChatGPT said, it’s difficult to predict precisely what the most significant technology trends will be this year, but these are the ones I’ll be tracking at the top of my list.

What do you think of the trends above? Are there others you think will rise to the top 10?

Blog Innovation Trends

Insights on workforce automation

The lasting impact of remote work results in a reassessment of the IT infrastructure that enables workforce automation capabilities. Worldwide IT spending is expected to reach $4.5 trillion in 2022 as the post-pandemic recovery continues and remote and hybrid work takes an even greater hold on businesses everywhere. This creates a significant opportunity for companies looking to bridge the gap between home and office work, create remote first solutions, automate workplace processes, and create a more seamless experience for employees.

IT spending is expected to reach $4.5 trillion in 2022

A growing market

Digital products and services will play a critical role in these digital transformation efforts, requiring continued investment in remote-first technology implementations and new technologies. Peerbie, for example, transforms how teams work with one super app for everyone and everything needed to get work done.

It’s estimated that 31% of all workers worldwide will be hybrid or fully remote in 2022. The U.S. is projected to harness the trend, with remote workers reaching 53% of the workforce. A hybrid workforce will continue to increase the demand for PCs and tablets. In fact, in 2021, PC and tablet shipments exceeded 500 million units for the first time in history, highlighting the demand across both business and consumer markets. Hofy offers a device pre-configuration service to give IT teams peace of mind­­–knowing that any devices they provide are set up correctly and securely­­­­­­–and to spare new hires a tedious first-day setting things up.

A hybrid workforce will continue to increase the demand for PCs and tablets.

The pandemic-fueled growth in the adoption of software robots designed to ease routine office work is making at least one task easier for CIOs: selling the idea to their corporate bosses. The technology — robotic process automation (RPA), or software bots — became a critical tool last year during COVID-19 lockdowns and office closures as companies worked to keep their businesses up and running. Many turned to bots to handle tasks like processing payroll data or expense reports and fielding call-center queries. At the height of the pandemic last year, UiPath said it added more than ten corporate customers daily.

The complexity and interdependency of systems today mean that when something doesn’t work between two entities — be it apps, servers, or something else — the effects can be disastrous unless those overlaps can be detected and mitigated ahead of a live deployment or found and fixed quickly even if they are already out in the wild. Gluware has built a platform that aims to do just that — specifically by providing network orchestration and automation tools that identify and automatically fix when something is about to go awry on a network.

Opportunities to automate common workplace processes are everywhere, which is why automation is becoming a common element of every business. This includes providing good customer service, streamlining the hiring process, or managing marketing campaigns more efficiently. As technology improves, more tasks will become suitable for automation.

Opportunities to automate common workplace processes are everywhere, which is why automation is becoming a common element of every business.

Machine learning and artificial intelligence enable new forms of “smart” automation. As the software learns, the more adaptable it becomes. These technologies open the door for the automation of higher-order tasks in addition to basic, repetitive tasks. There’s much focus now on tasks humans don’t want to do, but in the future, automation will not just be about automating those tasks humans are doing today. Still, it will be about realizing potential opportunities. For example, RPA can automate tedious insurance processes as insurers undergo many manual but critical processes involving disparate systems. RPA can help streamline and automate these processes without changing large amounts of legacy code — assisting insurers in cutting costs in necessary departments like underwriting, claims, and regulatory and compliance, as well as expedite policy decisions.

As data sets become more thorough and available, and as software draws on more sources and synthesizes more data sets, contextual information in human decision-making will only improve. Machine learning will serve as a supplement to–or perhaps even an enhancement to–human knowledge. Combine AI capabilities with improved data retention through the Internet of Things (IoT), and the possibilities are endless. Kadence is building an all-in-one solution for desk booking, room scheduling, people, and visitor management. The company’s platform helps transform workspaces into smarter, safer spaces to create frictionless experiences. It also offers workplace leaders to deliver data-driven insights into how people use spaces to work, enabling clients to manage their spaces when work patterns and workflows change dynamically in response to our ever-changing world.

VC and startup opportunities

Workforce automation sectors are becoming a hotbed for venture capital investing. In 2021, HR technology alone received $12.3 billion in investments worldwide. At the same time, global funding to RPA companies hit a record high of $3.5B, driven predominantly by a handful of mega-rounds (deals worth $100M+). And in the first part of this year, we saw Lattice, a start-up making software to help employers fight the “big quit,” tripling its valuation to $3 billion in 10 months. While Envoy, the leading workplace platform that allows companies to reopen safe and flexible workplaces, secured $111 million in Series C funding led by Brookfield Growth. Envoy’s workplace platform is built to solve the problems of flexible workplaces where teams split their time between home and the office.

In 2021, HR technology alone received $12.3 billion in investments worldwide.

These are exciting times for startups in this space, and these are a few of the ones that have caught our attention.

EthSign is a developer of a decentralized application designed to revolutionize agreement and signing. The company’s application helps to make comments, edit, and access each version of your electronic agreement without privacy and communication concerns, enabling clients to have a simple and decentralized alternative and helping parties to upload a document with pending signatures.

Seatti is a developer of a flexible working platform intended to bring together your hybrid team. The company’s platform provides Microsoft Teams and Office365 integrated SaaS solutions allowing you to book a workspace in or outside of the office and share location plans with the team.

Namely is a developer of a human capital management platform intended to meet the complex demands faced by today’s HR professionals. The company’s cloud-based platform provides tools across payroll, benefits, human resource information, and talent management, enabling mid-sized companies to focus on developing their people and providing a better employee experience.​​​​​​​

Diversio is a developer of a people intelligence platform intended to measure, track, and improve diversity, equity, and inclusion. The company’s platform is created using artificial intelligence to bring rigor data, diagnosis, and analysis to help organizations become more inclusive, develop cutting-edge technology, and eliminate barriers to diversity and inclusion. Their platform enables users to trust a platform that values feedback, transparency, collaboration, and impact.

Planless is a developer of a project and task management tool designed to automate teamwork. The company’s intelligent platform takes care of the planning by finding the people in the team who are the best suited to perform a task depending on their knowledge and availability, enabling organizations to focus on their core business.​​​​​​​

TeamEQ can accelerate results through intelligent teams for leaders who no longer want to guess the situation of their teams but instead take their decisions based on actual data. Team analytics and intelligence platform designed to transform any group into a high-performance team that exceeds its objectives. The company’s product uses artificial intelligence to track the impact of a person’s actions. It guides people in real-time with transparent data and predictive algorithms while offering tailored people management strategies and training programs for leadership development, enabling businesses to monitor performance, discover and reduce attritions and boost productivity by promoting collective intelligence engagement and well-being.

