WORLD BIZ THE BUSINESS OF LEADERSHIP
WBM / Q2 - 2022
JOHN ADAMS NGIF'S CEO - A BRIGHT FUTURE FOR GAS LEADERSHIP INSIGHTS | INNOVATION SPOTLIGHTS | TOP 50 ESG 2022 | LIFESTYLE
A ROCKET ON THE WRIST THE HISTORICAL FREAK COLLECTION HAS REACHED A NEW ORBIT. SHOCK WAVE
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WORLD BIZ THE BUSINESS OF LEADERSHIP
In This Issue
Interviews with the leaders of some of the world's best companies. Innovation features spotlight solutions reshaping the world.
Lifestyle highlights to excite, thrill and inspire.
LEADERSHIP MEETS INNOVATION "Beyond the compliance and investor relations risks of failing to address the ESG imperative, evidence shows that there are vast opportunities to gain a competitive edge by getting ahead of the game." - Susie Clements, Regional Managing Partner, Heidrick & Struggles
Top 50 ESG - Our analysts identify the best 50 companies delivering on ESG. PAGE 006
"Cultural inclusion starts from the top down. It is imperative that business leaders display inclusive behavior, feel comfortable working with all types of people and also have a desire to build a diverse culture and hire people who are open to working with people of all different nationalities, skin colors, genders and sexual orientations." - Aurelio Alemán, President and CEO of FirstBank
TOP 50 ESG - 2022 (GLOBAL COMPANIES CATEGORY) PAGE 16 >
Pictured: DB25 GMT STARRY VARIUS | Discover in the World Biz Luxury Guide & Featured on page 120
World Business Magazine q2 2022 Editorial Mike Walters Editor in Chief Giles Anderson Deputy Editor Contributors Troy Richards Mark Davidson Anne Chu Victoria Abbott Mahmoud Ayub Matt Lee David Sanchez Donald Adu Mark Berkshire Awards / Features John West Advertising Alice Carreras David James Interns Zayne Walters Zizou Mikel Director / Marketing Yeliz Cilar
www.worldbizmagazine.com firstname.lastname@example.org Published Quarterly / All Rights Reserved.
THE BUSINESS OF LEADERSHIP P AG E 0 09
WB THE BUSINESS OF LEADERSHIP
Severin Schwan CEO - Roche Group Dr. Severin Schwan has been the Chief Executive Officer of Roche Group since 2008. He talks about fostering a culture of innovation and Roche's deep commitment
THE CONFERENCE BOARD - UKRAINE FOCUS - 012
to the environment.
Q1, 2022 INNOVATION ROUND-UP - 014 TOP 50 ESG CHAMPIONS 2022 - 016 CANADIAN GAS - SECURITY FOR EUROPE - 026 JOHN ADAMS - CEO OF NGIF - PROFILE - 029 MICHAEL WU - CEO OF AMBER GROUP - 030 SEVERIN SCHWAN - CEO OF ROCHE GROUP - 036 SASAN GOODARZI - CEO OF INTUIT- 040 A NEW FINANCIAL SYSTEM & WEB 3.0 - 044 BOBBY MARHAMAT - CEO OF RAYDIANT - 050 KI YOUNG SOHN - CHAIRMAN OF ENZYCHEM - 054 NGIF CLEANTECH - ONE YEAR LATER- 060
Ki Young Sohn CEO - Enzychem Ki Young Sohn is Chairman and CEO of Enzychem Lifesciences. He shares detailed insights into his
company's global growth plans.
PAT GELSINGER - CEO OF INTEL - 066 BEN MINICUCCI - CEO OF ALASKA AIRLINES - 070 PONY MA - CEO OF TENCENT HOLDINGS - 074 AURELIO ALEMÁN - CEO OF FIRSTBANK - 080 GLOBAL 2021 PRIVATE EQUITY REVIEW - 088 DELOITTE: TRANSFORMATION STUDY - 090 SUSIE CLEMENTS - HEIDRICK & STRUGGLES- 094 DUSTIN W. SEALE - HEIDRICK & STRUGGLES - 098 VERTEX HIGHLIGHTS GLOBAL TAX TRENDS - 102 ACEUP DEBUNKS 5 COACHING MYTHS - 104
Susie Clements Snr. Partner - H&S Susie Clements is a Regional Managing
Officers Practice, Europe & Africa at Heidrick and Struggles. In this issue, Susie educates us about opportunities presented by ESG.
FIVE PAYMENTS TRENDS TO WATCH - 108 THE DIGITAL ECONOMY’S DRIVERS - 112 AXA IM - THE DIGITAL ECONOMY - 116 NIKE TRANSFORMING ITS SUPPLY CHAIN - 118 INNOVATION SPOTLIGHT - GENERAL FUSION - 122 CAN VOLKSWAGEN CATCH TESLA? - 126
Pat Gelsinger CEO - Intel
INNOVATION SPOTLIGHT - SONO MOTORS - 128
Pat Gelsinger is the CEO of the
SUPPLY SHORTAGE & ELECTRIC CARS - 134
world's leading semiconductor
PETER HAJDU - CEO OF DURA-LINE - 138 MOBILE MOMENTUM: 5G CONNECTIONS - 142 DENSO - BUYING FOR CHANGE - 146 MINTEL - THE FUTURE OF FOOD - 154 PAGE 010
supplier. He talks about Intel's leading role in the “Golden Age of Semiconductors” and a global interconnected industry.
PINDUODUO GROUP - CHINA AGRICULTURE - 158 TRENDS CHANGING MEDICINE - 162 NOVARTIS - THE ART OF DRUG DESIGN - 164 FIVE COMMERCE TRENDS FOR BUSINESSES- 168 GYMS MAKE A HUGE COMEBACK - 170 ORACLE OPENS CLOUD REGION IN AFRICA- 172 URUGUAY CASE STUDY - INSWITCH FINTECH - 178 ARGENTINA'S EMERGING DESTINATIONS - 182 CALIFORNIA SUMMER GETAWAY - 186 ECO-TOURISM IN DOMINICA - 190
Sono Motors Innovation Spotlight Led by co-CEOs Jona Christians and Laurin Hahn, Sono Motors is on
mobility by making every vehicle solar.
USA, MAIN INVESTOR IN BOGOTA STARTUPS - 194 ULYSSE NARDIN - INTRODUCING FREAK S - 196 POL ROGER - AMONG SELECT CHAMPAGNES - 202 AUTOMOBILI PININFARINA BATTISTA - 206 ROLEX LADY-DATEJUST - INSPIRING WOMEN - 212 EUROTECH RETRIEVED STOLEN CRYPTO - 216 WELLNESS CULTURE & REAL ESTATE - 218 NINE GOOD REASONS TO GET MORE SLEEP - 220 KAHLÚA - COFFEE DOING GOOD IN MEXICO - 222 INNOVATION SPOTLIGHT - WAVECEL - 224
Pinduoduo China AgriTech Grows China’s largest agritech platform deepens its agricultural digital inclusion, spreading the benefits of
facilitating technology adoption.
SALESFORCE - DIGITAL SKILLS INDEX - 228 AKERNA: WOMEN & CANNABIS SALES - 231 INVESTOR BRAND NETWORK - M&A 2021 - 232 STOCK ANALYSTS PREDICTED RUSSIA WAR - 236
Pol Roger Champagne's Pinacle In its 170 years of history, Pol Roger has carved out one of the most flattering reputations in the select circle of the leading Champagne brands. We explore the brands history and big hits.
Rolex Lady-Datejust Audacity & Excellence Rolex presents a new gem-set version of its Oyster Perpetual Lady-Datejust. “A classic timepiece, designed for a lady.” This is how some describe the LadyDatejust. They’re right.
THE CONFERENCE BOARD - UKRAINE FOCUS AS WAR IN UKRAINE INTENSIFIES, ACCESS INSIGHTS ON THE ECONOMY As the war in Ukraine intensifies,
does not anticipate the war in Ukraine
gas prices peak, and how high could
insights from The Conference Board
will cast the global economy back into
prices go? In this podcast, ESF
recession. However, as our economists
Center economists Ilaria Maselli,
developments mean for the state and
detail in a new publication, there likely
Klaas de Vries, and Hiba Itani
trajectory of the economy and business
will be significant drag on global GDP
unpack the implications of the war
environment. See below for a selection
growth this year and possibly next, and
for the state and trajectory of
of the latest thought leadership:
businesses and consumers. The Economy
Chart: The Logistics Crisis About to Podcast: Inflation in Europe: Brace for
Unfold in Europe - Just before the
Report: Will the War in Ukraine Lead to
Longer-Lasting, Higher Prices - To what
Recession? - Absent expansion into a
extent will the war in Ukraine increase
manufacturers were starting to see
broader conflict, The Conference Board
inflation in Europe? When will oil and
the end of pandemic disruptions.
P AG E 0 12
Environmental, Social & Governance
The Conference Board is the memberdriven think tank that delivers trusted insights for what's ahead.
Ukraine's President stepped into the spotlight on the largest stage
Article: Cutting Ties with Russia: A Guide
to Decision-Making Now and in the
performance of a lifetime. As
Future - An unprecedented wave of
detailed by Rebecca Ray, Executive
companies is cutting ties with Russia. In
Vice President of Human Capital,
this essay, the ESG Center's Executive
the President gives us a rare, virtual,
Director Paul Washington and Lead
"front-row seat" into leadership
behaviors when the stakes could
guidance on how to make "exit" However, as detailed by Klaas de Vries,
decisions now and to prepare for similar
Economist at the ESF Center, it is now
crises in the future.
hardly be higher. Article: Leading Through the War in
likely that the crisis in Ukraine will lead
Ukraine: Actions for Companies in
to a new peak length in delivery times—
Article: What Does the War in Ukraine
Asia - Just as Asia seemed to be
consequences of the logistics crisis
Mean for Energy Security in Europe? -
getting back on its feet after being
that's about to unfold in Europe.
ravaged by COVID-19, the world has
scrambling to find ways to cripple the
plunged into yet another global
power and finances of the Russian
government. Energy has become a
Capital Center Leader for Asia,
Policy Brief: Sanctions Escalation—
critical part of the equation. A new
outlines several urgent actions that
What are Russia's Lifelines? Part One,
analysis by Anuj Saush, Leader of the
companies across the region must
Russia's Energy Sector - As detailed in a
Governance and Sustainability Center,
policy brief by the Committee for
and Catherine Early, Research Fellow,
Economic Development, the public
details the implications of this crisis for
Podcast: Supporting Your Affected
policy center of The Conference Board
energy security in Europe.
Employees: Crisis Management in
(CED), while cutting off Russia's energy
Action - What steps are companies
sector might seem an obvious next step
Article: Corporate Citizenship During a
taking to help their employees
on the sanction escalation ladder, the
Geopolitical Crisis: How the Natural
challenge is calibrating a sanctions
Disaster Playbook Can Help - How can
offering financial and logistical
policy that economically hurts Russia
more than the West.
accommodations? In this podcast
disasters and domestic political issues
Anne Stevens, Council Director for
Policy Brief: Nuclear Escalation - On
our Global CHRO, HR Executives,
February 27, the Russian President
geopolitical crisis? In the second of a
ordered to put nuclear forces in a
"special regime of combat duty" in
Corporate Citizenship Institute Leader
CHROs from leading multinational
response to what he called "aggressive
organizations are doing to support
statements" by leading NATO powers.
Washington, Executive Director at the
ESG Center, outline five key insights.
dangerous and very destabilizing, does provide
affected employees. The Conference Board is the
opportunities for the US Administration in this crisis, as detailed in a Policy Brief.
member-driven think tank that delivers trusted insights for what's
Article: Real Leadership in a Crisis -
P A G E 0 13
Q1, 2022 INNOVATION ROUND-UP We introduce game-changing innovations from companies that are taking their verticals by storm. These technologies hold the potential to transform the future for the better.
ZOLEO Inc. Industry-leading solutions
launched its progressive SOS feature making it the only global satellite eyeson GmbH
JLT Mobile Computers
functionality. Uniquely, the innovative
Patented Single Interface Technology
Swedish manufacturer of rugged
progressive SOS feature offers ZOLEO
enables companies - or more precisely,
computers for extreme, demanding
users added peace of mind by providing
the companies' software developers - to
environments, has introduced the
ongoing status updates when they
JLT1214P, a new logistics computer
trigger an SOS alert and throughout the
through video conferencing and to
Rugged Projective Capacitive Touch
enable complex use cases. eyeson is a
(PCT) display technology. In today's
Ideal for anyone who ventures beyond
technology leader in cloud-based video
logistics market, where productivity
mobile coverage for work or recreation,
communication. eyeson provides an API
is more important than ever, the
the compact and award-winning ZOLEO
video service to easily integrate live
device connects via Bluetooth® to a free
video, including live media, data and
app on the user’s Android® or Apple®
participants into any kind of use-case
provide information quickly and
based on its unique patented single
reliably, which combined with the
seamless global messaging experience.
improved touch screen usability
Messages are transmitted via Iridium®
customers performance, eyeson offers
increases productivity in even the
Short Burst Data® (SBD®), cellular and
the service to manage cloud capacity,
most advanced applications. JLT
Wi-Fi®, and are automatically routed
scalable video coding performance and
Mobile Computers is a leading
data management. eyeson provides
Progressive SOS with 24/7 monitoring is
browser-based video integrations on all
computers for the most demanding
included in every ZOLEO monthly plan.
desktop and mobile devices.
P AG E 0 14
Lilium Developer of the first all-electric vertical
(“eVTOL”) jet, has begun the next phase of flight testing of its 5th generation technology, Phoenix 2. Lilium is creating a sustainable and accessible mode of high-speed, regional transportation for people and goods. Using the Lilium Jet, an all-electric vertical take-off and landing
performance with zero operating emissions, Lilium is accelerating the decarbonization of air travel. www.lilium.com
Skydweller Aero Inc.
A cutting-edge aerospace company
A blockchain-based startup, leveraging
Sesh is launching the ultimate
demand, real-time coaching to help
perpetual flight with heavy, powerful
consumers in Africa and provide the
parents navigate the most pressing
payload capacity. Utilizing technology
physical infrastructure to support this
based upon the longest continuous
starting with preventing tantrums.
renewably powered flight program in
Telecom. Only 20% of people in Africa
Sesh's patented multi-modal AI
history, this fast-growing startup is
are active internet users, with less than
technology - developed through
developing a new class of unmanned
intensive research with hundreds of
aircraft, providing the persistence of
Compared to the 60% of the world
families - gives parents the tools to
geosynchronous satellites with the
population that are active internet
communicate with their children in
powerful sensing capabilities and range
users, it is evident that African nations
a way that works.
have quite a distance to go in order to
Skydweller has been awarded a $14
fully benefit from the world wide web.
Addressing core issues that help
million contract with the Defense
Physical infrastructure will comprise
shape behavior in a child is critical
Innovation Unit, in conjunction with the
mobile internet base stations, each will
but often overlooked. Sesh helps
U.S. Navy, to advance and integrate
support up to 15,000 internet users,
parents carefully analyze and solve
technologies in support of Skydweller’s
have a range of 50 km, and provide up
development of its extreme-endurance,
to 1 Gbps per user (240x faster than the
educational neuroscience and child
average mobile internet connection).
P AG E 0 15
TOP 50 ESG CHAMPIONS (GLOBAL COMPANIES) - 2022 OUR GLOBAL TEAM OF ANALYSTS HAVE IDENTIFIED THE COMPANIES WITH THE HIGHEST LEVELS OF COMMITMENT TO, AND PERFORMANCE IN ENVIRONMENTAL, SOCIAL AND GOVERNANCE (ESG).
"We have set ambitious, industry-leading
"Adobe’s mission has always been to
"As the largest pan-Asian life and
sustainability goals—for climate action,
create products that empower people to
health insurer, we are uniquely
net-zero emissions, inclusion, diversity
change the world. Our purpose is
placed to use our scale and influence
and equality as well as other areas—and
anchored on harnessing our people,
to contribute to regional economic
we will continue to build on this
platform, creativity, and innovation to
and social development. We place
momentum." - Julie Sweet, Chair & CEO
make change in the areas we can make
sustainability at the forefront of how
the most impact." - Shantanu Narayen
we operate, we have a vital role to
Chairman, President & CEO
play in addressing material ESG
Highlights Joined 1,100 companies in pledging to help keep global warming below
issues to safeguard a better future." Highlights
- Lee Yuan Siong, CEO & President
70% renewable electricity by end of
65% reduction in total emissions
from 2016 baseline.
1:1 global gender pay parity.
Launched AIA One Billion to
100% renewable electricity by 2023.
6,800 images of long-term missing
engage a billion people to live
Aiming to graduate 250 diverse
children age-progressed by Adobe.
healthier, longer, better lives.
suppliers through Diverse Supplier
33.5% global representation of
Net-zero greenhouse emissions
Program by end of fiscal 2023.
women in workforce.
Achieve 50% women and 50% men
55% of Board
in workforce by 2025.
women and people from URCs.
Company’s global workforce
Growing percentage of women
10 proactive climate action policy
managing directors to 30% by 2025.
Women comprised 58% of the 42%
Sector: Consumer Discretionary
Sector: Consumer Discretionary
"We firmly believe that if society is doing
"We are relentlessly optimistic about the
well and the economy is doing well, then
future. We know that crossing the finish
Alibaba will do well. We are eager to do
line won’t be easy, and there’s still lots of
our part to support the realization of
exploring and inventing that needs to
common prosperity." - Daniel Zhang,
Chairman and CEO
partnership, we believe we can build a
better future together." Highlights
- Kara Hurst, VP Sustainability
Achieve carbon neutrality by 2030. 26,000 tons of carbon dioxide
emissions eliminated through use
of renewable energy.
purchaser of renewable energy.
By 2035, facilitate a reduction of 1.5
100% renewable energy by 2025.
gigatons of GHG emissions.
Women earn the same that men
Launched Project AsiaForward with
earn performing the same jobs.
an initial USD1 billion funding and
Launched a more than $2 billion
resources to cultivate a million-
Amazon Housing Equity Fund.
strong digital talent pool.
US$15.5B for common prosperity.
"In the future, every search you do, every
"At Apple, we are optimistic about
YouTube video you watch, every Gmail
technology’s awesome potential for
you send will be powered by clean
good. But we know that it won’t happen
energy. Our goal is to do all this by 2030."
on its own. Every day, we work to infuse
- Sundar Pichai, CEO Google
the products and services we make with decency and humanity. We strive to build
Highlights Helping more than 500 cities reduce
the best products on earth while leaving the world better." - Tim Cook, CEO
one gigaton of carbon emissions per year by 2030.
+30% leadership representation of
100% renewable energy sourced.
Black, Latinx and Native Americans
41B gallons of water saved.
in the U.S. by 30% by 2025.
Women and men earn the same
100% of shipments are carbon
when engaging in similar work.
Committed $3 billion in donations.
Corporations identified as more diverse and inclusive are 35% more likely to outperform their competitors, and companies with diverse leadership are 33% more profitable. - McKinsey
Country: Saudi Arabia
Country: United Kingdom
Sector: Health Care
"To walk the talk of words like
"We are stepping up our focus on ESG
“sustainability” and “reliability” and
sustainability. We’re doing this because
organisational DNA, embedded from
“responsibility” – you have to back that
we clearly recognize ESG’s increasing
the lab to the patient, and delivered
up with investment. You have to deliver
importance to all our stakeholders, but
thanks to the efforts of over 80,000
on what you start." - Amin Nasser, CEO
first and foremost because it’s simply the
employees. We seek to create value
right thing to do." - Peter Wennink, CEO
to society beyond the impact of our
Highlights Signatory to the World Bank’s "Zero
medicines." - Pascal Soriot, CEO Highlights
Routine Flaring by 2030" initiative.
€1.2bn value of parts re-used.
Implemented more than 200 energy
77% material recycling rate.
59% reduction in greenhouse
initiatives at its facilities.
In 2021, ASML supported a total of
gas emissions since 2015.
27% of new hires were female,
64 education projects across the
100% total imported renewable
compared to 9% in 2019.
main regions where it operates
Planted three million mangroves,
(Netherlands, US and Asia).
48.1% women in senior middle
bringing total planted or restored
Supervisory Board diversity: 38%
to 5.3 million.
17% reduction in water use.
Bank of America
Bristol Myers Squibb
Sector: Health Care
Sector: Oil & Gas
"We drive progress on the SDGs through
"As a leader in our industry, we recognize
"Energy enables modern life and
all of our efforts and activities. We bring
our responsibility to provide long-term
powers human progress. As the
our $2.8 trillion balance sheet, our $55
benefit to society as we fulfill our
human energy company, we use our
billion expense base and the trillions of
corporate purpose. This means that we
dollars we raise each year to the task. We
consider our environmental, social and
overcome obstacles and deliver
commit the considerable ingenuity,
governance (ESG) risks and opportunities
solutions." - Michael K. Wirth, CEO
innovation and passion of our team."
as integral to our strategy for doing
- Brian Moynihan - Chairman and CEO
business around the world." - Giovanni Caforio, Board Chair and CEO
Highlights $2 billion bond to advance racial
Highlights $3B+ invested through 2028 to advance energy-transition.
Joined the World Bank’s Zero
equality, economic opportunity and
Spend $1B with diverse suppliers by
Bank of America is one of only five
100% renewable electricity by 2030.
40% of Board are women.
S&P 100 companies with six or
Gender parity at executive level by
$400M spent on woman- and
more women on the Board.
end of 2022.
Sector: Consumer Staples
"We will continue to be guided by our
"Our ESG agenda cannot just be a
"Our environmental, social and
CSR philosophy of pursuing win-win
separate layer that sits above what we
governance goals are embedded in
development with fullest sincerity. We
do day to day. It is embedded in what we
how we operate as a business—they
will take on greater responsibility in
do and creates concrete examples of the
are part of our very foundation." -
serving the digital economy, harness
empathy I see in our firm every day as we
James Quincey, Chairman and CEO
next-gen digital intelligent technologies,
work to serve our clients, customers and
bring digital-intelligent power to the
communities." - Jane Fraser, CEO
public and society for a better future." - Yang Jie, Chairman
Highlights 90% of packaging recyclable.
To achieve net-zero carbon
New $500 Billion Environmental
emissions by 2050.
Goal by 2030 to accelerate the
$1B to suppliers in financing
Helped reduce 210 million tonnes
transition to low-carbon economy.
and accelerated payments.
of CO2 emissions in China.
50.8% of total employees globally
56% of our priority ingredients
Compared with 2020, the energy
are female (106,781 women).
volume sourced sustainably.
consumption of a new 5G base
21.5% of managing directors are
station decreased by 10%.
female (633 women).
suppliers in the U.S.
Eli Lilly & Co
Sector: Health Care
"We use our platforms and programs to
"ESG is How we Operate. More important
"By working together with all the
than setting ambitious goals is achieving
parties, we will contribute more to a
opportunities for success. And, we do this
them. Together with the support of our
new chapter of economic, social and
with an exceptional team of employees
stakeholders, the contributions of our
environmental development in a
and partners — because together, we
Lilly colleagues and our partners across
can create a stronger future for all."
the health-care system, we believe we
- Liao Lin, President
- Brian L. Roberts, Chairman and CEO
can fulfill the charge of Eli Lilly, our
company’s founder: “Take what you find Highlights Investing $1B over the next 10 years
here and make it better and better.”
Granted more than RMB430
- David A. Ricks, Chairman and CEO
billion worth loans targeted at
to help close the digital divide, 50M Americans to be impacted.
poverty alleviation. Highlights
$3.7B in diverse supplier spend.
Carbon neutral by 2030.
exceeded RMB2 trillion.
Committed to Carbon Neutrality by
100% renewable electricity by 2030.
7,000 young volunteers of the
$1.8B total product donation.
Bank actively participated in
Funding 50+ Military organisations.
50% women in global workforce.
Johnson & Johnson
Sector: Health Care
"I believe deeply in our company and the
"We at Johnson & Johnson are fully
"We continually challenge ourselves
wonderful future we will create together.
committed to building on our incredible
to find ways to put our business to
Our employees’ technology expertise
momentum to help healthy families
work for the benefit of all. That is
and passion to have a positive impact in
flourish in healthier societies on a
why we’re fully engaged in trying to
the world every day are what inspire my
help solve racial inequality, climate
confidence that we can achieve our
- Alex Gorsky, Chairman and CEO
change and the need to advance an
objectives for the next decade."
inclusive economic recovery."
- Pat Gelsinger, CEO
- Jamie Dimon, Chairman & CEO
By 2025, achieve 50% of women in Highlights
management positions globally.
Achieved 82% renewable energy
By 2025, achieve $4.5B Global
Renewable energy for 100% of
Impact Spend with small and
global power needs.
Conserved 7.1 billion gallons of
Facilitating $2.5 trillion over 10
water in operations.
100% of plastic packaging to be
years for climate action.
fully reusable and recyclable or
Launched a $30 Billion Racial
compostable by 2025.
diverse-owned businesses .
LVMH Moët Hennessy
Sector: Consumer Discretionary
Sector: Consumer Discretionary
"Amid great challenges, we are investing
"A deep awareness of our influence and
"Sustainability isn’t possible without
in the strength and prosperity of our
a broader search for meaning in
communities, growth of our business and
everything we do have always guided
includes major businesses like ours.
development and well-being of our
our actions. A commitment to positive
associates. In fact, beyond the training,
impact has thus naturally joined our
commercially viable helps them
opportunities for advancement and
other core values, alongside creativity,
benefits that have long made Lowe’s an
innovation, the quest for excellence and
commerce and mainstream business
attractive place to work."
practices." - Michael Miebach, CEO
- Marvin R. Ellison, President and CEO
- Bernard Arnault, Chairman and CEO
100% renewable electricity.
50% Renewable Energy by 2030.
71% of the Group’s workforce is
Net zero emissions by 2050.
33% of Executive Leadership team
female, with 64% in management.
Bringing 1 billion people, 50
50% of Maisons have implemented
million small businesses and 25
Invested $150 million in local
initiatives to promote the equal
million women entrepreneurs
communities through non-profits.
rights of LGBTI people.
into digital economy by 2025.
Sector: Health Care
Sector: Consumer Staples
"As stewards of human health and well-
"Microsoft stands ready to support our
"It is in times as challenging as these
being, and with an aspiration to be the
customers, partners, and the world
that we can truly demonstrate how
towards a net zero, environmentally
business can be a force for good.
sustainable future. And while the shape
This is what Creating Shared Value
sustainability to create a better world.
of what the future holds is unknown, we
(CSV) has always been about,
We’ll apply the highest standards of
will continue to build the foundations
focusing energy and resources where
ethics, quality, safety, security, and
we can make the greatest positive
reliability." - Geoff Martha, CEO
- Brad Smith, President and Vice Chair
impact on people and the planet."
- U. Mark Schneider, CEO Highlights
Carbon neutral by 2030.
39% of our global management are
negative by 2030.
100% reusable packaging by
$1 billion Climate Innovation Fund,
2025 and to net zero by 2050.
$2.4B spent with small and diverse
Working with 500,000 farmers
suppliers in the U.S.
several companies to help them
and 150,000 suppliers globally
14,000 employees volunteer.
accelerate and scale their solutions.
in regenerative agriculture.
Sector: Consumer Discretionary
Sector: Health Care
"Our strategy includes a strong focus on
"Our goal is, and always will be, for
"Novartis reached the milestone of
governance and ethics. And it includes a
NIKE’s people and purpose to come
continued commitment to diversity,
together for good. At NIKE, we’ll never
equity and inclusion. Today, we can see
stop striving for better. Our purpose will
countries. We continue to expand
a path to a completely emissions-free
always guide us, and our values will
access, narrowing the time it takes
power sector built upon the combination
always push us forward – toward that
to scale our latest innovations. Our
of low-cost renewables with various
better future we believe in."
progress is underscored by improved
forms of energy storage."
- John Donahoe, President and CEO
ESG ratings." - Vas Narasimhan, CEO
- Jim Robo Chairman and CEO Highlights
Invested $89.8 Million in community
34% greenhouse gas emissions
$14.6 B invested in American energy
reduced vs. 2016 baseline.
Women make up 49.5% of total
766 million Patients reached
47% below the national average
with Novartis medicines.
carbon dioxide emissions rate.
100% renewable energy in the U.S.
Deployed 5 million smart meters.
cardio disease app in China.
Sector: Health Care
"We are doing more than ever to
"We need to confront climate change
mitigate our impact on the environment,
now. Yet, we won’t feel the impact of our
efforts are steadfast, clear-eyed, and
with a 43% reduction in CO2 emissions
efforts for decades. It’s hard to mobilize
effective. We are proud that our
compared to pre-pandemic, and an
action for something so far in the future.
greatest assets—our people and our
action plan to drive emissions down
But we must know our future today —
technology—change lives for the
further in transportation, which is our
see it and feel it — so we can act with
better, every day." - Safra Catz, CEO
largest residual source of CO2."
urgency." - Jenson Huang, CEO
- Lars Fruergaard Jørgensen, CEO
100% renewable energy use for
100% of global energy use will be
Oracle Real Estate and Facilities
96% of total waste is recycled.
from renewable sources by 2025.
