Decoding Innovation

In this episode, Ajay Khaladkar, former Technical Program Manager, Golisano Institute for Sustainability, Rochester Institute of Technology, discusses how the institute is helping companies transition to Industry 4.0. Humanity is in relentless pursuit of enhancing living standards and creating a more comfortable existence. Every major effort to advance society using human intellect and technology has not only induced socioeconomic ripples but also transformed the world — starting from the first industrial revolution in the 1700s, also known as Industry 1.0, to the digital transformation we are witnessing today: Industry 4.0.  As technology is rapidly evolving and new frameworks are being introduced, experts point out that the periods between industrial revolutions are decreasing. A good transition strategy can help traditional businesses to successfully adapt to the latest transformation metrics.  Ajay Khaladkar, former Technical Program Manager of Advanced Manufacturing and Industry 4.0 Solutions at Golisano Institute for Sustainability, Rochester Institute of Technology, discusses how the institute is supporting organizations’ transition to Industry 4.0, the challenges and what to expect after the transition. Key takeaways: It is noted that the periods between industrial revolutions are getting smaller and we may enter Industry 5.0 quicker, with the emergence of new technologies and the fast, widespread integration of information. Industry 4.0 is considered as a catalyst for better, sustainable goals and may bring societal shifts, such as in job profiles and social equity. Industry 4.0 is more complex than its previous counterparts for calculating returns on investment, because some Industry 4.0 tools will not replace workforce, but help empower leaders to make agile, reliable decisions.

In this episode of the Decoding Innovation podcast series, Ryan Umstattd, VP of Product Development at Zap Energy, talks about the future of clean energy production through efficient fusion techniques. Many people still see nuclear fusion as a far-flung, futuristic solution for cleaner energy. But the truth is, every day, scientists and energy-generation companies around the world are proving that this technology is becoming viable in our own present day. Deuterium and tritium have been observed as the main sources of fuel to design futuristic, commercially viable fusion plants worldwide. Among the many paths to generating fusion energy, choosing the right approach that can be commercially sustainable and successful has been the key differentiator between energy companies across the globe.   Ryan Umstattd, VP of Product Development at Zap Energy, shares his insights on how commercialization of fusion for energy generation is not that far away, and dives deep into Zap Energy’s approach to generating clean fusion energy and much more. Key takeaways: Harnessing the power of self-generated magnetic fields for generating clean energy can be a game-changer for building commercially viable fusion plants. Stabilizing the Z-pinch and keeping it going for longer periods can generate useful fusion reactions that can be utilized toward clean energy generation. Density and temperature are the major challenges in stabilizing the Z-pinch within fusion reactors.

In this episode, John Nottingham and Joe Gfoeller explain the process of innovation and the factors that determine the successful introduction of a new product in the market.  Most businesses are hesitant to invest in innovation when their existing products are already performing well in the market. According to John Nottingham, Co-President of Nottingham Spirk, and Joe Gfoeller, President of Nottingham Spirk, innovating at such times can transform a business from a market leader into a dominating force.  At Nottingham Spirk, an idea is carefully vetted before work begins on it. Furthermore, the company only works on sustainable and big ideas. John describes how the commercialization of innovation is a relentless process — one that involves market analysis, customer insights, design, engineering, manufacturing and launch. One of the best known ideas that the company worked on was the Spinbrush. At a time when powered toothbrushes were being sold for US$100, Nottingham Spirk launched the Spinbrush for US$5 — completely transforming the powered toothbrush market. This product was eventually acquired by a multinational corporation.  Joe explains that when they find a product — typically, a durable and a consumable product — that has the potential to dominate a domestic market of a billion dollars or more, at a gross margin of 50% or higher, the company considers it seriously.  Commercialization of innovation begins by identifying an opportunity in the market. Once that is done, depending on the market and economic changes, Nottingham Spirk applies pivots to launch the product.  The need for innovation is now more than ever — given the speed at which the world has globalized and is being digitized. Key takeaways: Only 5% of all patents issued by the US government get commercialized. However, 95% of the 1,400 patents that Nottingham Spirk created were commercialized. Nottingham Spirk introduced a portable men’s deodorant spray and sold a single pack for US$0.99. The Spinbrush — containing two alkaline AA batteries, a motor, a switch and two moving nylon heads — was manufactured for US$1.25 and retailed for US$5, at a time when other powered toothbrushes retailed for US$100. The EY-Nottingham Spirk Innovation hub integrates Nottingham Spirk’s innovation and design experience with EY digital, manufacturing and wavespace™ capabilities to help businesses from concept through commercialization.   