TenSpot (Future of Work, HRtech) is a workforce engagement platform that helps companies connect and engage distributed teams to boost employee happiness, morale, and productivity. The company’s platform combines live and on-demand content with sophisticated tools that help measure engagement and sentiment, enabling clients to improve their culture, identify leaders, and create a space that welcomes everyone.​​​​​​​

The extent to which automation transforms the economy remains to be seen, but it appears inevitable that we’re headed toward a future of more automation. What this means for businesses, workers and consumers will be the subject of enormous debate moving forward. One thing seems inevitable, however: if it can be automated, it will be.

Blog Innovation Trends

Augmented Reality: The gateway to the future

Several exciting technologies are at the center of discussions about the future, from virtual reality (VR) and the metaverse to 5G and artificial intelligence (AI). While these emerging technologies are expected to disrupt our daily lives eventually, most of them must still overcome significant obstacles before mass adoption is plausible. However, augmented reality (AR) could bridge the gap between the present and the future due to its increased accessibility and interactivity.

First, what is AR?

AR is the integration of virtual objects into the real world. In an AR experience, users can interact with virtual features that are overlaid in the real world, in real-time. These virtual items are accurately rendered within the real physical environment to create a believable experience for users. While VR creates an entirely simulated world, AR alters the perception of the real world with its added elements, which can include visual, haptic, auditory, and olfactory components.

The current state of AR

AR is far from perfect and still has many issues to iron out, but its growth is possible alongside its adoption. AR does not necessarily require more than a smartphone to function. This differentiates it from technologies like VR that require specific gear and virtual environments, which limits adoption until its framework is fully resolved. VR headsets can be somewhat uncomfortable and can cause eyestrain and motion sickness. While developers are addressing those concerns, there is also the issue of true immersion. One of the main benefits of VR over AR is its promise of total immersion into virtual worlds and scenarios. Technologies that would support that capability exist, such as haptics and omnidirectional treadmills, but they are still a growing sector and difficult to afford for the average consumer. An ever-improving AR app on your smartphone is far easier to adopt than expensive VR gear that takes you to limited virtual experiences and currently incomplete worlds. By introducing AR to consumers on devices they already own, it could become easier to encourage them to adopt fully fleshed-out AR and VR technologies down the line.

AR is currently used in applications like mobile, retail, healthcare, and education. Mobile applications include popular games, like PokemonGOAmon, and Angry Birds AR; visualizer apps that allow you to place furniture or change the color of your home’s walls, like DecorateAR and Paint Tester; and social media apps like Snapchat and TikTok. Retail AR saw significant growth during the COVID-19 lockdown. Many brands embraced different virtual try-on technologies, from IKEA Studio to ASOS’ “See My Fit” to Kohl’s virtual closet on Snapchat. AR in healthcare is currently focused on medical imaging technologies that improve surgical planning and outcomes, such as HP Tech Ventures’ partner Surgical Theater, which uses AR, VR, and 3D technologies to provide a precise visualization platform for surgeons and medical students. For non-medical education, AR apps like Elements 4D and JigSpace help students learn important concepts through immersive visualization.

The future of AR

In the future, AR applications will see both improvement and innovation. The AR market is expected to grow at an impressive compound annual growth rate of 40+% from 2022 to 2030. Already existing technologies, like the above apps, will improve, expand, and become easier to use and access. New and emerging technologies, like AR glasses, smart lenses, holograms, and the metaverse, will enable AR’s further expansion and adoption. AR glasses and smart lenses are already in progress, with companies like Apple and Nreal working to create comfortable and fully functional AR glasses. HP Tech Ventures’ portfolio company Mojo Vision is also working on smart contact lenses and recently reached an incredible milestone with the first-ever on-eye demonstration of a feature-complete AR smart contact lens.

Holograms, powered by AR goggles, glasses, or contact lenses, are another potential technology innovators are beginning to explore. As our world embraces hybrid and remote work, hologram meetings could become the new norm. 3D holographic displays could also become another feature of the future of work. And in our personal lives, board games of the near future could see a holographic boost, with companies like Tilt Five creating holographic AR versions of popular games like Settlers of Catan.

Finally, AR technologies will play a significant role in adopting the metaverse. While many envision the metaverse as a fully immersive experience enabled by VR headsets, there is a growing belief that AR will be a more palatable gateway, augmenting our existing world rather than replacing it with a virtual one. Perhaps more likely is the existence of two metaverses: one enabled by AR and the other by VR, with possible entry points between them.

The importance of AR boils down to one essential factor: accessibility. Incredible strides have been — and will continue to be made — with several emerging technologies, however mass adoption cannot occur if the average consumer can’t access them. Allowing consumers to interact with the metaverse and related technologies through devices they own will shorten the adoption time and onboarding process for future devices. This makes AR the perfect gateway to VR, the metaverse, and many future technologies.

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Using trends to create a sustainable future

Thinking like a futurist in this era of constant change provides an incredible opportunity to create the future we want. By staying on the lookout for trends and weak signals shaping the world around us, futurists can identify future opportunities that lead to consequential disruption.

But what happens if you miss these trends?

In the best-case scenario, missing these signals may simply leave you reacting to disruption and working hard to catch up. At worst, however, you are in danger of becoming irrelevant and going out of business. The corporate graveyard is littered with companies that didn’t react fast enough to the changes in the world around them.

Blockbuster

Founded in 1985 by David Cook, Blockbuster was an entertainment staple in the 1990s and early 2000s. At its peak, there were 9,094 stores globally. Consumers would flock to their local stores to rent movies and buy snacks for their Friday nights, making Blockbuster a fixture in households worldwide.

After a few CEOs and missteps, Blockbuster made its biggest blunder when it failed to acquire Netflix in 2000. Netflix saw the rise of DVDs as a significant opportunity and launched its original mail-based DVD rental business in 1997. Because DVD players were not yet standard in the average household, Netflix partnered with HP, Sony, and Toshiba to offer free DVD rentals to new DVD player buyers. Netflix grew in popularity but wasn’t yet profitable, so its leadership approached Blockbuster to propose an acquisition, which the movie-rental giant declined.

Netflix persisted, confident that DVD players would gain popularity, and that confidence paid off as the company became profitable in 2003. The following year, Blockbuster began its DVD-by-mail service seven years after Netflix. From 2007 to 2010, Netflix continued to monitor trends and take calculated risks that majorly paid off, starting their on-demand video streaming service and signing deals with industry giants from Disney to Paramount.

On the other hand, Blockbuster failed to innovate in time and had to play catch up with Netflix while rapidly losing customers. That failure to embrace change, paired with severe debt, became the unraveling of Blockbuster, which declared bankruptcy in 2010 and closed all but one store.

Toys “R” Us

Later considered a category killer, Toys “R” Us had a humble beginning as a baby-furniture retailer in Washington, D.C., in 1948. Initially named “Children’s Bargaintown,” founder Charles P. Lazarus changed it to Toys “R” Us in 1957, dedicating the store entirely to toys and moving it to Rockville, Maryland. Throughout the next half-century, Toys “R” Us experienced incredible success, building a powerful brand, exploring spin-off clothing stores, and assisting in the launch of several pop culture games and toys.