100% of power for production sites
40X more energy efficiency with
25% reduction in employee air
from renewable energy.
GPUs over traditional CPU servers.
travel emissions by 2025.
Zero CO2 emissions by 2030.
23 of top 25 supercomputers on the
99.6% of electronic waste is
49% women and 51% men, 43%
November 2021 Green500 powered
reused or recycled.
women in leadership positions.
36,019 Oracle volunteers.
Sector: Consumer Staples
"I believe P&G is one of the most socially
"Ping An will actively respond to the
"For us, sustainability is a journey,
relevant companies on the planet.
national call for carbon neutrality by
where we start with looking inwards
Together, the people of P&G accept that
2060. We will fully upgrade Ping An Low-
at how we can minimise the possible
responsibility." - Jon R. Moeller, CEO
Carbon 100 Program, draw up the road
maps for scientific carbon neutrality at a
operations as much as possible. We
faster pace." - MA Mingzhe, Chairman
are a dynamic, responsible business
Highlights 100 million women and babies protected from Maternal Neonatal
committed to creating sustainable Highlights
value for all our stakeholders."
Tetanus through partnership with
Operational carbon neutrality in
19 Billion liters of clean water
RMB29.834 billion for industrial
provided through Children’s Safe
200,000 scholarships at 15,000
Drinking Water Program.
539,000 volunteers from employees
institutions in 147 countries.
Spending $10 billion with women-
and agents of Ping An.
Pay practices around the world
owned and women-led businesses
14,110 Teachers trained and 11,843
are fair, competitive and above
minimum wage standards.
- Bob van Dijk, CEO Highlights
Royal Bank of Canada
Sector: Health Care
"As one of the largest global financial
"Our philosophy is actions rather than
"I’m proud that Salesforce is one of
institutions, we will engage through our
words. We are reducing our emissions
the few companies to have achieved
people and capabilities in every sector
percent by percent, year after year, and
Net Zero and 100% renewable
and community to make a difference.
we are doing so faster than the climate
energy, but we can’t stop until we
RBC is contributing to a more inclusive,
embrace every solution and get
sustainable and prosperous future."
- Severin Schwan, CEO
every business on board."
- David McKay, President & CEO
- Marc Benioff, CEO and Chair Highlights
72% of electricity from sustainable
$500 billion in sustainable finance
Net Zero company across full
44% of women in management.
value chain and achieved 100%
Net-zero emissions in our lending
26,000 employees volunteer.
30% decrease in environmental
50% of U.S. employees from
$100 million commitment to help
impact per employee since 2019.
underrepresented groups by
Black entrepreneurs reach their full
Working with Child’s Dream to
improve education for children.
$1.5B technology given for free.
Country: South Korea
Sector: Consumer Discretionary
"As a `sustainable, centennial company',
"I believe the SoftBank Group will
"We will continue to manage our
we need to grow together with society to
continue to help solve global challenges
businesses with a long-term view
ensure we create a lasting legacy for
centered around our Purpose, and
future generations to come. We have
work to create value for the future by
worked hard at every level to help our
drawing on the strength of our
various stakeholders adapt to the new
Revolution – Happiness for everyone,”
diverse businesses and employees."
environment as we return to our daily
embodies our determination to bring
- Kenichiro Yoshida, Chairman and
lives in a post-pandemic world."
happiness to everyone, even to future
- Kinam Kim, Vice Chairman and CEO
generations 300 years from now."
- Masayoshi Son, Chairman & CEO
Highlights Waste from manufacturing sites
Zero environmental footprint Highlights
Carbon neutral by 2030.
10 million volunteer hours.
42.3% of employees are female.
4.54 million tonnes of collected E-
criteria into Investment Process.
Eliminate plastic packaging of newly-designed small products.
Sector: Health Care
"Over the years, TSMC has held its vision
"Promoting sustainable innovation for
of uplifting society. We not only focus on
social value, alongside nurturing the
sustainability as a core element of
our core business to unleash innovation
consumer internet and embracing the
our business strategy. We are
with ground-breaking thinkers around
industrial internet are the foundations of
the world, but also have systematically
the company’s development, and guide
progress in our efforts by having
charted a long-term strategic direction
all core business. A business can only be
clear and measurable goals and
for our ESG." - Dr. Mark Liu, Chairman
sustainable if we give back to the planet
welcoming the engagement, input
and communities that we live in.”
and accountability from our many
- Ma Huateng, Chairman and CEO
stakeholders." - Andrew Witty CEO
Waste production among major local suppliers reduced by 29.4%. 100% conflict-free minerals.
Tencent has helped over 95,000
70% Female (global workforce).
Achieved net zero emissions for
charitable projects raise more than
56% Females in management
RMB11.5 billion (US$1.76 billion).
Reached 95% waste recycling rate
for six consecutive years.
7,477.5 tons a year.
$1.1B earned by businesses in our diverse supply chain.
"As we are growing and learning on our
"We are embracing a wider purpose
ESG journey we remain 100% committed
relative to our planet, society and
economies around the world, local
progress to those goals each year. We’ve
taken significant actions in 2021 toward
shareholders and employees. By living
reaching our ESG goals."
our purpose, Visa can play an even
- Lance Fritz, Chairman and CEO
greater role in transforming how the world moves money."
- Alfred F. Kelly, Jr. Chairman and CEO
$522 million spent with 285 diverse suppliers in 37 states.
Management new hires: 35% female
Five-year $200 million commitment
and 40% people of color.
to support SMBs around the world.
Reduce GHG emissions by 26% by
Achieved a landfill diversion rate of
2030 from a 2018 baseline.
24/7 Employee Assistance Program
Visa’s overall board diversity is at
designed to provide confidential
58% and gender diversity at 33%.
support to employees and their
Digitally enable 50 million small
businesses by the end of 2023.
Wells Fargo & Co
"Wells Fargo has a significant role to play
business plan for overall economic,
in delivering practical solutions to urgent
environmental and social advancement,
challenges. We have the resources,
reinforces our strong commitment to
addressing the most pressing societal
relationships with public and private
issues of our time – the digital divide,
sector organizations to do so."
climate change and human prosperity."
- Charlie Scharf, CEO and President
- Hans Vestberg, Chairman and CEO Highlights Highlights
$500 billion in sustainable financing
100% pay equity for women and
Net-zero greenhouse gas emissions
529k volunteer hours in 2020.
10M youths provided with digital
Nearly 9,000 veteran employees
skills training by 2030.
work at Wells Fargo.
“Take what you find here and make it better and better.” - Eli Lilly founder of Eli Lilly & Co.
NGIF is a Canadian venture capital firm offering grant and equity financing for startups that deliver
CANADIAN GAS INNOVATION: A PATH TO LONG-TERM ENERGY SECURITY FOR EUROPE
solutions to the environmental and other challenges facing the natural gas sector. We are unique in how we bring Canada’s energy industry leadership to every investment, accelerating the validation,
Editorial by John Adams (President &
The announcement points to the
CEO of NGIF Capital and Managing
necessary link between natural gas
Partner of NGIF Cleantech Ventures.
and a secure energy future. It also points
In the wake of Russia’s attack on
innovation agenda is central to that
Ukraine, Canada recently announced
secure energy future.
the creation of a special working group
with the European Union on how the
Canada’s gas industry has been a
customer creation of our
two parties might cooperate on energy,
driver of that national innovation
agenda for many years. For over a
transition, and LNG.
P AG E 0 26
decade, the CGA (the Canadian Gas
Association), has been working with the Government of Canada explicitly on the topic. A first of its kind Memorandum of
Building on Gas Pathways, CGA is in the process of launching the Global Gas Innovation Roundtable: a network of experts from around the world on energy who can help further advance the innovation conversation in gas.
Understanding between industry and Natural Resources Canada – the federal department responsible for energy – was established in 2011 with innovation as a key focus. This led to a closer alliance amongst gas utilities on the topic, and eventually a 3-year joint investment fund between the CGA and
Gas Pathways. The online service is a
Sustainable Development Technology
Canada. SDTC is a leading delivery
occurring across Canada – the kind of
vehicle for the Canadian government on
innovation in which NGIF Capital has
the innovation file. With the conclusion
of that fund, CGA decided to move
investments. But Gas Pathways is
forward with a more robust initiative of
designed to profile global innovation,
its own and, recruiting former SDTC
not just Canadian innovation, so as to
executive John Adams to join the
connect the Canadian agenda to the
association, created the Natural Gas
world stage as we head into IGRC2024.
Innovation Fund, or NGIF.
And while the Banff event is a near-term
focus, Gas Pathways is designed to be NGIF – now incorporated as NGIF
an ongoing information hub – to help
drive the global gas innovation agenda
ownership and appointing John Adams
for the longer term.
as President and CEO offers both granting and equity investment vehicles
Building on Gas Pathways, CGA is in the
and is driving the gas innovation
process of launching the Global Gas
forward aggressively. And while its
Innovation Roundtable: a network of
immediate focus is domestic, it fits well
experts from around the world on
into a broader international innovation
energy who can help further advance
agenda that its parent, CGA, is pursuing.
the innovation conversation in gas. The roundtable plans to produce an annual
That international agenda is currently
report on the state of global gas
focused on the next in the series of tri-
ennial global innovation conferences for the gas industry, known as the
All of this innovation work evolved
International Gas Research Conference,
before Russia’s invasion effected a
or IGRC. The next IGRC will be in Banff
in 2024, and CGA is the host. CGA has
geopolitics. But it offers Canada – a
been working on its plans for the Banff
leading global producer and consumer
event for over a year now. As part of
of natural gas – a unique opportunity to
those efforts, CGA created a new
step forward in light of the geopolitical
communications platform known as
change to show leadership.
P AG E 0 27
NGIF CAPITAL CORPORATION NGIF.CA Here’s why. The world wants more
Canadian gas has one of the lowest
natural gas. To reduce poverty, to
emission profiles in the world. Canadian
maintain reliability, to improve air
gas systems are some of the “tightest”
quality and deliver other environmental
(as in having the fewest leaks) in the
benefits, no fuel compares with natural
world. Canadian gas industry experts
have been focused on improving environmental
Moreover, natural gas infrastructure is
decades, and have a track record of
uniquely suited to do all of those things
delivering efficiencies. Our innovation
while maintaining incredible energy
agenda described above only promises
to build on all of that. Canada’s gas
providing a platform for new fuels like
industry is determined to step forward
renewable natural gas and hydrogen. In
in the present moment and help our
sum, natural gas and its infrastructure
allies in Europe and markets around the
are ideal for helping societies manage
world realize a more secure energy
the evolution of their energy systems
future, one where more and more
people have the benefits of clean,
affordable, reliable natural gas that Canada has the abundant supplies, the
have served Canadians so well for so
expertise in systems’ management, and
the innovation agenda to help with that ongoing energy system evolution. In a
John Adams is President and CEO of
world of incredible uncertainty, the
NGIF Capital Corporation and Managing
ability to call on a reliable supplier with
Partner of NGIF Cleantech Ventures,
a proven track record of performance
Canada’s first VC firm and venture fund
excellence is something the world
created by and for Canada’s natural gas
wants. Canada can deliver. And for
sector. He is involved in all aspects of
markets like Europe, that have been
the NGIF enterprise including the
very focused on transformative agendas
responsibility of NGIF Industry Grants,
the NGIF Emissions Testing Centre and
maintaining the steady availability of
NGIF Cleantech Ventures.
affordable and reliable energy, Canada presents a timely alternative.
Find out more at: ngif.ca
Canada’s gas industry is determined to step forward in the present moment and help our allies in Europe and markets around the world realize a more secure energy future.
JOHN ADAMS PRESIDENT AND CEO NGIF CAPITAL CORPORATION. MANAGING PARTNER NGIF CLEANTECH VENTURES.
John Adams is the President and CEO of NGIF Capital Corporation (NGIF Capital) and the Managing Partner of NGIF Cleantech Ventures. He is rooted in over 25 years of experience in financing, cleantech, energy, and venture capital. John has led the development of NGIF Capital, an energy tech venture capital firm and Canada’s largest cleantech platform for natural gas. He participates in all aspects of NGIF Capital including its three divisions: NGIF Industry Grants, the $35MM NGIF Emissions Testing Centre, and the $55MM NGIF
• Board Observer for Validere Technologies Inc., developers of
Cleantech Ventures fund. In addition, John holds positions on
a SaaS platform to measure and capitalize on emission
the following boards:
reductions while improving E&P operations and energy trading profits.
• Board and Audit and Finance Committee Member for the $100MM Clean Resource Innovation Network for Canada’s oil
John has been a part of numerous selection juries, including
and gas industry.
for the International Gas Union’s Research, Development, and
• Board and Audit Committee Member for Tidewater
Innovation Committee, for Natural Resources Canada, and for
Renewables (TSX: LCFS), a public energy transition company
Emissions Reduction Alberta.
focused on the production of low carbon intensity fuels. • Board Member for Ionada, developers of a carbon capture
John earned his bachelor’s degree from the University of
technology and containerized modular system ideal for small
Toronto in Environmental Science and is a graduate of the
to mid-size industrial carbon emitters.
Berkley Venture Capital Executive Program. He has been
• Board Member for Galatea Technologies, developers of a
honored with distinctions including a 2021 World Biz
SaaS platform to digitalize, optimize, and automate oil and
Magazine’s Global Top 100 Innovation CEO and Canada’s
gas field transportation workflow.
• Board Observer for Ionomr Innovations, developers of an ion exchange membrane technology that improves the performance in hydrogen, energy, and chemicals while
John contributes two articles to this issue of World Biz:
CANADIAN GAS INNOVATION: A PATH TO LONG-TERM
• Board Member for Kinitics Automation, developers of linear
ENERGY SECURITY FOR EUROPE (p26)
actuators and piston pumps used in process controls using
NGIF CLEANTECH VENTURES – ONE YEAR LATER
shape memory alloy and bundled wire technology.
PIONEERING A NEW VENTURE CAPITAL MODEL (p60)
P AG E 0 29
WORLD BIZ AWARDS
GLOBAL TOP 100 INNOVATION CEOS
P AG E 0 30
MICHAEL WU CEO, AMBER GROUP
Michael Wu, Co-Founder and CEO of Amber Group has been selected by the Judges of World Biz Magazine's Annual Awards to be a recipient of the Top 100 CEOs in Innovation Award 2022. This selection follows a stringent process that evaluated over 40,000 nominees to select the
Please tell us about your mission. What drives you and why
exclusive list of 100 winners.
the crypto industry?
Michael Wu is co-founder and CEO of Amber Group, a leading
MW - I come from a traditional finance background. I served as
global digital asset company. Prior to founding Amber Group,
a quant analyst at Goldman Sachs, a macro trader at Morgan
Michael was a quantitative analyst at Goldman Sachs, a
Stanley and a portfolio manager at a billion-dollar hedge fund.
macro trader at Morgan Stanley, and a portfolio manager at a
These experiences exposed me to the intricacies of the current
billion-dollar hedge fund. Michael is a member of Mensa
financial system including its inefficiencies and constraints.
International and a 2019 Forbes 30 Under 30 Asia honoree. Pairing this experience with my innate interest in emerging Founded in 2017, Amber Group is a leading global digital
technology, I became increasingly aware of the possibilities for
asset company operating globally with offices in Asia, Europe,
innovation within the financial system. The most exciting
and the Americas. Amber Group provides a full range of
innovations were happening in the crypto space and I became
digital asset services spanning investing, financing, trading,
inspired by the spirit of DeFi.
and spending. Its 24/7 trading desk serves over a thousand institutional clients globally while the integrated digital asset
I decided to focus on contributing to these financial
platform WhaleFin serves the individual investors via mobile
innovations, by bridging the gap between the crypto asset
and desktop applications. To date, Amber Group has raised a
industry and the traditional finance industry. Working towards
total of $328 million in funding from world-class investors
a progressive financial ecosystem that advances our global
including Temasek, Sequoia Capital, Paradigm, Tiger Global
economy, without forgetting the spirit of opportunity and
Management, Dragonfly Capital, Pantera Capital, Coinbase
community of creating a better world for everyone.
Ventures and Blockchain.com. Amber Group’s Series B + funding round of $200m valued the company at $3B.
Share with us some insight into Amber Group’s journey from a 6 person trading team to becoming a top crypto finance platform and unicorn in less than 5 years.
"Amber Group sets itself apart through its vision and values; transforming the financial ecosystem to be one that is more progressive, inclusive, transparent and sustainable. Beyond the typical suite of financial services, our team is guided by this ethos and we embody this in all of our products and services."
MW - We recently surpassed $1 trillion in cumulative digital assets transaction volume, since our inception in 2017. Our recent growth focus has been on three fronts - our institutional business, a rapidly expanding consumer business with WhaleFin, and an emerging creator-focused venture. Client assets on the company’s platform have exceeded $5 billion, and these are expected to continue to rise rapidly, especially with the launch of WhaleFin at the end of 2021.
Our journey from inception to where we are today is only
At Amber Group, building a better and more sustainable future
possible thanks to the commitment of our team, as well as
is at the heart of what we do. WhaleFin empowers users with
the support from our partners and investors. Our team is
the opportunity to invest in a sustainable future. Our latest
dedicated to our shared mission, bringing their many varied
partnership with a leading non-profit organization, Whale and
experiences in the traditional finance and technology sectors
Dolphin Conservation (WDC) serves as proof of our
to redefine the financial ecosystem of the future.
To date, we have raised a total of $328 million in funding from
It's the beginning of a long journey towards shaping a better,
world-class investors including Temasek, Sequoia Capital,
more sustainable future. In January, WhaleFin partnered with
Paradigm, Tiger Global Management, Dragonfly Capital,
the WDC to adopt a 46-year-old female humpback whale
Pantera Capital, Coinbase Ventures and Blockchain.com. Our
named Salt. This initiative comes after our strategic
company is strategically expanding its influence in the digital
partnership with climate tech firm Moss Earth last year, when
assets ecosystem. In 2021, we tripled the size of our team,
Amber Group bought 250,000 carbon tons offsets’ worth of
from less than 200 to more than 650 employees. Now our
MCO2 tokens, enough to offset the cost of more than 280,000
global workforce stands at nearly 800. We are looking forward
to growing our team further and we are excited by the possibilities of what we can achieve in the next five years.
Please educate us about WhaleFin (Amber Group’s platform for individual investing).
How is Amber Group different from the other digital asset platforms?
MW - As the concept of wealth changes, with innovations in the financial ecosystem and digital assets going mainstream,
MW - Amber Group sets itself apart through its vision and
there is an urgent need for investors to rethink the way they
values; transforming the financial ecosystem to be one that is
build wealth. In response to this need, Amber Group launched
more progressive, inclusive, transparent and sustainable.
its flagship digital asset platform, WhaleFin, in December 2021
Beyond the typical suite of financial services, our team is
to empower mainstream investors to build wealth in the
guided by this ethos and we embody this in all of our
digital era and further democratise access to digital assets.
products and services. WhaleFin is built with the deep expertise that Amber Group WhaleFin, our flagship digital asset platform, is a good
has developed serving both institutional and retail markets.
example. We wanted to integrate our offering into an all-in-
It’s an all-in-one platform that bridges the demands from both
one platform that empowers mainstream investors to build
markets, serving as the preferred gateway to crypto for users,
wealth in the digital era and further democratize access to
regardless of their experience. Designed with universality in
crypto finance. It is designed and built as a gateway to crypto
mind, WhaleFin combines institutional-grade features of the
finance for everyone, regardless of their investing experience
Amber Pro, launched in 2019, with the intuitive user interface
and features of the Amber App, launched in 2020.
"We recently surpassed $1 trillion in cumulative digital assets transaction volume, since our inception in 2017. Our recent growth focus has been on three fronts - our institutional business, a rapidly expanding consumer business with WhaleFin, and an emerging creatorfocused venture. Client assets on the company’s platform have exceeded $5 billion, and these are expected to continue to rise rapidly, especially with the launch of WhaleFin at the end of 2021."
P AG E 0 32
WhaleFin also empowers users with the opportunity to invest
Non-fungible tokens (NFTs) have gotten huge — even
in a sustainable future. WhaleFin plans to harness resources
becoming the Collins dictionary’s Word of the Year. The global
from across the industry to support public education
regulatory landscape is also quickly adapting to these
campaigns on the climate crisis as well as to mobilize
developments, and while much has been said around the
communities to take action for our planet.
sustainability of the industry, the road ahead is still full of potential and opportunities.
Share some insight into Amber Group’s institutional services.
Overall, there is a growing interest in crypto assets, which are gaining recognition and acceptance amongst the mainstream.
MW - Our institutional services include algorithmic execution,
This industry is going to continue to evolve and adapt to
electronic and OTC market-making derivatives, structured
future challenges. There are a multitude of innovative
products, as well as mining and staking services as part of our
solutions being led by both newcomers to the ecosystem as
institutional services offering. We are the crypto market’s
well as market movers. From Ethereum’s upcoming upgrade
leading liquidity provider. We currently have more than 1,000
to a Proof-of-Stake mechanism to lower energy consumption
institutional clients onboarded with Amber Group, and we
and address the pressing issue of sustainability, to traditional
expect this figure to increase with rapidly increasing digital
finance players like JPMorgan and Mastercard making official
asset adoption globally.
forays into the crypto space, it is clear that the crypto asset industry is here to stay. We are at the economic frontier, at the
Crypto has navigated unprecedented challenges in the
intersection of technology and finance.
past year, how do you think this has shaped the industry’s confidence going forward?
What are your predictions for crypto's long term future?
MW - In the past year, the crypto landscape has been rapidly
MW - I expect crypto to continue to evolve and set the pace for
evolving. We have seen new all time highs for leading
shaping the future of finance. With Web 3.0 on the horizon,
cryptocurrencies like Bitcoin and Ethereum.
decentralisation across various industries is going to become
P A G E 0 33
increasingly commonplace. Crypto offers opportunities for
Talk to us about diversity at Amber Group.
financial inclusion and equity and will certainly be a mainstay as global adoption picks up pace.
MW - At Amber Group, our vision of wanting to transform the financial ecosystem to be one that is more progressive,
Looking ahead, new use cases of crypto are going to be
inclusive, transparent and sustainable for all, is embodied
invented. The growing utility of NFTs, for instance, is an
across all our global offices. As we expand rapidly, we boast a
indication of what’s to come. From the advent of play-to-
burgeoning team of bright individuals across all levels that
earn, crypto-based NFT games such as Axie Infinity, to Propy
share in this vision. We are in an industry that sits at the
facilitating the sale of the first real estate-backed NFT, crypto
intersection of tech and finance — two sectors that have
possesses the potential to radically change boundless
traditionally been white and male dominated, yet our
industries that even the most traditional of organisations
company boasts a diversity of ethnicities and female leaders.
cannot ignore. What are your top 3 traits for entrepreneurial success? What's next for Amber Group? There are rumors of a listing in the coming year?
MW - A successful entrepreneur is a leader that: Espouses a commitment to excellence
MW - Our priority this year is to continue growing Amber
Possesses foresight to anticipate the future,
Group - both our team and our business lines. A listing could
While daring to will and act upon this vision
support us in doing this but we don’t have a definite timeline for that. For now, we are working on making key hires to
In addition to these, one needs to be adaptable and
support our institutional business in Europe and the
constantly learn new things. But all of these things mean little
Americas where we have been receiving tremendous interest
if one does not balance them with humanity — it is important
from traditional financial institutions and large family offices.
that a good leader exercises this through empathy and humility,
We also want to expand WhaleFin’s global footprint in both
environment we live in.
developed and developing markets worldwide, and continue making progress with OpenVerse, our creator-led venture
Amber Group: A team of 750+ dynamic, entrepreneurial
that already has a strong line-up of gaming studios, sports
technologists, traders, and engineers on a mission to create
collectibles, digital artists and other partner brands. Beyond
frictionless marketplaces. We operate around the clock and
business expansion moves, our team has plans to deepen our
around the globe, headquartered in Singapore with a
commitment to building a sustainable future for all and we
presence in Athens, Chicago, Geneva, Dubai, Hong Kong,
will continue to broaden our support of sustainability
Istanbul, London, Mexico City, New Jersey, Salt Lake City,
Seoul, Taipei, Tokyo, Vancouver, and Zurich. ambergroup.io
"WhaleFin is built with the deep expertise that Amber Group has developed serving both institutional and retail markets. It’s an all-in-one platform that bridges the demands from both markets, serving as the preferred gateway to crypto for users, regardless of their experience." "Our priority this year is to continue growing Amber Group - both our team and our business lines. A listing could support us in doing this but we don’t have a definite timeline for that. For now, we are working on making key hires to support our institutional business in Europe and the Americas where we have been receiving tremendous interest from traditional financial institutions and large family offices."
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MONTE-CARLO ICONIC HOTELS AND RESIDENCES
World Biz Magazine - Luxury Selections
LEADERSHIP SPOTLIGHT - CEO OF ROCHE GROUP
DR. SEVERIN SCHWAN WORLD BIZ AWARDS
GLOBAL TOP 100 INNOVATION CEOS
Dr. Severin Schwan has been the
studies at University Louvain, Belgium,
Chief Executive Officer of Roche
Dr. iur. (Innsbruck, 1993).
Group since 2008. Dr. Schwan is a member of the Board He earned his degree in Economics at
of Directors of Roche Holding Ltd. He is
the University of Innsbruck, University
also a member of the Board of
of York and University of Oxford, Mag.
Directors (since 2017 Vice Chairman) of
rer.soc.oec. (Innsbruck, 1991). He also
Credit Suisse Group AG. He is a
studied Law at the University of
member of the International Business
Innsbruck, Mag. iur. (Innsbruck, 1991).
Leaders Advisory Council for the Mayor
He earned his Doctorate in Law at the
of Shanghai (IBLAC), since 2022 he has
University of Innsbruck, Research
been the Vice Chairman.
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Throughout its 125-year history, Roche has grown into one of the world’s largest biotech companies, as well as a leading provider of invitro diagnostics and a global supplier of transformative innovative solutions across major disease areas.
Throughout its 125-year history, Roche has grown into one of the world’s largest biotech companies, as well as a leading provider of in-vitro diagnostics and a global supplier of transformative innovative
disease areas. Its commitment to its people, partners, stakeholders and, most importantly, its patients remains
"I am very optimistic about the future. We have an outstanding pipeline and – thanks to our combination of pharma and diagnostics with data science – a very good opportunity to make significant advances in personalised healthcare."
as strong as it was on the first day of the company's journey.
What inspires you? We are fortunate to be able to make a meaningful difference in the fight against COVID-19. This is what really inspires me about Roche: the impact we can make on people’s lives. The Roche culture Roche has faced and overcome many challenges in its near 125 years. I believe the solidarity and community we are experiencing now will bring us closer together, and there is no doubt that we will come out of this even stronger. Excellence in science Roche uses a large number of research approaches to develop new medicines. Our new engagement in gene therapy brings hope to people with rare diseases in particular. How to foster innovation Scientific
programmed, but we can create the conditions that will allow it to happen:
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being open to new ideas, having the courage to take risks; our researchers need to have the freedom to work on their ideas and above all, they need a positive space in which ideas are shared and independent thinking is always encouraged. How do you cope with stress? I believe the ‘everyday’ pressure only turns into stress if you feel that the world will stop turning if you’re not around. However, of course the world does
overestimating your own importance helps you to do your job effectively. The courage to fail There’s no success without failure! When you’re pursuing ground-breaking innovation,
territory. Unless you have the courage to fail, you’ll never succeed. It is my strong belief that we should celebrate our failures just as we celebrate our successes. one of the first companies to introduce
Roche’s success is rooted in its set
between the rich and poor countries is
up – it is led by science and
I am very optimistic about the future.
essential to improving access around
designed for innovation. We foster a
We have an outstanding pipeline and –
diversity of scientific approaches
thanks to our combination of pharma
and embrace innovative ideas.
and diagnostics with data science – a
Where does Roche stand when it
Combining that with the seamless
comes to the environment?
integration of our capabilities in
significant advances in personalised healthcare. Access to healthcare
It is part of our history. Just think of Luc
Hoffmann, who invested all his energies
and a lot of money in environmental
breakthroughs for patients and
protection back in the 1950s, at a time
We want to ensure that everyone has
when hardly anyone was aware of the
access to our diagnostic solutions and
issue. Sustainability was vital to Roche
For more information about Roche,
medicines. I am proud that Roche was
before the term had even been coined.
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TOP 100 CEOS IN INOVATION 2022
NOMINATE NOW: email@example.com WORLD BIZ MAGAZINE: www.worldbizmagazine.com
WORLD BIZ AWARDS
GLOBAL TOP 100 INNOVATION CEOS
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SASAN GOODARZI CEO OF INTUIT Sasan Goodarzi is chief executive officer (CEO) of Intuit, where he leads the company towards delivering on its mission of powering prosperity around the world. He assumed the role on Jan. 1, 2019. During his 14 years with the company, Goodarzi has successfully led each of Intuit’s largest businesses. Most recently, Goodarzi served as executive vice president and general manager of Intuit’s
Here are some invaluable pieces of guidance Sasan Goodarzi
Small Business and Self-Employed Group. Previously, he
has shared with business leaders over recent years:
served as executive vice president and general manager of Intuit’s Consumer Tax Group, as Intuit’s chief information
Recognize How Much You Don’t Know: Everyone carries
officer, as the general manager of Intuit’s ProTax
around an invisible suitcase with them that holds their life
organization, and as the general manager of Intuit’s Financial
experiences in it. Don’t assume you know what they are
carrying. Ask questions. Find out what you don’t know. Learn if there are reasons people on your team may be holding back
Before coming to Intuit, Goodarzi worked for Invensys, a
and ensure they are in an environment where they are open to
global provider of industrial automation, transportation and
share. The more you know, the more inclusive of a leader you
controls technology, serving as global president of the
will be. Your team will be enabled to do their best work,
products group. He also held a number of senior leadership
informed by each member’s unique perspective and
roles in the automation control division at Honeywell and
served as the CEO and co-founder of a technology startup, Lazer Cables Inc.
Be More Intentional: If there is someone that never shares their opinion, proactively bring their voice into the
Born in Tehran, Iran, Goodarzi came to the United States as a
conversation. In meetings, I take a mental inventory on who is
child and grew up in Orlando, Florida. He currently lives in the
talking the most and the least, and I stop the discussion mid-
San Francisco Bay Area with his wife and two children. He
way to offer the quietest person a chance to speak. By being
earned his bachelor’s degree in electrical engineering at the
more intentional, you have the power to include more voices
University of Central Florida and a master’s in business
in the conversation. And the more voices, the better. Because
administration from the Kellogg School of Management at
the more ideas that are heard and tested, the more you
Northwestern University. Goodarzi is also a member of the
discover the one great idea that can make a difference. That’s
board of directors at Intuit and Atlassian.
the power of inclusion in action.
"By being more intentional, you have the power to include more voices in the conversation. And the more voices, the better. Because the more ideas that are heard and tested, the more you discover the one great idea that can make a difference. That’s the power of inclusion in action."
"You can forget that not everyone sees the picture quite as you do. So always remember to solve for that imbalance and unpack your decisions, and know it’s ok to disagree." "I believe we can no longer be silent about the deep-rooted racism in our society. I will no longer be silent."
Tell Your Story: For a long time, I never told my own story. I
Don’t Be Anyone but You: One of the best pieces of advice I
did not think it was important. I thought I should just focus on
got was from Steve Young, the hall of fame NFL quarterback,
the work. When I finally did share my own personal story of
who told me that my number one job was to be the best me
coming to this country, I was surprised by the impact it had.
that I could be. Many people feel pressure to carry on the
People on my direct team, and across Intuit, saw a different
legacy of the person that preceded them or to work with the
side of me. I was more than just the leader. They understood a
same team that was there before. Don’t fall into that trap. You
part of my past that has influenced who I am today — and that
are there to provide the leadership, vision, and experience
helped us get work done together as a team. I encourage
that only you can offer. And you will only succeed when you
anyone leading a team to share your own personal stories
are the most authentic version of you that you can be, not the
because they have more power than you realize.
best imitation of someone else.
No One Knows What You Know: Being the leader of an
Overcoming Racism in our Societies: I believe we can no
organization of any size is an exercise in information intake. If
longer be silent about the deep-rooted racism in our society. I
you are doing your job well, you are constantly listening to a
will no longer be silent. We must openly discuss the realities
wide range of voices. This can create an imbalance of
that black people face. Only by having honest discussions,
information between yourself and those you are working with
however difficult that may be, will we ever be able to get to a
— your team, your employees, the board and others. You can
forget that not everyone sees the picture quite as you do. So always remember to solve for that imbalance and unpack
Intuit's Mission: At Intuit, our mission is to “Power Prosperity
your decisions, and know it’s ok to disagree.
Around the World.” Delivering on that mission in ways that go beyond our products and services is vitally important in a
Be Ready on Day One: You need to be ready to be the leader
world where too many struggle to make ends meet, and
of your organization from the moment you start. That means
economic opportunity is still not available to all. This is why
facing up to and resolving any fears and concerns about the
we’re using our unique position to influence the world around
position… before your start. It’s important to be completely
us and help give everyone the opportunity to prosper.
confident and clear in your decisions and how you present yourself. This doesn’t mean having your mind already made
Artificial Intelligence at Intuit: At Intuit, we are obsessed
up about everything, because being curious and open to
with solving our customers’ most important financial
learning is vital to success. It just means that you need to be
problems. That commitment has never been more important
ready to be fully you from your first day in the role.
than right now. It’s critical that we find new ways to put the
Remember, that’s why they hired you. Have conviction, but be
power of technology, and especially Artificial Intelligence (AI),
on the side of our customers.
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Global Inequality in Economic Opportunities: Unfortunately, that is not the world we live in. Around the globe, too many people struggle to make ends meet. They worry about their finances. And they are scared
opportunity to achieve their dreams and live the lives they want. Today, nearly half the people in the United States live paycheck to paycheck and 40% of Americans can’t come up with $400 in an emergency. And for those that have taken the bold step of going into business for themselves, the challenges are even greater. In the United Kingdom, 57% of small businesses go under within five
businesses go bankrupt every year. At Intuit, our mission is to power prosperity around the world. We are determined to use the collective strength of our products and our people to make the world a better place, especially for those that need it most. About Intuit Intuit is the global technology platform that helps consumers and small businesses overcome their most
challenges. Serving more than 100 million customers worldwide with TurboTax, QuickBooks, Mint, Credit Karma, and Mailchimp, we believe that everyone should have the opportunity to prosper. We never stop working to find new, innovative ways to make that possible. Please visit us for the latest
"At Intuit, our mission is to power prosperity around the world. We are determined to use the collective strength of our products and our people to make the world a better place, especially for those that need it most."
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- DIGITAL TRANSFORMATION THE FORMATION OF A NEW FINANCIAL SYSTEM & WEB 3.0
Society is constantly evolving and in recent
decades has become increasingly digital. This digital transformation of global society is changing
Digital technologies have advanced more rapidly than
the way people interact with the world around
any other innovation in history. In a period of two
them. With it comes countless opportunities and
decades, they have reached around 50% of the
benefits for enhancing connectivity, improving
developing world’s population (according to a UN
financial inclusion and growing access to trade and
report on the impact of digital technologies).
public services. Digital assets, virtual and augmented reality (VR & AR), This digital transformation is permeating every aspect
gene editing, mobile operating systems and smart
of society. Culture, social interactions, and lifestyle are
home appliances are just some of the recent digital
changing. Entertainment, branding, and personal
technologies to emerge from this trend.
identity are changing. Even humankind’s relationship with the natural world is changing.
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Digital assets, a new asset class emerging from the
digital transformation of global society, have led transformations in the concepts of money, ownership and value. Digital assets and cryptocurrencies are leading the development of a new financial system. A New Financial System The new financial system differs from its predecessor in both its goals and its technologies. The goals of the new financial system are to improve access to financial services, reduce transaction times and costs. These changes accelerate the opportunities for global financial inclusion and equity. The technological building blocks
Digital assets, a new asset class emerging from the digital transformation of global society, have led transformations in the concepts of money, ownership and value. Digital assets and cryptocurrencies are leading the development of a new financial system.
of this new financial system are composed of digital assets, cryptocurrencies, and blockchain technology. Leading this new financial system in ethos is Decentralized Finance (DeFi). DeFi DeFi has emerged as a blockchain-based form of finance. It currently includes services such as investing, borrowing, lending and trading. DeFi offers an alternative to the traditional financial system, giving anyone with a smartphone and an internet connection the opportunity to put their money to work on their terms.
DeFi leverages innovations in cryptocurrencies and smart contracts to build a fairer, more inclusive, and robust financial system. Rather than have banks or other third parties act as intermediaries, DeFi puts individuals at the center of a peer-to-peer financial system that runs on opensource blockchains like Ethereum.
DeFi leverages innovations in cryptocurrencies and smart contracts to build a fairer, more inclusive, and robust financial system. Rather than have banks or other third parties act as intermediaries, DeFi puts individuals at the center of a peer-to-peer financial system that runs on open-source blockchains like Ethereum.
Below is a diagram showing some of the differences between Decentralized Finance (DeFi) and Centralized Finance (CeFi).
A feature that distinguishes DeFi from the traditional financial systems, is that DeFi does not require KYC (Know-Your-Customer). This opens it up and makes it available to anybody with an internet connection. DeFi users have self-custody of their assets, which translates to greater financial independence and autonomy, as it reduces dependence on potentially corrupt third-parties.
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DeFi has already grown to millions of users, using
Access to financial services is vital to prosperity. Yet, in
hundreds of protocols, handling tens of billions of
2022, there are 1.7 billion unbanked adults worldwide.
dollars in value. This key metric to DeFi adoption is the
It is so important to give people access to financial
Total Value Locked (TVL) of digital assets in DeFi
services. Leaving people ‘unbanked’ makes them and
protocols, which has grown from $1 Billion in June
their communities vulnerable. It impacts quality of life
2018 to over $75 Billion in April 2022 (DeFi Pulse).
and prevents people from investing in their future.
At the same time, digital assets have had an
Lack of access to financial services doesn’t just
exponential adoption rate. As recently as five years
directly affect the individuals, it impedes an entire
ago (April 2017) there were 13 million blockchain
wallets, today there are more than 80 million.
Consulting firm EY Global has estimated that broader
access to financial services could boost GDP by 14% in
# of blockchain wallets in millions
large emerging countries such as India and 30% in frontier economies such as Kenya. Seven of the seventeen Sustainable Development Goals promoted by the United Nations see access to financial services as an essential factor in improving the condition of the most marginalized. There are clear, quantifiable benefits to broadening access to financial services beyond what the legacy financial system has offered thus far. How do we do it? Crypto finance offers a solution.
The most effective way to quickly achieve greater
capitalization of $27 Billion to $2 Trillion today, a
financial inclusion is to leverage a technology that is
growth of around x100.
already widely adopted. In Morocco, one of the countries with the lowest rate of financial inclusion,
Exponential growth of these technologies comes with
financial data shows that there are double the number
rapid developments and changes to global society.
of internet users, as there are people with bank
accounts. In other words, the best way to achieve
democratization of access to crypto finance and
financial inclusion is to have a new financial system,
financial inclusion more broadly.
native to the internet.
Access to financial services is vital to prosperity. Yet, in 2022, there are 1.7 billion unbanked adults worldwide. It is so important to give people access to financial services. Leaving people ‘unbanked’ makes them and their communities vulnerable. It impacts quality of life and prevents people from investing in their future.
The most important challenge is around education, for which there are two solutions. One is to improve
the access and quality of education around these
innovations such as smartphones, mobile internet
topics. The second is to improve the real value that
access, and social networks driving its growth. As it
crypto products and services provide to users.
has grown, it also evolved. Currently, we are witnessing the evolution of the web to version 3.0.
An ambition of ours at Amber Group, is to improve the user-friendliness of crypto finance applications. This
Web 1.0 refers to the World Wide Web’s original
lowers the educational barrier to entry threshold and
iteration, which existed from the 1990s and early
thus facilitates greater participation in the crypto
2000s. Web2.0, is the version of the web we are all
familiar with today. This is the web that has disrupted industries that failed to integrate its new web-based
Another challenge is cryptocurrencies’ reputation of
business model. It is interactive, social media usage is
being environmentally unfriendly. This is something
prevalent and many of its largest businesses revolve
we at Amber Group are active about. We have bought
around data economies.
the equivalent of 250,000 tons of carbon offsets in MCO2 tokens from Moss.Earth, and partnered with
Web 3.0 is the next iteration, a more open and
Whale and Dolphin Conservation (WDC), Happy Whale
decentralized version. IT stands in contrast to our
and Whales of Guerrero, to adopt whales and fund
current generation of the internet (Web 2.0), where
research, protection and conservation programs.
data is mostly concentrated in centralized storage spaces. Web 3.0 networks are expected to operate through decentralized protocols; the founding blocks of blockchain and cryptocurrency technology, so we can
technologies with other fields. Web 3.0 is expected to enable anything from micro transactions, to censorship resistant peer to peer data file storage and sharing applications. Offering interoperability,
automation through smart contracts, changing every industry's conduct and operations. Current DeFi protocols are just the beginning of the future
Web 3.0 is expected to enable anything from micro transactions, to censorship resistant peer to peer data file storage and sharing applications. Offering interoperability, seamless integration, and automation through smart contracts, changing every industry's conduct and operations. Current DeFi protocols are just the beginning of the future evolution of the web.
evolution of the web. Challenges Ahead This new and more inclusive financial system has already created opportunities for so many. However, there are significant challenges to overcome for achieving mainstream adoption.
An ambition of ours at Amber Group, is to improve the user-friendliness of crypto finance applications. This lowers the educational barrier to entry threshold and thus facilitates greater participation in the crypto ecosystem.
Amber Group: Building the Digital Future At Amber Group, we see our future lifestyle as increasingly digital, increasingly decentralized, and increasingly
technology is a fundamental shift in how value is created, stored, exchanged, and distributed and we understand mainstream digital asset adoption is a key component of the global financial transformations we hope to see. As a digital asset platform, we set ourselves apart through our vision and values; which are to transform the financial ecosystem to be one that is more progressive, inclusive, transparent and sustainable. At the heart of our mission, is our goal to help create a future where digital assets empower people with opportunity and agency. Through our team, technology and capital, Amber Group is uniquely positioned to support, guide, and facilitate global digital transformations. We are 100% believers in the emerging digital lifestyle and have the support of our investors, who not only share in our vision, but also put their capital and trust in us to achieve it. Through this support, we have built and continue to grow our team to make key contributions to the digital future, empowering people with opportunity and agency to shape a better world for all. For more information, please visit ambergroup.io
As a digital asset platform, we set ourselves apart through our vision and values; which are to transform the financial ecosystem to be one that is more progressive, inclusive, transparent and sustainable.
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FAST TRACK YOUR IDEAS
ISRAEL A UNIQUE INNOVATION ECOSYSTEM Among the 5 best startup ecosystems worldwide Home to 10% of the world's billion-dollar unicorns The 2nd most innovative nation in the world The world’s 2nd highest R&D expenditure, over 4% GDP 350 global tech leaders launched innovation centers in Israel Developed over 150 programs for startups & over 90 VC funds
THE SOLUTION IS OPEN INNOVATION THE DESTINATION IS INNOVATE ISRAEL INNOVATE-ISRAEL.COM
WORLD BIZ AWARDS
GLOBAL TOP 100 INNOVATION CEOS
BOBBY MARHAMAT CEO OF RAYDIANT Bobby Marhamat, CEO of Raydiant has been selected by the Judges of World Biz Magazine's Annual Awards to be a recipient of the Top 100 CEOs in Innovation Award 2022. This selection follows a stringent process that evaluated over 40,000 nominees to select the exclusive list of 100 winners. Bobby Marhamat started business building before 4th grade, and he hasn’t stopped. Growing up in Lincoln, Nebraska, Bobby remembers watching his father launch and grow profitable businesses and taking in each success and failure. At 9 years old, he became an entrepreneur himself and he still
You have a unique entrepreneurial background that started
applies the lessons he learnt from his father to this day.
in 4th grade. Share with us your beginnings and journey to this point?
Today, this contributing member of Forbes Business Development Council and current CEO of Raydiant and
BM - I started buying items from the Oriental Trading Company
former executive of technology companies like Verizon,
in the 4th grade and setting up “sale days” in my parents
Revel, and Highfive, helps multiple businesses identify and
garage – particularly selling items to my sister’s friends. I got a
implement the measures they need to help them boost
taste for entrepreneurship and continued down that track - it’s
customer loyalty, expand and survive.
what I was born to do.
As the CEO of Raydiant, Bobby has helped scale the company
Why is Raydiant best placed to help brick-and-mortar
to become the leader in in-location experience management.
operations thrive in the digital age?
Today, Raydiant stands as the leading innovative, fastest growing and most funded company in experience platform
BM - Raydiant started from a tiny startup focused on digital
signage into re-inventing the way that brick-and-mortar operators create experiences within their locations that allow
Raydiant is the first experience platform for physical spaces
brands to increase revenues, increment customer loyalty and
and is the new way customers and employees connect with
create a consistent brand experience. We now have the most
complete platform that combines customer and employee
"We now have the most complete platform that combines customer and employee experience technologies with an AI-based analytics platform that allows you to track, learn and personalize the customer journey in real time. No other company can do what we do and we will work hard to always lead the market with innovation."
"Sightcorp by Raydiant's proprietary technology allows media owners to provide advertisers and media buyers with meaningful audience insights and data visualizations based on live analysis captured anonymously on-camera, including age, gender, opportunity to see (OTS), impression and viewer counts, and attention and dwell times. To ensure privacy, the Sightcorp DeepSight Toolkit blurs all faces by default and is built to process all data offline and locally."
experience technologies with an AI-based analytics platform
analytics. Raydiant and Sightcorp now jointly enable brands
that allows you to track, learn and personalize the customer
to create personalized on-screen, in-location experiences that
journey in real time. No other company can do what we do
generate anonymous audience and performance analytics to
and we will work hard to always lead the market with
help them increase audience engagement, deliver valuable
content, enhance messaging, and more.
Talk to us about some of the solutions Raydiant offers and
Sightcorp by Raydiant's proprietary technology allows media
the advantages your customers derive from them.
owners to provide advertisers and media buyers with meaningful audience insights and data visualizations based
BM - We are at the intersection of two massive markets — the
on live analysis captured anonymously on-camera, including
customer experience market and the employee experience
age, gender, opportunity to see (OTS), impression and viewer
market. Within these markets, our platform overlaps with two
counts, and attention and dwell times. To ensure privacy, the
core existing industries:
Sightcorp DeepSight Toolkit blurs all faces by default and is built to process all data offline and locally. Sightcorp by
Category 1: Signage and Interactive
Raydiant cites the highest accuracy rate compared to its
Four Winds Interactive
competitors and is the only player in the market applying
100% of the latest deep learning research in its audience
Category 2: Employee Comms, Rewards, Gamification
Share with us some details about Raydiant’s growth over
the last couple of years and your expectations for the
Zipline BM - Raydiant has grown 350% year-over-year since 2019 and While our platform's features and capabilities do overlap with
is on a clear trajectory to continue to grow at that same clip
these market categories, we don’t easily fit into any single
into 2022, 2023 and beyond.
category. This has left us no choice but to develop our own category. We call this new category In-Location Experience
How do you motivate yourself to ensure consistent high
Management, which we define as the discipline of creating,
managing, and scaling the experiences brands deliver to customers and employees at their physical locations.
BM - I get motivated by our talented team of ‘Rays’. Seeing how we come together as a team motivates me to continue to
Raydiant recently acquired Sightcorp, a spinoff from the
build the infrastructure and bring in the appropriate capital to
University of Amsterdam that provides state-of-the-art,
ensure that we can work towards our bigger goal of
proprietary AI-powered audience intelligence for digital
continuing to help brick-and-mortar operators thrive in their
signage, digital out-of-home (DOOH) media, and in-store
How would you describe your approach to leadership?
What about Raydiant are you most proud of?
BM - My approach to leadership is to set the vision for the
BM - The team. The team is what has gotten us this far. The
company and then hire folks that are smarter than me to
team is what will continue to ensure we are the innovative
build their departments with an eye on the greater vision of
market leaders in our space.
where we want to take the company. I am here to support, empower and provide the needed tools for them to achieve
our combined goals.
We’re the world’s leading in-location experience platform for enterprise brick-and-mortars. Our experience platform is
What’s next for Raydiant?
designed to help you create, manage, and scale personalized in-store experiences across every screen. In return, you’ll
BM - Growth, growth and lots of growth. In addition to that we
create meaningful customer interactions that will keep them
have our eyes set on a few more acquisitions that will
complete our view of what the most comprehensive marketing and commerce platform needs to look like. As we
For more information, please visit raydiant.com
started to grow our platform, we realized that multi-location brick-and-mortar operators needed a comprehensive solution that incorporated both customer and employee experience technologies. That was the beginning of what we call the Experience Platform™ -- a new category that we created to bring together all of these fragmented technologies and have them automate the in-store experience.
"My approach to leadership is to set the vision for the company and then hire folks that are smarter than me to build their departments with an eye on the greater vision."
WORLD BIZ AWARDS
GLOBAL TOP 100 INNOVATION CEOS
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KI YOUNG SOHN CHAIRMAN AND CEO OF ENZYCHEM LIFESCIENCES Ki Young Sohn, Chairman and CEO of Enzychem
Tell us about your mission. What drives you and what
Lifesciences has been selected by the Judges of World Biz
excites you most about your work?
Magazine's Annual Awards to be a recipient of the Top 100 CEOs in Innovation Award 2022. This selection follows a
KYS - It is our mission to develop the safest and most
stringent process that evaluated over 40,000 nominees to
economical form of EC-18 to treat various inflammatory
select the exclusive list of 100 winners.
diseases. For me, realizing how much our studies could potentially have a huge impact on patient’s lives is the key
Ki Young Sohn is Chairman and CEO of Enzychem
driver of my work. It is always exciting to see our progressive
Lifesciences, a late-stage biotechnology company. With more
study results slowly come to life and in hopes of, one day
than 30 years of experience in the life sciences and finance
being able to share them with the patients who are still
industry, Ki Young has previously led teams in start-up, mid-
suffering from diseases.
size, and global, large pharmaceutical settings to success. Most recently, he has led positive Phase 2 US results for its
Please share some insight into EC-18 and what it means for
lead candidate, EC-18 in Chemoradiation-induced Oral
patients with unmet needs in oncology, inflammatory, and
Mucositis (CRIOM) and execution of the partnership with
severe respiratory diseases.
Zydus Cadila to manufacture and distribute the world’s first COVID-19 pDNA vaccine.
KYS - Enzychem’s leading candidate, EC-18 is a proprietary compound originally derived from Sika deer antler. It is an
Founded in 1999, Enzychem Lifesciences is developing novel
immunomodulator, which has a unique mechanism of action
small molecule therapeutics to target fundamental pathways
called PETA (Pattern Recognition Receptor Endocytic
in inflammation, for patients with unmet needs. Based on
Trafficking Accelerator) which is known to facilitate the
more than two decades of research, Enzychem developed its
patient’s intrinsic defense mechanism to holistically remove
leading candidate EC-18, an oral small molecule derived from
danger signals and pathogens and dampen the pro-
Sika deer antler, which has shown to be active across a
number of different indications.
"It is our mission to develop the safest and most economical form of EC-18 to treat various inflammatory diseases. For me, realizing how much our studies could potentially have a huge impact on patient’s lives is the key driver of my work."
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"This pDNA vaccine is a huge breakthrough as it resolves some of the issues we have seen with the current mRNA vaccines." "My belief is that the leader should not only provide far-sighted vision and goals, but also pay a great amount of attention to detail. Through such processes, Enzychem built an infrastructure and a set of comprehensive procedures for the global new drug development."
Based on our findings from preclinical and clinical studies, we
Share with us some insight into Enzychem Lifesciences’
are developing EC-18 for multiple indications in oncology,
work for NASA.
inflammatory and severe respiratory diseases. We are especially focusing on areas of Chemoradiation-induced Oral
KYS - In 2021, Enzychem has been selected for NASA’s Human
Mucositis (CRIOM), Acute Radiation Syndrome (ARS), and
Research Program to conduct research on EC-18 and how it
impacts astronaut health and performance during future longduration missions beyond low-Earth orbit.
One of Enzychem Lifesciences’ major milestones in 2021 was securing manufacturing, licensing, and distribution
With our collaborator, Dr. Cheryl Nickerson, professor at
partnerships for the world’s first COVID-19 pDNA vaccine.
Arizona State University, our primary objective of the study is
Talk to us about ZyCoV-D and why it’s a major step in the
to evaluate the cumulative effect of both low-dose radiation
global fight against COVID-19.
and microgravity on the food borne pathogen, Salmonella Typhimurium on astronaut health using a 3-D biomimetic
KYS - ZyCoV-D is a plasmid DNA vaccine that uses a non-
human intestine model. We look forward to advancing the
replicating version of a plasmid that contains the information
study with the support of NASA.
corresponding to the spike protein of the SARS-COV-2 virus. Upon injection into skin cells, this information is converted
How would you describe your approach to leadership?
into a protein that stimulates immune responses. KYS - Leadership entails the ability to gather and usher various This pDNA vaccine is a huge breakthrough as it resolves some
talents into a project with a clear objective. Successful
of the issues we have seen with the current mRNA vaccines.
entrepreneurs are able to do this by fostering teamwork, team
ZyCoV-D has shown good stability at the temperature of 25°C
efforts, and team spirit. Before seeking collaboration with
for at least three months. The thermostability of the vaccine
companies outside ours, it’s essential to maintain a harmony
will facilitate shipment and storage of the vaccine and reduce
amongst the members of Enzychem. This way, both internal
any cold chain breakdown challenges.
and external roles in the development of EC-18 can be interfaced and combined.
It is the world’s first DNA plasmid vaccine and at the same time the third vaccine granted emergency approval for use in
My belief is that the leader should not only provide far-sighted
children above the age of 12. The DNA-plasmid platform is
vision and goals, but also pay a great amount of attention to
robust and relatively easy to operate by applying the “Plug-
and-play” technology. The vaccine can rapidly (within days)
infrastructure and a set of comprehensive procedures for the
be redesigned and adapted to match vaccine-escape variants.
global new drug development.
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"LEADERSHIP ENTAILS THE ABILITY TO GATHER AND USHER VARIOUS TALENTS INTO A PROJECT WITH A CLEAR OBJECTIVE."
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You have been a biopharmaceutical leader and executive
Enzychem Lifesciences has many partnerships with
for over 30 years, what are some of the biggest changes in
outstanding academic and government institutions across
the industry you have seen during your career?
the globe. Talk to us about the importance of these partnerships.
KYS - I would say a greater focus on R&D innovation and cross border collaboration. The focus on the value of medications
KYS - These partnerships have helped to establish strong
has increased because the pharmaceutical companies carry
networks and resources that function as extended workforce
an ongoing effort to achieve greater effectiveness and
to support our studies. Furthermore, by participating in many
efficiency to meet the needs of patients in a way that is more
of government grants and support programs, we have been
meaningful. Therefore, the companies are more concerned
able to utilize the advice of outside experts and professionals
than ever about ensuring research and development hits the
and collaborate with world class laboratories and scientists.
intended target which re-emphasized the importance of R&D. Chances to work closely with top experts in each field around In addition, cross border collaboration and research has
the world and sharing ideas are very hard to come by. Not
become more active. As every company shares the ultimate
only receiving support on the professional side but also
goal of making the world a better place without illness, more
financial support such as government funding is crucial for
and more companies from different regions engage in
any pharmaceutical companies to expedite studies.
collaborative programs. This not only boost the productivity but also resolve existing medication
combination therapy, and ultimately increase the value of already commercialized medicines. What are the top challenges your industry is facing right now and what is needed to navigate them? KYS - The first collective challenge would be related to clinical trials. Due to the pandemic, every process of the clinical trials has slowed down which induced limited accessibility to clinical sites and increasing regulatory risk. There are still countless diseases for which there is no cure, and the cost of innovation and fast evolution are the second and last challenges. In general, the demand for innovation reached its highest in 2020 which created a huge financial impact across the entire industry. Therefore, a number of healthcare providers and pharmaceutical companies feel the financial strain of innovation well into 2021 and beyond. One distinguishing quality of the healthcare industry is that changes and innovations require a great amount of time unlike other industry areas. Therefore, to start tackling these challenges, more engagement and collaboration with many pharmaceutical
government agencies are needed. By working together for a mutual goal, I believe we could create a positive outcome. P AG E 0 5 8
"Just like any other years, we plan to have another productive year in 2022. Our main goals include the conclusion of strategic partnership with U.S., Europe and Japan based biopharma companies in developing EC-18 in CRIOM, followed by initiation of our global, multi-center Phase 3 trial and continued advancement of our clinical pipelines." "I would like to inspire a hope movement if I could bring the most amount of good to the greatest number of people. Hope is the most liberating gift that people could give one another."
