TWC Session 3

For TWC session 3, we started off our discussion with the topic of working towards sustainability. The question that was the center of the discussion was, " Economic development and environmental well being, are they at odds with each other or can they be achieved together?" This question made us reflect on the economic models of the traditional systems and its flaws/ in-sustaniable structure. Following that, we moved on to Innovation Management. We talked about the RDA translation process and the value creation pipeline, both displays the process of transferring innovative ideas into real-life applications.

It is already a know fact that the economy is energy intensive, having the bulk of the energy derived from fossil fuels (non-renewable resources). Continuing on in this Western industrial model is not sustainable, and we discuses about the alternative model. Since they is no way the rest of the world can follow this model, their economic development will definitely be energy intensive too. Hence, a new model is required. One that moves from fossil fuels and other non-renewable resources to other forms of energy (renewable). This then will be the only way to achieve a balance between economic development and environmental well-being.

However, in my opinion, this is so much easier said than done. The first problem i feel is the costs. The energy from fossil fuels are sold at a much cheaper rate as compared to other renewable energy sources. Though Green Technology is on the rise, there is no break through to meet the excess demands of the world and hence people will stick to fossil fuels. Next, governments are not enforcing the true cost of using valuable, non-renewable resources. Though steps are taken in the recent years for companies to pay for externalities such as pollution in the form of patents, the point is that pollution still takes place. I feel that governments and MNCs need to be accountable for these externalities and changing the view of externalities and making it an internality.

In the latter part of the session, we discussed about R-D-A Translation Process. In my opinion, i feel that in the 3 aspects, Research; Development and Application, different parties play a significant role. In Research, where new insights and understandings/ innovative thoughts come about, this mainly plays a role of "scientists. To be a good add-on, i feel that either the government or MNCs are the "big muscles" that provides the scientists backing to start on their research. Governments for instance, can encourage innovation through their policies and through education. Policies will provide higher incentives for MNCs/ big corporations to invest in R&D. Education, on the other hand, will nurture creative minds in the society. Next comes Development, the main part of this will be on the shoulders of governments and MNCs. They will give the funding needed to carry out these innovations and lead them to Applications. Finally comes the sale through SMEs and MNCs. this is the end of the process when the innovation is being sold to benefit everyone. In the entire process, i feel that everyone has a role to play, and all parties are interdependent to make the process a success.

A key takeaway point: as we go about our daily business, we all have a part to play to ensure a sustainable environment.

There was a brief mention about an idea/innovation that considers culture and relationships will be a successful innovation. though i roughly understand, i would have enjoyed a more in-depth explanation.

rate 8/10!