By the late ‘90s, Toys “R” Us began to feel the pressure from growing competition, like Walmart and Target, which eventually led to the closure of its spin-off, Kids “R” Us, in 2003. While competing companies created their e-commerce sites, Toys “R” Us entered an exclusive 10-year partnership with Amazon in 2000. This partnership, while successful, prevented Toys “R” Us from developing autonomy over its online presence, which became a severe problem when Amazon elected to grow its toy category and allow competitors to sell on its platform.

Toys “R” Us sued Amazon and won, but it was too late. The once powerful toy seller had lost out on the essential opportunity to create its e-commerce website, and by the time it had one, it fell far behind what competitors had to offer. Toys “R” Us not only failed to keep up with e-commerce, but it also ignored changing consumer habits and buying preferences, instead focusing on offering the lowest prices, which proved unsustainable. Finally, Toys “R” Us failed to create an enticing in-store experience, instead deciding to cut costs. Unable to provide a satisfying in-store experience and struggling to keep up with e-commerce innovation, Toys “R” Us filed for bankruptcy in 2017 and closed all stores in 2018.

In 2019, the company rebranded as Tru Kids post-bankruptcy, opened new stores, and partnered with Target to sell toys. By 2020, the agreement had lapsed, and Amazon took on Target’s role as a fulfillment partner. In 2021, the financial impact of the COVID-19 pandemic closed its stores again. In 2022, the company plans to open stores within all U.S. Macy’s by October 15.

Borders

The first Borders bookshop opened in Ann Arbor, Michigan, in 1971, by brothers Tom and Louis Borders. The company didn’t open its second store in Beverly Hills, Michigan, until 1985 and was subsequently acquired by Kmart in 1992. Three years later, Kmart spun off Borders into a new company named Borders Group. Through the 1990s and early 2000s, the Borders Group expanded globally, with stores and franchises everywhere from Singapore to Puerto Rico.

Initially, Borders stayed ahead of innovation with a robust inventory system that could predict consumer behavior. However, when the industry began to go digital in the early 2000s, Borders began to lose its grip, leaning heavily into CD and DVD sales instead of working on its internet presence. Competitors like Barnes & Noble focused on online sales and digital innovations like e-readers, while Borders chose to outsource its online operation to Amazon, which rapidly became a competitor.

As competitors grew and embraced innovation, Borders steadily lost revenue, and its last profitable year was 2006. After constant financial trouble, Borders filed for bankruptcy in 2011, closing all its stores except those operating in the United Arab Emirates, Oman, and Malaysia, which other owners took over.

In the examples above, it’s clear that while some companies missed the boat on specific innovations, others were on the right track. They did this by paying attention, listening to the true needs of their customers, and prioritizing learning from all failures.

So how can you avoid missing trends?

I may sound like a broken record, but thinking like a futurist is the best way to avoid being left behind by innovation. Pay attention to weak signals, explore emerging trends and technologies, and adopt an innovative mindset. You need to have a good sense of what you want in the future. Ask yourself:

  • What outcomes am I looking for?
  • What inspiring vision and goals do I need to put in place?

Your goals need to be bold enough that they cause you to work backward to discover what disruptions will get you there, rather than taking today’s solutions and incrementally improving them over time.

Visualizing outcomes is essential, and so is having an open, innovative mindset and attitude. Success is 95% attitude. Make peace with failure and learn from it instead. Think boldly, and never give up. Having the right attitude is essential to staying ahead of all this change and creating the future you seek.

Finally, remember: the future hasn’t happened yet. The future is something that we all get to create. It is the result of all the choices that we make today.

What future will you create?

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How weak signals can help you stay ahead of the next wave of innovation

A crucial ingredient for any successful business is understanding the trends shaping the world around us and that point to future opportunities.

If you miss these shifts, you risk being disrupted and, worse, going out of business. But if you can catch these potential trends early and capitalize on them, they instead mean growth and opportunity.

Catching these subtle changes early isn’t easy, however. All world-changing shifts don’t just magically appear, they start as weak signals, and you must look for them. A weak signal is very early evidence of a potential future mainstream trend. Given the very early nature of these signals, they may or may not actually become a trend. But identifying and monitoring weak signals over time is integral to getting in on new trends early. Sometimes this can be the difference between catching a new wave and leading this change or getting left behind.

As futurists, we want to be the disrupters, not those being disrupted. To do that, we need to constantly observe society and the world around us to find these new trends and weak signals.

Here are eight weak signals that our team is watching for future impact.

Eco-consumerism

Consumers are becoming more aware of how their consumption contributes to climate change, and this is changing their buying behaviors accordingly. As consumers become more eco-friendly, they’re putting pressure on brands to do the same by repurposing waste, using biodegradable materials, and prioritizing renewable resources. Companies that don’t embrace sustainability or give back to the planet in some way risk losing the support of consumers. With 77% of consumers concerned about the environmental impact of the products they buy, that’s a large demographic to risk losing.

Here’s a look at eco-consumerism at play:

  • These bio-concrete tiles are made with Japanese knotweed and American signal crayfish, two invasive species in the UK that would otherwise be considered waste. They also reduce carbon emissions caused by traditionally made concrete.
  • These running shoes from Zen Running Club are made entirely from plant-based materials, resulting in a fully biodegradable shoe.
  • Molded fiber, an eco-friendly packaging alternative, is gaining momentum. Once a time-consuming process, recent innovations like HP’s Molded Fiber Advanced Tooling Solution are accelerating the adoption of more sustainable packaging.

Rise of reality

While we are still living highly digital lives, and there is significant hype surrounding a potentially virtual future in the metaverse, there is also a growing need for a return to reality. After the lockdown portion of the pandemic, many of us are ready to return to physical spaces, travel, and in-person entertainment to escape Zoom fatigue and tech burnout. As more people crave unplugging over new online experiences, it will be critical for new technologies to enhance our physical experiences and interactions. Even further, tech companies are responsible for improving their products to battle burnout and enhance user experience.

Here’s a look at the rise of reality at play:

  • AiFi, an HP Tech Ventures portfolio company, offers AI-powered autonomous retail solutions, making shopping a seamless experience for consumers and retailers.
  • To address tech fatigue, many tech companies could provide time-limit features or recommend breaks to users. Other companies are getting even more creative, like these hologram startups aiming to make remote meetings feel less impersonal.
  • Location-based VR experiences, powered by technologies like HP’s VR backpack, allow users to blend the virtual with reality.