What can we expect in the near future from Enzychem
You are a person of great influence. If you could inspire a
movement that would bring the most amount of good for the greatest number of people, what would that be?
KYS - Just like any other years, we plan to have another productive year in 2022.
KYS - I would like to inspire a hope movement if I could bring the most amount of good to the greatest number of people.
Our main goals include the conclusion of strategic
Hope is the most liberating gift that people could give one
partnership with U.S., Europe and Japan based biopharma
another. The light shines and exists because of the darkness. I
companies in developing EC-18 in CRIOM, followed by
hope that people suffering, whether that’s financials, illness,
initiation of our global, multi-center Phase 3 trial and
or even personal issues all get better as there is always hope
continued advancement of our clinical pipelines.
for improvements. Hope is a freeing gift that could help to change so many lives.
We will also explore more opportunities to advance EC-18 in ARS with academic institutions and government agencies
Enzychem Lifesciences (KOSDAQ: 183490) is a clinical-stage
such as NASA as a protective agent against space radiation for
biopharmaceutical company focused on developing oral small
molecule therapies for patients with unmet medical needs in oncology, metabolic and inflammatory diseases. EC-18 acts as
Lastly, we plan to manufacture 80 million or more doses of
the vaccine in Korea and commercialize the vaccine in a
inflammation and early return to homeostasis. Enzychem is
number of countries, including low-medium income countries
headquartered in South Korea, with an office in the United
in Latin America and Asia.
States. For more information, please visit enzychem.com
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NGIF CLEANTECH VENTURES – ONE YEAR LATER PIONEERING A NEW VENTURE CAPITAL MODEL THOUGHT LEADERSHIP FEATURE BY JOHN ADAMS (PRESIDENT & CEO NGIF CAPITAL AND MANAGING PARTNER NGIF CLEANTECH VENTURES)
I can’t believe it has been one year since
cleantech startup investments that
milestones we have completed as
we launched NGIF Cleantech Ventures.
would underpin Canada’s natural gas
we grow our organization into a
industry and its full value chain with
leading venture capital firm.
I recall communicating to our investors,
in what would be the first of regular
performance of one of Canada’s most
And all the while during these two
monthly communications, that we were
important energy sectors.
years of COVID, the NGIF team has
launching a first-of-kind strategically
kept focused on execution, fund
led venture fund that would be
performance and creating portfolio
reshaping the way venture investments
communications continue to the NGIF
results while staying connected to
were made. NGIF Cleantech Ventures
team, our investors and important
each other, to our investors and to
would break new ground, focusing on
stakeholders outlining the important
our startup founders.
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continues to be assembled with subject matter expertise that you would expect for a hybrid financing cleantech venture capital fund for the energy sector. They include
professionals who bring decades of experience in cleantech, investment banking, creating companies, legal transactions,
venture capital. We have a newly formed executive team that meets weekly where we discuss the issues at hand,
decisions on how we can best support our investors, our founder startups and the NGIF organization. NGIF Capital offers an integrated hybrid model
companies with solutions for the energy sector. We are unique in our approach of bringing Canada’s energy industry
The NGIF Team: Left to Right Jonathan Bryan (Technical Director NGIF Emissions Testing Centre); Rosalby Guerrero-Mesia Coordinator (Investment Process NGIF Capital); Ali M. Ali (Lead Contracts NGIF Industry Grants); Abdul Qadir (Director Corporate Finance and Accounting NGIF Capital); Michael Hebert Associate, NGIF Cleantech Ventures); John Adams (President & CEO NGIF Capital and Managing Partner NGIF Cleantech Ventures); Akhil Abat (VP, Technology Strategy and Delivery NGIF Capital); Saad Sarfraz (Manager Technology and Evaluation Industry Grants); Daniely Molero (Executive Assistant to the President and CEO NGIF Capital); Ashutosh Pohary (Manager Contract Lifecycle Management NGIF Industry Grants); and Isaac da Silva Aboo (Director of Legal Affairs NGIF Capital and Associate NGIF Cleantech Ventures).
leadership to every investment. We take startups and their ideas from concept to
help de-risk their cleantech solutions
with an initial close of $35MM in
commercialization and with our strong
through a field trial or pilot. We now
connections to every part of the gas
have 10 startups with completed
value chain, we can assist our startups
projects and their technologies at or
Since then, Cleantech Ventures has
to develop their technologies, validate
near gas market commercialization.
in live operations, and accelerate their
customer creation. We do this under our
Second, the division NGIF Emissions
subsequent closes, both of which
three divisions as noted below.
Testing Centre, a $35MM industry-led
emissions plug-and-play live industrial
First, the division NGIF Industry Grants
platform at a Tourmaline Oil and
is the former Natural Gas Innovation
Perpetual Energy jointly-owned gas
Fund that launched in 2016 by the
operations site with 20 startups testing
The Fund’s eight limited partners
Canadian Gas Association (CGA) and its
at the same time to validate their
represent Canada’s natural gas
member utilities. It is now managed
value chain: ARC Resources Ltd.,
under the new NGIF Capital Corporation
Birchcliff Energy Ltd., Canadian
formed last year as a subsidiary of CGA
Utilities Inc.- a division of ATCO,
Enterprises Inc. and is now called NGIF
Finally, after a year of fundraising in
FortisBC Energy Inc., TC Energy
Industry Grants. It is often referred to as
2020 – the third division - NGIF
Corporation, Tidewater Midstream
an accelerator that provides a non-
and Infrastructure Ltd., Tourmaline
dilutive industry grant to startups to
Ventures) officially launched in 2021
Oil Corp., and TriSummit Utilities.
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NGIF Capital offers an integrated hybrid model for financing cleantech companies with solutions for the energy sector. We are unique in our approach of bringing Canada’s energy industry leadership to every investment.
There is a lot of hype around climate
As noted by famed entrepreneur and
For such an early fund, I will note
tech, cleantech, ESG, clean energy and
climate advocate Bill Gates, "Half the
that Cleantech Ventures has already
whatever vernaculars are being used to
technology needed to get to net-zero
constructed an impressive portfolio
describe emissions reduction these
emissions either doesn't exist yet or is
days. Our Cleantech Ventures stands
too expensive for much of the world to
representing a cross section of key
out as a maverick fund that not only
source, but Canada as the lead supplier
This is where NGIF Cleantech Ventures
Right from the onset, Cleantech
of this energy source.
comes in. The team is hunting for in-
Ventures targeted the HVAC space
demand technologies such as carbon
Reducing carbon emissions is one of the
Euclidean Capital in New York-
primary concerns for every government,
hydrogen, renewable natural gas, and
based ThermoLift Inc. – a developer
corporation, and citizen around the
of a fuel-flexible natural gas and
globe. The demand for technologies to
quantification to contribute to Canada
hydrogen-enabled heat pump that
achieve these reductions is at an all-
and its most responsibly sourced and
can provide water heating, space
time high, and this demand is only
heating, and air conditioning – all
sees natural gas as a long-term energy
going to increase over time.
from a single unit. Cleantech Ventures knows how to de-
According to data collected by the
risk cleantech start-ups, help them get
Another investment targeted a
Government of Canada, the global clean
to market, and achieve commercial
technology market is expected to
scale. This is the core competency of
exceed $2.5 trillion by 2022. Renewable
Cleantech Ventures, and the hand-
utilization and storage (CCUS).
energy will play a vital role in the
picked team at the center of this
Cleantech Ventures partnered with
innovative fund are happy to invest in
Haliburton Labs to seed CCUS
future multi-billion-dollar companies in
developer Ionada Carbon Solutions
sectors that others have overlooked.
Limited to advance their cutting-
natural gas will be the cornerstone.
In addition to an impressive track
In its inaugural year, NGIF Cleantech
technologies. To address the need for
Ventures was the breakout fund to
cost competitive, high performance,
Cleantech Ventures was the lead
watch as it made an unprecedented
and environmentally friendly hydrogen
investor in Vancouver-based Kinitics
entry into the venture capital
fuel cells, Cleantech Ventures co-
Automation Ltd. Kinitics is a leading
ecosystem. The Fund closed seven
invested with Shell Ventures and
company in the development of motion
control products using shape memory
Vancouver-based Ionomr Innovations
alloy materials. Finally, to address the
Ventures among the most active
Inc to develop their revolutionary ion-
critical need for efficient wastewater
independent venture capital firms
exchange membrane technology.
disposal, Cleantech Ventures led the
in the country. In addition to
seed round for Calgary-based Galatea
leading two rounds of investment in
Technologies. Galatea is developing a
high growth cleantech startups, the
unique and disruptive approach
analyze and optimize a multitude of
Power Inc as part of a high-profile
Ventures caught the eye of some of
syndicate including Baker Hughes,
silicon valley’s top VC funds, and
Conoco Phillips, BDC Capital, and
processes for wastewater disposal.
invested in Vancouver-based Ekona
the CVC arms of the world’s most
developing a novel methane pyrolysis platform that delivers a clean, low-cost and scalable solution for industrial hydrogen production. The Fund continued to invest alongside a prominent syndicate of world-class investors with its next investment in Validere Technologies Inc. Validere is a leading
provider that is digitally transforming the world's largest supply chain to be more sustainable and efficient. Cleantech
Validere featured a who’s who of investors including Blackrock, Mercuria Energy, Wing VC, and Greylock Partners – not bad for the new kids on the block.
The Fund closed seven investments in seven months, which places NGIF Cleantech Ventures among the most active independent venture capital firms in the country.
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prolific energy companies, both of which were eager to co-invest alongside NGIF’s first-of-kind Cleantech Fund. What is next for Cleantech Ventures? One year into the NGIF Cleantech Ventures journey and there are no signs of this ground-breaking fund slowing down. I anticipate a final close of their inaugural Fund I in June of this year. With a healthy amount of dry powder remaining, Cleantech Ventures will continue to deploy capital into several more early-stage, high-growth startups that support emission reductions along the natural gas value chain. With so much early success in Fund I, and a pent-up demand from industry heavyweights operations,
Ventures team is already looking to the horizon to contemplate what a Fund II could look like. A geographic expansion is likely with new partners in the United States and possibly Europe, while an expanded scope for Fund II is also likely but the specific thesis is still under development. No matter what shape Fund II takes on, NGIF Capital will bring the same dedicated focus and drive to the organization’s projects as it has for the past six years, ensuring innovation continues to advance the natural gas industry well into the future. John Adams can be reached at firstname.lastname@example.org For more information about NGIF Capital, please visit ngif.ca
One year into the NGIF Cleantech Ventures journey and there are no signs of this groundbreaking fund slowing down. I anticipate a final close of their inaugural Fund I in June of this year. With a healthy amount of dry powder remaining, Cleantech Ventures will continue to deploy capital into several more early-stage, high-growth startups that support emission reductions along the natural gas value chain.
NGIF Cleantech Ventures is a $55 million industry-led venture capital fund that makes equity investments in cutting-edge clean technology startups. These ventures have solutions that lead to emissions reduction and other environmental benefits for the natural gas sector including the production of low-cost renewable natural gas and hydrogen.
EMISSIONS TESTING CENTRE
NGIF Capital Corporation operates NGIF Industry Grants (the original Natural Gas Innovation Fund), NGIF Emissions Testing Centre, and NGIF Cleantech Ventures. NGIF Capital Corporation is a subsidiary of CGA Enterprises, an organization created by the Canadian Gas Association.
- PAT GELSINGER, CEO OF INTEL INTEL'S ROLE IN THE “GOLDEN AGE OF SEMICONDUCTORS”
Intel will continue its leading role in the “Golden Age of
The world runs on semiconductors.
Semiconductors” and in creating a global interconnected
More than a decade after Marc Andreessen declared that
“software is eating the world,” we have entered an era where
We are entering a new golden age of semiconductors as
the confluence of software and hardware guides the path of
insatiable demand for compute power grows.
how humanity operates. The entire world is becoming digital,
Intel is among the few companies able to provide
as technology is increasingly central to every aspect of human
leading-edge silicon, where demand is strongest.
The world's reliance on semiconductors requires a more
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geographically balanced and resilient supply chain,
The rapid evolution of cloud, data networks and smartphones
which Intel is working hard to help correct.
transformed industries and societies around the globe.
Open ecosystems unleash innovation, democratize
Foundational to all these evolutions is semiconductor
computing and, ultimately, win over closed, proprietary
technology — developed and deployed cost-effectively at a
The pandemic lit a fire under this digital transformation.
Ubiquitous computing allows humans to interact with the
Timelines and plans of record were obliterated; necessity
ever-changing faces of technology everywhere.
compelled digital product innovation. Semiconductors
Cloud-to-edge infrastructure provides a scalable solution
powered society’s ability to work remotely, stay connected
to process the plethora of data while addressing
with friends and family, offer virtual schooling, and provide
applications’ demands for lower latency and higher
enhanced healthcare. They enabled fast-tracking of scientific
research, including the intricate and molecular mapping of
the novel SARS COVID-19 virus.
communicate with everyone and everything.
AI brings intelligence to it all and will continue to infuse Critical
manufacturing, medicine, transportation and defense are
all forms of computing through standards-based, developer-friendly scalable tools and technologies.
being transformed by the power of semiconductors, which continue to advance at a torrid pace. All this has led to
Since our founding, Intel has thrived on the relentless pursuit
unprecedented demand for chips, made more acute by the
of semiconductor invention and innovation as described by
disruption in our global supply chain.
Moore’s Law. It has provided the technological backbone behind the greatest period of human innovation and wealth
We Stand at the Precipice of a Digital Renaissance
creation in history — and we are still right in the thick of it.
It’s clear that semiconductors are the backbone of the global economy, essential to maintaining our lives in the “new
These “superpowers” exponentially increase the world’s need
normal.” What does this mean for the semiconductor
for computing at an inverse ratio of size to power. That’s
Moore’s Law in a nutshell.
The market for this technology that is now powering almost
The demand is for lower latency, higher density, more power-
every industry’s transformation surpassed $500 billion for the
efficient and zetta-scale solutions. This will require significant
first time in 2021, according to Gartner. It’s predicted to
R&D investment in new transistor designs, extreme ultraviolet
double to $1 trillion by the end of this decade as the insatiable
demand for compute power grows. We believe that revenue
manufacturing for the Angstrom Era of semiconductors. As
at the leading edge — for the most advanced silicon process
stewards of Moore’s Law, we expect to bend the curve at a
nodes, where I see the greatest need — will grow much faster.
In fact, I see trailing nodes grow at one-fifth the rate of the growth of leading nodes. Ahead of us is a once-in-a-generation opportunity — both for Intel and the semiconductor industry — to fuel the transformation as every company becomes a technology company. In a landscape of tremendous change, I am confident that Intel can be the world’s leading semiconductor company and set a course for a new era of innovation and technological leadership. Ushering in the Era of Super Moore’s Law Advanced semiconductors are enabling new levels of human achievement thanks to what I call the “technology superpowers,” which in turn are triggering an explosion in demand for semiconductors.
"Since our founding, Intel has thrived on the relentless pursuit of semiconductor invention and innovation as described by Moore’s Law. It has provided the technological backbone behind the greatest period of human innovation and wealth creation in history — and we are still right in the thick of it."
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I am proud of the progress the Intel team is making in delivering next-generation silicon technologies. We have an abundance of inventions and solutions in materials, transistor structures and circuit topologies to allow us to continue to deliver on the performance, power and cost imperatives for generations of semiconductor advancement at scale. On top of that, advanced packaging technologies like Intel’s EMIB and Foveros usher in a new era in chipmaking, expanding from what you can design on a single chip to what you can mix and match together in flexible system-in-packages. A Select Few Drive the Leading Edge — Including Intel The imperatives for entire industries to move from lagging to leading nodes remain in place. Look at the automotive industry, for instance, which is currently undergoing a profound and visible transformation.
Capacity is ‘Make or Break’ The unprecedented industrywide chip shortage highlights the
As vehicles become smarter, more efficient, and safer than
need for more semiconductor manufacturing capacity and a
ever — enabled by silicon — the industry must move away
more diversified, secure and geographically balanced supply
from its extreme dependence on lagging nodes, to more
chain. When our industry can deliver at a global scale, we
modern technology where supply chain issues can be
reduce the risk of additional silicon supply chain failures and
addressed through capacity expansions.
increase the resiliency of our global tech infrastructure.
By the end of the decade, we expect semiconductor content
Even as our industry works relentlessly to ensure sufficient
in premium vehicles to increase five-fold, with automotive
semiconductor wafer capacity to meet projected demand, we
silicon revenue nearly doubling to $115 billion. We see similar
anticipate supply tightness to remain at least through 2023
dynamics in healthcare, retail, banking, travel and others —
with greater near-term intensity for older technology nodes
where the forces of digitization are driving radical change and
and fab equipment. The situation will improve as more fabs
begin to come online from Intel and others in the industry in the second half of this decade, fulfilling the expected doubling
Applications used throughout all industries — such as
of demand and the need to migrate to more modern nodes.
graphics and gaming, networking and data processing — will need increased performance, better efficiency and lower
But it’s not just wafers that are constrained. The digital
power. These improvements require innovation that only
renaissance has placed tremendous strain on supply chains
exists at the leading edge. A future where we can provide a
around the world, whether it’s Wi-Fi modules, substrates,
petaflop of compute power and a petabyte of data within a
panels or other critical components. The entire supply
millisecond of every human on the planet is within reach.
ecosystem needs to step up to ensure no individual bottlenecks limit growth for the industry. That’s why we are
As we enter the second half of the decade, the number of
driving a collaborative approach up and down our supply
advanced lithography wafers produced every year is expected
chain, not just with our suppliers but also with their suppliers
to double and continue to grow. As we exit the decade, over
— and with our customers.
40% of semiconductor revenue will come from these leading nodes. Very few companies will be able to make the leap to
As we look to the future, our investments in leading-edge
EUV lithography and deliver on successive leading nodes.
capacity in the U.S. and Europe as part of our IDM 2.0 strategy
Intel is one of them.
are aimed squarely at the next wave of innovations enabled
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"Only together can we ensure technology, which is inherently neutral, is ultimately used as a force for good. Intel is redoubling on our deep legacy in open platforms, with the specific intention of enabling innovation and accelerating our shared future."
by the four superpowers. Recently we announced the
fuel their next-generation innovations. We are resolute in our
investment of more than $20 billion in the construction of two
commitment to continue to provide the technology
new leading-edge chip factories in Ohio, the new Silicon
foundation needed to advance this digital renaissance. We
Heartland of the U.S. The investment opens an entire region
push forward at a torrid pace with our purpose at the heart of
to help boost production to meet the surging demand for
everything we do — creating world-changing technology that
advanced semiconductors, powering a new generation of
improves the life of every person on the planet.
innovative products from Intel. This will help build a more resilient supply chain and ensure reliable access to advanced
Patrick (Pat) Gelsinger is chief executive officer of Intel
semiconductors for years to come.
Corporation and serves on its board of directors. On Feb. 15, 2021, Gelsinger returned to Intel, the company where he had
Only Together Can We Usher in a New Era of Innovation
spent the first 30 years of his career. Before rejoining Intel,
It has been a little over half a century since semiconductors
Gelsinger was CEO of VMware. In that role, he transformed
began shipping commercially. Today, they are the foundation
for most of the world’s innovation and the market for the
infrastructure, enterprise mobility and cyber security – almost
technology is expected to grow to $650 billion this year. Yet,
tripling the company’s annual revenues.
we are only at the beginning of what we believe will be a “Golden Age of Semiconductors.”
Gelsinger was also ranked the best CEO in America in 2019, according to an annual survey by Glassdoor. Prior to joining
Just as was true at its inception, Intel will continue to play a
VMware in 2012, Gelsinger was president and chief operating
leading role in this next epoch of semiconductors and in
officer of EMC’s Information Infrastructure Products business,
creating a global interconnected industry. We will do that, as
overseeing engineering and operations for information
we have pledged, through an open ecosystem, which I believe
storage, data computing, backup and recovery, RSA security
unleashes power bigger than any one entity. Only together
and enterprise solutions.
can we ensure technology, which is inherently neutral, is ultimately used as a force for good. Intel is redoubling on our
Gelsinger and his wife have been married for over 30 years;
deep legacy in open platforms, with the specific intention of
they have four children and eight grandchildren. He is also a
enabling innovation and accelerating our shared future. We
published author and speaks frequently on faith, work and
have the depth and breadth of intelligent silicon, platform,
software, architecture, design, manufacturing and scale that our customers need to capitalize on these opportunities and
For more information about Intel, please visit: intel.com
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WORLD BIZ AWARDS
GLOBAL TOP 100 INNOVATION CEOS
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BEN MINICUCCI, PRESIDENT & CEO ALASKA AIRLINES Ben Minicucci serves as chief executive officer of Alaska Air Group, the parent company of Alaska Airlines and Horizon Air. The combined airlines carry over 45 million guests a year on 1,300 daily flights to 115 destinations throughout the United States and to Canada, Mexico and Costa Rica. Under the leadership of Ben and his team, Alaska is focused
the turn timeline which dramatically increased Alaska’s on-
on low fares, profitable growth of the route network, and
time performance and reliability.
creating an airline people love. Ben joined Alaska in 2004 as staff vice president of During Ben’s 17-year career with Alaska, he has contributed
in various roles of increasing responsibility, becoming CEO on March 31, 2021. In 2016, he was promoted to president of
Before joining Alaska, Ben spent seven years serving in a
Alaska Airlines, and was also named CEO of Virgin America
variety of roles at Air Canada’s technical operations and,
upon Alaska’s acquisition of the airline in December 2016
ultimately, vice president of heavy maintenance. He served in
until the airlines merged under a single operating certificate
the Canadian Armed Forces for 14 years prior to joining the
in January 2018. He oversaw the integration of Alaska and
private aviation sector.
Virgin America’s operations, processes and work groups. As president of Alaska, Ben was responsible for both operations
Ben holds a bachelor’s and master’s degree in mechanical
and commercial functions. He led the execution of the
engineering from the Royal Military College of Canada. He’s
company’s strategic plan including a focus on Alaska’s
currently on the board of directors for Alaska Air Group,
network, flight schedule, sales, revenue management, safety
Washington Roundtable, and the University of Washington
and operations, marketing and real estate.
Michael G. Foster School of Business Center for Leadership & Strategic Thinking.
In 2009, he was promoted to executive vice president and chief operating officer. During this time, he directed the implementation of a customer service-guiding framework, which empowers employees to deliver personal and kindhearted experiences to guests, recognizing their unique circumstances instead of being bound by rigid company policies. In 2007, Ben was named vice president of Seattle operations.
“At Alaska, I know I’ve got everyone counting on me to make sure we guide this airline through whatever is ahead. I have the responsibility, along with 23,000 people, to build on the fantastic legacy of this company.”
He implemented an operational management process called
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"I want people to smile at the thought of Alaska Airlines and say, “Alaska’s a great company.” Not just because we’re a great airline, but also for what we stand for. Whether it’s racial equity, the environment, how we treat our people or how we treat our customers and run the business—it’s all done with the utmost integrity and through our values."
What is unique about Alaska that you will protect and
We also have an alliance with American Airlines, the West
grow as CEO?
Coast International Alliance, where our customers can access American’s international and domestic network across the
BM - Our company has always had strong values around
country. All of this is huge in terms of accessibility and
safety and around people. When we merged with Virgin
benefits, priority bags and priority boarding, so it’s a really
America, we rewrote our values to really reflect who we are:
exciting springboard for growth.
“Own safety. Be kind-hearted. Do the right thing. Deliver performance. Be remarkable.” and our purpose: “Creating an
What do you want people to think of when they hear
airline people love.” It was a fun exercise to lead but it was
also challenging to get a bunch of people aligned on what was at the root of our success. We aligned on these five values,
BM - I want people to smile at the thought of Alaska Airlines
which encompass everything to me that characterizes our
and say, “Alaska’s a great company.” Not just because we’re a
great airline, but also for what we stand for. Whether it’s racial equity, the environment, how we treat our people or how we
How is Alaska’s alliance with oneworld a game-changer for
treat our customers and run the business—it’s all done with
the utmost integrity and through our values.
BM - I can’t tell you how excited I am about oneworld. One of
And when I say I want Alaska to be on the national map, it
my aspirations is to get Alaska on the national map – to be
means I want people to say, “I wish they flew everywhere. I
viewed not simply as a regional airline. What oneworld does is
want them to fly everywhere so I can fly them all the time.”
open the world to our airline and customers. I’ll use Seattle as an example: We have a massive domestic network in Seattle. And when you add our oneworld partners, we’ll add at least
About Alaska Airlines
seven international destinations out of Seattle.
Alaska Airlines and our regional partners serve more than 120 destinations across the United States, Belize, Canada, Costa
For loyal customers of Alaska, they can accrue miles on Alaska
Rica and Mexico. From the beginning, we’ve known what
and redeem them on British Airways, Qantas, Japan Airlines,
matters most: keeping our guests and each other safe, doing
Cathay Pacific, Qatar Airways, among others. The ability to
what’s right, creating meaningful connections and daring to
redeem and accrue miles, and access the 650 worldwide
care when others haven’t. We always want your trip to be the
lounges in the alliance, wherever an Alaska customer is, make
good kind of memorable—from planning to landing, and
their Mileage Plan benefits go so much further.
everything in between. That means providing low fares, award
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-winning customer service and offering more nonstop flights from the West Coast than any other airline, while also making it easy to join the most generous loyalty program in the skies. It means keeping our earth healthy through sustainable practices and employing the kind of people who go the extra mile for every single guest. Every single day. Care is reflected in everything we do, and we hope you see it for yourself. Alaska is a member of the oneworld global alliance. With the alliance and our additional airline partners, guests can travel to more than 1,000 destinations on more than 20 airlines while earning and redeeming miles on flights
Reducing our environmental impact to protect the beautiful places in which we live, and fly, is part of our DNA. We were the first airline to compost and remove single-use plastic straws and citrus picks from planes and our lounges and have been champions of sustainable aviation biofuels since 2011. With roots tracing back to 1932, we were founded when Linious “Mac” McGee of McGee Airways started flying his three-seat Stinson between Anchorage and Bristol Bay, Alaska. A merger with Star Air Service in 1934 created the largest airline in Alaska, which eventually became Alaska Airlines. In 2016, we brought together two of the country’s favorite airlines into a united force with the acquisition Virgin America (NASDAQ: VA). The combination expanded our service and added more frequent connections to international airline partners in thriving technology markets in the Bay Area, Los Angeles and Seattle. Alaska Airlines and Horizon Air are subsidiaries of Alaska Air Group (NYSE: ALK). Find out more: alaskaair.com
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PONY MA, CEO OF TENCENT HOLDINGS CONSUMER, BUSINESS AND SOCIETY THE CBS TRINITY
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Article by Pony Ma, Co-Founder,
The Three Values - what makes a good
methods that can be explored and
Chairman of the Board and CEO of
the more innovations and creations
that can occur. Close observation of First, it must have its applications,
everyday life allows us to discover
When the internet was first introduced
because a product creates value only
more and gain inspiration from
to the public almost 30 years ago,
when it is used. Basic science continues
programming was a very cool thing to
to advance beyond the limits of human
functions and drive the product’s
be a part of. While programmers rivaled
cognition and empowers us with
evolution. In the few decades after
each other to determine who could
Fidonet, we witnessed the rapid
write the “prettiest” code, I was more
capabilities, being constantly improved
development of the internet and
concerned with designing code that
and accumulated, need to be applied in
have been lucky to play a part in its
would be useful to as many people as
real-world scenarios to actually make
evolution. The products Tencent
our work and life better. Fidonet
has created, like QQ and Weixin
connected people around the globe and
In 1995, I set up the Shenzhen base of
allowed information exchange and
Fidonet and opened the gate to a new
relationship-building to happen. This
world simply with a modem and a
new application scenario brought the
telephone line. Fidonet, which was
computer to life for most users.
parties have been involved in the
established in 1984, was my first
exciting creative process, which is
encounter with the internet, and
Second, new values are created through
formed the basis for my understanding
the network, which takes shape and
of all internet products, including
evolves when there are enough product
We identified the third value –
bulletin board systems or BBSs. At the
users. This is like good literary work,
crossover – when developing QQ
time, BBS sites were established by
which is often interpreted differently by
and Weixin. Many innovations in the
computer enthusiasts out of passion
readers beyond the author's original
tech industry are a result of
and spontaneity. But over time and
intention. The same is true of an
crossover applications. When the
driven by user demand, BBS platforms
internet product. Often creators don’t
technical capabilities of humans
realize how people are going to use
functions. That inspired me as an
their programs until they see them in
crossovers will give rise to new
example of the evolution of a good
action. The greater the number of users,
application scenarios. For example,
the more application scenarios and
QQ is a crossover application of the
"While programmers rivaled each other to determine who could write the “prettiest” code, I was more concerned with designing code that would be useful to as many people as possible." "The greater the number of users, the more application scenarios and methods that can be explored and the more innovations and creations that can occur. Close observation of everyday life allows us to discover more and gain inspiration from which we can develop new functions and drive the product’s evolution." P A G E 0 75
"From the perspective of solving the pain points in society, we can find inspiring application scenarios with both new and existing technologies. Unlike the past when innovation was based on products, in the future we need to broaden our view with a global perspective to find systematic solutions."
instant messaging tool to the internet
of people have been piling up with
solutions in the fight against the
domain, and the nature of Weixin is in
complex underlying causes, and to find
COVID-19 pandemic and in disaster
fact a mailbox, meaning it is the fusion
their solutions is an arduous task.
relief after rains deluged Henan
of the mailbox and the mobile internet.
