The changing dynamics of labor and this particular solution was something I hadn’t thought of previously. It’s interesting to see the growth in people supporting artists as a form of philanthropy. I feel the same could get applied to journalists and the press as content becomes more user focused and customized. This does carry its risks as it could lead to an echo chamber and the lack of cross pollination of ideas across different demographics. In today’s political landscape, how will Patreon ensure that it is creating social value and only promoting artists that offer insightful and diligent work? I see the problems that arose with facebook and continue to plague the platform capable of infiltrating this market as well. Should people support an editorial board as well as artists they prefer? This technology is powerful and risky, and I think considerable foresight will be necessary to avoid or at least mitigate these risks.
Vanessa, great article about a very important and complex challenge! As a former member of a large bureaucratic organization that was resistant to change, it is exciting to see how others have attempted to tackle this problem through open innovation. Harnessing the power of open innovation in government sounds like the next level of democracy! I agree with the comment above that governments will be much more inclined to adopt strategies if they are formulated and embraced by their populace. For that reason, regional partnerships must be embraced and reinforced if this is to catch on globally. I also think that starting at a local level with smaller governments (town or small city) can serve as proof of concepts with both new ideas and the entire open innovation process. The consequences are smaller and the lead time before seeing results are typically quicker depending on the type of change implemented. Growing this in an incremental way from the bottom up seems more promising than an institutional top down approach.
Ryan, awesome article regarding additive manufacturing in the aerospace industry. As a frequent passenger aboard ospreys in my past life, I’m somewhat aware of the limitations and struggles with operating and maintaining these platforms. I think the current limitations of additive manufacturing you captured in the final paragraph will be difficult to overcome and will limit the employment of this technology in the aerospace industry. Internal composition of materials is crucial when building critical components where the consequences of failure are disastrous. Reliance on low weight to lift ratios further complicate the issue. Hopefully advances in X-ray and CT technology combined with advances in the AM process will mitigate these issues and reduce the exorbitant costs found in the industry.
Great article that highlights the advantages of information sharing and targeted marketing in the luxury goods sector. Providing targeted advertisements to specific potential customers, as you highlighted, may risk some damage to brand image and could potentially target the wrong people. Burberry clothes are definitely not for everyone and data should be used to indicate ability and potential to buy as opposed to product preference. Should burberry target all potential consumers with specific products, or should they use their data collection to determine who potential customers and then target with a wide array of products? Offering burberry sweatshirts to people who prefer comfort and country music could prove unprofitable and certain traits may indicate that a person isn’t inclined to be a customer and should be ignored. It is an important balance between customer selection and targeting that needs to be weighed when making this decision.
Really enjoyed the article over how machine learning and big data have the potential to revolutionize the insurance industry. One important dynamic to consider is the cost of customer acquisition and how to effectively market this product. How will lemonade attain a significant market share in an industry that has traditionally been very relationship focused. Can lemonade market itself as the most efficient insurance provider and thus give consumers more transparency into the process without aggravating privacy concerns? Also, separating causation and correlation seems difficult when dealing with such large data sets. As you mentioned, providing accurate risk estimates based on good data analysis and subsequently better premiums is something all insurance providers will start doing with AI. Will lemonades first mover advantage be sufficient to capture market share?
Fascinating article about the apparel industry! Dynamic changes are at play and the trend towards customization will definitely have large impacts on how we consumers select clothes and how companies manufacture them. For Zozo, I see their reliance on the suit as somewhat of a liability. Other companies, like MTailor, are using nothing but a phone and self-captured video to measure customers. Convenience will be key and I think online shopping will almost completely eliminate the need for brick and mortar (especially as VR becomes more capable). Being one of the first movers, I think they need to adapt their technology to make it as convenient as possible.
Very interesting article about utilizing excess capacity of machinists. One point I have regarding the scaling of this company is the variability in machining. Unlike commoditized industries, where the sharing model has been successful, the machining sector has large variances in the skill, capability, and speed of producing goods. Being able to communicate all these aspects to both the consumer and producer poses a significant challenge. If they are able to solve this problem, what is next? Mechanics, contractors, and other types of labor could be sourced and advertised on a marketplace forum.