MARGAO: In a dynamic discourse at GoaNext2024, industry experts and innovators convened to unpack the future of business in an era marked by disruption. Led by Professor Ujjwal Chowdhury, director, MET Institute of Mass Media, the session on ‘Disrupting Industries: Future of Business’ treated attendees to a dynamic exploration of the ever-evolving landscape of innovation and disruption.
Professor Chowdhury, setting the stage for the discussion, wasted no time in addressing the prevalent misuse of the buzzwords "disruption" and "innovation" in contemporary discourse. Drawing a parallel with the overuse of the word "love," Chowdury urged for a more nuanced understanding of these concepts.
He drove his point home with a series of compelling examples, predominantly drawn from India. From the omnipresence of Google to the game-changing influence of streaming platforms like Netflix and Spotify, when compared to the ‘walkman’ that personalised music in the 1980’s, Chowdhury showcased how these disruptors have fundamentally reshaped consumer behaviour and market dynamics.
“When we want to search for anything, we say, ‘google it’. It is not the only search engine but it is still the only search engine,” he pointed out. He went on to cite the discussion around automobiles where mileage was a major point of discussion.
“Then a force came along saying there was no need for petrol – Tesla, which has changed the rules of the game,” he pointed out. Facebook, he said was also a big disruptor, prompting people to stop documenting their lives in personal diaries, but on reels and posts instead. Amazon, he said, has changed the way one shops. Uber does not own a single car but still has cars in nearly every country.
Raj Kapoor, Founder of India Blockchain Alliance, provided further depth to the discussion by sharing insights into ongoing efforts to challenge traditional paradigms. With examples ranging from personalised subscription services to AI-generated music, Kapoor illustrated the diverse avenues of innovation being explored within India.
Ravi Devulapally, Founder and CEO at Instinct Technologies, emphasised the importance of values and empathy in navigating disruptive change.
“It is important to cross barriers to do different things. Disruption and innovation was always there from the time history started being documented. Now, three things have changed- the tools, the pace of change and Artificial Intelligence. However, what’s most important are the values that govern our lives. It is important to show empathy towards those in pain. We need to encourage volunteerism, which, when combined with empathy, will change the world,” he said.
He also highlighted groundbreaking advancements in fields like AI-assisted judicial processes, aimed at addressing systemic issues in justice administration.
Naman Shrivastava, CEO of Global Governance Initiative, rounded off the session with a candid call for inclusivity and human-centeredness in shaping the future of business. Calling for the participation of women in such panel discussions, Shrivastava stressed the need for a holistic approach to technological advancement.
The session, brimming with insights and anecdotes, left attendees with a renewed understanding of the pivotal role of human values in guiding the trajectory of technological innovation.