Distributed enterprise

In a recent HP Wolf Security report, 46% of office workers admitted using their work devices for personal tasks, and 69% claimed to have used their personal devices for work activities. This overlap between work and personal devices has been exacerbated by the increase in remote work, which has further blurred the line between consumer and enterprise. Enterprise products and services are being increasingly distributed across smaller home offices rather than large company headquarters. This has significant implications for cybersecurity and maintenance and could contribute to feature changes.

Here’s a look at distributed enterprise at play:

  • With the era of hybrid work upon us, there is a growing need for devices connecting home and corporate offices. Solutions like HP Presence provide powerful collaboration tools to reinvent how people connect.
  • Employees and companies can better protect their data from cybercriminals by embracing decentralized cybersecurity. Approaches like zero trust security are gaining popularity, with 78% of firms planning to adopt zero trust in 2022.
  • Remote maintenance is not entirely new, but it’s increasingly essential as remote work grows. Advanced remote management technologies, like NVIDIA’s Fleet Command, are working to optimize processes for global IT professionals.

Omniscient health

As people continue to be hyper-conscious of their health, there has been significant growth in health-related technologies ranging from wearable devices to AI-powered diagnostics. Wearables like fitness trackers have become smarter and more powerful, so users are gaining greater insight into their health. Health providers can use this new data, paired with the power of AI, to aid in their care. Microfluidics could also enable faster, less invasive, and more accurate diagnostics. As monitoring our health becomes part of our daily routine, chronic issues could be caught sooner, leading to more proactive care.

Here’s a look at omniscient health at play:

  • Using data from continuous wearable sensors, physiQ generates personalized and actionable insights for patients and their healthcare providers.
  • For people with chronic illnesses, health monitoring tools are essential. Fortunately, many startups are working to create more straightforward and less invasive health monitoring methods, such as BOYDSense, which developed a breath-based glucose level monitor for those with diabetes.
  • Using microfluidics, researchers at Northwestern developed a sticker that absorbs and uses sweat to accurately diagnose cystic fibrosis in newborns. Another research team from the University of Minnesota has also created a new microfluidic chip that could provide point-of-care diagnostics.

Internet of energy

At our current rate, global energy consumption is set to see a 50% increase between 2020 and 2050. With the growing volume of data, demand for clean energy, and increasing adoption of emerging technologies, a new energy system may be critical. Antiquated energy infrastructure, like electrical grids, cannot keep up with technology advancements and energy demands. The Internet of Energy may be the best solution, as it can reduce inefficiencies, limit waste, and maximize the potential of existing infrastructures. It could also lead to the adoption of smart grid technology, which would hugely benefit users and energy consumption.

Here’s a look at the internet of energy at play:

  • Smart panels from startups like Span balance home electricity use to avoid overloading utility grids.
  • Packetized Energy, recently acquired by EnergyHub, is a software platform aggregating energy devices such as water heaters, HVAC systems, electric vehicle chargers, solar inverters, and distributed batteries into dispatchable and flexible grid resources.
  • General Electric (GE) launched a startup, Current, which pairs LEDs and solar panels with software. This allows the system to gather data to apply insights to corporate operations to increase lighting and productivity savings.

Geospatial AI

The increasing number of satellites and improved image quality provides a plethora of data that, combined with supercomputing, allows Geospatial AI (GEOAI) to extract and impart impactful insights. This integration of geospatial studies and AI helps machine learning mimic human spatial reasoning and dynamics to better understand environmental and geographical impacts. This could lead to hyper-local and instantaneous weather forecasting, real-time wildfire detection, and other capabilities that could make environmental conservation and planning more seamless.

Here’s a look at GEOAI at play:

  • Google’s Machine Learning for Precipitation Nowcasting from Radar Images performs weather forecasting using real-time data instead of hours-old data.
  • The city of Boston will use data from satellites in the TreeTect pilot to improve tree equity and anticipate tree maintenance tasks.
  • Scientists from Stanford University developed a deep-learning model that maps fuel moisture levels across 12 of the US’ Western states, making it easier to predict where wildfires are likely to ignite and spread.

Transportation transformation

Growing concern for pollution and congestion is leading to disruptive innovation in transportation technology, policy, and infrastructure, which will radically change how we transport people and things in the future. Crowded freeways, slow delivery times, and an urgency to counteract climate change all demand revolutionary change in the transportation industry.

Urban transportation is central to the effort to slow climate change, with plenty of opportunities for growth and innovation. Home to more than half the world’s population, cities account for more than two-thirds of global carbon dioxide emissions. Transportation is often the most prominent and fastest-growing source of emissions and is the U.S.’ second-largest source of greenhouse gas emissions.

Here’s a look at transportation transformation at play:

  • Though not quite a reality yet, the idea of a hyperloop has long captivated society, with companies like Virgin and The Boring Company working towards its creation. The technology exists to create the ultra-fast transportation concept, but there are still significant hurdles to overcome.
  • TuSimple has created autonomous trucks, which promise improved safety, efficiency, and sustainability. Its trucks allegedly shaved 10 hours off a 24-hour run.
  • Florence has implemented smart trams, which could shape future transportation for other European cities.

3D-printed electronics

Advances in 3D printing technology that allow for voxel-level specification of materials, combined with improvements in metal substrates, will enable electronic components to be printed at the same time as durable parts, rather than being added as a separate assembly step after printing. These capabilities could allow electronic devices to be 3D-printed on demand as all-in-one elements, with no assembly required. This would minimize production costs and time and create an opportunity to reduce the size and weight of electronics.

Here’s a look at 3D-printed electronics at play:

  • Japanese CAD and 3D printing company SOLIZE uses HP 3D printers to make out-of-production spare parts for NISMO, the motorsport division of Nissan
  • Optomec’s Aerosol Jet printing technology enables 3D-printed electronics using aerodynamic focusing.
  • Nano Dimension’s Dragonfly IV 3D printer can generate entire circuits in one step.
  • Researchers at the University of Florida have developed a method of printing copper on fabric, a milestone for wearable electronics.

Considering the state of our world, futuristic thinking is a necessary skill we all need to learn and practice. With the constant and rapid pace of change, everyone should be honing their futurist skills. And thinking like a futurist isn’t reserved for a select group of people. It is a fundamental skill set that anyone can learn.

This is not something all of us do naturally, though. Only a small percent of the population thinks and plans for the future. In fact, only 35% of Americans regularly think about their five-year future. Those who aren’t thinking of their futures are disadvantaged over those who do. If we want to stay one step ahead in our fast-paced world, and if we’re going to move forward and create the future we want, we must adopt long-term, futuristic thinking.

To help you get started, here are three essential practices that I have found very useful in my career as a futurist:

  1. Monitor shifts — Pay attention and understand what’s happening in the world around you. Notice the small changes that create new needs. Keep an eye on these weak signals and any others that appear.
  2. Visualize future outcomes — Start with your vision for the future and work backward from there, not the other way around. What was the catalyst for your vision of the future?
  3. Adopt an innovative mindset — Have a “can do” attitude and be unstoppable. Embrace everything as a learning opportunity, even failure.

The more you think like a futurist, the better you can create the future you want.

Which of these weak signals are you interested in? Any others you are monitoring? Share your thoughts with me in the comments.

Blog Innovation Trends

4 technologies that will power the metaverse

We’ve discussed weak signals, how to spot trends, and the risk of missing them. Now, let’s shift streams and explore the recent trend getting the most press coverage and attention: the metaverse.

Currently, there’s no standard definition for the metaverse, reminding me of how the internet was viewed back in the early 90s. At the time, we used the word “internet” without truly understanding what it meant. Did it mean AOL? Did it include intranets? And what was this thing called “the information superhighway?”

Like the internet once was, the metaverse is likely to be the source of a lot of potential disruption moving forward. It could replace today’s internet with connected virtual worlds, creating an internet of experiences instead of content. But why all this metaverse buzz now? VR has been around for decades, as have virtual worlds like Second Life.

One reason is apparent enough: Facebook became Meta and announced that it would be investing billions in the metaverse. Perhaps more than that, however, is that four technologies are maturing concurrently, coming together to make the metaverse truly viable. These technologies include spatial computing, game engines, virtual environments, and virtual economies.

Spatial computing

From Fortnite to virtual reality (VR), spatial computing is essential to our current and future digital experiences. In previous iterations of computer games and virtual worlds, we moved using 2D mouse pointers on screens. Now, more and more, we are  transitioning to 3D experiences, which feels much closer to how we move around in the physical world. Spatial computing allows users to digitally interact in 3D vs 2D, which is more much intuitive for most people, and allows us to interact with a digital world in a very similar way to how we navigate the physical world. VR/AR/MR are good examples of this, but so is playing Fortnite on your phone.

Game engines

Game engines are the software tools developers use to build 3D video games, but they’re not just about video games anymore. They’ve become more sophisticated and are now used in applications from agriculture to the driver interface in the new all-electric Hummer. They have also become incredibly realistic, making them the perfect solution for building hyper-detailed virtual worlds in the metaverse. Powerful game engines, like Epic Games’ Unreal Engine 5 and Unity Technologies’ Unity Engine, are equipped with tools that can create large-scale open worlds with incredible detail. They’ve already contributed to popular games like Fortnite and Pokémon Go and are well-suited to the creation of the metaverse.

Virtual environments

When you pair spatial computing with game engines, you get an explosion of virtual environments. These aren’t just entirely made-up virtual worlds but also digital replicas of buildings and locations from the real world, also known as digital twins. These replicas can be used for retail, education, the future of work, and more. Today, companies have websites. Tomorrow, companies could also have virtual worlds or locations that can be used to interact with customers, partners, and employees. And someday, there could even be a digital twin of the whole earth!

For example, NBA teams can (and are) outfitting their physical stadiums with hundreds of video cameras that capture the action in real-time and instantly convert it into a metaverse version of the stadium where people can virtually watch the game. These users can choose any seat in the stadium, watch the game in the metaverse instead of in-person, and still get close to the same experience.

Virtual economies

The fourth technology trend that’s coming together to create the metaverse today is something we call virtual economies. People want to make purchases in virtual worlds. They want to buy clothes for their digital avatars. They want to buy special powers. They want to purchase virtual sneakers or digital tools. And they’re willing to spend a lot of money purchasing those digital items. In 2018 and 2019, Fortnite generated $9 billion through its virtual economy. However, the problem with today’s virtual economies is that you can’t buy something in one world and use it in another. It’s also challenging to convert virtual items into real-world cash. This is where NFTs come in: they allow everyone to own their digital assets. In theory, these assets could be used across different virtual worlds and could be more easily sold, traded, or converted into cash. NFTs have the potential to implement a pan-world virtual economy for the Metaverse that isn’t tied to a specific company or virtual environment. They give people and consumers the ability to own their digital assets and information, rather than these being owned by the operators of the virtual worlds themselves, and this is why they are currently garnering so much attention. 

The emergence of these four related technologies and trends makes the metaverse the topic of today and potentially the internet of tomorrow. Together, they are unlocking several vital elements that will power the metaverse and make it engaging and immersive. As these technologies mature, we move closer to the internet of tomorrow.

What other technologies do you think will be essential for the metaverse?

Blog Innovation Trends

How to think like a futurist: Cybersecurity

Change is happening faster and faster around us. So how do we manage it and stay ahead of it? How do we ensure we are leading change and not being disrupted by it to create the future we want? One of the key ingredients for any successful business is understanding the trends that are shaping the world around us and that are pointing to what the opportunities of the future might be. The corporate graveyard is littered with companies who weren’t monitoring trends and went out of business because they didn’t react fast enough to the changing world around them. But if you can catch these shifts early and figure out how to capitalize on them, that is where growth and opportunity lie.

In this new series, I’m helping you see through the lens of a futurist by exploring some of the exciting technologies and trends bound to shape our future lives.

Ready to think like a futurist? Let’s explore cybersecurity.

What is cybersecurity?

Cybersecurity is the practice of protecting connected technologies against unauthorized digital access. It applies to everything from devices to digital networks to critical data. As our digital lives grow, so does the importance of cybersecurity. With the number of cyberattacks occurring at alarming rates, the cybersecurity industry must continue to adapt and improve to keep up with cyber threats.

There are several different facets of cybersecurity, including:

  • Endpoint security: Securing endpoint devices such as laptops, printers, and point-of-sale devices
  • Data security: Protecting and managing digital information
  • Network security: Safeguarding access to secure networks by monitoring access and use
  • Application (app) security: Implementing security features within apps to protect users
  • Database security: Protecting the data within the database, as well as any associated apps, infrastructure, and physical hardware
  • Cloud security: Securing cloud-based tools and data
  • Identity management: Technologies and infrastructure that control user access to networks and/or data
  • Mobile security: A facet of endpoint security that focuses on protecting mobile devices
  • Disaster recovery: The recovery of IT infrastructure following a disaster includes anything from a cyber-attack to a natural disaster

In an ideal situation, these facets work together to create a comprehensive approach to cybersecurity for organizations and individuals, however, it is extremely difficult to do that, which is the source of many problems the industry is facing.

What are the trends?

Our society has become dependent on digital tools and technologies, and the impact of cybersecurity breaches and attacks cannot be overstated.

HP understands the importance of cybersecurity and endlessly works to build safe and secure products. With a deep focus on endpoint security, HP is constantly adapting to stay ahead of cybersecurity trends and risks. In 2019, HP acquired Bromium and now utilizes its technology for essential malware protection. HP also offers HP Wolf Security as powerful endpoint protection that is built-in to its PCs and printers. Starting at the hardware level and extending across software, HP Wolf Security is a unique and comprehensive cybersecurity offering. As a true prevention-first solution with containment of threats, HP Wolf Security is better than detection alone.

