Decoding Innovation

In this episode of the Decoding Innovation podcast, Charles Fry, founder and CEO of CODE Éxitos, discusses innovations, funding and emerging trends in the digital products landscape. As industries navigate major changes and disruptions, an increasingly dynamic startup realm is emerging. However, only a select few of these new ventures truly experience success. Rather than merely translating ideas into products for the marketplace, today's innovators and entrepreneurs need to concentrate on creating digital experiences. To create a meaningful digital experience, a product should be created with the consumer in mind; the end product should foster a sense of enjoyment and affinity for its users. Adopting this user-first mindset will help shape a better outcome and transform the way creators and developers approach work. Charles Fry, the founder and CEO of Code Éxitos — a company specialized in helping entrepreneurs craft clear product strategies and business trajectories — shares his vast experience in the field, and discusses the developments and challenges faced by businesses. Key takeaways:

In this episode of the Decoding Innovation podcast, Henry Ajder, a globally recognized artificial intelligence advisor, maps out the emerging landscape of AI and its opportunities, threats and benefactors. While the concept of AI has been a subject of speculation for years — even decades — its significance, at least for the layperson, has elevated in the past couple of years. With the emergence and growing popularity of platforms, such as ChatGPT, Midjourney and Stable Diffusion, companies are eager to position themselves at the forefront of the AI renaissance. As the relevance of AI increases, concerns and doubts associated with it grow as well. While it's undeniable that AI is capable of advancing industrial operations and human lives, it has also raised questions regarding the potential consequences of entrusting machines with power. This has given rise to debates surrounding privacy, consent validity, ethical considerations and potential for its misuse. Henry Ajder, a globally renowned figure in the world of AI, generative AI (GenAI) and synthetic media, explores the advent of AI and the prospect of artificial superintelligence (ASI) and discusses the commercial implications. Further, he delves deeper into the ethical questions the technology brings forth. Key takeaways:

In this episode of Decoding Innovation, Bob Nardelli, founder and CEO of XLR-8 LLC, discusses how CEOs and boards can drive organizational success through right company culture and strategic decision-making. Company boards play a key role in continually driving organizational growth. The boards are adept at identifying opportunities and challenges, and making strategic decisions that can be lucrative, open access to new markets, drive organizational efficiency and consolidate resources. Driving organizational efficiency is another key function of company boards. By scrutinizing internal processes and structures, boards identify areas for improvement, streamline operations and enhance overall efficiency. In the second episode of this two-part series, Bob Nardelli, founder and CEO of XLR-8 LLC and former CEO of The Home Depot, Chrysler and GE Power Systems, discusses how CEOs and boards can drive organizational success through strategic decision-making, and why the right company culture is key to building better partnerships within and outside of the company that can drive organizational success. Key takeaways:

In this episode of Decoding Innovation, Bob Nardelli, former CEO of GE Power Systems, The Home Depot and Chrysler, discusses how CEOs can become champions of growth. Successful CEOs recognize the imperative of navigating the complex landscape of corporate leadership with a strategic trifecta: accountability, innovation and acquisition. Fostering a culture of accountability is foundational; CEOs must instill a sense of responsibility at all levels, ensuring that each team member understands their role in achieving organizational goals. This not only cultivates transparency but also establishes a framework for measuring and optimizing performance. In tandem, a relentless pursuit of innovation is paramount. CEOs must champion a forward-thinking ethos, encouraging creative problem-solving and embracing technological advancements. Strategic acquisitions serve as a potent catalyst for growth. CEOs adept at identifying synergies and complementary assets can strategically expand their footprint, access new markets and consolidate resources. Meticulous due diligence in the acquisition process is vital, ensuring a seamless integration that enhances overall organizational efficiency. Bob Nardelli, founder and CEO of XLR-8 LLC and former CEO of The Home Depot, Chrysler and GE Power Systems, discusses how CEOs can become champions of growth with the right growth strategies, and how the triumvirate of accountability, innovation and acquisition forms the cornerstone of a CEO's approach to driving sustainable growth and organizational success. Key takeaways:

In this episode of Decoding Innovation, Scott Colosimo, founder and CEO of LAND Energy, discusses the inception of the company and the funding journey. In the second episode of this two-part series, Scott Colosimo, founder and CEO of LAND Energy, delves deeper into the foundation of his second company, and how his first company, Cleveland CycleWerks, acted as the springboard for it. Although Cleveland Cyclewerks, a legacy motorcycle manufacturer, stopped producing, they still had to support old customers and fix issues, which consumed valuable employee time. This led to making some strategic decisions that, in turn, paved way for the establishment of LAND Energy. Scott explains in detail how they found sources for seed funding among friends and family, and the importance of perseverance to attain meaningful relationships and success in the industry. Further into the episode, Scott points out how supply chain paradigms have changed post-2020, and how they utilized technology and adopted latest innovations to augment their manufacturing processes. Key takeaways:

In this episode of Decoding Innovation, Scott Colosimo, founder and CEO of LAND Energy, discusses how his company pivoted to making electric bikes. Scott Colosimo is the founder and CEO of Cleveland CycleWerks, which was making traditional motorcycles in an existing market that had not undergone major changes for more than a century. During the COVID-19 pandemic, he decided to build a new electric prototype: eMoto. The eMotos include electric pedal-less throttle-controlled bicycles, and electric mopeds and motorcycles. In the first episode of a two-part series, Scott talks about the founding of his new venture, LAND Energy, and how the company managed to navigate the pandemic and post-pandemic landscapes. Further, he describes how his design background helped him finalize the ideal prototypes and how hiring only the A-players in their respective fields improved the dynamics of the new company. Key takeaways:

In this episode, Martin Freer, nuclear physicist and the Director of Birmingham Energy Institute and the Energy Research Accelerator, discusses the role of alternative fuels and the potential of nuclear energy. As we navigate technological advancements and new iterations of industrialization cycles, finding sustainable alternative energy sources should also be top of mind. Martin Freer, a seasoned nuclear physicist, the Director of Birmingham Energy Institute, and the Director of the Energy Research Accelerator, discusses how harnessing nuclear power can help reduce humanity's impact on nature. He also shares his insights on alternatives fuels, challenges faced by the innovators in the nuclear energy landscape and the possibilities of nuclear fusion. Key takeaways:

In this episode of Decoding Innovation, Malthe Larsen, CTO and Cofounder of Coastgrass, discusses how bio-composite materials, such as seagrass, can be used for making climate-friendly plastic. Each year, millions of tons of fossil-based plastic are produced worldwide. A large majority of these nonbiodegradable plastics are not recycled and crop up as an enormous responsibility for the planet. With the advancement in technology and science, bio-based alternatives for conventionally used plastic have been emerging. Coastgrass, a Danish company, is building such an alternative from seagrass. Seagrass, such as eelgrass and seaweed, is collected from beaches, cleaned and turned into pellets. These pellets will be primarily used for packaging design. As seagrass is an abundant resource and considered as an inconvenience to locals and authorities, it is easily available at a low cost. Besides, seagrass decomposing at beaches can lead to greenhouse gas emissions and pollution. The advantages of seagrass are manifold. Its inherent qualities, such as heat resistance, make the fiber ideal for injection molding. Products made from seagrass can be used in packaging in cosmetics, luxury materials, furniture, home appliance and others. These products can be recycled and are environment friendly than their conventional plastic counterpart. Key takeaways:

In this episode of Decoding Innovation, Pete Foley, an independent consultant, shares his insights on how psychology and behavioral science can be applied as a catalyst for innovation. With the rising disruptions and the advent of new technologies, industries need to focus their innovation efforts on the most crucial component of their businesses: the consumer. Organizations, from startups to large companies, face various hurdles during their innovation journey — from scale to stage gates. Since, in the end, it’s the consumer's action that decides the outcome of an innovation, infusing psychology and behavioral science with innovation can shape and accelerate meaningful innovation. Pete Foley, an independent consultant who focuses on human-centric innovation, explains why invention and innovation are different, how the core benefit of the product is the true driving force, and why balance is important in an organization for effective innovation. Key takeaways

In this episode of Decoding Innovation, Keiran Smith, CEO and co-founder of Mr. Green Africa, discusses circular economy and how technology is changing the way plastic is recycled worldwide. Sustainability has been of key focus in modern day living. Circular economy plays a key role in achieving sustainability by reaching maximum input efficiency using minimal resources, as well as reducing waste production. The regenerative economic system aims to achieve sustainability without diminishing existing products but to churn the “waste” into something useful via systematic shifts. By extending the life of products, especially plastic, the natural capital that goes into recycling can be reduced. The life of plastic products can be extended by bringing in a loop of reuse, repair and remanufacturing products. Circular economy involves a clear distinction between technological and biological cycles that aims to rebuild all types of capital. Keiran Smith is a disruptive innovator in the recycling space. The CEO and co-founder of Mr. Green Africa shares his insight on the right combinations and necessary understanding needed to implement circular economy for plastic recycling, and how Mr. Green Africa is paving the way to building a sustainable tomorrow. Key takeaways:

In this episode of the Decoding Innovation podcast series, Helen Burdett, Head of Technology Strategy at the World Economic Forum, talks about circular economy as a vision for the future. Circular economy reimagines the linear economy in which we live. It’s a pervasive systems approach that is broader than reduce, reuse and recycle. As a concept and set of principles, circular economy brings immense economic and resiliency opportunities. While there has been a proliferation of circular roadmaps at a national level for countries around the world, the question remains: How do we ensure an absolute and effective shift of the system to get to this new reality? In this episode of the Decoding Innovation podcast series, Helen Burdett from the World Economic Forum (WEF) talks to our host Mitali Sharma about how circular approaches are redesigning the way our economy works, the importance of design and global collaboration in circular economy, and the initiatives being undertaken by global organizations like WEF to promote circularity in an inclusive manner.

In this episode of Decoding Innovation, Scott Krisiloff shares Helion Energy’s journey so far in creating electricity from nuclear fusion and the subsequent plans to commercialize this form of energy. Fusion — the inverse of fission — is a process where energy is created when two lighter atoms are combined to form a new atom. Established in 2008, Helion Energy is aiming to use nuclear fusion for producing electricity and meeting the global energy demand. Scott Krisiloff, Chief Business Officer of Helion Energy, details how the company has taken an unconventional approach to its fusion reactions, so that more energy is generated from the reaction than is put into it. Helion’s sixth prototype, completed in 2020, was able to reach a temperature of 100 million degrees. Without such high temperatures, bulk fusion reactions cannot begin. By showing that it can achieve commercially relevant fusion conditions, Helion Energy was able to raise US$500m at the end of 2021. Scott also talks about Helion Energy’s future goals. The company expects to demonstrate the ability to produce net electricity by 2024. But for nuclear fusion to replace fossil fuels, society will need to be educated about the safety profile and risk characteristics of fusion. Nuclear fusion may completely transform the global energy industry and help tackle climate change. However, it will need a lot more experiments, advancements and investments. Key takeaways:

In this episode of the Decoding Innovation podcast, Quidnet Energy CEO Joe Zhou discusses the use of innovative geomechanical methods and its impact on the global energy industry. Currently, pumped hydro is the only form of commercialized long-duration energy storage available globally. Quidnet Energy — with its innovative use of geomechanical methods to deliver long-term energy storage — looks set to transform the global energy industry. Joe Zhou, CEO of Quidnet Energy, explains in detail how the company uses conventional oil and gas techniques to effectively put the weight of the mountain on top of the stored water. Quidnet’s technology stores energy underground in the form of high-pressure water, with the help of impermeable and shallow rock. Joe also shares his views on the differences between the business models of startups that build their products in a lab, versus those, such as Quidnet, that harness a real-world resource. Such startups must collaborate with regulators, communities and financiers from the start — and share with them the business risk and future rewards involved. Key takeaways:

In this episode of the Decoding Innovation podcast, Mathieu Nouzareth, CEO of The Sandbox, explains how a community-driven platform is shaping the future of the metaverse. The metaverse technology creates a 3D virtual space on computers and phones to bring people closer. For organizations such as The Sandbox, the metaverse is a medium where users can meet each other, make friends and play games. According to Mathieu Nouzareth, CEO of The Sandbox, the objective of creating a metaverse is not to replace reality — it is only to augment it. The Sandbox is a community-driven platform where creators can monetize their assets and gaming experiences on the blockchain. The organization has created a map with a finite amount of land that users can buy. Like real estate, the price of virtual pieces of land is decided by location. So, buying a piece of virtual land in a celebrity neighborhood will be more expensive than other neighborhoods. Mathieu also talks about the three early adopters of this technology: gaming, digital fashion and luxury, and entertainment industries. The Sandbox has partnered with several famous luxury brands because users are willing to buy digital accessories for their online avatars. Furthermore, some users want to extend the experience of a movie or a TV show by entering a virtual world. Web3 adoption will bring a whole new set of features to metaverse environments. Since Web3 is a nonzero sum game, organizations such as The Sandbox want to create value for the entire community — including their competitors — for long-term rewards. Key takeaways:

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:

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:

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:

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:

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:

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: