Book review: Industries of the future / Alec Ross

Recently read “Industries of the Future” by Alec Ross, former Senior Adviser for innovation to the US Secretary of State Hillary Clinton. The book discusses how technological advances are making way to new industries and its consequences on our jobs. Ross talks about how culture could have an impact on machine learning and robotics by comparing Eastern and Western philosophies. In the East, for example in Japan, machines are worshipped and are used to better lives, such as helping the elderly. In contrast, in the west, if Hollywood movies are any indication, robots are considered evil who eventually will take over and rule. Such differences could drive the early adaptation of robotics or machine learning. In that light, India also celebrates machines during the Dasara festival. Why should n't India take advantage of this?

   

Technology can leapfrog at an unpredictable pace. Case in point is how mobile phones helped Kenya overcome the lack of proper access to telecommunication and creating serendipity.  Leveraging on the 80%+ phone penetration, Kenya created an entire banking system on network. The desperate need for a reliable banking system to improve money disbursal (read the book for that riveting story) converged with the sudden availability of cell phones. Similar frugal innovation caught on in India, a few years later.

Uber and Airbnb, two of the new innovations Ross refers to in his book, has been a delight across four countries in my personal experience. The exact same experience in different countries, has taught me to deal with less things uncertain when travelling and enjoy the journey.

Big data will provide many opportunities, but big data without human interface will reinforce the negative bias which exists today. Lot has been said about treading with caution in this space.

  

Fintech can’t be far behind and Ross discusses how Blockchain could evolve as the platform for trusted transactions. One of the implications could be the elimination of commissions for the sale of stocks and bonds, since they can be transferred on this huge distributed ledger called Blockchain. Bitcoin may not be widely accepted but the platform seems to be generating lot of interest. All the parties to such transactions have to be on Blockchain for huge change to materialize. This could have big implications in the Financial markets. Some of the changes are disorienting and daunting, but our minds can be prepared for this eventuality.  As we prepare to navigate through these changes, the most important responsibility is to prepare our kids for this future. What do we tell our children, and how do we prepare them. No single conclusion to put in a headline.  But some common themes such development of analytical skills and the ability to learn or learning how to think, emerge. Personally, to unlearn my old ways and learn a new domain will be more than an aspiration, a necessity. And to gain domain expertise in a path chosen by me, will shape my future.

Overall Ross blends story telling with economic analysis making it an stimulating read.

I bought it on Amazon

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