When cybersecurity fails or is ill-equipped, several aspects of our lives are at risk, from our data and identities to our safety. Governments, organizations, and individuals respond to cybersecurity threats with new approaches and regulations in our increasingly digital world.

These new approaches include zero-trust frameworks and multi-factor authentication, which provide a heightened level of security for users. Zero-trust framework adoption has increased by 27% in the past two years. Zero-trust security works by requiring all users to be authenticated and regularly validated before gaining access to any networks, data, or applications. Multi-factor authentication is a part of zero trust, requiring multiple verification points before granting access to any user, thus protecting against brute force logins and login theft.

Individuals are now expected to be more responsible for cybersecurity, as well. With hybrid and remote work now commonplace, more responsibility is placed on employees to stay on top of their organization’s cybersecurity requirements. Many organizations now require remote employees to install a VPN (virtual private network) to protect their internet connections. Network segmentation is also becoming popular amongst IT professionals, as it gives administrators more control over who has access to which data. While this increases security, it also adds steps for all employees as they maneuver these new systems.

Governments are enacting new regulations and policies to navigate this new world of cybersecurity and digital risks. In June 2022, U.S. President Joe Biden signed two new cybersecurity bills into law. The State and Local Government Cybersecurity Act of 2021 is meant to improve coordination amongst different departments and governments, allowing for more accessible tools and information sharing. The Federal Rotational Cyber Workforce Program Act of 2021 focuses on skill-building for federal employees, allowing role rotations amongst those in cybersecurity-related fields to enable a more comprehensive learning experience. The U.S. is not alone in its cybersecurity laws. The UK and EU are also considering new legislation addressing the growing cyber protection demand.

Where is the opportunity?

There was a 125% increase in cyberattacks in 2021, a percentage expected to grow in the coming years. Not only were there more attacks, but they were also more complex, with many having the ability to evade existing endpoint protection tools. To maintain cybersecurity in the future, there must be continuous improvement and adaptation in security tools and frameworks and increased skill development for cyber professionals and leadership.

As explored above, more organizations must adopt a zero-trust framework. While this framework is not a perfect solution, it is still a powerful strategy against cyber risk. Zero trust inherently focuses on prevention rather than reacting to threats, which is essential for organizations dealing with constant cyber-attack attempts.

Another area of opportunity for cybersecurity is blockchain technology. From secure transactions to identity management, blockchain has the potential to be a powerful cybersecurity solution. Due to its transparency and interoperability, blockchain could make it easier to verify data, identify fraud, and create innovative cybersecurity solutions.

The downside to blockchain, however, is its immaturity as a technology. As it is a somewhat recent innovation, it is likely to have unknown vulnerabilities that leave it open for risk. This issue applies to all emerging technologies, such as AI and quantum computing, because cyber threats tend to evolve alongside technological advancements, creating an ongoing feedback loop. Due to this, assumptions about cybersecurity practices will need to be constantly challenged as nascent technologies grow.

Finally, there is an incredible demand for cybersecurity talent, with over 700,000 roles needing to be filled. Because cybersecurity positions often require specific credentials and certifications, there aren’t enough qualified job seekers to fill those roles. Some companies are addressing this issue by removing some requirements, and others are creating talent pipelines and programs specifically for cybersecurity professionals. There is also a lack of cybersecurity talent in leadership, with 45% of companies lacking a Chief Information Security Officer. This lack of cyber skills opens an opportunity for company programs and online courses that could help build a qualified and effective cybersecurity workforce.

Data rules our digital lives, and protecting that information from bad actors is essential. As emerging technologies bring us deeper into the digital world, cybersecurity tools, approaches, and skills will become critical for everyone. Cybersecurity professionals may be the only people honing their abilities now, but these skills could soon become necessary for anyone accessing the internet.

Now it’s your turn. Do you think cybersecurity will be able to keep up with future threats? Should we all be taking cybersecurity courses? Sound off in the comments.
 
 Read also:

Blog Innovation

How to think like a futurist: Microfluidics

The world never stops changing, and it’s the job of a futurist to stay ahead of change and prepare for the future. Anyone can be a futurist by paying attention to trends and embracing the constant shifts in society and technology. As futurists, we can take advantage of opportunities to lead, innovate, and build a better future.

In this new series, we will look through the lens of a futurist to explore some of the exciting technologies and trends bound to shape our future lives.

Ready to think like a futurist? Let’s dive into microfluidics.

Step 1: What is microfluidics?

In short, microfluidics is the ability to work with tiny amounts of fluid and at great precision. Printing is an excellent example of that. Over the last 30 years, HP has perfected the art of placing very small amounts of fluid in exact locations on a page to create printing. The technology behind this is microfluidics.

We are talking here about manipulating fluids that are a fifth the size of a human cell and a thousand times smaller than a raindrop. Hence the name microfluidics, and of course, microfluidics isn’t something that is only applied to printing. There are a lot of fluids in the world, including within our bodies. From life sciences to agriculture to healthcare, microfluidics has a whole host of existing and potential applications.

Step 2: Trendspotting

Did you know that someone is added to the US national organ transplant waiting list every nine minutes? Along with many other sobering statistics, that fact showcases the immense need for innovation within biotech, and microfluidics may be the solution.

Recent advancements from the Stevens’ Schaefer School of Engineering & Science have found a way to accelerate the creation of 3D-printed organs. Led by associate professor Robert Chang, these researchers hope to use microfluidics to achieve a more precise and controllable method for 3D-printing organs. By creating a microfluidics-enabled 3D printer, researchers could more accurately print organs at the scale of human cells. Microfluidics can also utilize multiple “bio-inks,” allowing for the reproduction of any type of tissue and opening exciting new avenues for healthcare technology.

Another healthcare innovation using microfluidics is these wearable sweat sensors. Using paper-based microfluidics, these sensors can measure various chemicals, drugs, and hormones in sweat. The information gathered from these sensors could help diagnose several health issues, from cardio-renal disease to cystic fibrosis.

Step 3: Opportunity knocks

As startups and scientists continue to explore the potential behind microfluidics, the technology will become further refined and precise, leading to more opportunities within healthcare and diagnostic tech.

One such company is Fluigent, which aims to develop more advanced fluid control systems. Doing so could help accelerate the development of new medicines, therapeutic treatments, vaccines, and more. By introducing pressure pumps to its microfluidics chips, Fluigent could achieve complete control of flow rates, allowing for much higher precision. HP Labs is also exploring microfluidics and its many uses, such as cancer detection.

Due to the rising demand for point-of-care diagnostics and other microfluidics technologies, the global microfluidics market is expected to be worth $43 billion by 2027. Though microfluidics technology could be applied across several industries, the healthcare industry will likely see the most significant impact. After the effects of COVID-19, healthcare has received more attention than ever, specifically diagnostic technologies enabled by microfluidics.

Let’s also look at food and water contamination. One in 10 people suffer and fall ill from food contamination every year. One in four people lacks access to safe drinking water. But how do they know? Today these tests for contaminated food and water need to be sent into a central lab facility with large and expensive equipment, and it takes days to get results back. But what if all of us could carry something in our pocket that could in real-time test whether the food we’re eating or the water we’re drinking is safe? That’s the power of microfluidics.  

When I think of microfluidics, I believe it’s very similar now to how computing was 50 years ago. Fifty years ago, we had these vast mainframe computers in central facilities. If you wanted to use them, you’d mail in punch cards that got processed, and you’d need to wait days for the result. Microprocessors changed all of that, effectively shrinking a mainframe down into a PC or a phone to democratize access to computing. Today microfluidics promises to do the same for healthcare and life sciences, taking large centralized and expensive lab equipment and shrinking it down to a lab-on-a-chip, enabling a world where everyone can have a “lab” on their desk or in their pocket, and providing everyone with access to instant disease diagnostics or personalized treatment information.

Microfluidics technology will change our world, from how we diagnose illnesses to how we heal people. Beyond healthcare, the technology could reinvent food science or even space travel! Microfluidics is likely to significantly improve our future lives, and futurists must look for opportunities to embrace and contribute to this technology.

Now it’s your turn: How do you think microfluidics will change our world?

Blog Innovation Trends

How to think like a futurist: Blockchain

Keeping up with our ever-changing world can feel like a full-time job. Adapting to a never-ending stream of news, innovations, and societal shifts can be overwhelming but can also be a source of excitement. For futurists, change brings opportunities to lead, innovate, and build a better future.

In this new series, we will look through the lens of a futurist to explore some of the exciting technologies and trends bound to shape our future lives.

Ready to think like a futurist? First up: Blockchain.

Step 1: What is blockchain?

While blockchain is still relatively new and its adoption slow, it is a core component of most cryptocurrencies and a clear opportunity for innovation.

But what is blockchain, and why is it important?

Blockchain is a distributed public ledger technology (DLT) that allows users to record immutable transactions in a secure digital system. Unlike traditional ways of managing data and transactions, blockchain decentralizes its data instead of holding information on one central database. This is one of the reasons blockchains are so secure.

Most blockchains are public, adding transparency. All transactions on public blockchains are viewable by anyone with a blockchain explorer. This makes it extra difficult for hackers (though not impossible) to steal cryptocurrencies, as every transaction is traceable.

Step 2: Trendspotting

Let’s look at the current trends and use cases that paint a picture of the potential opportunities for blockchain.

Blockchain has predominantly enabled cryptocurrencies and updated banking in recent years. Now, thanks to the hyper-popularity of NFTs, increasing uses in supply chain, financial services, entertainment and other industries there is added legitimacy to blockchain-enabled innovations. According to a recent report, the blockchain market is expected to see exponential growth, from $4.9 billion in 2021 to $67.4 billion by 2026. In 2021, venture capital funding for blockchain startups increased by an impressive 713% from 2020, reaching $25.2 billion. With this increased investment and enablement, blockchain could continue to support everything from cryptocurrencies to NFTs to smart contracts. It could also enable asset transfers, remittances, supply chain monitoring, vaccine management, GameFi, and the Metaverse.

  • Asset transfers: Did you know that the use of blockchain could also apply to tangible assets, like houses and cars? For example, suppose Person A wanted to buy a house from Person B. They could use the blockchain to verify ownership, transfer funds, and update title and deed records using the blockchain rather than through an escrow company. One example of this is startup Propy, a platform that uses blockchain to simplify and secure the home-purchasing process.
  • Remittances and Payments: When it comes to making global payments, the current processes are less than ideal. Due to long processing times and expensive fees, people are seeking out better methods. By using blockchain technology, the remittance economy could remove the mediator and therefore eliminate fees and greatly reduce transaction times. Ripple is a great example of this opportunity, using the power of blockchain to shape an inclusive financial system and the future of global payments.
  • Supply chain monitoring: Global issues surrounding the supply chain have been unrelenting since the start of the pandemic, but these issues present opportunities for several emerging technologies to provide solutions, including blockchain. Because the global supply chain generates huge amounts of data, it can be challenging to track down specific information. Blockchain’s transparency and traceability could help simplify supply chain monitoring, as exemplified by VeChain’s solutions. Using blockchain, IoT, and other solutions, VeChain helps to mitigate the many data issues that arise within supply chain logistics.
  • Vaccine management: The distribution of COVID-19 vaccines presented several logistical challenges, such as temperature tracking. Because most COVID-19 vaccines needed to stay at specific temperatures, these British hospitals turned to temperature sensors paired with blockchain to ensure that any batches that experienced temperature disruptions would be removed from use. IBM has also stepped up and created a vaccine distribution network using their blockchain, making the process easier to control for manufacturers, distributors, and patients.
  • GameFi: Gamers are exploring “play-to-earn” models that combine cryptocurrency, NFTs, and blockchain. This trend is known as GameFi, and earnings range from bonuses for gameplay to full-time income. By utilizing blockchain, GameFi projects allow users to earn crypto for gameplay and own and store their game assets on a public blockchain.
  • Metaverse: Possibly the hottest topic right now, the Metaverse has opened numerous possibilities for emerging technologies like blockchain. Purchasing power within a Metaverse could rely on cryptocurrencies secured by blockchain technology, and user data could also be fully secured using blockchain. If our lives become intertwined with the Metaverse, security could prove essential. Similarly, the decentralized nature of blockchain has become an area of interest for people exploring Metaverse possibilities. Instead of hosting virtual worlds on corporate servers, some believe that a decentralized Metaverse could have more opportunities. Blockchain also empowers and secures digital real estate within the Metaverse, with everyone from PwC to Snoop Dogg buying virtual property.

Step 3: Opportunity knocks

As exciting as these trends may be, some issues hinder realization. When it comes to blockchain, the main problem is scalability. Because of its decentralized nature, using blockchain has certain limitations — storage, compute power, environmental impact, uptime etc. — which can lead to significant issues, like network outages, such as those recently experienced by Solana and Polygon.

Storage capacity is another big concern for blockchain because each node on a network holds a copy of its distributed digital ledger. As more users add information to that blockchain, scalability becomes an issue. In that same vein, response time slows down as more information is added to a blockchain, as each new transaction requires a network-wide verification process from all connected nodes.

Those large computing needs come at a cost. Because each transaction requires so much processing power, many are concerned about blockchain’s heavy energy consumption. Blockchain can also leave quite a carbon footprint because of its storage.

These issues may seem like difficult hurdles to overcome. But obstacles can also become opportunities.