Province. During this process, we We need to have a global perspective
have discovered more possibilities
and find the right direction to make
efforts on the basis of a profound
example is Tencent Doc, which
understanding of the pain points in our
played a remarkable role in the
In front of us is a blue sea of crossover
society. For example, in our project for
Henan downpours. As a life-saving
innovation opportunities driven by
rural development, a mobile internet
documentation tool, it enabled
technology. In the third decade of the
toolkit drawing on the connectivity of
large-scale online collaboration as
21st century, two changes are taking
Weixin was created to help rural
place at the same time: One is the rapid
development of technical capabilities
customize Weixin public accounts for
information synchronization. Our
thanks to scientific and technological
technical team also tapped into
progress, including the cloud, artificial
digitalization of rural areas.
Business and Society
new application scenarios for the
future when addressing demands
biotechnology, new energy and more.
Since the proposal of the “Industrial
The second is changes in demand as a
Internet” strategy, Tencent has become
result of social, economic, cultural and
involved in a lot of industries and their
To help users hear more clearly, our
impact on society. This is especially the
case as we developed public emergency
Meeting, or VooV Meeting for global
Currently, we see more and more
products and services during the
users, with a new-generation real-
industries being digitalized and made
pandemic. We felt commercialization
time audio technology, Tencent
smarter. The digital world is embraced
was never a one-size-fits-all approach
Ethereal AI technology. Recently,
by all people including the old, the
to addressing many of the public
this noise reduction technology was
young and people with disabilities. The
demands, especially in education and
used in the artificial cochlea to
change in the main service object of the
healthcare. This year, we set up the
internet transitioned from consumer to
Sustainable Social Values Organization
comprehension by 40 percent. The
business, and now to society. This
with a new lab cluster focused on social
Tencent Ethereal Audio Lab also
evolution is indicative of a new stage in
issues, including elderly care, education
developed an app called MED-
which the demands of society are
innovation, technology and ecology,
Tencent Hearing in conjunction
significantly different from those in the
revitalization. We have also seen our
manufacturer. When used while
team's abilities to act and create great
watching television, the rate of
different industries and different groups
and problems in our society.
sound recognition can be improved by
department with RMB 100 billion
investment, because it is where our responsibility lies, and where the road
At the beginning of 2020, we developed
to future innovation leads.
a new COVID-19 image diagnosis model with Zhongnan Hospital Affiliated with
Wuhan University, which allowed more than
In our industry, immersion and focus
pulmonary CT diagnoses in just two
months. This diagnostic tool was even
breakthroughs. Presented with a variety
of demands, we need to identify those
screening. New technology demands
that are the most crucial, as well as
have accelerated the application of AI in
those that show the most promise in
the field of medical treatment. We also
the real world. The ability to recognize
found inspiration from the rescue in the
opportunity can only be established
Henan deluge earlier this year. We are
when we engage ourselves in the
looking at the possibility of developing
process of serving users. We will
a national first aid network that can
prioritize solving the users’ biggest pain
incorporate all first responders and
point because that could become the
other rescue forces from society. We
best opportunity to innovate. As a best
have the capability to build such a
practice, concentrate on something
that is worthy of being solved with the
resources at your fingertips. Today, there are unmet demands from rural
Tencent is pragmatic. For many years
revitalization, adaptation for the aging
we have insisted on doing the right
thing and solving what needs to be
more. From the perspective of solving
solved. Given the CBS trinity and the
the pain points in society, we can find
blue sea of crossover innovation, the
inspiring application scenarios with
both new and existing technologies.
Unlike the past when innovation was based on products, in the future we
Since the COVID-19 pandemic, the
need to broaden our view with a global
aggravated social problems such as the
wealth gap. The economy has suffered great pressure and the aging population
In the last two decades, the total
number of internet users in China has
advancements in healthcare. Faced
reached 1.01 billion, and the network
with tremendous changes, the internet
penetration rate is now 71.6 percent.
industry is rethinking the future. But my
We make this proposal of sustainable
faith in the power of technological
social value innovation as a company-
level strategy and set up a specific
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"We felt commercialization was never a onesize-fits-all approach to addressing many of the public demands, especially in education and healthcare... In the past 23 years, Tencent has been successful thanks in part to our goal of placing user value before anything else. We have flourished as we continue to serve our customers and society."
The internet has helped bridge the gap
innovative products and services to
between people since its birth, and
improve the quality of life of people
innovation has been the key driver for
around the world. Founded in 1998 with
its headquarters in Shenzhen, China, Tencent's guiding principle is to use
In the past 23 years, Tencent has been
technology for good. Our suite of
successful thanks in part to our goal of
communication and social services
placing user value before anything else.
connect more than one billion people
We have flourished as we continue to
around the world, helping them to keep
serve our customers and society. The
in touch with friends and family, access
current industry restructuring allows us
transportation, pay for daily necessities,
to address the problems that we have
and even be entertained.
neglected due to rapid development in the past, and rethink the role that a
Tencent also publishes some of the
company should undertake in society.
world's most popular video games and other
As we contemplate the question of how
to better use and unleash our existing
experiences for people around the
capabilities, how to apply them to more
globe. Tencent also offers a range of
scenarios needed by people, and ways
services such as cloud computing,
to create value for society, we are
excited knowing the right application
enterprise services to support our
scenarios for our capabilities can be an
endless journey, but also a delightful
business growth. Tencent has been
process of innovation and creativity.
listed on the Stock Exchange of Hong
Kong since 2004. Tencent is a world-leading internet and technology company that develops P AG E 0 78
PORSCHE DESIGN IN THE WORLD BIZ MAGAZINE LUXURY GUIDE DISCOVER MORE www.worldbizmag.com
LEADERSHIP SPOTLIGHT - PRESIDENT & CEO OF FIRSTBANK
WORLD BIZ AWARDS
GLOBAL TOP 100 INNOVATION CEOS
Aurelio Alemán, President and CEO
obtained a bachelor’s degree in
of FirstBank has been selected by
the Judges of World Biz Magazine's Annual Awards to be a recipient of
His career has spanned 40 years in the
the Top 100 CEOs in Innovation
Award 2022. This selection follows a
positions in management, business,
stringent process that evaluated
credit, operations, and technology
over 40,000 nominees to select the
areas in institutions such as FirstBank
exclusive list of 100 winners.
where he started his career, and also
at Citibank and Chase Manhattan Aurelio Alemán graduated from the
Bank. He rejoined FirstBank in 1998 as
University of Puerto Rico, where he
Executive Vice President in charge of
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FirstBank has approximately 700,000 customers and 3,100 employees, offering full retail and commercial banking services in Puerto Rico, Florida, and the Virgin Islands.
FirstBank fulfills a critical role in Puerto Rico with over
"Our brand essence is about partnering with our customers throughout their lives to achieve their dreams and goals together and treating our customers as if they were the owners of the Bank."
700,000 customers across the Island (also in Florida and the Virgin Islands). Share with us some of the characteristics of your customer base and how FirstBank meets their diverse needs? AA - While close to 90% of its customers are primarily concentrated in Puerto Rico, FirstBank has ensured strategic presence across all three regions. Ensuring a well-balanced geographic market alignment is vital and continuously assessed to the latest market geographic information, as the
the consumer lending business. In October 2005 he was
2020 Census information confirmed. Overall, the organization
named COO and in 2009, he was appointed CEO.
ensures meeting the diverse needs of its customer base through various initiatives:
During the last 13 years as CEO, his team’s most significant accomplishments include the Corporation’s turnaround
1. FirstBank focuses on serving all types of customers from
strategy including a $520 million recapitalization in 2011.
any socio-economic level and ensuring market alignment,
Also, its return to profitability in 2012, ahead of market
benchmarked against Census assessments.
expectations, accompanied by strengthening of the franchise
Close to 80% of FirstBank customers come from the
in terms of product offerings, talent depth, and employee
engagement. In 2015, the Corporation participated in a novel
approximately 15% come from middle and upper middle
transaction partnering with a competitor to acquire Doral
Bank in an FDIC assisted transaction. Thus, expanding the institution’s footprint and growth potential. Later in 2020, it
2. Understanding specific financial needs from both Retail and
acquired Banco Santander Puerto Rico, consolidating
Commercial customers, FirstBank offers a wide variety of
FirstBank’s position as the second-largest financial institution
products and services tailored to guarantee efficiency and
on the island.
customer satisfaction throughout any life stage. With the objective of becoming the customer’s one-stop-
Giving back to the community has also been an important
shop, FirstBank continuously focuses on improving
component of Aurelio Alemán’s career. He has served on the
customer service by maximizing cross-sell opportunities
board of Directors of various community organizations,
with more than 12 products-services offerings.
including leading a non-for-profit organization that supported
Some of these are: transactional deposit accounts, time or
the recovery of Puerto Rico after the passing of Hurricanes
term deposit accounts, credit cards, lines of credit, auto
Irma and Maria. He has served for two terms, from 2011-2013
loans, personal loans, mortgages, commercial loans, SBA
and 2019-2021, as President of the Puerto Rico Bankers
services, insurance services, digital solutions for both
retail and commercial customers, among others.
Your distinguished career in the finance sector spans 40
3. FirstBank continues to strengthen its product offerings to
years. What are some of the key reasons behind your
mature professionals (generation-X & baby boomers) as they
success and longevity?
compose approximately 60% while enhancing its product and services offering to target young professionals, specifically
AA - The three biggest reasons would be:
with increased focus and investment in digital channels.
• A strong focus on execution, accountability and treating everyone respectfully.
How does FirstBank stand out in the market?
• Always taking care of my team. • Working hard but also having fun while doing so.
AA - At FirstBank, we are obsessively focused on providing an P A G E 0 81
outstanding customer service and experience throughout all our channels. To achieve this, we have established dedicated teams that work on enhancing all customer touchpoints as well
customer experience is the key differentiation from our competition. Our brand essence is about partnering with our customers throughout their lives to achieve their dreams and goals together and treating our customers as if they were the owners of the Bank. This is achieved through on-going trainings and development activities for front facing and back-office personnel. This is supported by the recently formally established Customer Experience Strategy area which leads efforts to promote this service and customer experience focused culture, conducts internal and external surveys analyzing customer journeys to identify pain points and eliminate them. Share with us some of FirstBank's key successes over the last 12 months. AA - FirstBank achieved strong financial results in 2021, with a net income of $281 million compared to $102.3 million the prior year. Notwithstanding the continuous impact of the devastating COVID-19 pandemic our management team showed exceptional performance and leadership in managing the Corporation in the face of the pandemic while running the operations. Core results for the year reflect transformational progress on multiple fronts. In 2021, we completed the timely integration of the Banco Santander Puerto Rico acquired operations, executing all the operational efficiencies planned as part of the transaction and achieving the established financial targets. The transaction allowed us to expand our footprint while strengthening our leadership position in the Puerto
"At FirstBank, we are obsessively focused on providing an outstanding customer service and experience throughout all our channels. To achieve this, we have established dedicated teams that work on enhancing all customer touchpoints as well as developing new functionalities and service capabilities. Providing an omnichannel best-in-class customer experience is the key differentiation from our competition."
Rico market. Other significant accomplishments during the year include the significant progress we’ve had regarding digital adoption supported by the onset of the pandemic, maximizing the significant investments during recent years in terms of digital offerings. The adoption of digital channels continues to grow significantly, with digital engagement improving across all P AG E 0 8 2
"Our efforts on the digital front are a continuous never-ending proposition to ensure addressing evolving customer needs and provide an outstanding customer experience."
businesses. Finally, in 2021, we were able to deliver on our
As part of our plans underway we plan to invest in our
commitment to increasing shareholder value by returning
corporate portal capabilities to enhance our digital sales
approximately 112% of our 2021 earnings through stock
capabilities including on-line deposit account opening and
buybacks and common dividend payments.
streamlined consumer products originations. Our efforts on the digital front are a continuous never-ending proposition to
Talk to us about innovation at FirstBank.
ensure addressing evolving customer needs and provide an outstanding customer experience.
AA - One of FirstBank’s key strategic priorities has been executing on initiatives that support innovation to provide an
The global finance sector has undergone a seismic shift
outstanding customer experience. This is an important
due to Fintech, how is FirstBank ensuring it stays at the
component to differentiate ourselves from the competition
cutting edge of the sector?
and continue to grow in the markets we serve. AA - The financial services industry is undergoing major In recent years, we have strived to put in place a suite of
changes driven by disruptive fintech companies that are not
products and services that enable our clients to interact with
only nimble and armed with enhanced technological
FirstBank through innovative self-service digital solutions and
capabilities but that are also enabled by groups of investors
that have been promoting their expansion in recent years.
proposition includes the ability to process consumer and
Therefore, it is of the utmost importance for us to remain
payments/transfers digitally through our self-service digital
technology, and not be complacent.
channels while providing an expanded branch network with state-of-the-art technology that provides a “high-touch”
FirstBank is constantly evaluating emerging fintech trends
experience for those customers that prefer conducting
and accounting for them in its IT-related strategic
business in physical facilities.
assessments. As a result, we have redirected some of our IT spend towards partnering up with certain fintech companies
In 2021, we were able to provide in record time digital
that complement our omnichannel value proposition and
capabilities to provide the Payment Protection Program and
allow us to better compete in an increasingly digital financial
aid our commercial customers. Moreover during the year we
ecosystem. For example, this year we established a
also deployed a digital solution at our auto dealer clients
partnership with a fintech company that provides us with a
providing them with the only end-to-end digital contract
tool to fully digitalize our small business origination process
management system in Puerto Rico, improving both the
from end-to-end and provide our clients with a seamless
customer and dealer’s experience in the high growth and
highly competitive auto lending business. We’re also partnering with a FinTech firm which will allow us to process
We expect to continue focusing on increasing our IT spend
commercial loan originations and improve our small/medium
towards these types of partnerships in order to remain
and SBA commercial segment penetration.
competitive in the markets we serve.
"The financial services industry is undergoing major changes driven by disruptive fintech companies that are not only nimble and armed with enhanced technological capabilities but that are also enabled by groups of investors that have been promoting their expansion in recent years."
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FirstBank successfully acquired and integrated the
relief alternatives for customers, including: Auto and Personal
operations of Banco Santander Puerto Rico. How has this
Loans (90 days automatic payment extension; Credit Cards -
acquisition strengthened FirstBank?
$0 minimum payment for three billings; Mortgage and Commercial Loans – tailored made solutions for each
AA - During 2020, FirstBank acquired Banco Santander Puerto
individual case with merit.
Rico with $5.5 billion in assets consolidating its leadership position as the second largest financial institution in the
In addition, FirstBank and I personally worked together with
Island. Providing the second largest branch network in Puerto
various CEOs in supporting the wider community efforts and
Rico with greater geographical presence in the regions of San
distributed approximately $50MM in donations as part of
Juan, San Juan – Sub Metro, West, and South of the Island.
larger relief efforts on the island.
The acquisition expanded the organization to serve more than 700,000 customers in Puerto Rico, the Virgin Islands and
What are your thoughts on crypto currency; its future, and
Florida. It also provided greater capacity of resources,
how industry stalwarts like FirstBank can best position
experience, and human talent for future growth in both the
themselves to ensure they are key players in the industry?
retail and commercial segment. Increased capacity for the development of innovative products, services, and solutions
AA - Crypto currencies are here to stay and will be a
to serve our individual and commercial customers.
meaningful part of commerce and monetary activity in the future. What is yet to be determined is the extent to which
Puerto Rico has had to overcome the devastation of the
crypto currencies will permeate through financial transactions
dual hurricanes Irma and Maria. Share with us some of the
and commerce, and the time it will take for them to become
aspects you are proudest of regarding the resilience of
ubiquitous and enjoy mass adoption.
your customers, the Island’s recovery, and FirstBank’s role in supporting both.
An important variable that will influence the extent and timing of crypto will be the regulatory and legal framework that
AA - I am constantly inspired by my team of more than 3,000
develops around them in the coming years. To the extent that
employees and our customers, that have endured so many
governments take a more conservative and anti-crypto
challenges during the past years and continue being resilient,
stance, such as is the case in China, the progress will be
adaptable, strong, battling their way through. Also, one of my
slowed and the magnitude of crypto will curtailed, however
biggest inspirations is to contribute to the community, to
governments will likely not be able to completely eliminate
support Puerto Rico’s recovery the Bank established the One
their use and adoption. On the other hand, to the extent that
for All - First Relief Program which included various financial
governments take a more proactive approach in providing a
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regulatory and legal framework for the adoption and use of
"I am constantly inspired by my team of more than 3,000 employees and our customers, that have endured so many challenges during the past years and continue being resilient, adaptable, strong, battling their way through."
Cryptocurrencies, we will see a meaningful adoption by individuals and corporations. Additionally, the adoption by businesses will be another important variable in vetting the legitimacy of crypto currencies, which in turn will drive more adoption by consumers and individuals.
"FirstBank and I personally worked together with various CEOs in supporting the wider community efforts and distributed approximately $50MM in donations as part of larger relief efforts on the island."
Banks will play a crucial role throughout this process and can play a significant role in providing custodial wallets and solutions, since it is likely that many customers (at the mass adoption stage) will not want to deal with the risks and liabilities associated to storing and securing private keys. Additionally, some of the non-custodial solutions do not provide the ease of use or user experience that non-tech savvy
"Banks will play a crucial role throughout this process and can play a significant role in providing custodial wallets and solutions, since it is likely that many customers (at the mass adoption stage) will not want to deal with the risks and liabilities associated to storing and securing private keys. Additionally, some of the non-custodial solutions do not provide the ease of use or user experience that non-tech savvy people desire in managing crypto, which in the minds of many is still a complex or hard-tograsp concept."
people desire in managing crypto, which in the minds of many is still a complex or hard-to-grasp concept. Most consumers will want to know they have access to crypto and that such crypto is managed in a safe way. Furthermore, banks already enjoy the trust of millions of customers who entrust banks with their assets (money, investments, properties, and belongings). Banks have the security, systems and processes that make them the natural candidates to provide custodial services. However, for Banks and businesses to fully adopt crypto as part of their business models, more clarity will be needed on the regulatory front which includes, compliance, legal and tax considerations. You are a person of great influence. If you could inspire a movement in Puerto Rico to achieve the greatest amount
"Cultural inclusion starts from the top down. It is imperative that business leaders display inclusive behavior, feel comfortable working with all types of people and also have a desire to build a diverse culture and hire people who are open to working with people of all different nationalities, skin colors, genders and sexual orientations."
of progress for the Island, what would that be? AA - Promoting the benefits of actively contributing to the economy by being part of the formal economy and working labor force. Puerto Rico has a low labor participation rate and would significantly benefit from increasing participation in the labor force. This requires educating the larger public and particularly the unemployed on the benefits of working in the formal economy and how this opens up the doors to additional financial and other types of benefits including medical insurance and credit among others.
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What improvements do you want to see in your industry
people and also have a desire to build a diverse culture and
and how are you contributing to realizing them?
hire people who are open to working with people of all different nationalities, skin colors, genders and sexual
AA - The three key areas to prioritise would be:
Increased and timely collaboration between industry players and regulators to maximize the ability of banks to
In line with this, recruitment strategies need to support this
leverage disruptive innovation opportunities like crypto
inclusion. An important component of supporting inclusion is
currencies and blockchain, among others.
being close to employees and asking them for feedback on
Increase intelligence and tools to monitor and defend
how to improve your company’s diversity and inclusion in the
against cyber security to reduce the possibility and
workplace. These can include employee surveys, company all-
impact of these events.
hands discussions or campaigns. Giving your employees
Expansion and collaboration in ESG and community
multiple ways to share their feedback, their perspective and
efforts to continue to contribute to the well being of our
their stories will create an open dialogue that can lead to more
communities and stakeholders.
positive outcomes and increased inclusion tailored to the specific needs of your employees. Overall, increasing inclusion
Can you share a few steps that business leaders must take
can improve your company culture and ultimately help your
to truly create an inclusive, representative, and equitable
society? What are your top 3 career achievements you are proudest AA - Diversity is an important issue for any business. But it’s
of so far?
not enough to hire different types of people – everyone needs to feel like they are truly welcome, safe and free to be
AA - The top three would be:
themselves in the workplace. Cultural inclusion starts from
Completing the successful recapitalization of FirstBank in
the top down. It is imperative that business leaders display
2010 after becoming CEO and leading the subsequent
inclusive behavior, feel comfortable working with all types of
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Completing the Santander acquisition strengthening our leadership position in Puerto Rico.
"Great leaders are courageous, have integrity, are honest, humble, and have a clear focus. They also make people accountable for results, care about their teams, and provide direction, development experiences, and recognition."
Leading an organization comprised of more than 3,000 hardworking and dedicated colleagues with the primary mission of improving the banking experience of our customers while supporting our clients and their communities everyday through multiple initiatives, contributions, and outreach programs. What makes a good leader?
"We are experiencing economic growth in all three regions, which positions us toward an excellent 2022 and beyond."
AA - Great leaders are courageous, have integrity, are honest, humble, and have a clear focus. They also make people accountable for results, care about their teams, and provide direction, development experiences, and recognition. A great leader also possesses a clear vision to propel the organization forward. Builds to invest in developing and maintaining
advantages to reach the organization’s goals and objectives.
home, thus enhancing their social and economic status. In 1962, First Federal opened its first branch in St. Thomas,
What excites you most about the future of FirstBank?
becoming the first Puerto Rican savings and loans institution to operate in the U.S. Virgin Islands. It converted to a
AA - Today our organization has a larger asset and capital
commercial bank charter and changed its name to First
base as well as a strengthened organizational and
Federal Savings Bank in 1983. By 1987, First Federal went
governance structure to support the future growth plans of
public trading on NYSE under FBP. In 1994, the company was
our businesses, continue to strengthen our market position
renamed FirstBank Puerto Rico, and in 1999, the Bank
and achieve the goals we have set. This includes new
established First BanCorp as its holding company.
members of the executive team, as well as new areas and leaders focused on elevating our customer experience,
In 2002, FirstBank acquired Chase Manhattan Bank operations
accelerating our digital transformation, and strengthening
in the U.S. Virgin Islands, and in 2004 First BanCorp opened
our capabilities in technology and operations management.
commercial loan origination office in Miami. Later expanded its presence in the Florida market with the acquisition of
We are experiencing economic growth in all three regions,
UniBank (Ponce General Corporation) in 2005 which was
which positions us toward an excellent 2022 and beyond.
consolidated with the commercial loan origination office and rebranded to FirstBank Florida the following year. In 2015,
FirstBank completed the FDIC-assisted acquisition of 10
FirstBank has approximately 700,000 customers and 3,100
branches of Doral Bank and $500+ million in deposits.
employees, offering full retail and commercial banking services in Puerto Rico, Florida, and the Virgin Islands.
More recently, during 2020, FirstBank acquired Banco Santander Puerto Rico with $5.5 billion in assets consolidating
First chartered in 1948, FirstBank was the first Savings & Loan
its leadership position as the second-largest financial
institution established in Puerto Rico with a $200,000.00
institution on the island.
capital investment. Since its inception, the Bank has played a fundamental role in improving the quality of life in Puerto
Rico by helping thousands of citizens to acquire their first
PRIVATE EQUITY REACHED NEW HEIGHTS IN 2021 AS AVERAGE DEAL SIZE EXCEEDED $1 BILLION
Private equity set a remarkable new standard
Today's P2P deals are often done by one to
for itself in 2021. Buyout deal value reached an
two buyers with deep expertise in the sector,
all-time high of $1.1 trillion, doubling 2020's
versus the consortia of buyers required for the
total of $577 billion and shattering the
large deals we saw in 2006-07.
previous record of $804 billion set in 2006 during the exuberant run-up to the global
By deploying large amounts of capital quickly
financial crisis. Deal size, not deal count, was
over the last three years, buyout firms have
behind this increase. The number of deals
seen their share of M&A activity globally rise
greater than $1 billion roughly doubled in
to 19%, its highest level since 2006. The push,
2021, with average deal size reaching $1.1
however, has come at a cost: average buyout
billion, increasing 57% to pierce through the
multiples in 2021 rose to 12.3x in North
$1 billion mark for the first time.
America, and 11.9x in Europe. The increased level of pricing across the industry may also
One reason for the sharp increase in deal
reflect the bet that more investors are making
value last year is the sheer volume of capital in
the market. After 10 years of steady growth,
technology-fueled growth. One in three
dry powder set yet another record in 2021,
buyouts now involves a technology company.
Continued growth in sectors such as fintech,
approximately $1 trillion of that sitting in
healthcare and business services—where
outperformance is increasingly a function of
technology expertise—means technology is The opportunity to put large amounts of
now a key investment thesis in well over half
capital to work produced a sudden and sharp
of all deal activity.
increase in public-to-private (P2P) deals, especially in North America and the Asia-
In addition to investments, exits also roared
Pacific region. These take-private transactions
to new records, with each and every exit
soaked up $469 billion in capital globally, a
channel about as attractive as it could be in
57% one-year increase, and were largely
2021. Overall, buyout funds unloaded $957
responsible for 2021's record-setting value
billion in assets globally, more than doubling
total. The last time the market produced such
a strong 2020 total and beating the five-year
an increase in P2P transactions was in the run-
average by 131%. Special-purpose acquisition
up to the global financial crisis in 2006-07. The
company (SPAC) deals were particularly
key differentiator of today's P2P deals is their
notable, increasing 325% from the year before
and reaching $158 billion.
BAIN & COMPANY P AG E 0 88
Private equity continued to deliver for
About 70% of LPs have made ESG a part of
investors in 2021. Buyout funds, on average,
their investment policies. Of those, around
have generated stronger pooled net IRR than
85% have a specific ESG policy related to
public markets, offering broader exposure,
private equity allocations, and those policies
less volatility and returns that are better over
affect about 76% of their private equity assets
time. A full 95% of LPs surveyed by Preqin in
under management. A full 93% said they
Q4 2021 said that the performance of their PE
would walk away from an investment if it
portfolio met or exceeded their expectations
posed an ESG concern.
in the past year, although some predict a bit of cooling in the coming year.
Capturing software's next wave of growth Private equity investors closed $284 billion in
Fundraising rounded out the list of last year's
tech deals in 2021, 90% of which were
record-shattering metrics. Global funds raised
software deals. Investor appetite for B2B
across the full private capital spectrum hit
software and technology is only increasing as
$1.2 trillion, the highest level ever reached.
the performance of these investments speaks
Buyout funds raised $387 billion in 2021, their
for itself. While fast-growing technology
second-best year ever. Investor enthusiasm
companies are typically associated with
for private equity shows no signs of waning.
higher risk, the mature or maturing enterprise
Nearly 90% of LPs surveyed by Preqin in 2021
software companies private equity has
said that they expect to increase or maintain
gravitated toward have actually turned out to
their PE allocations this year, and 95% said
be less risky and volatile than other
they will do so over the longer term.
investments. Software has outperformed other private equity investments, with about
This year's Global Private Equity Report
60% of deals returning 2.5 times or greater,
explores key themes to watch in 2022,
and with fewer write-offs than other sectors.
including pressures on ESG (Environment Social and Governance) metrics, a shift toward
PE's inflation challenge
dealmaking in Asia and the growing challenge
One new factor reared its head during 2021:
inflation, which increased to levels not seen in the US and other markets in 40 years.
Closing the ESG measurement gap
However, as transitory this inflationary period
As more and more LPs and GPs seek ways to
may be, the reaction from the Federal Reserve
implement meaningful ESG strategies, they
and other central bankers will shape current
inevitably encounter a measurement gap that
and future dealmaking. One thing is for
makes it difficult to gauge success. A lack of
certain: There are now inflation playbooks
specific data standards and best practices
developing across the GP and LP landscape as
related to ESG is hampering investors' ability
investors race to protect margins and future
to consistently evaluate ESG performance
across their PE portfolios. These challenges come through in a survey of LPs conducted
Bain & Company is a global consultancy that
jointly by Bain and the Institutional Limited
helps the world's most ambitious change
Partners Association (ILPA).
makers define the future.
BAIN.COM P AG E 0 89
DELOITTE: LEADERS REVEAL WHAT IT TAKES TO DESIGN SUCCESSFUL TRANSFORMATIONS
Deloitte Launches 2022 Chief Transformation Officer: Study sponsored by Monitor Deloitte provides insights into key success factors for transformation programs and the evolving role of the Chief Transformation Officer.
engrained in the DNA of every organization
continuous and effective change," says Anne Kwan, principal and Transformation Strategy & Design Deloitte has announced the results of
strategy practice of Deloitte Consulting
Deloitte Consulting LLP. "While
Officer (CTrO) study," which provides
empirical view of leading practices
every organization faces unique
unique insights from more than 300
enterprises can adopt to maximize the
success of a transformation program.
program design and execution, the
various industries and uncovers what it takes
sponsored by Monitor Deloitte, the
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findings in our CTrO study offer "Transformation is not a discrete
insights into predictors of success
response to individual events. It's an
enterprise capability that should be
When / Why Organizations Transform The increased frequency, uncertainty, and potential impact of disruptions— the COVID-19 pandemic, the "Great Resignation," supply chain challenges and more—have forced organizations to
The increased frequency, uncertainty, and potential impact of disruptions—the COVID-19 pandemic, the "Great Resignation," supply chain challenges and more—have forced organizations to re-imagine the nature of transformation in order to adapt to constant changes in the business environment.
re-imagine the nature of transformation in order to adapt to constant changes in the
C-suite engagement: C-suite buy-in
Financial investment: Sufficient
respondents fell into one of three
is one of the most accurate
and appropriately distributed
primary transformation ambitions:
investment is a critical success
success. This includes the ability to
Optimize the business, including
streamlining operations, improving
performance, and building cash
commit meaningful executive time,
reserves to fund investments (37%
and articulate a "north star." Nearly
between 1% and 5% of annual
50% of executives emphasized that
Expand the business, including
a sufficient time horizon to show
increasing existing revenue streams
return on investment is a critical
and entering adjacent markets
(42% of respondents)
Re-imagine the business, including
entering new markets and leading disruptive
investment of 6% to 10% of
annual revenue, although many their
ambition spent 18% of their time
guiding and shaping the program.
invested the most significant
Thirty-eight percent of executives
portion of the transformation
budget in technology (26%),
There is a wide range of external and
compelling "north star" narrative is
followed by business changes
internal forces that trigger the need for
critical to success.
(19%) and process changes
transformation. The survey found three
catalysts that were most frequently
CTrO dedication: An empowered
cited by transformation executives.
CTrO, who devotes time and energy
underinvested in talent, and
31% believe they underinvested
More than half of survey respondents
forward, is one of the leading
in change management and
opportunities and operational process
success. When a CTrO contributed
which can lead to challenges
inefficiency were the top two drivers,
an additional 15% of their time, the
with uptake, behavior change,
probability of success improved by
confidence in the program, or
restructuring for growth as the third
approximately 16%. On average,
clarity of vision.
CTrOs dedicated roughly half of
their week to a transformation;
The evolving role of the chief
Keys to Successful Transformation
however, most believe that driving
The study found three attributes that
successful outcomes requires them
serve as leading predictors of successful
to increase their commitment to at
recognize the need for an always-on
least 60% to 65%.
transformation capability, and
P A G E 0 91
Monitor Deloitte's team of strategy practitioners
industry insights with cutting edge methods to help leaders resolve their most critical decisions, drive value, and achieve transformational success. For
about Deloitte's strategy practice and the CTrO study, please visit our website About Deloitte Deloitte provides industry-leading audit, consulting, tax and advisory services to many of the world's most admired brands, including nearly 90% of the Fortune 500® and more than 7,000 private companies. Our people come together for the greater good and work across the industry sectors that drive and shape
delivering measurable and lasting results that help reinforce public trust in our capital markets, inspire today,
CTrOs often toggle between these roles,
leaders, such as chief transformation
respondents spend most of their time in
opportunities to transform and
the strategist persona (31%), followed
thrive, and help lead the way
toward a stronger economy and a
majority of CTrOs indicated a desire to
spend even more time in the strategist
and change champion roles.
healthier society. Deloitte is proud to be part of the largest global professional services
To help be successful, the chief
network serving our clients in the
transformation officer should embody a
thinkers who are also storytellers are
markets that are most important to
range of skillsets and should play
more likely to succeed in the role of a
them. Building on more than 175
multiple roles as a strategist (big-
years of service, our network of
picture architect), operator (skilled
member firms spans more than 150
To navigate the future with confidence,
organizations should make the right
choices: clear, timely and inspirational
Learn how Deloitte's more than
choices that deliver growth in a
345,000 people worldwide connect
dynamic, disrupted world.
for impact at deloitte.com
P AG E 0 92
countries and territories.
LIFE SCIENCES AND HEALTH SCIENCES
TORONTO Annual r&d spend
$1 Billion USD
ESG is becoming one of the biggest challenges firms are facing, and research shows that it’s CFOs who are bearing the brunt of the burden: Accenture’s 2021 survey ‘CFO Now: Breakthrough speed for breakout value’ found that 68% of respondents said
SUSIE CLEMENTS, PARTNER, HEIDRICK & STRUGGLES ESG IS A CHALLENGE WITH IMMENSE OPPORTUNITY
responsibility for ESG performance within their firm. The finding ties in with the results of a recent Heidrick & Struggles CFO survey, which revealed that more than half of the surveyed CFOs had taken on additional responsibilities since the start of the pandemic, with reporting taking a prominent role in the type of work driving the increase. From this perspective, and particularly given the additional pressure of the pandemic, it may seem as if ESG is simply another set of tasks in an evergrowing pile. Furthermore, in a time when Chief Sustainability Officers are becoming a more familiar sight in the boardroom, some CFOs may feel that ESG does not need to be high on their agenda. However, CFOs who choose to ignore ESG do so at their own peril. The financial risks around ESG issues are becoming some of the biggest issues companies are currently facing, and the risk of missing out on those ESG opportunities could be even greater. “ESG compliance” has been a nebulous term to date, but things are beginning to improve. The main issue has been a lack of standardization in how to quantify the ESG impact of business P AG E 0 94
CFOs who choose to ignore ESG do so at their own peril. The financial risks around ESG issues are becoming some of the biggest issues companies are currently facing, and the risk of missing out on those ESG opportunities could be even greater.
The macro challenges of today’s business environment mean that CFOs already have their work cut out to balance competing priorities. But meeting the climate imperative isn’t simply a way to appease shareholders – it could be the difference between financial success and failure over the coming years.
activities, with a jumble of reporting
frameworks from which to choose. In November, the IFRS Foundation used
Beyond the compliance and investor
the occasion of the COP26 Summit to
relations risks of failing to address the
announce the formation of a new
ESG imperative, evidence shows that
International Sustainability Standards
there are vast opportunities to gain a
Board, whose main role will be to create
competitive edge by getting ahead of
a set of standards designed to meet
the game. But many firms are being
slow to act.
Legislators Step In
Heidrick & Struggles’ recent report “Changing Climate in the Boardroom”
While the IFRS move is welcome news,
surveyed C-suite respondents to find
other imperatives are at play as
out more about how the ESG agenda is
legislators also attempt to impose some
shaping attitudes in the boardroom.
order in the increasingly frenetic ESG
The survey showed that while 60% of
disclosure discussion. The EU began the
respondents said their board was
rollout of its Sustainable Finance
aligned on the importance of climate
Disclosure Regulation over the summer,
change and what to do about it, nearly
while the US SEC is expected to roll out
half – 46% – said that their board had
its own climate-reporting framework
insufficient or no knowledge of climate
early in 2022. It seems that the initiative
change’s implications for the firm’s
has overwhelming support from asset
managers, too. Yet, senior executives from Bank of Currently, the compliance obligations
America and Goldman Sachs have
are on financial firms, but investors are
extolled the competitive advantages to
already voting with their feet regarding
be gained from firms that are prepared
to go the extra mile when it comes to
Intelligence, global ESG assets are set to
quantifying and reporting on ESG. ESG
pass the $53 trillion mark within the
data is simply another source of
next three years, amounting to one-
information that can be used to
quantify the financial outcome of
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Therefore, if a company is considering a
The macro challenges of today’s
new product line, making a strategic
business environment mean that
acquisition of a smaller rival or
CFOs already have their work cut
divesting part of its real estate portfolio,
out to balance competing priorities.
the relative carbon footprint of each
But meeting the climate imperative
decision can provide an additional lens
isn’t simply a way to appease
through which to assess the various
shareholders – it could be the
success and failure over the coming Multi-faceted Benefits
years. For that reason, CFOs cannot afford to become complacent.
If further proof were needed, blue-chip firms are already demonstrating the
Heidrick & Struggles is the premier
provider of senior-level executive
approach to operational and strategic
leadership consulting services. We
PepsiCo was able to realize over $375
serve more than 70% of the Fortune
million in cost savings by focusing on
1000, with clients in virtually every
water saving. Another example is Estée
industry and sector around the
Lauder, Company which became an
globe. Across all our offerings, we
employer of choice after gaining the
employ data-driven methodologies
accolade as Forbes #1 employer for
women, thanks to its investment in
responsible sourcing and social impact.
leading organizations. Our insights
enable clients to find the world’s Along with a positive impact on revenue
best leaders, build diverse, inclusive
growth and profitability, Deloitte noted
cultures, and transform their teams
satisfaction as a result of a more ESGfocused business investment strategy.
Heidrick & Struggles is the premier provider of senior-level executive search, culture shaping, and leadership consulting services. We serve more than 70% of the Fortune 1000, with clients in virtually every industry and sector around the globe.
PRECIOUS PERSONALISATION: TWO VERSIONS, FOURTEEN POSSIBILITIES
BIG BANG ONE CLICK 33MM
The pandemic is the most obvious and direct example
DUSTIN W. SEALE, PARTNER AT HEIDRICK & STRUGGLES - USING CHANGE TO EFFECT CHANGE
that’s changed the way we work. After over two years of successive waves that necessitated social distancing and stay-at-home orders, the office will never be the same again.
P AG E 0 98
The annual celebration of International
The pandemic is the most obvious
Women’s Day always invokes talk of
and direct example that’s changed
change, whether it’s the progress that’s
the way we work. After over two
been made in advancing female rights
years of successive waves that
and representation over the years or
necessitated social distancing and
the extent of the work still to be done.
stay-at-home orders, the office will never be the same again.
But it’s not often that International Women’s Day comes around at a time
Whether or not we as individuals
when the world is undergoing seismic,
like or dislike home working has
existential changes of the kind that only
become irrelevant – two years,
take place every hundred years or so.
remote or hybrid working is now the
opportunity to change paradigms and
the somewhat simplistic idea that if
the opportunity to make long-term changes. A more
and key roles. It’s not simply about
this ever-shifting landscape, many have taken towards
representation gap in leadership
As leaders grapple with how to make sense of
women can work flexibly, they can
better multi-task their domestic responsibilities.
arrangements in the long term may entail
addressing some of the more
leaders having to think differently about how
insidious and deep-rooted biases
work gets done. But there’s a recognition that
that act as barriers to female
employees want the quality of life that comes
representation in leadership and key positions.
with being able to self-determine where and how they work.
For example, the idea that women taking time off for maternity leave creates
workplace that allows men to new normal.
This shift is becoming more evident in
accelerate past them on the career
workforces undertaking a gruelling
how we do business, with ESG now
ladder. In a workplace that places a
commute to sit at a desk and work on a
taking center stage on boardroom
lower priority on physical presence,
laptop as efficiently as they could at
agendas. It’s also changing the shape of
this “absence” takes on far less
home already seems to be part of a
executive teams, with more Chief
significance and actually makes it
Sustainability Officers hired in 2020
easier for parents on maternity or
than in the previous three years
paternity leave to maintain a
Riding the Changes
these will be in industries that require a
As leaders grapple with how to make
So as you can see, if we’re to use
physical presence in at least some of
sense of this ever-shifting landscape,
this current period of discontinuity
many have taken the opportunity to
to address representation issues, it
make long-term changes. A transition
However, it’s not just logistical attitudes
leadership and a mindset shift
to work that are changing right now.
arrangements in the long term may
regarding how work gets done.
Over the course of the pandemic,
entail leaders having to think differently
Leaders need to craft a culture that
something shifted in our collective
about how work gets done. But there’s
optimises for different ways of
a recognition that employees want the
working to be as inclusive as
environment. Research from Boston
quality of life that comes with being
Consulting Group across eight countries
able to self-determine where and how
found that around 70% of people
Only thirty percent of British businesses expect to have their whole workforce back on-site within the following year. We can safely assume many, if not all, of
Doing so will create opportunities
reported a heightened awareness of the
across the board, but particularly
impact of human activity on climate
particularly for women, it offers an
for women, it’s a chance to begin to address the gap in representation at
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the senior level. For firms, it’s an unprecedented chance to unlock the potential that women in leadership can bring, using inclusivity as a strategic tool to promote growth, innovation, and performance. Creating an inclusive culture isn’t something that happens overnight or without a sustained, committed effort
identified five principles based on decades of helping companies craft cultures
performance goals. Firstly, leaders need to draw a clear line between business
strategic advantages of increasing female representation in leadership and other key roles and functions. Secondly, leaders need to effect personal change, identifying their own biases and blind spots and being
mindsets have shifted. Next, the changes need to be disseminated
organisation in a program of broad engagement, and there needs to be an exercise to attain systemic alignment to inclusivity across all policies, processes, and practices. The final principle is representation – employees from all groups need to be able to look out across the workforce
International Women’s Day can be about more than just talking about change. P AG E 1 0 0
We’re all living a change right now, so let’s seize the chance to bring about a meaningful transformation that breaks down the remaining barriers for women in the workplace and supports a more inclusive organisation overall. Dustin W. Seale is a partner in Heidrick & Struggles’ London office and managing partner of Heidrick Consulting in Europe. He focuses on CEO and board advisory, specifically on improving leadership and talent, and transforming organizations through culture. Heidrick & Struggles is the premier provider of senior-level executive search, culture
consulting services. We serve more than 70% of the Fortune 1000, with clients in virtually every industry and sector around the globe. Across all our offerings, we employ data-driven methodologies honed over decades of engagements with the world’s
insights enable clients to find the world’s best leaders, build diverse, inclusive cultures, and transform their teams to achieve new levels of performance. heidrick.com
Dustin W. Seale is a partner in Heidrick & Struggles’ London office and managing partner of Heidrick Consulting in Europe.
P AG E 1 01
VERTEX HIGHLIGHTS EMERGING GLOBAL INDIRECT TAX TRENDS
by implementing new or higher rates. Both state and locals can expand the base easily to new business streams – namely digital products,
Vertex, Inc. a global provider of tax
U.S. states are increasingly looking to
technology solutions, outlines tax
replace their income tax with more of
a “transaction-based source of tax
continue to rely heavily on VAT as
departments should expect continued transaction tax complexity and these
firearms and environmental fees. the
seen through stepping up the
taxes will continue to be an increasingly
Transaction based revenue streams are
expansion of real-time and near-
convenient and effective way for state
less susceptible to adverse economic
and local tax jurisdictions to raise
cycles relative to the income tax.
digitizing the registration process
revenue. In addition, tax audits around
to include a smooth onboarding
the globe have returned to pre-
Transaction taxes are generally easier
to administer (and audit) relative to the
income tax because of the many
In the past year jurisdictions in the
According to Vertex Vice President of
complex preferences built into the
U.S. continued to broaden the tax
Tax Content and Chief Tax Officer
income tax from both a federal and
base with 197 new district taxes
Michael Bernard, there are a couple of
state legislative perspective.
implemented, the second highest in
key trends on the regulatory side that
the last decade. New district taxes
will impact the future of transaction
Transaction taxes are generally easier
were enacted in order to fund
to expand by “local jurisdictions” either
community improvements, transit
P AG E 1 02
Transaction taxes are generally easier to administer (and audit) relative to the income tax because of the many complex preferences built into the income tax from both a federal and state legislative perspective.
To date 45 states and the District of Columbia
nexus laws that continue to evolve in dollar
amounts. “While electronic invoicing, real-time reporting and similar digital tax regimes have yet to reach the U.S., it is clear that some states are beginning to consider proposals for these types of taxes,” added Bernard. “Tax authorities throughout the European Union and
other global regions have embraced
digital transformation and it seems
necessary public services. In addition,
inevitable that jurisdictions in the U.S.
the vast majority of sales tax rate
will soon follow suit.”
changes in 2021 were increases at the city (85%) and county (72%) levels. This
In addition, states are now actively
trend is continuing with 23 new district
trying to tax data which is derived from
taxes added in the first two months of
the e-commerce buying process. For
2022 bringing the total supported by
example, the state of Washington has
Vertex to 2,743 including metropolitan,
proposed legislation that would impose
a tax on the sales or exchange of
personal data that would be equal to the gross income of the business
Outside the U.S., tax administrations
multiplied by 1.8%.
are attempting to close tax gaps by implementing
Vertex is a leading global provider of
while businesses are dealing with a
indirect tax software and solutions. The
myriad of tax regulations that include
company’s mission is to deliver the
cross-border tax compliance and supply
most trusted tax technology enabling
chain issues, as well as global labor
global businesses to transact, comply
and grow with confidence. Vertex provides solutions that can be tailored
“Businesses may be affected by not
to specific industries for major lines of
being able to import certain products
and are shifting to regional suppliers,
consumer use, value added and payroll.
which could change the obligation to
Headquartered in North America, and
collect and remit sales taxes or VAT in
with offices in South America and
Europe, Vertex employs over 1,300
professionals and serves companies
hybrid working policies to attract and
across the globe.
retain staff, which can also change the nexus footprint.”
vertexinc.com P AG E 1 03
ARE YOU MISSING OUT? ACEUP DEBUNKS 5 MYTHS ABOUT COACHING The pandemic has, in many ways,
“The ability to simplify in the middle of
been a wakeup call. With burnout and
complexity, inspire when there’s little
stress at an all-time high, employees
hope, build relationships when there is
“I was a good manager and good
are calling for greater autonomy over
distrust, build bridges when things have
leader, but I wanted to become a
where and when they work, and
great leader. What I lacked wasn’t
people don’t want to change. All those
hard skills, it was soft skills. Only a
matters, if they truly belong in their
skills are not in the technical manual,”
one-on-one focus could give me
cultures, and if their organization’s
shared one leader in the recent Institute
what I needed to make personal
purpose aligns with their individual
of Coaching’s “Leading with Humanity:
changes The other training sessions
were too generic.”
#1 Coaching is training.
– Product Leader, BioTech
“You have to run your company as if every employee has one foot out the
door. It’s time to ramp up your
organizations are providing coaching to
Employee Experience program, focus
support their employees, develop their
managers on listening and supporting
training assumes that attendees will
people, and seriously invest in career
disruption, and help transform their
listen, learn, and apply all the new
pathways and internal growth for your
approaches on their own. However,
staff.” - HR thought leader Josh Bersin.
Most training programs are episodic that
this typically does not happen. Despite
Leaders, along with balancing their
coaching, there are still several myths
Coaching, especially when done
personal response to this crisis, have
about it that prevent both employees
consistently, is proven to be more
discovered they need to take care of
and their organizations from getting the
most out of a coaching engagement.
reinforcing skills and behaviors over
different ways. The heightened societal consequences
time. (And study after study finds
To help you prevent leaving potential
that the skills most in-demand
coupled with uncertainty and rapid
benefits on the table, let’s explore some
within organizations are behavioral
change, are a lot to navigate.
or “soft” skills, such as adaptability,
P AG E 1 04
emotional intelligence, and a growth
the desired coaching method (29%).
mindset.) While coaching can address a
• What formal training and education
productive meetings, more efficient
specific goal or initiative, a coach’s
have they received?
work delegation, and more focused
focus is to use the goal as an example
• Are they credentialed with an
for solving other problems in the future
company, which leads to true value
on their own.
creation for customers, employees, stockholders,
Coaching Tip: Use coaching to foster in-
Coaching Tip: Consider the diversity
demand soft skills such as adaptability,
among your coaches to help foster
emotional intelligence, and a growth
inclusion and belonging.
community. Next Generation Leaders: Subject
Matter Experts and High Potential #3 Coaching is only for top leaders.
#2 All coaches are created equal.
Employees build the soft skills needed to shift to people leaders.
"Working with my coach has helped me “My coach was able to meet me where I
prioritize from being an individual
was and deliver value in places that I
contributor to a leader. I have worked
didn’t even know I needed to focus on.”
on which qualities I can bring into this
responsibilities as they take on
- Individual Contributor, BioTech
role from my individual contributor
days and, then, which I need to remove There is no universal standard for
that won’t serve me as well now.”
All Leaders: Effectively manage
coaches, which means that anyone
– Compliance Manager, eLearning
could claim to be a coach. So it pays to do
Coaching is traditionally reserved for
only the very top of the leadership
research shows important factors to
hierarchy and often only when there
was a problem.
Coaches have experience coaching in
However, all leaders from the C-suite to
similar settings (65%).
high-potential employees can benefit
• Do they understand your industry
from coaching, whether they are
and/or organizational structure?
struggling or not.
• Have they supported organizations in situations like yours?
Even employees who are not people leaders, nor will likely ever become
Coaches have strong testimonials from
impressive prior clients (50%).
• Who have they worked with in the
learning how to collaborate across the
specifically about their coaching style and specialties?
growth for themselves, their teams,
As more people receive coaching in an
and the organization.
Even employees who are not people leaders, nor will likely ever become people leaders, can benefit from coaching as they build their competence and confidence while learning how to collaborate across the organization.
organization, a culture of coaching is Coaches have strong certifications in
created with clearer communication,
P A G E 1 05
#4 Coaching is only about the
Coaching is often chalked up to
Hawkins and Eve Turner found if you
simply a feel-good experience for
want to lead meaningful and lasting
the coachee with only anecdotal
"Bringing everyone together in a safe
outcomes. Given the monetary and
zone during our group sessions has
coach the entire organization. This kind
fostered collaboration and helped ease
stakeholders will inevitably ask
the divide between employees that was
tough questions about outcomes,
growing as we have been scaling."
between individual experience and
organizational alignment, and the
- HR Director, Information Technology
dreaded ROI. Thankfully, there are
several ways to measure the impact While it is always important to support
Coaching Tip: Group coaching alongside
the individual development of talent,
one-on-one coaching provides more
missed opportunities can arise from
value to stakeholders as they move in
Skills / competencies development
deploying coaching at scale without the
tandem towards a common purpose.
It’s critical to set tangible goals at
Coaching a person, team, and system interdependently
#5 The impact of coaching can’t be
coachees, the cohort receiving
coaching, and your organization.
benefit to the individual coachee and
"For every single person in whom we
You are then able to track progress
the organization as a whole. Combining
invest with coaching, we set a goal -
while uncovering any gaps and new
group coaching alongside one-on-one
whether it is improving their executive
development opportunities through
coaching creates a framework that
presence; whether it is improving the
self-assessments and 360s.
provides more value to all stakeholders
relationship between them and their
as they move in tandem toward a
direct reports; or if it’s a manager who’s
common purpose and shared mission.
struggling. And we measure at the end
Coaching at scale has the potential
as well to ensure that we’ve met
to transform your organizational
culture because investing in your
- Director of Talent, Automation
people can make them feel valued
Systemic Coaching: Delivering Value
P AG E 1 06
and increase their commitment and
Coaching is one of the most effective
Interested in learning more about
talent development interventions for
how coaching can support your
Along with tracking goals, asking
organizational change. Not only have
people and business strategies?
coachees about their overall employee
organizations, and the world, been
experience with their roles and the
experiencing an unparalleled amount of
Contact us for a complimentary
change as of late, it seems safe to
assume more change and disruption is
strategy session today.
on the horizon.
Take stock of business improvements in
areas such as retention, performance,
and productivity before and after the
scrambling to attract and keep talent as
program. You are then able to draw
correlations for an accurate picture of
BOOK A SESSION ------------------------------------------------
the impact of coaching engagement on traditional business measures.
AceUp empowers professionals at all levels to maximize their impact
Whether you are considering coaching
through transformational coaching
for your organization or have been
enabled by technology, empowered
Coachees: What are the individual
offering it to your employees for a
by science, and backed by data.
development areas each coachee wants
while, you want to make sure you are
to build with their coach?
getting the most out of your coaching
We combine the power of one-on-
investment. By understanding what
one executive coaching, group
Coaching Cohort/Team: How will the
coaching is and isn’t, and what it can
training, and behavioral technology
group receiving coaching work together
and can’t do, you are better able to
to foster a culture of coaching
to break down silos and collaborate?
respond to the next Future of Work and
within organizations that drives
reap all of the numerous benefits
Organization: What kind of systemic
coaching offers to unleash the full
impact will the coaching engagement
potential of your people, teams, and
For more information about AceUp
have on the organization?
please visit the website: aceup.com
Whether you are considering coaching for your organization or have been offering it to your employees for a while, you want to make sure you are getting the most out of your coaching investment. By understanding what coaching is and isn’t, and what it can and can’t do, you are better able to respond to the next Future of Work and reap all of the numerous benefits coaching offers to unleash the full potential of your people, teams, and organization. AceUp empowers professionals at all levels to maximize their impact through transformational coaching enabled by technology, empowered by science, and backed by data.
P A G E 1 07
RE-CENTERING THE CONSUMER FIVE PAYMENTS TRENDS TO WATCH payments behavior early on have likely
centering the consumer. Here are a
become permanent. Today, ecommerce
few we’ll be watching closely in the
spending (excluding travel) is nearly
1.5x what it was pre-pandemic, in 2019. And nearly 60% of consumers say that
Tap to Pay’s moment in America
the way they pay has changed forever. While much of commerce has This mass online onboarding has also
moved online in the past few years,
contributed to accelerating the pace of
people do still pay for goods and
services in person. Outside the
volumes, in just the past year, grew by
United States, more than 70% of all
nearly a quarter — and relatively
face-to-face transactions globally
happen with a tap, and more than
suggesting that the digitization of cash
70 countries and territories have
It’s no secret that the past few years
is happening at a rising speed in both
higher than 50% penetration rates
have had a wide-ranging impact on
for contactless transactions.
many of the ways our world works.
In the United States, rates of
Payments are no exception. And while much uncertainty remains,
contactless in-person payments still
For instance, many consumers were
against a backdrop of cash digitization
lag behind much of the world, but
forced online — and a significant
and changing consumer preferences, a
have exploded over the past few
portion for the first time. What some
number of trends have begun to solidify
years. Today, in the United States,
may have thought temporary shifts in
— particularly those that involve re-
there are more than 4x the number
What some may have thought temporary shifts in payments behavior early on have likely become permanent.
P AG E 1 0 8
Debit payments volumes, in just the past year, grew by nearly a quarter — and relatively consistently around the world.
of contactless cards than there were just two years ago, and penetration has more than doubled over that same time period. In some cities, like New York and San Francisco, penetration has more than tripled. We anticipate the already global trend of tap to pay to continue to grow in popularity in the United States—partly as a result of consumer demand as social distancing and other contactless COVID protocols remain, and even more so because the framework is in place, with 75% of all F2F
contactless enabled merchant, and more than 400M cards in the US now contactless. consumer demand for these kinds of
the grand scheme of things, crypto
service offerings. Among U.S. credit-
is still in its early infancy. Despite its
card-holding adults, nearly a quarter
newness, crypto has captured the
Over the past few years, alongside the
(24%) say they are “much more likely”
attention of consumers, investors,
explosion in ecommerce and rapid cash
to use a BNPL service if offered through
digitization, a range of Buy Now Pay
their existing credit cards. Add to that
pretty much anyone who’s picked
Later (BNPL) offerings have made great
figure the number of U.S. adults with
up a newspaper in the last year.
strides in terms of giving consumers
credit cards who are “somewhat more
new and innovative ways to pay for the
likely” to use BNPL attached to their
While it remains to be seen what
things they need now. What some
existing card, and the share becomes
role these technologies will play in
initially wrote off as a fad can no longer
almost half (49%). Of that same group,
the future of money, if anything is
be ignored, as consumers show a clear
25% are “very likely” to use BNPL if
clear, it’s that it is primed for
desire for new ways to leverage credit
those purchases qualified for the same
greater adoption. More than half of
kind of loyalty rewards as their credit
card purchases, with another 45% being
surveyed said they would like their
bank to offer cryptocurrency — and
In fact, we anticipate BNPL to grow this year,
providers roll out installment programs
nearly 40% of crypto owners say Crypto matures
they’d be likely to switch primary
for their clients—new ways for clients to
banks to one that offers crypto
use their existing credit lines in a BNPL
fashion. Why? Because there is a clear
currency for the last 5,000 years, so in
products. Add to that the fact that a significant number of central banks
are evaluating CBDC and a number are eying pilots, and it becomes increasingly clear that financial institutions will quickly need a strategy for crypto — a strategy that hinges on helping consumers connect, seamlessly and securely, to the crypto ecosystem. Consumerization of B2B payments Many of the recent evolutions in consumer payments have been driven by an increased focus on the experience and needs of the individual. And the broader shift in consumer expectations is such that access to global financial tools is expected to be quick, digital, and transparent, almost bespoke. But many often forget that B2B is still run by people — people who wonder why the same kind of
security and speed isn’t placed in today’s B2B ecosystem. From these forces, we expect to see an increasing consumerization of B2B payments. This means many different things for different segments of this market. For instance, the growth in ecommerce needs for SMBs and marketplaces has contributed to driving secure and quick digital payouts. At the same time new payment schemes and networks are being developed and proliferating, Fintechs and other new market entrants are developing solutions with the potential to reshape cross-border money movement. And as real-time payments, transparency and traceability, and the overall experience of consumer payments improves, we expect to see demand for similar improvements across B2B money movement.
P AG E 1 10
Many of the recent evolutions in consumer payments have been driven by an increased focus on the experience and needs of the individual. And the broader shift in consumer expectations is such that access to global financial tools is expected to be quick, digital, and transparent, almost bespoke.
Banking opens up Open banking is unique in the sense that it is a boon for both consumers and businesses. In a few words, open banking refers to a kind of return of ownership of consumer data to consumers. Put differently, through APIs, open banking enables the sharing of consumer financial data, with their consent, with trusted third parties who develop innovative new financial products and services to help make consumers’ financial lives easier. Like the consumerization of B2B payments, the financial sovereignty ethos of some of the emerging digital asset ecosystem, and BNPL as the result of consumer demand, we see open banking as a continuation of this “re-centering of the consumer,” putting more information and decision-making power about their own financial destiny back into their own hands. We see the true promise of open banking as ultimately making the financial lives of consumers more reliable, secure, and simple — and increasing the possibilities for those fintechs who would make that world reality. Re-consider the consumer
There’s still some unanticipated turbulence ahead in the years to come. Even so, in the new, digital future, we do believe that those businesses best suited to surmount those challenges yet to come will be those who truly do center consumers, situating client needs and demands at the very core of their offering.
If the past two years have shown us anything, it’s that the future can be slippery — hard to grasp, and even harder to predict. We imagine that, as a society,
turbulence ahead in the years to come. Even so, in the new, digital future, we do believe that those businesses best suited to surmount those challenges yet to come will be those who truly do center consumers, situating client needs and demands at the very core of their offerings. Interested in more emerging trends in payments? Check out Visa’s Back to Business Study and The Crypto Phenomenon: Consumer Attitudes & Usage.
P AG E 1 11
DISCOVERY, DECISIONS, DELIVERY AND DATA: THE DIGITAL ECONOMY’S DRIVERS Jeremy Gleeson. Portfolio Manager, Equities. AXA Investment Managers.
We have identified several key areas within the digital economy which are driving its growth - discovery, decisions, delivery, as well as data and enablers. Together they are creating a widespread pool of investment opportunities.
P AG E 1 12
The coronavirus pandemic has rapidly
And even with economies re-opened
accelerated the digitalisation of the
and restrictions eased, the backdrop for
these industries continues to flourish. We have identified several key areas
Lockdowns meant adapting to a new
within the digital economy which are
way of life, they meant the world had to
driving its growth - discovery, decisions,
be more digitally interconnected than
delivery, as well as data and enablers.
ever – and this environment drove a
significant shift in demand across a
plethora of economic sectors - from
opportunities across the entire value
entertainment and retail, to technology
chain, as digitalisation becomes an
services and cyber security.
ever-greater part of our lives.
INVESTMENT > DISCOVERY | DECISIONS | DELIVERY | DATA AND ENABLERS
‘Discovery’ is all about how consumers
search for, and identify products and
companies, web portals and mobile
services, and how businesses attract
apps which provide consumers with
Within the retail sector, we believe that while premium shopping areas may retain flagship stores, far more transactions
completed online due the
COVID-19 was responsible for a boom in e-commerce as lockdowns meant
The pandemic rapidly increased the
that a greater number of people than
ever before were shopping online. This
Netflix, for instance, reported almost
created a greater opportunity for
22% more paid subscribers at the end
online advertising, and companies
of 2020 compared to the end of 2019,
operating in the social media space.
and 9% more still at the end of 2021.
This has proved a highly beneficial for
However, as lockdowns faded, there
many firms working in this universe
were some concerns that such firms
where they help large corporates with
would endure a fall in subscriber
vast international customer bases
numbers. However, it appears that
better engage with their clients online.
become the ‘new normal’. While Among the companies helping brands
Netflix has seen a post-lockdown dip
to harness social media and the
in subscriber growth, its subscription
internet more broadly is Hubspot,
base has remained strong, helped
which offers tools for businesses to
undoubtedly by its continued drive to
gather and analyse data and to help
offer new content. The past year has
convert leads into sales. Its latest
seen it enjoy huge success with
earnings figures showed a 47% year-
international hits such as The Queen’s
on-year jump in revenue in the third
Gambit and Squid Game – the latter of
quarter (Q3) of 2021, as small and
which was streamed by more than 142
medium-sized businesses increasingly
million households, making it the
scaled up their digital operations in the
wake of lockdowns.
series to date. Netflix has recently
increased prices by around 10% for its Sprinklr is another company helping
businesses manage their social media
indicating it is confident its content
channels, and it saw its own Q3
can retain subscribers going forward.
revenue jump by 32% year-on-year. The bulk of that expansion is made up
Equally Disney+ reported that it had
of subscription growth – and such
118.1 million subscribers worldwide as
recurring revenue streams can be
of its fourth quarter (Q4) of 2021 –
highly attractive for investors seeking
marking subscriber base growth of
some degree of potential future
some 92 million since the start of the
fiscal year of 2020.
greater range of products available,
simplicity of transactions. Online
expected to top $200bn for the first time though on Black
November - one of the biggest shopping days of the
dipped slightly to $8.9bn from $9bn in 2020. This could reflect the fact that some retailers started promotions
usual, in part to avoid logistics
problems. However, Singles Day
- China’s biggest e-
which takes place each 11 November, broke records in 2021, with tracked gross merchandise value growing 8.5% to ¥540.3bn ($84.5bn) – though the pace of growth was the slowest ever as Chinese technology firms
regulatory and supply chain challenges.
P AG E 1 13
Data and enablers
opportunities for companies offering ‘Delivery’
automated warehouse solutions as well
‘Data and enablers’ together refer to
as warehouse real estate, such as
companies that provide technologies or
payments and logistics to keep pace
services that help their customers
reported better than expected results
adopt a digital ethos.
expectations of rapid dispatch and
same-day delivery. This is a diverse area
supported by the tailwind of increasing
that spans companies in the payments
demand for logistics space for e-
Accenture at the larger end of the
space, cyber security, logistics and real
spectrum to Endava and Globant at the
smaller end, have enjoyed good growth Meanwhile Prologis said space was
While we expect revenues to grow as
transformation seek help from experts
shoppers continue to return to the high
demand also driving record increases in
to hone their digital strategy. We have
street, online sales are likely to remain
rents and valuations.
also seen good potential investment
strong. The arrival of a new coronavirus
opportunities in companies exposed to
variant - Omicron – has stirred up
Delivery firms have also benefited, such
the digitalisation of the back office,
further uncertainty and put activities
as Deutsche Post DHL, which reported a
such as Workday and Paylocity, which
associated with travel and leisure in
23.5% increase in revenue in Q3 2021
doubt but we believe the pandemic has
compared to a year earlier.
accelerated the scale of opportunities for payments providers.
management. In November, Workday Cyber security is also a critical issue that
announced a 20% rise in third-quarter
revenue year-on-year while Paylocity
At the same time, we believe some
spotlight as more people work from
reported a 34% jump in revenue for its
debit and credit card providers have not
home and more transactions are
fiscal first quarter.
benefited fully yet from the reopening
conducted online. For example, cyber
of economies after lockdown and are
security company Tenable reported a
As businesses resume hiring post-
likely to receive a boost from increased
“unprecedented demand” as more
improves, they may need to navigate
changing employee expectations as
well as new legislation for employers.
For example, the revenue recorded by payments’ companies fell in 2020 because of the pandemic, but McKinsey projects a return to historical mid-single digit growth rates in 2021, in tandem with increased adoption of electronic and e-commerce transaction methods. The e-commerce boom has meant that many retailers need to rethink the structure of their supply chains to meet consumers’
always being in stock and available for next-day or even same-day delivery.
Cyber security is also a critical issue that has come increasingly under the spotlight as more people work from home and more transactions are conducted online. As businesses resume hiring post-lockdowns and the job market improves, they may need to navigate changing employee expectations as well as new legislation for employers.
A report by Paylocity and Deloitte recently highlighted how automating certain processes can be more efficient in this new working environment, saving businesses time and money. Companies
offline need expertise from third-party specialists to compete in the new environment with ‘digital natives’; that is, companies that were originally designed to operate online.
While the COVID-19 pandemic accelerated the digital transformation for many companies, it has been a long-term structural trend, with new opportunities that will continue to develop over time as new technologies and consumer trends emerge.
New Relic, for example, is a cloud-based platform that allows companies to collect, store and analyse data in real-
About AXA Investment Managers
time. This helps firms to better
At AXA IM our purpose, to act for human
understand a customer’s journey on
progress by investing for what matters,
their website and build on that learning
is central to every action we take as a
to potentially encourage more people
manager, we actively invest for the
companies this type of service has gone
long-term to help our clients, our
from a ‘nice to have’ to a ‘must have’.
people and the world to prosper. Our
conviction-led approach enables us to Looking ahead
uncover what we believe to be the best global investment opportunities across
The reopening of economies has
alternative and core asset classes. We
however brought its own set of issues
are already entrusted with more than
including supply chain bottlenecks,
€860 billion in assets.
labour shortages, inflationary pressures and resurgence of the virus in some
Working as part of the AXA Group, a
areas. But we continue to believe that
world leader in financial protection, our
the opportunities driven by the long-
team of over 2,400 people2 around the
term themes of the digital economy
world combine a range of specialist
skills and experience to best serve the needs of our clients. The combination of
accelerated the digital transformation
defines our investment philosophy, but
for many companies, it has been a long-
also how we run our business, what
underpins our clients’ partnerships with
opportunities that will continue to
us, and what drives our people.
develop over time as new technologies and consumer trends emerge.
The Digital Economy describes the vast universe of companies operating across all touchpoints of connected consumers’ online journey. It is much more than individual retailers’ digital stores, as we see the rapid growth of new selling points across social media, apps, search engines and web portals, all battling to monetize rising web traffic.
THE DIGITAL ECONOMY: REASONS FOR OPTIMISM AXA INVESTMENT MANAGERS
This theme – which at AXA IM we call ‘the Connected Consumer’ - has huge growth potential supported by two powerful drivers: firstly, technology, as we are all increasingly connected and better-informed consumers; and secondly, demographics, as ‘digital natives’, or millennials, reach their peak spending years, their disposable income increases and more of this is likely to be spent via digital channels. We are really only at the beginning of the long-term, secular trend and it is a truly a global, multi-decade theme. However, there are also more immediate reasons for optimism as we start a new year. Looking at 2022, in many ways it feels very similar to last year at the same time, as we still face uncertainties around COVID-19. However, this time the spectre of inflation is more present even if it remains to be seen if this is transitory or something more structural. What is probably more certain at this point is pending interest rate rises. Despite those near-term headwinds, we believe that many companies in the Digital Economy will continue to flourish over the coming years and, if anything, they look typically more attractive on a relative valuation basis versus this time last year. Reasons for optimism: 1.
accelerate Even though we feel we have always lived in a digital manner, we really started our digital journey with the multiplications of apps over the last few years. P AG E 1 16
smaller businesses to offer those new standards. To alleviate those frictions, they tend to partner with the best logistic and warehouse experts
solutions for rapid delivery. The overall tone from those businesses related to the delivery area was encouraging last year, with most of them highlighting a strong level of activity and confidence in consumer demand. 3. Digital payment still in its infancy
5. Towards normalisation
More people are using digital payments
Whilst 2020 was disruptive in many
penetration remains at a low level. We
than prior to the crisis, shifting their
ways, with many people adapting to
preferences towards a cashless society.
new living standards, 2021 was
Last year was turbulent for digital
devoted to more normalisation. We
supported by irreversible catalysts such
payment solution providers, dragged
believe that once a consumer’s
down by uncertainty surrounded by the
experience has been beneficial, or
coronavirus situation, the timing of a
once a technology service has
recovery in cross-border and e-wallet
proved positive for a company’s
payment volumes was generally lower.
business, there is no reason that it
However, we think the secular growth
should stop (have we stopped using
The use of digital is broadly accepted
tailwinds from these companies are
for the older generation and has
unchanged and we see their prospects
become mainstream for the younger
remaining highly attractive. We also see
lifted?). We see recent changes in
generation. ‘Gen Z’ – born between
a lot of innovations in this space – such
our global behaviours to remain
1997 and 2012 – are a digital-native
as ‘buy now/pay later’ – that newest
sticky and we think that there is still
generation who grew up with digital
generations should take advantage of,
a lot of business to be done as
and are far more comfortable to
accelerating further the pace to digital
companies adopt new ways to
navigate within the online consumer
Whilst many aspects of our digital life accelerated as the result of the COVID19
demographic shifts. 2. "Gen Z" purchasing power
journey (when Steve Jobs introduced
customers even after the full effects 4. The delivery rush
of the virus have waned.
years old!). They are eager to engage in
Although the online consumer can be
AXA Investment Managers
social commerce and can effortlessly
very rewarding for attractive and
At AXA IM our purpose, to act for
access a large variety of sources for
innovative businesses/platforms, he is
human progress by investing for
product information. More importantly,
somewhat demanding in his delivery
what matters, is central to every
this digital-native generation is now
expectations: “I want my order as fast
action we take as a business. We
reaching adulthood and embraces an
actively invest for the long-term to
increasing ‘digital’ purchasing power as
colossus embrace ‘immediacy’ with
help our clients, our people and the
they come of age.
ease, it becomes more challenging for
world to prosper. axa-im.com
the very first iPhone in 2007, the oldest Gen-Z members were not more than 10
P AG E 1 17
HOW NIKE IS TRANSFORMING ITS SUPPLY CHAIN TO BEST SERVE CONSUMERS
“From early in the global pandemic, we knew that our recovery and return to growth would neither be linear nor intuitive,” says Andrew Campion, Nike Chief Operating Officer. “We believed that the immediate and significant shifts we were
The last two years have presented
its supply chain to serve consumers
engagement would be systemic. So
unique challenges for all companies.
more directly. From accelerating the
we took decisive action and began
Throughout the adversity, Nike’s team
opening of several regional distribution
building a digital-first supply chain
has risen to the challenges and is
centers across the United States and
to power Nike’s more direct, faster
seizing the opportunity to accelerate a
Europe to securing a dedicated train
and precise service of consumers,
transformation in its operations.
all while prioritizing sustainability.”
company is innovating to better serve In mid-2020, as consumers across all
consumers now, while transforming its
Here are four things to know
segments immediately shifted to digital
supply chain to power long-term
about how Nike is changing the
engagement, Nike began transforming
supply chain game:
P AG E 1 18
"We took decisive action and began building a digital-first supply chain to power Nike’s more direct, faster and precise service of consumers, all while prioritizing sustainability.”
One: New Regional Service Centers
Two: Automation and Technology Are
Changing How Nike Operates in
Precision More Sustainably.
Service of the Consumer.
Prior to winter 2020 in North America,
“At Nike, adversity has always been a
Nike had operated almost entirely
catalyst for innovation and fueled our
competitive separation, and the past
distribution centers in Memphis, Tn.
two years have been no different,” says
Today, in addition to transforming its
Campion. “The various challenges and
constraints imposed by the pandemic
omni-channel facilities, Nike is also
have driven our teams to transform how
we serve consumers through the
including new regional service centers
implementation of new technology
outside of Los Angeles to serve the
platforms, automation and process
West, in Bethlehem, Pa., to serve the
improvement in our operations.”
East and in Dallas to serve the South. In Europe, Nike added a regional service
Using AI and machine learning, Nike is
center in Madrid to begin evolving its
position the products that consumers
European Logistics Campus in Belgium.
love most and deliver faster, more
precisely, and without compromising Nike’s multi-node regional distribution
sustainability. In addition to the use of
network is supported by advanced
regional service centers, services such
as Buy Online, Pick Up in Store (BOPIS),
optimization technology platforms that
Ship to Store, the No Rush Shipping
are increasingly helping Nike predict,
plan and shape one-to-one consumer
sustainability, and Direct Order Drop
are helping ensure consumers have, as
Campion says, what they want, when “As we continue building a digital-first supply
and where they want it.
consumers more directly at scale, we
Within distribution centers, Nike has
have already tripled our capacity to
also deployed more than 1,000 “cobots”
(collaborative robots) to aid Nike
America and Europe, the Middle East,
teammates in the sorting, packing and
and Africa over just the past two holiday
seasons,” says Campion. “And we are
speed in order processing, alleviating
just getting started.”
physical challenges and allowing team-
P AG E 1 19
“We also believe that we must protect
worked and slightly imperfect kicks
the planet and the future of sport, by
and refurbishing them by hand to
offer at select Nike Factory, Nike
Three: Efforts to Package, Ship and
momentum around consumer and
Unite and Nike Community stores.
Refurbish Product More Sustainably
operational solutions that address the
Benefit the Consumer and the Planet.
issues we face relative to carbon, waste,
Four: Nike Focuses on Powering
water and chemistry.”
the People Who Power Nike.
move the world forward. By reducing
Ground-only shipping, available across
“I have always believed that at Nike,
the number of split packages and
the continental United States, provides
it’s both business and it’s personal,”
leveraging pop-up cartons that are
a less carbon-intensive option than air
says Campion. “Simply put, the
made of 65% recycled content and 35%
global supply chain is all about
Nike believes in the power of sport to
virgin material, Nike has optimized its
people and at Nike our supply chain
packaging for the benefit of consumers
Plus, this no-rush option also gives Nike
is powered by an extraordinarily
and the environment long term.
teams extra time to prepare an order
talented and diverse team around
and get it out the door.
inspiration and innovation to every
Finally, sustainably-minded initiatives
During the pandemic, Nike has
athlete* in the world,” says Campion. (*
like Nike Refurbished extend the life of
prioritized the health, safety and
If you have a body, you are an athlete.)
eligible products by taking those gently
well-being of its team above all else.
“At Nike, our mission is to provide
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protocols and COVID sick leave and pay continuity
manufacturing, distribution centers and retail stores. Today, that extends to investments in career
community volunteer opportunities. In the U.S., Nike provides employees with resources through a partnership with University of Memphis offering online degree programs focusing on personal achievement and career development. “Based on an operating and supply chain
“Today our teams are fueling a supply chain and technology transformation that will enable Nike to more directly serve consumers over the next 50 years. Their resiliency, strength and creativity will continue powering Nike. Our teams at Nike have been and continue to be our single greatest competitive advantage.”
model conceived by Phil Knight in business school, we have effectively and efficiently served and provided innovation to athletes* for the past 50 years,” says Campion. “Today our teams are fueling a global supply chain and technology transformation that will enable Nike to more directly serve consumers over the next 50 years. Their resiliency, strength and creativity will continue powering Nike. Our teams at Nike have been and continue to be our single greatest competitive advantage.” About Nike Our mission is what drives us to do everything possible to expand human potential. We do that by creating ground breaking sport innovations, by making our products more sustainably, by building a creative and diverse global team and by making a positive impact in communities where we live and work. Based in Beaverton, Oregon, NIKE, Inc. includes the Nike, Converse, and Jordan brands. nike.com
INNOVATION SPOTLIGHT - HOW GENERAL FUSION IS PIONEERING COMMERCIAL FUSION ENERGY
Fusion - Nature’s Way of Making
seawater and derived from lithium,
energy supply by developing the
both in abundant supply. There is
fastest, most practical, and cost-
enough fusion fuel on earth to power
competitive path to commercial
Fusion powers the sun and the stars,
the planet for hundreds of millions of
where gravity compresses hydrogen gas
years. Fusion has the unique capability
to the temperatures required for fusion.
to provide utility-scale energy on-
General Fusion pursues a fast,
The challenge for fusion energy is how
demand wherever it is needed, making
efficient, and collaborative path to
to create those conditions on Earth in a
practical fusion power. We are
controlled way that can be used to
intermittent renewables and battery
provide power. Fusion occurs when
storage. Combined, these technologies
make for a practical energy portfolio
temperatures, causing them to collide
that mitigates climate change while
at high velocity and fuse together. When
driving economic prosperity.
two light nuclei collide to form a heavier
technology by the 2030s. Our
nucleus the process releases a large
General Fusion is a World Leader in
mission is supported by a global
amount of energy. The most practical
syndicate of leading institutional
investors, venture capital firms, and
hydrogen named “deuterium” and
General Fusion was founded in 2002
technology pioneers, together with
“tritium”. These can be extracted from
with a goal to transform the world’s
governments across North America
P AG E 1 22
collaborates with a global network of partners to create a sustainable future built
materials, and a comprehensive life cycle
infrastructure. Founded in 2002, we are headquartered in Vancouver, Canada, with additional centers co-located with internationally
research laboratories near London, U.K., and in Oak Ridge, Tennessee, U.S.A. General Fusion has achieved a critical technology milestone for practical fusion power. Successful
"Fusion energy is the vaccine of climate change." "Net energy production is essential, but not really the ultimate goal of commercializing fusion energy, which is building economical, carbon-free fusion power plants. Our unique technology, two decades in the making, solves the long-standing challenges of building practical fusion power plants for the world’s energy markets struggling to move away from fossil fuels. The successful performance of this important prototype validates we are on the path to success."
compression prototype confirms path to commercialization.
significantly reduces engineering and
It is the pathfinder for a larger
technical risks for General Fusion’s FDP.
prototype being built this year to
General Fusion announced recently it
It will use a collapsing liquid metal
validate further refinements to
cavity to heat and compress plasma
various engineering aspects of this
aggressive performance goals of a
fuel to fusion conditions at 100 million
The idea of using a collapsing liquid
technology overcomes several key
prototype, located at its Vancouver,
metal cavity to create fusion has been
challenges of creating practical
Canada laboratory, is being used to
around for decades, but General Fusion
demonstrate a critical element of its
has been able to bring new enabling
proprietary Magnetized Target Fusion
technologies such as high-speed digital
control systems, along with additive
manufacturing, and also advanced
composite materials to make this
prototype machine drives a forceful, but
concept viable and to de-risk its
plasma, and produce enough fusion
precisely shaped, symmetric collapse of
implementation in the FDP.
fuel for its own use. General
a large liquid vortex cavity in tens of
milliseconds. The forces involved in the
Driving a rapid, smooth, and spherically
system validates one of the most
full-scale FDP compression system will
shaped collapse of a cavity created
critical parts of its MTF technology
be immense, pushing the limits of
inside a rotating liquid has been a
because a mechanically collapsed
material science, fluid dynamics, and
difficult engineering challenge that
liquid cavity is a cornerstone for
General Fusion has now demonstrated
in this prototype machine.
critical milestone with the prototype
P AG E 1 23
General Fusion building a global
energy generation plans, guide the
“The path to net-zero means
development of appropriate regulatory
developing new sources of clean
energy and reducing our reliance on
imported fossil fuels, which is all the
World’s leading energy and industrial
more important given the current
companies advising General Fusion on
Launched with nearly a dozen member
issues in global energy markets and
the development of practical commercial
companies spanning North America,
the situation in Ukraine. Energy-
Asia Pacific, and Europe, the MDAC will
support General Fusion in designing a
particularly will need alternative
General Fusion also recently announced
practical and compelling fusion power
technologies if they are to meet net-
the formation of a unique Market
plant that can be deployed by the early
2030s. The MDAC will also recommend
competitive in their own markets,
(MDAC) to guide the development of its
and support opportunities to evolve
and as the UK’s largest electricity
commercial fusion power plant. MDAC
public energy policies promoting the
provider, we are pleased to have
early adoption of commercial fusion
the opportunity to work with
power plants as part of the energy
General Fusion to look at how the
transition to net-zero carbon.
market for their products could
companies leading the decarbonization
evolve in the UK and develop a new
of heavy industry. These companies
“Now is the time to develop the global
way to take action for the climate.” -
span global markets in need of carbon-
market for fusion energy. Companies
Michael Lewis, CEO, E.ON UK.
are increasingly recognizing that to
increasingly ambitious net-zero carbon
achieve their net-zero mandates and
emission policy goals. Many bring
aspirations, they’re going to need
deploying, and operating commercial
Advisory Committee will help guide
power generation assets.
General Fusion in addressing this need using a partnership and collaboration
General Fusion’s global network of
strategy.” - Christofer Mowry, CEO,
investors and government, institutional,
and industrial partners enable the company to pursue a more ambitious
fusion technology commercialization
advancing a net-zero future and clean
program. Through the MDAC, General
energy technologies that are essential
Fusion is proactively engaging the
to reduce greenhouse gas emissions.
Fusion is a key emerging technology
ensure that the performance and
emissions-free electricity we produce.
specifications of its Magnetized Target
We look forward to applying our
Fusion power plant will align with
experience and expertise in innovation,
customer needs. The MDAC benefits its
clean energy production, and policy
membership by providing a mechanism
to monitor the development of General
General Fusion." - Richard Horrobin,
Fusion’s technology, understand when
Vice President, Business Development &
and how to include fusion in their new
Energy Innovation, Bruce Power.
prospective early fusion adopters to
P AG E 1 24
General Fusion is pursuing the fastest and most practical path to commercial fusion energy and is based in Vancouver, Canada, with locations in London, U.K., and Oak Ridge, Tennessee, U.S.A.
“H2 Green Steel is on a mission to
bringing clean fusion energy technology
business relationships to innovate
undertake the global steel industry’s
to market. We will represent the Italian
new clean-energy technologies in
greatest ever technological shift. That’s
energy sector on the committee. We
support of TVA’s aspirational goal of
why we are teaming up with General
hope that fusion energy will soon
net-zero carbon emissions by 2050.”
Fusion to explore the global scalability
represent a further opportunity to
- Joe Hoagland, Vice President for
of our technology, not limited by in-
promote an energy mix less dependent
Innovation & Research, Tennessee
country power generation constraints.
on fossil fuels.” - Riccardo Toto, General
Valley Authority (TVA).
Fusion energy has the potential to
accelerate the decarbonization of steel
General Fusion’s Magnetized Target
production. We look forward to working
“Nuclear power currently provides over
Fusion removes the traditional
together with General Fusion on the
40% of the electric energy TVA produces
technological barriers to delivering
practical application of fusion energy in
for the people and businesses we serve
economical fusion power plants.
heavy industry.” - Henrik Henriksson,
in seven states. Developing advanced
The company recently reached a
CEO, H2 Green Steel.
nuclear and other technologies is
important for TVA’s energy system of
the future. The recent support of the
engineering capabilities needed to
pioneering sustainable and innovative
United States Congress for public-
scale its compression prototype to a
technologies is in our DNA. That is why
private partnerships that promise to
full power system. Later in 2022, the
accelerate the growth of fusion is
company anticipates celebrating
encouraging. We will continue exploring
another milestone when it breaks
international committee, to support
ground on its Fusion Demonstration Plant at the UK Atomic Energy Authority’s Fusion
Demonstration Plant will create the template for General Fusion’s first commercial power plant. It will confirm
relevant scale. General Fusion is pursuing the fastest and most practical path to commercial fusion energy and is based in Vancouver, Canada, with locations in London, U.K., and Oak Ridge,
company was established in 2002 and is funded by a global syndicate of leading energy VC firms, industry leaders, and technology pioneers. Learn more at generalfusion.com
P A G E 1 25
Tesla’s vehicle deliveries soared in 2021 but legacy automakers are running a marathon, not a sprint. Tesla raised some eyebrows last month as it unveiled an 87% year-on-year rise in
CAN VOLKSWAGEN CATCH TESLA IN THE EV RACE?
vehicle deliveries to over 936,000. In terms of battery electric vehicles (BEVs), this puts it some distance ahead of its European rivals, including Volkswagen AG with less than a half of Tesla’s deliveries (452,900). There are three main reasons for Tesla’s significant outperformance versus its rivals when it came to the delivery of BEVs in 2021: A greater commitment to bringing important parts of the supply chain in-house. We see this at its most pronounced
ambition to be both a user and
Tesla was ready for the BEV
BEVs. However, it can’t hide from
supplier of battery cells. In doing so,
transition because it is all it has
the fact it has a legacy cost base to
the company gained a head start on
ever planned for. By the end of
managing what is (and will remain
2019, Volkswagen was readying its
deliveries of 452,900 come in the
for some years) an incredibly tight
first BEV plant (Zwickau) while Tesla
context of total vehicle deliveries of
supply chain, especially in regards
already had three ‘Gigafactories’.
nearly nine million.
to rare metals and minerals. Meanwhile, with BEV demand soaring
For Volkswagen, the production of
Where Tesla’s supply chain does
across Europe and China, Tesla’s
internal combustion engine (ICE)
rely on external players, its early
established portfolio of Models S, 3 and
cars has to be managed down
Y offered choice to the consumer
carefully so as not to drop volumes
placed it at the front of the
without compromising on performance.
below the profit breakeven point.
preference queue for suppliers. In
By contrast, most legacy European
There are also staff who need
simple terms, the company was
carmakers were only really moving
better placed to buy chips during
generation BEV launch (Renault’s ZOE,
because of bigger order volumes
Stellantis/Peugeot’s e-208 and VW’s
(1m units targeted vs 500k at VW
Volkswagen has a shareholder base
last year) and content per vehicle
that could be spooked by any
(more advanced software functions
Hurdles in Volkswagen’s path
dilution in profit margins. A faster
like high level self driving require
Among the traditional automakers,
switch to BEV production last year
Volkswagen can be considered an
would certainly have brought about
innovation leader when it comes to
a fall in profit margins.
higher value chip content).
