NECESSARY THROES

In a recent talk, four Nobel laureates in economics were quizzed about their views on the future. As questions swirled about the viability of universal basic income, and the impact of automation, robots, artificial intelligence and driverless cars – a theme emerged: the fear of obsolescence. What happens when individuals lose their purpose, and states, their bread and butter?

No one spoke about the exciting times that we live in. We now have computers that fit into a pocket, machines that can learn on their own, houses that can be constructed in a day, a world mall at our fi ngertips. But the fear is natural: Far better to forgo the perks of technology than be made redundant by it.

For many, it’s not a choice. As the fates of Nokia, Kodak and Blockbusters made abundantly clear, businesses today face extinction if they do not think several steps ahead. It’s like predicting the arc of that (American) football and catching it dozens of yards ahead, while evading your opponents to the fi nish line. Disruptive technology lurks at every turn and those who fail to anticipate it lose. Wong Joo Seng, CEO of Spark Systems, lays it out starkly when he speaks about how banks have innovation teams to look into technology that enhances accounts servicing.

“This is like the horse and carriage days. You have a horseshoe-making company trying to make more durable or cheaper horseshoes, then the car industry comes along and you’re obsolete overnight.”

Wong, a seasoned entrepreneur and venture capitalist, developed a forex trading platform poised to put Singapore on the world map. He and nine others make up The Peak Power List 2017, honouring disruptors and innovators. Here, then, is a glimpse of the future, courtesy of Singapore entrepreneurs.