Six innovations you want to hear about

I recently attended an event at the Massachusetts Institute of Technology (MIT) on new trends and innovations. You may have heard of some; others have the potential to disturb or transform businesses or industries. Here is a selection of the innovations I found most interesting, and why you should know about them.

4D printing

What is it? 4D printing involves the printing of an object that has the ability to transform itself by interacting with its  environment or an energy source. The external source acts as a catalyst for the object to morph into a desired shape or autonomously assemble.

Why is it important? Areas of application are huge. It could someday mean companies would replace human intensive building projects, or eliminate the need to transport large objects with ones that can self-assemble on location. In the long run you can imagine use cases for humanitarian help. For example, in crisis or conflict areas where access is limited, it could allow to air-drop shelter materials that would self-assemble – without the requirement of tools, skill, or physical labor.

Faculty: Skylar Tibbits – Watch his TED talk here:

Liquid metal battery

What is it? An innovation at the junction of electronics and metallurgy that uses a self-heating technology to address electricity storage issues. 

Why is it important? Today, energy is extremely hard to store on a big scale, meaning matching energy production and electricity demand is difficult. This is particularly challenging when dealing with renewable sources, which depend on external factors such as wind or solar. Consequently, liquid metal batteries could help accelerate the creation of clean electricity infrastructures. 

80% of annual electricity needs could be derived from solar at competitive prices

A case study with a Hawaiian electricity company concluded that up to 80% of its annual electricity needs could be derived from solar at competitive prices. That could mean reducing carbon dioxide emissions by approximately 43,000 metric tons, each year. 

Faculty: Donald Sadoway

Nanotechnology

What is it? Expertise in manipulating matter at the nanoscale 

Why is it important? Nanotechnology has been a part of everyday life for years. Wrinkle-free shirts, wearable solar panels or even sun-tan lotion all resort to nanotechnology breakthroughs. Today more than half of all manufacturing and engineering research focuses on nanotechnology, which makes it a large driver of innovation. 

Faculty: Vladimir Bulovic

LiquiGlide TM

What is it? Developed at the MIT, LiquiGlide is a liquid-impregnating surface, making materials permanently slippery.

Why is it important? The technology has a host of applications across industries. In packaging, such as the inside of ketchup, mayonnaise or toothpaste tubes, it ensures that consumers can make full use of their products, ultimately reducing waste. LiquiGlide Inc estimates that up to 25% of lotions are not used because they get stuck in packaging. Imagine reducing the packaging size by the same amount. This would not remove from what customers enjoy, but it would reduce waste, make product shipment more efficient, save energy costs for transport and decrease fuel emissions accordingly. 

Check this video if you want to see a demonstration:

Machine Learning

What is it? Using computers to digest, sort, and analyze big data and ultimately train computers to 'intelligently' learn from past algorithms and make data predictions. 

Why is it important? It can be applied to countless areas. I find the application to the medical field particularly important. Machine learning can model and assess the outcome of different treatments. Today, this already helps doctors decide on therapies for cancer patients. 

Faculty: Regina Barzilay

Platform Revolution

What is it? Perhaps the most consumer-friendly of all the innovations I refer to in this article. Platform companies are online market places where customers exchange anything from goods to services or ideas. Think Uber, Amazon or TripAdvisor.

Why is it important? Platform technology companies have highlighted how they can disrupt entire industries. The reason I highlight it, though, is that traditional companies can also think about integrating them by building online communities. This helps build brand awareness, but also allows for quick market feedback and R&D savings.

USD 2.8 trillion:
value of North American platform firms

North America is the leader for platform firms. It has 63 of them, valued at USD 2.8 trillion. But Asia is growing fast, 42 firms are already valued at USD 670 billion.

 Faculty: Marshall Van Alstyne

So as a business leader, how should you think about innovation?

Faculty member Michael Schrage said innovation needs to come from taking the point of view of the customer. In my previous investment letter, I alluded to how companies should ask themselves "Who do we want our customers to become?" Placing the customer at the center of this strategy and asking how we can generate value not only from, but for the customer is where innovative ideas really start. Ultimately, business leaders should consider innovation not as an investment in products, but rather as an investment in the human capital of customers.