In this episode, Varjo founder and CTO Urho Konttori shares his vision about the metaverse and how it has the potential to transform businesses of the future. The metaverse is combining mixed reality technologies with high-speed internet and transitioning the industry toward a “virtual goods realm.” According to Urho Konttori, founder and Chief Technology Officer of Varjo, the metaverse is fundamentally the next iteration of the internet-human interaction.  Technology innovators look at the metaverse as the medium that can democratize distance — so people can be with their family and friends whenever they want. Furthermore, this new technology is already adding value to many industries. The defense industry, for example, is using virtual technologies to train its pilots. As a result, the industry is shortening the total calendar time of such trainings, reducing associated costs and cutting carbon emissions.  Urho also explains why innovative companies cannot be “risk averse.” According to him, unsuccessful technology undertakings help companies understand the limits of innovation.    Key takeaways: The cloud has the potential to completely transform the current computing paradigm — something the gaming industry has already started implementing.   Virtual technologies will directly impact product design — by reducing the cost of training and increasing collaboration among innovators. The metaverse provides a new form of communication that can impact professional and personal lives. It aims to transcend geographical distance by bringing people closer to each other.

In this episode of the Decoding innovation podcast series, UrsaLeo Co-founder and CEO John Burton shares the company's journey and how XR technologies are changing industries and the world. With companies across industries generating ever-increasing amounts of data, a question emerges: How do you leverage this data to enhance the quality and improve sustainability? The wide adoption of virtual reality (VR) and augmented reality (AR), and the emergence of the metaverse are pointing toward the increasing enthusiasm for immersive 3D technologies. Combining a realistic 3D environment and real-time data generated by industrial equipment and facilities could change the way data is visualized and presented to stakeholders. By employing digital twins, organizations get a better understanding of the performance of their products, do better analyses, identify potential anomalies and improve collaboration. Increasing sustainability discussions in board rooms are also considered to be a driving force of immersive technology. XR technologies are gaining momentum and interest, and they are predicted to be ubiquitous across sectors. John Burton, CEO and Co-founder of UrsaLeo, a 3D platform that creates photo-realistic digital twins, dissects the evolving trends in the field and shares his insights on the impact of immersive technology. Key takeaways: XR technologies offer an immersive 3D environment that enhances the data generated by companies. This feature offers a new trajectory in data visualization — from viewing complex 2D real-time data to a more realistic 3D experience. The increasing adoption of virtual and augmented reality technologies is encouraged by C-suites. With XR technologies, they can view data in a much more interesting and understandable way.  One of the challenges faced by XR companies is the sourcing of data from multiple technologies, as these data streams will have to be combined and translated into a single format.

In this episode of the Decoding Innovation podcast, Judi Greenwald, the Executive Director of Nuclear Innovation Alliance, shares her journey and insights on advanced nuclear power. As climate change is growing into the defining issue of our time, governments, industries and stakeholders are searching for new global energy solutions. Harnessing nuclear power is one of the major steps they can implement.  Over the last decades, nuclear energy has been seen as a debatable power source, but latest innovations, and research and initiatives carried out by organizations, such as Nuclear Innovation Alliance, prove that it is safe, cost-effective and has minimal impact on nature.  Judi Greenwald, the Executive Director of Nuclear Innovation Alliance (NIA), talks about her journey in the advanced nuclear power space and about NIA, a nonprofit "think-and-do" tank, working toward enabling advanced nuclear power as a major solution for climate change.  Key takeaways: Advanced nuclear energy has several built-in safety measures, such as automatic shutdown during an emergency situation, as opposed to its conventional counterparts. Organizations, such as the International Atomic Energy Agency, make sure the fuels created from nuclear processes are not diverted and weaponized. To bring advanced nuclear energy to the forefront of global energy, governments need to ensure the effective implementation of policies and adequate funding for the plants.