Innovative thinking is required to develop strategic solutions or complementary technologies to solve blockchain scalability issues. Blockchain professionals are looking at several solutions, such as switching from Proof of Work to Proof of Stake consensus algorithms, improving capacity, and reducing computational energy.

To help address sustainability issues many new cryptocurrencies have emerged, aiming to use the most eco-friendly methods. One blockchain, Algorand, was specifically built with sustainability in mind and pledged to be forever carbon neutral. HP is also working to find ways to reduce the climate impact of the Metaverse, an emerging technology likely to be powered by blockchain. With Z by HP and its acquisition of Teradici, Metaverse creators will be able to turn to cloud-based alternatives. As consumer demand for environmentally friendly options grows stronger, blockchain creators are wise to pay attention and find viable solutions.

By looking at technologies and trends through the lens of a futurist, we can begin to shape an idea of how they will impact our futures. Blockchain has the potential to revolutionize how we manage and secure critical data, which is no simple feat in our increasingly digital world.

By keeping aware of trends and obstacles, futurists can explore and influence opportunities that could significantly impact our world. New technologies and trends contribute to a constant state of change, altering everything from how we do business to how we live our lives. By thinking like a futurist, you can become a part of that change.

Now that we’ve explored blockchain, how do you think it will have changed our world in the next ten years?

Blog Innovation

My top 5 leadership principles

Leadership is constantly evolving to meet the demands of the times. To thrive as leaders, we must understand the needs of our teams and adapt accordingly. There are, however, some leadership principles that I have found to be essential no matter the situation.

1. Be humble. Leaders who place too much focus on results and control rather than the people on their team can create trust issues. Employees may feel restricted in their abilities to explore new ideas or even fearful of disappointing their boss. When teams operate out of fear, there can be several consequences, from a lack of engagement to high turnover. One Gallup study even found that one in two U.S. adults have left a job to escape a bad manager.

Because of this, leaders must embrace humility in their approach. While it is essential to hit targets and goals, the leader’s role is to help their team learn, grow, and explore without fear of failure. Leaders can benefit from their team’s expertise, experience, and insight by serving their employees rather than controlling them.

Ask your team how you can help them do their jobs and encourage them to experiment with innovative approaches and ideas. Create a safe environment for them to take risks and chances. Recognize that, even though you might be leading a team or organization, you are still a member of a team, and the best results will come from working together to find solutions and stay productive.

As my Mum used to remind me, we all put our pants on the same way. As human beings, we are all equal, and just because I might be the leader of a team doesn’t make me any better or less equal than anyone else in the team, no matter what they do. For me being humble means treating everyone as an equal and doing everything I can to help everyone else realize that we are all in this together as equals.

“The leader’s role is to help their team learn, grow, and explore without fear of failure.”

2. Treat everyone with respect and dignity. It’s essential to treat every person in your team and your company with respect and dignity. Each employee plays a vital role in how your business functions from the top of your organizational hierarchy to the bottom. How you treat them matters.

This principle highlights the importance of prioritizing diversity and inclusion. For leaders to encourage their employees to bring their whole selves to work, they must create an environment where people from all backgrounds feel accepted and valued. The benefits of a diverse and inclusive workplace are clear. Diverse teams consistently outperform those with less diversity, and employees on inclusive teams are 5.4 times more likely to stay at their company.

Treating everyone with respect and dignity can create a company culture that ensures employees feel heard and valued. In turn, this can encourage loyalty, productivity, and motivation. But that’s not why this is important, it’s important because it’s the right thing to do, and the right way to treat the people around us.

3. The team is always more important than the individual. No matter how talented, educated, or skilled an individual may be, nothing compares to the success of teamwork. By building a team with complementary skills, a leader can create a well-rounded approach to innovation where the team can learn from each other.

When appropriately used, collaboration is a powerful tool that can significantly improve outcomes compared to individual work. In addition, a Deloitte study found that employees that engage in collaboration and use digital collaboration tools are 17% more satisfied at work. While individuals may get tasks done independently, there is an increased risk of burnout and lower-quality results.

Leaders need to encourage open communication to enable teams to work together. Clear expectations and structure can also be helpful, such as assigning responsibilities to specific team members and designating particular times and methods of collaboration.

I remember many times in my career when I had no idea how we were ever going to achieve a particularly challenging goal or objective. Something that at first glance appeared impossible or completely unreasonable. But then something happens. Someone has an idea that triggers another idea, that leads to a first step, that leads to a second step, that creates a momentum that starts to take on a life of its own. The mood starts to change to a “We can do this!” and a palpable sense of excitement starts to build. There is a point in this process where the team shifts from a group of individuals to a thriving, thrumming “We can do anything!” functional unit that elevates everyone in it to achieve things they never thought possible. Things that could never be achieved by an individual or even a group of individuals – things that only a true team can achieve. If you’ve ever experienced that feeling, you know what I’m talking about.  

“A team is more than a group of individuals; it is also the energy that is released when true teamwork happens that elevates everyone involved.”

4. Have fun! Boredom is not a corporate objective. If you’ve seen the movie Office Space, you know how soul-sucking a boring (albeit fictional) office job can be. While the cult film is a satirical, darkly comedic take on corporate life in the 90s, it can also be a cautionary tale against boredom and monotony at work.

For leaders, it is crucial to know when and how to have fun. Happy employees are healthier, more creative, and more productive overall. So, what can leaders do to create a more fun work environment?

One way to promote more fun is to create experiences that allow team members to get to know each other and interact outside of a work setting. These experiences can be as formal as a monthly virtual happy hour or dinner, or as informal as a weekly group lunch or virtual coffee chat to catch up on life outside of work. While planning events like these can be a great way to create structured fun, simpler methods include encouraging employees to share photos, stories about their vacations, work-appropriate memes, and pictures of their latest golf outings in group messages or recognizing team members for big and small achievements.

Another way to promote more fun is to just have more fun. I also like to say, “We’re not here for a long time, we’re here for a good time”. Life’s too short to take too seriously. Having fun at work doesn’t mean we’re not working hard; it just means we’re having more fun working hard.

5. Pay attention to the details – the small things matter. Leaders are often tasked with directing their team towards one final, all-encompassing goal. While this is important, it can sometimes lead to the dismissal of small but crucial details. Achieving one significant goal results from many small achievements that occur along the way, and each one is as important as the next.

For leaders, this puts them in the unique position of needing to keep both the big picture and the details top of mind. For this reason, it’s crucial to have solid organizational skills and a reliable team that you can delegate to as needed. Remain dedicated to the end goal while maintaining a broad understanding of what each team member is doing to succeed. Trust your team and avoid micromanaging but know when to step in as a leader to help push things forward.

These five leadership principles have helped me throughout my career as a leader, and I hope they serve you on your journey.

Have a leadership principle that you believe to be essential for leaders to know? Share it in the comments.

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