Sept 2015 www.hhs.se

Thx to R. Wieselfors, Ericsson for photos

Thx to R. Wieselfors, Ericsson for photos

USD 45 bln

USD 1 bln

If the rate of change on the outside (of an organization)

exceeds the rate of change on the inside, the end is near....

-Jack Welch

Banking is essential, but banks are not.

Bill Gates

In just the past few years in Stockholm…

Company Founded Business

Klarna 2005 E-commerce payment services

MyLoan 2006 Loan broker

Trustly 2008 Online payments

TrustBuddy 2009 P2P lending

iZettle 2010 Mobile payments

FundedByMe 2011 Crowdfunding, crowd equity

Kivra 2011 Digital mailbox

Tink 2012 Personal finance

Safello 2013 Cryptocurrency exchange

KnCMiner 2013 Cryptocurrency mining equipment

Toborrow 2013 P2P lending for companies

Cryex 2014 Cryptocurrency clearing house

Increasing access to capital through four forms of crowdfunding…

…is leading to innovations challenging norms

Within 6 years: Challenging the

fiat money system?

Bitcoin = Emergent community + open source + internet + CPU

• Open source project on SourceForge in Jan 2009 • Original source code by “Satoshi Nakamoto” – pseudonym? • Developed by self-organizing community of thousands of

strangers across globe • Approx USD 3.4 bln market cap and 163,000 daily

transactions (1 BTC = USD 231, Sep 2015)

Teigland, Yetis, Larsson 2013 http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2263707

Ethereum: Next gen Bitcoin protocol?

http://www.wired.com/2014/01/ethereum/

Emerging companies in IoT/Blockchain space

Enables decentralized electronic security via keyless access protocol for smart property (Ethereum)

Manages payment addresses assigned to each IoT device for M2M sale of data (Bitcoin)

Enables sensors to have private key to participate in blockchain (Bitcoin)

People • “Net generation” • 24x7 “mobile” workforce • Knowledge via MOOCs • Sharing not owning • Sustainability

Technology • Broadband access • Mobile phones • The cloud • Internet of Things • Big Data • 3D printing • Robotics/AI • VR/AR • Holography • Blockchain

Open Source IP • Software

• Hardware • Physibles

Convergence of…..

Finance • Microlending/microfinance • Crowdfunding/equity/P2P • Non-fiat cryptocurrencies • Mobile money/payments • M2M payments

History tends to repeat itself…. Innovation, financial crisis, industrial revolution, …

Steam engine

Internal combustion

engine

Internet Microelectronics

Late 18th C Late 19th C Late 20th C

Schön 2008

Third industrial revolution?

From factories ….

...to offices…

…to server halls and …

.… “Third Places”…

US: 40% of workforce freelancers

…and co-working spaces

New forms of “face to face” meetings

No one knows everything, everyone knows something,

all knowledge resides in humanity.

networks.

Adapted from Lévy 1997 Image: Krebs

Building new networks

software

Community platform

Hierarchical firm VS

E.g., Electrolux, Ford ~ Created by employees within

organizational boundaries

E.g., Quirky, Local Motors ~ Created by community collaborators regardless of affiliation

Teigland, Di Gangi, & Yetis 2012

Changing models of value creation?

Integrating online and physical communities

From economies of scale to economies of creativity?

“Local Motors is the place for people to create influential vehicles together.”

https://localmotors.com/microfactory/

• 1000x cheaper to produce new car model • 5-22x faster production, depending on vehicle

Local Motors to print 3D cars in one of its micro-factories

http://3dprint.com/79342/local-motors-reload-3d-car/

A 3D printer workshop on Lisette’s boat

RepRap community E-commerce

Scheveningen Harbor – The Hague

My first attempt at 3D printing – successful!

Local networks of 3D printers

Developing circular economies

Local materials? Reduced consumption?

Reduced transport? Fueled by local “money”?

And by IoT?

What’s around the corner? 24x7 Global Internet Collaboration + Open Source + 3D Printing

http://mashable.com/2013/02/13/robohand/

$60,000

$150

Available for free download on

$45

Where is the firm?

The future is already here, it’s just not very evenly

distributed.

- William Gibson

Robin Teigland

robin.teigland@hhs.se www.knowledgenetworking.org www.slideshare.net/eteigland

www.funnovation.se @RobinTeigland

If you love knowledge, set it free…

If you like this presentation and would like to contribute to our research, we accept bitcoins: 14hs4JbnQLXE87GGzu84uXGaspmxmnLpwC. Thank you!!!!!