In this episode, Felix Heisel, Assistant Professor and Director of the Circular Construction Lab at Cornell University, discusses why circular economy is ideal for the construction industry.  Earth has finite resources and industries are key consumers of those resources — some bigger than the others. The construction industry marks significant impact on the environment and the world economy, with its consumption of resources, such as energy and raw materials, and generation of waste. The “take-make-waste” model of linear economy is not considered as feasible to the planet anymore. With rising urbanization and decreasing resources, the need to shift toward a better, sustainable model is at hand. Hence, the emergence of circular economy. The footprint of construction can be lessened by shifting the paradigm from linear economy toward circularity. Felix Heisel, Assistant Professor and Director of the Circular Construction Lab at the Cornell University, explains why circular economy is an opportunity for reducing waste and pollution, encouraging reuse and regenerate culture and inspiring thinking beyond today. Key takeaways: The goal is to make sure every material used for construction can be reused or recycled. Most of the existing buildings are not designed to fulfil circularity requirements. Hence, urban mining is faced with obstacles, such as contaminants and by-products. Enacting circular economy creates more jobs, eliminates waste and reduces pollution and CO2 footprints.

In this episode of the Decoding Innovation podcast, Daniel Hawkins, CEO and founder of Avail Medsystems, talks about Avail leveraging remote technology to pioneer the evolution of modern health care. Modern healthcare across the globe is evolving every day as per growing demands in the sector. The significance of quality plays a key role when it comes to access to modern health care. Access to the best health care professionals, medical procedures and operators has become easier thanks to modern health care innovations.  The evolution is being pioneered by MedTech through some truly disruptive technologies. The innovations seen in the world of modern health care have been driven by identifying the need to innovate, leveraging existing technology and applying them through creative methods by innovators. Remote technology through telepresence has played a critical role in medical care during the pandemic and continues to drive the evolution of facilitating better access to care across the globe.  Daniel Hawkins, the guest speaker, is a prolific innovator and a seasoned MedTech expert. The founder of Shockwave Medical, and the CEO and founder of Avail Medsystems speaks about the correlation between innovation and commercialization, identification of the need to innovate, the role of remote tech in the world of telehealth, and how Avail is pioneering the evolution and empowering medical companies across the globe to facilitate remote access to modern healthcare. Key takeaways: Leveraging remote technology to provide the best access to medical care is a game changer in the world of modern health care. The identification of the need to innovate, combined with leveraging existing technology smartly is key to the success of modern health care startups. The only way quality user experience can be guaranteed is by fully controlling the quality behind every aspect of that experience. The biggest challenge in the medical industry to implement remote technology is the status quo and the bias against remote technology in health care.

In this episode, Douglas Horne, CEO and founder of Evanesce, talks about compostable packaging and explains why “dirt-to-dirt” is the real circular economy. We have been talking about recycling for a long time, but there have been very low numbers of recycling happening and very few recyclables being recycled — especially food waste. Food waste going into landfills poses a major problem for recyclers as it doesn’t mix up with things that aren’t compostable. So how can we change consumer behavior in the recycling process? In this episode of the Decoding Innovation podcast series, Douglas Horne, CEO and founder of Evanesce, talks to our host Mitali Sharma about compostable packaging as a solution to recycle waste, the outlook of brands toward sustainability, how different industries are pivoting to compostable solutions and why he deems “dirt-to-dirt” as the true circular economy. Key takeaways: On the recycling side, dirt-to-dirt approaches are more sustainable and circular. They begin and end with dirt which is the natural and organic product that we start and end with — in most circular projects. A major problem with recycling food waste is the usage of multiple bins. Compostable packaging allows people to put things in a single bin and dispose food waste for composting, which otherwise ends up in landfills. There’s a lot of internal packaging for different medical products. Thus, to meet sterilization requirements for packaging materials, the medical industry is also looking for compostable solutions. 

In this episode of the Decoding Innovation podcast series, Oliver Kharraz, CEO and founder of Zocdoc, talks to Mitali Sharma about telehealth and how technology is positively impacting health care. Although smartphones, internet and video conferencing facilities were available years ago, telehealth has seen its popularity rising only recently — during the COVID-19 pandemic. Getting a virtual consultation with your health care provider from the safety of your home proved to be pivotal in a time where social distancing was advocated and enacted. Lack of awareness, privacy apprehensions and limited access to technology may have acted as hurdles for the pre-pandemic adoption of telehealth. Oliver Kharraz, the CEO and founder of the telehealth platform Zocdoc, explains the journey of Zocdoc, dissects the challenges faced by a virtual health care venture, and throws light on the advantages and possibilities of telehealth. Key takeaways: Telehealth solves the supply and demand problem in health care, and helps patients to find providers when they actually want. Telehealth will not be a full substitute but will be a supplement to in-person doctor visits. Mental health is an area where telehealth was found to be effective, as providers can view the living conditions of the patient and assess accordingly.