P AG E 1 26
Despite an accelerated drop in battery
same BEV race. Stellantis, formed by
A highly cost efficient platform
cost, the most profitable BEVs are still
the merger of Fiat Chrysler with
approach is required for this, so
only at breakeven operating margins.
Peugeot, is one such example.
good execution of such a strategy is
So far, the stock market has been
crucial. That said, if CEO Carlos
willing to reward Tesla for the future
Despite a very successful roll-out of
Tavares’ record on improving profit
profitability of its BEVs, but hasn’t done
early BEVs, Stellantis is now one of the
margins at Peugeot is anything to
the same for the traditional carmakers.
few carmakers that believes a mixed
go by, Stellantis stands a good
powertrain strategy of BEV, PHEV (plug-
chance of being the carmaker to
Volkswagen wants to produce more
in hybrid EVs) and MHEV (mild hybrid
pull this off.
BEVs than Tesla but has set 2025 as the
EVs) is the most efficient way to achieve
deadline for this. This seems realistic
both industry-leading profit margins
given the budget: Volkswagen has €52
emissions This article was written by Rodrigo
coming over the next five years and a
Kohn, European Equities Analyst at
total budget relating to BEV, hybrids
The key thing with Stellantis is that
and software of €89 billion. On research
mass market products dominate the
brand portfolio. As BEV profit margins
Schroders is a world-class asset
Volkswagen’s annual spend of €15-20
improve, government subsidies for
billion p.a. dwarfs Tesla’s current $1.5
purchases will taper off. This means
that the process of BEV adoption for the
Americas, Asia, the Middle East and
less wealthy consumer will be far more
It’s not all about the BEV race Other
strategies and are not competing in the
Stellantis to continue to service their
For more information, please visit:
needs via hybrids.
Volkswagen wants to produce more BEVs than Tesla but has set 2025 as the deadline for this. This seems realistic given the budget: Volkswagen has €52 billion of BEVrelated investment coming over the next five years and a total budget relating to BEV, hybrids and software of €89 billion. On research & development spend alone, Volkswagen’s annual spend of €15-20 billion p.a. dwarfs Tesla’s current $1.5 billion.
P A G E 1 27
INNOVATION INVESTMENT SPOTLIGHT
SONO MOTORS GERMANY'S ANSWER TO TESLA INTRODUCES THE CAR THAT CHARGES ITSELF
LED BY CO-CEOS JONA CHRISTIANS AND LAURIN HAHN, THE COMPANY IS ON A PIONEERING MISSION TO ACCELERATE THE REVOLUTION OF MOBILITY BY MAKING EVERY VEHICLE SOLAR.
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Sono Motors (NASDAQ: SEV) is a
Its disruptive solar technology has
highly talked about German company
been developed to enable seamless
that has generated major excitement
integration into all types of vehicles
in the global automotive industry.
to reduce the impact of CO2 emissions and pave the way for
Led by co-CEOs Jona Christians and
Laurin Hahn, the company is on a pioneering mission to accelerate the
Sono Motors is developing the
revolution of mobility by making every
world’s first solar electric vehicle
(SEV) for the masses, the Sion.
What Does the Mobility of the Future Look Like? This is the question the Sono Motors founding team asked themselves when they set out to revolutionise mobility. They set out to improve how people and things are moved, with the core focus
sustainable in the interest of the planet and its inhabitants. The answer they have given to the world is The Sion, an electric car that charges itself, shares energy and can be shared on a large scale. Sono Motors' experienced team of engineers, designers, technicians, and industry experts are currently developing and building the car of the future for use in our current times. According to Sono Motors: "We are currently
The Sion charges itself. It is an electric vehicle that generates additional range through the power of the sun. Combined with the Intelligent Mobility Services provided by Sono Motors, it is clear this could be a game-changing contribution to a climate friendly future.
production of the Sion. The Sion is our
P AG E 1 29
very first step into the future of smart, climate-friendly
mobility. Our goal is to establish large scale smart e-mobility and sharing thereby make a significant contribution to
emissions. In order to protect our planet‘s
environment, worldwide annual vehicle production
significantly and permanently reduced. This vision can only be implemented through
concepts. The Sion is the dawn of the future of mobility." The Sion charges itself. It is an electric
"Modern design meets full solar integration, designed
vehicle that generates additional range through
to take advantage of every ray of sunlight."
Combined with the Intelligent Mobility Services provided by Sono Motors, it is
Essentially the Sion is a solar power plant with a built
clear this could be a game-changing
in charging station that can power all common
contribution to a climate friendly
electronic devices and other electric vehicles.
future. Exterior - solar instead of paint The Sion's entire bodywork an energy
This means full self-sufficiency on short
kW) and other electric vehicles (up
collector. Its hood, fenders, sides, roof,
trips. For solar integration, Sono Motors
to 11 kW). This opens up a liberating
and rear of the vehicle are integrated
uses monocrystalline silicon cells that
world of possibilities for lowering
seamlessly with solar cells that blend
produce energy even under cloudy skies
both visually and physically into the
or in the shade.
car‘s body. The Sion is an SEV, a Solar
important of all - it is an excellent
Electric Vehicle, whose battery is able to
Bidirectional Charging - a solar power
generate energy from the power of the
climate friendly solution. Interior - intelligently designed
The innovative Sono Solar technology
Sono Motors projects that under ideal
enables the Sion to not only draw and
conditions, the Sion will deliver 112 km
store energy for its movement but also
The Sion will come with an intuitive
on average (up to 245 km max.)
to share it with others. Essentially the
infotainment system, connectivity
additional range per week can be
Sion is a solar power plant with a built
and factory integrated mobility
achieved with pure solar energy — CO2
in charging station that can power all
services. It can all be easily
neutral and completely free of charge.
common electronic devices (up tp 3.7
controlled centrally via the 10-inch
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touch display. An additional display in
intelligent mobility and sustainability at
the vehicle’s cockpit provides easily
front of mind. The Sono App empowers
accessible central information, such as
your smartphone to become a control
the solar range and speed. There is a
hub where you can share your Sion,
special touch in the Sion's interior, the
electricity, and even a ride. The Sono
Sono Motors team have added an
app is also a digital key for the Sion (it
innovative design highlight which is
also comes with physical car keys) and
integrated moss. Not kidding! The Sion
provides a dashboard for real-time
has its own moss garden, a wonderful
vehicle data. The Vehicle Connectivity
natural element that contributes to a
Module controls every aspect from the
pleasant ambience and a reminder to
embrace well being. Another nice touch
automatic emergency call service.
is the Sion's individually adjustable ambient interior color lighting system.
The Sion is a available for preorder at a cost of €28,500 for a limited time.
Empowered by a strong community, Sono Motors has amassed more than
Sono Motors provides an extensive suite
of well designed services to enhance
payments for the Sion. These vehicles
the user experience of the Sion, as can
will be produced through contract
be expected they are all designed with
P AG E 1 31
Sono Motors - Business Highlights
Over the last 12 months Sono Motors
development, the completion of
has achieved the following:
first winter and summer tests,
Every journey has its beginning, and
continued engineering and over
journeys, by nature, rarely go the way
Grew its B2B solar integration client
1,000 customer test drives, bringing
you plan them but in the case of Sono
base, with more contracts and offers
the total test drive number to more
Motors the success of their journey has
from various OEMs and fleet owners
than 18,000 customers so far.
far exceeded their expectations. Sono
across various transportation sectors. In
Motors has created a car that stands out
Q4 2021, Sono Motors delivered its first
The vast majority of Sion sourcing
in an increasingly crowded 'future
decisions were made by year-end
oriented mobility space'. That would be
prototype to ARI Motors and installed
a great achievement on its own but this
the first RV solar retrofit for a client in
startup has been busy energetically
ticking off one win after another.
2021. The launch of the Sono app on 6 December
Opened its dedicated development
Motors to expand its app beyond
center for the B2B solar business.
the Sion. The aim is to gather more
technology has also been engineered to
Specialists use bespoke equipment and
data and customer feedback for
enable integration and licensing for a
test facilities to enhance speed for all
incremental development of the
wide range of vehicle architectures that
service. Sono Motors provides an in-
go far beyond the Sion, such as buses,
app booking and payment system
trailers, trucks, camper vans, trains and
Launched Gen 2 prototypes at CES and
as well as additional insurance if
used those vehicles for the intensive
required. The app allows users in
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logation, and crash tests.
“We have achieved major milestones on our growth path. We’re scaling up our Sono Solar business, have delivered
Significant progress has been made
several products to B2B customers in the last months, and
on Sion’s User Interface and User
thus generated first revenues. Our proprietary solar
technology is already contributing to climate protection
and the reduction of CO2 emissions on Munich public
insurance booking and Salesforce,
transport and supporting the city’s clean air targets.
Google, and SAP within the backend
infrastructure for a fully digital
These examples showcase our plan to diversify our
business by establishing our B2B solar business as a strategic pillar, equal to our solar electric vehicle, the
ESG activities include progress
Sion.” - Laurin Hahn, CEO and co-founder of Sono Motors
towards offsetting activity-based value
Climate Action campaign prior to Germany to share their car - not just the
arrangements to 17 by 31 March 2022,
Earth Day on 22 April 2022, and first
Sion - via community car sharing with
compared to 2 at the start of 2021.
full year (2021) of operations with
friends, family, and neighbors.
first local impacts within the Fair Signed binding term sheet with Valmet
By the end of 2021, 231 people of over
Automotive as an experienced contract
manufacturer for the Sion. As of Q1
Judging by Sono Motor's incredible
2022, Valmet Automotive has produced
track record in just two years of
represents an approximate team size
over 1.7 million cars for brands like
operation, it is a good bet that the
increase of 120% over the year. This
Mercedes, Porsche, and SAAB. Valmet
company's ambitious drive, electric
number increased to 267 people by the
Automotive will build the Sion at its
dynamism and robust organising
end of Q1 2022.
plant in Uusikaupunki, Finland, and will
that has enabled its elevation to the
provide the capacity to produce 257,000
premier table of global mobility
vehicles over a seven-year period.
Sono Motors delivered its innovative solar technology to several customers
reflected in commercial success.
including Munich’s public transport
Build of a fleet of 37 series-validation
For those in doubt it would be
provider MVG. Sono Motors' solar bus
vehicles and Bodies in White is currently
prudent to look back at Tesla's
retrofit solution can reduce local CO2
underway, ushering in the Sion's testing
journey - one that was punctuated
emissions by over 6.5 metric tons per
program. These cars consist of series
with setbacks, challenges, lulls and
year, per vehicle. Further benefits
components and correspond to the
include fuel savings of up to 2,500 liters
dominance. Sono Motors may never
of diesel per vehicle, per year, the
established in Q1 2022, alongside
reach those heights but the future
stabilization of energy supply, the
feels blindingly bright for this
extension of the 24V battery life, and
prototype program, as well as the
reduced maintenance costs.
accompanying definition of various
Increased solar integration B2B partner
company and its investors.
components and vehicle parameters.
For more information about Sono
The fleet will be used for the series
Motors, visit: sonomotors.com
P A G E 1 33
BY JOSH OWENS, OILPRICE.COM / FN MEDIA GROUP, LLC
THE SUPPLY SHORTAGE THAT COULD DERAIL THE ELECTRIC CAR BOOM An already voracious commodity
processing companies, Graphex Group
supercycle is now witnessing even
Ltd (GRFXY). Not only does Graphex
greater momentum amid fears of
have operations in North America, but it
major supply-chain disruption and
also has processing facilities up and
fallout from ongoing geopolitical
running in Asia producing this key
conflicts that has sent markets into a
battery material for almost 10 years
right next to one of the world's largest graphite
gearing up to list on the New York Stock (NYSE),
materials from lithium and cobalt to
nickel and graphite were looming large
opportunity even more exciting to us.
over the EV industry since the second half of last year. With EV sales expected
The $50-Billion Graphite Opportunity
to double this year, auto giants are desperate to avoid battery supply chain
The global graphite market is projected
disruptions and soaring costs of raw
to be worth $50 billion by the end of this
materials. While the bulk of the media
attention has been on lithium, an even
With EV sales expected to double this year, auto giants are desperate to supply battery avoid chain disruptions and soaring costs of raw materials. While the bulk of the media attention has been on lithium, an shortage bigger even could threaten another material: battery key graphite.
bigger shortage could threaten another
Why? It's simple: Graphite makes up
key battery material: graphite.
between 20%-30% of the material of every EV or energy storage battery,
Speaking to S&P Global Platts, Tirupati
serving as the negative end, or the
Graphite CEO Shishir Poddar said that
"anode", without which there is no
by 2030, graphite demand is expected
lithium-ion battery at all.
to be triple our global production capability. Poddar notes that we'll need
With global EV sales expected to double
up to 4 to 5 million tons more per year
this year alone in an electric vehicle
market that is already worth $3trillion… With battery gigafactories
This may provide a major opportunity
being built up at a pace never seen
for one of the world's leading graphite
before in any industry… And with just a
working on a major expansion of production… It's working to bring its processing technology to North America, too. According to Graphex executives, the company is producing 10,000 metric tons of spherical graphite, representing around 5% of China's total spherical graphite production. It plans to expand that production to 40,000 metric tons over the next three years. On January 7, 2022, Graphex announced plans to build a new U.S. energy storage market expected to
Some 70% of all graphite utilized for the
grow to $426 billion over the next
EV and Energy Storage industry comes
Michigan to support American EV
decade… The graphite and local
from China, and Graphex Group Ltd
processed graphite shortage may not
exclusive MOU with Emerald Energy
just be imminent, it's upon us.
subsidiaries is reported to be one of the
Top 5 producers in China of spherical Demand is already soaring: But it is
graphite production and one of the top
A final location decision is expected
about to skyrocket.
producers in the world.
by the end of this month, and the company expects that the plant
In the United States, approximately 13
Graphex has been operating in the
could be operational by the second
new battery gigafactories are said to be
graphite processing business in China
quarter of next year, with an initial
in the works, which may be causing
since 2013. Its processing facilities in
capacity of 10,000 metric tons per
panic along the battery material supply
China's Heilongjiang Province are right
annum (TPA) of coated spherical
chain. Worldwide, these factories are
next to one of the largest flake graphite
graphite–the kind specifically used
quickly dotting the landscape adding
source in the world: But now, it has an
in EV batteries.
desperation to manufacturers who are
answer to North America's dependence
scrambling for materials offtake deals.
problem: Graphex says it's gearing up to
Plans are to ramp that up to 20,000
build a bridge for this graphite that
TPA to meet soaring demand. To be
leads back home.
100% of Current Global Processed Graphite Comes from Asia
positioned itself as a vertical power This isn't a brand new junior miner with
house in the graphite supply chain.
The United States hasn't produced any
a lot left to prove to investors. Graphex
graphite in decades. That leaves China,
already has long-term contracts with
An international company with their
the only country that has any notable
own capabilities to process at their
graphite processing facilities. In fact,
agreements with major manufacturers
own facilities in China, their own
most of the graphite we use originates
along the battery and EV supply chain.
export license for these materials
in China and near 100% of the
Now, with Graphex already expecting
and a building their own final stage
processed graphite comes from China.
quick double-digit growth, it is not only
production facility in the US.
P AG E 1 35
The global graphite market is projected to be worth $50 billion by the end of this decade. Why? It's simple: Graphite makes up between 20%-30% of the material of every EV or energy storage battery, serving as the negative end, or the "anode", without which there is no lithium-ion battery at all.
P AG E 1 36
A Critical Ramp-Up at the Start of a
America, graphite miners currently Graphex margins so far look great to us,
don't have the proven capabilities
and that is what we'd expect when you
to upgrade from flake graphite to
have veterans in the field.
graphite–the kind that is ready for In 2021, Graphex (GRFXY) reported 28%
EV battery usage. Graphex has the
margins and $51 million in revenues.
proven capabilities to help fill that
With an expansion in China underway,
void on that lucrative supply chain,
raw to final battery grade material
graphite producers for more localized
costs range from roughly $700 to
raw material and plans afoot to build a
over $20,000 per metric ton.
new processing facility in the United States, the timing of the opportunity
Beyond Michigan, Graphex (GRFXY)
could be critical for shareholders. .
may have longer-term plans to partner with auto supply chain
Bringing all of this technology home is a
companies for the production of
win-win situation. For North American
coated spherical graphite, with
manufacturers, it could save tons of
downstream expansion into anode
money at a time when rising prices for
and battery production as well as to
battery raw materials and disrupted
partner with other global raw
supply chains for final processed
graphite miners to help localize and
materials are making things difficult.
solve supply chain issues.
The world hasn't seen a commodities
It's not ignoring the growing demand
And who could forget about Tesla
supercycle like this… And the current
from investors for responsible and
Inc. (TSLA)? In any discussion
events are sending an already clear
sustainable mining, either. In fact, one
concerning commodities or energy,
supercycle into what could become
of its primary goals is to create a
it's impossible to ignore Tesla's
positive impact on society and the
growing influence. Elon Musk is
environment through its projects.
truly a visionary of the times. In fact,
While China has traditionally supplied
when Tesla released the first
some 70% of the graphite we use, as of
Turquoise Hill Resources Ltd. (TRQ) is
Roadster back in 2008, people were
the end of 2021, new data shows that it
another major miner in Canada's
laughing at first-gen EVs. From his
has now secured over 80% of that
resource and mineral industry. It is a
electric vehicle innovations and
market share. And one of the top 5 in
major producer of coal and zinc, two
space ambitions to his forward-
China is the same company that is
planning to bring it all home to America.
futures. While headlines are already
currencies, Elon Musk may well
touting the end of coal, zinc is a mineral
become the first trillionaire, and
This isn't an easy game for new entrants
that will play a key role in the future of
Tesla shareholders are set to ride
because graphite is a complicated
energy for years and years to come. And
the wave. Tesla's stock price has
endeavor underpinning a $3-trillion EV
due in part to ongoing geopolitical
had a turbulent year.
industry and what could be a vastly
conflicts, zinc has seen its price soar on
bigger energy storage industry.
fears of a looming supply squeeze.
Celestica (CLS) is a key company in the lithium boom due to is role as
Other companies that could be
Teck Resources (TECK) could be one of
one of the top manufacturers of
the best-diversified miners out there.
And in times like these, that's great
Celestica's wide range of products
news. With a broad portfolio of Copper,
Lithium Americas Corp. (LAC) is one of
North America's most important and
Molybdenum assets, Teck is well
solutions, enterprise and cloud
services, aerospace and defense
companies, making it a key frontrunner
commodity supercycle. With its free
products, renewable energy and
in the commodity price boom. With two
cash flow and a lower volatility outlook
enough health technology. Thanks
for base metals in combination with a
to its exposure to the renewable
growing push for copper and zinc to
energy market, Celestica's future is
Americas is well-positioned to ride the
create batteries, Teck could emerge as
tied hand-in-hand with the green
wave of growing lithium demand in the
one of the year's most exciting miners,
energy boom that's sweeping the
years to come.
as metals prices continue to soar.
world at the moment. It helps build
smart and efficient products that integrate generation,
The world hasn't seen a commodities supercycle like this… And the current events are sending an already clear supercycle into what could become megacycle territory.
management technology to deliver smarter, more efficient grid and offgrid applications. By. Josh Owens, OilPrice.com / FN Media Group, LLC
P A G E 1 37
MAXIMIZING EFFICIENCY FOR THE FUTURE OF CONNECTIVITY PETER HAJDU, CEO OF DURA-LINE Though the “Internet of everything” is by no means a new phenomenon, according to a 2021 report analysts predict the market for connected devices and associated services will reach nearly $263 billion by 2025. Through fiber and mesh networks, there is no limit to what can be connected, leading to the potential of 15 billion connections by 2025. And right now, demand for connectivity is growing from customers, accelerated by the COVID-19 pandemic and increased loads. In turn, governments around the world
Efficiency Practice #1: Be Generous
are making investments in digital
with Knowledge and Experience
benefits and bridge rural digital divides.
At the root of installation efficiency is
While there’s ample market potential
intimately knowing the design process
for connectivity, the picture is not
to know what can be improved and
then making sure that knowledge is shared. The outcome: larger returns on
Telecommunications service providers
investment and supporting industry
are facing down continued material and
labor shortages, diminishing returns on invested capital (ROIC) and enhanced
At Dura-Line, our engineers, solution
competition because of new availability
of spectrum and network coverage. And
knowledge and hands-on experience
now that construction delays have
that makes a decisive difference. But
become the rule and not the exception,
even more than that, they are making
the entire industry is looking for ways to
the move to formatively partnering with
work and build better, smarter and
our customers on product design and
educating other network builders on
I believe it’s a matter of perspective. In
efficient techniques honed in the field.
these challenges are opportunities for
The result is that they can offer targeted
products and support better planning
P AG E 1 38
installations will speed a paradigm
deployment processes and lightened
shift. Simply put, when providers and
maintenance. So despite labor and
companies collaborate at the outset,
material shortages and a phased
economic recovery, we are building
connectivity is not only possible—it can
better now by giving freely of what we
be fast-tracked for all.
Efficiency Practice #2: Build for the Future, and More Builds Will Come In the past, when people have talked about
Increasingly, public sector decisionmakers as well as private investors are underwriting more in the way of digital infrastructure and virtual connectivity
"I strongly believe that with the right efficiency mindsets, partners and practices in play now, there’s nothing stopping us from making a seamlessly connected future real for everyone." — Peter Hajdu, Executive Vice President & President, Data Communications (Dura-Line)
projects that make modern life (and “the new normal”) possible. Digital
sizable investments in installation and maintenance, with upwards of 65% of network installation costs directly tied to construction. But it doesn’t have to be that way—not with the concept of designing to “dig once”. In the present, we’re seeing network right-of-ways becoming overcrowded. But
reductions of fiber optic cables, we’re seeing the future of building for additional capacity. By optimizing DuraLine’s FuturePath product line conduits now to allow for multiple fiber cables in the same physical spaces that used to accommodate
installation timelines can go from multiple days to single days, with flexibility for future capacity expansions designed in. The benefits are many: time savings, energy savings, permitting ease,
disruption and notably, ample cost savings for both urban and rural installations. Not to mention the dramatically
costs over time: where the concept of digging once really pays back.
Efficiency Practice #3: Design for
Peter Hajdu is President & CEO of Dura-
Orbia is a purpose-led company,
Line, Orbia’s data communications
passionate about the challenges
business group. Peter joined Orbia in
that define how people will live and
In so many instances, we have seen that
2018 to lead Dura-Line. Previously, he
thrive tomorrow. We hold a big
held multiple executive positions in
vision to combine the strengths of
Cisco’s EMEA and emerging markets
competitiveness, vitality and quality of
operations. Prior to Cisco, he was a
collectively add up to something
life for their residents. While most
consultant at McKinsey and Company,
governments have recognized that a
powerful way to boost the economy is
collaborative, and human-centered
to reinvest in connectivity, there’s
sectors. Peter is a graduate of the
solutions that are difficult for any
momentum from both the public sector
University of California, Berkeley where
one company to tackle alone.
and the private sector to shore up
he obtained his MBA and Management
digital infrastructure that can drive the
of Technology degree.
By taking this approach together,
shift to a circular economy, further
we are reinventing the future of
boosting the vibrancy of communities
and the lives of those who call them
access to healthcare with advanced
communication. Technology, data, and
materials, and connecting people
It is the responsibility of all industry
constant communication are more
around the world to global data
players to design clean, green and for
intertwined with our daily lives than
infrastructure. And our journey has
lightened impact. By introducing new
ever before in human history. Dura-Line
taught us this is only the beginning.
technologies aligned with the financing
provides the essential infrastructure –
models and policies that promote this
conduit, FuturePath, cable-in-conduit,
Our decades-long history began as
revolution, any can be ready for
and accessories – to make this possible.
a leading producer of commodities,
efficient and targeted deployments.
And all can benefit from resiliency.
solutions and unparalleled customer
strategic growth we’ve become a
cities and homes, reducing food water
We are certainly in the midst of a world
connects us, serving a wide variety of
full of change. It is up to us to decide
markets including telecommunications,
Today, we operate in 41 countries
how we prepare for, adapt to and stay
enterprise networking, energy, and
and employ more than 22,000
ahead of it. I strongly believe that with
transportation. Dura-Line is part of
the right efficiency mindsets, partners
Orbia, a community of companies
and practices in play now, there’s
working together to tackle some of the
Together, we are positioned to help
nothing stopping us from making a
world’s most complex challenges. We
the world take shape and create a
seamlessly connected future real for
are bound by a common purpose: To
more livable, lovable planet for
everyone. This is what keeps me going.
Advance Life Around the World.
This is what gets me out of bed in the morning.
It is the responsibility of all industry players to design clean, green and for lightened impact.
P AG E 1 4 0
VIDEOS FOR CEOS worldbizmagazine.com
MOBILE MOMENTUM: 5G CONNECTIONS TO SURPASS 1 BILLION IN 2022 - GSMA Connectivity has been unleashed as 5G
"5G accounts for a much larger share of
demonstrates the fastest generational
global mobile connections than 3G or
roll-out in mobile history - with
4G did at the same point in their
innovative new use cases accelerating
lifecycles. Momentum has been boosted
by factors including innovative plans, video streaming services, rising 5G
According to the GSMA, 5G connections
handset sales, and network coverage
will surpass 1 billion in 2022 and 2
expansions," said Alex Sinclair, Chief
billion by 2025. By the end of 2025, 5G
Technology Officer, GSMA. "In addition,
will account for over a fifth of total
the launch of 5G services in Latin
mobile connections, and more than two
America and Sub-Saharan Africa over
in five people globally will live within
the last year means that the technology
reach of a 5G network, according to The
is now available in every region of the
Mobile Economy Report 2022 from the
world, so we are set to see more growth
and more transformation for services."
This unprecedented growth represents
Early network capability initiatives are
the fastest generational roll-out for the
underway to support the increasing
mobile industry compared to 3G and
number of innovative consumer and
4G. By comparison, 18 months after its
enterprise use cases across the 5G Era.
launch, 5G accounted for more than
These include the 5G utilisation of
5.5% of mobile connections – neither
multiple sub-3GHz spectrum bands, 5G
3G nor 4G exceeded 2.2% penetration in
mmWave, 5G Advanced, and Private
the same time.
Today there are nearly 200 live 5G
GSMA Research Finds Mid-Band 5G
Could Deliver $610B GDP Growth by
including 68 operators providing 5G
Fixed Wireless Access (FWA) services and 23 delivering Stand Alone (SA) 5G
This analysis shows the extent to which
services. All this supports consumer
government policies that prioritise mid-
demand propelled by an ever-growing
band 5G spectrum can aid economic
portfolio of 5G-enabled smartphones
development strategies for the years
across various price points.
ahead – a key area of focus for policy
P AG E 1 42
makers and regulators from around the
the economic benefit, with the
world. The new economic forecast
manufacturing sector accounting
predicts that by 2030, 5G spectrum in
for almost 40% of the growth.
the 1-7 GHz mid-band range will drive
nearly 65% of the overall $960 billion
smart cities, is also expected to
socio-economic value created by 5G.
impact the economy significantly.
“Delivering on the 5G promise will
The global impact of mid-band 5G
require global, regional, and local action from governments and industry
Around the world, the analysis finds
to make enough mid-band spectrum
that the impact of mid-band 5G on
available. An average of 2 GHz of mid-
regional economic growth will be
band spectrum is needed, and there is
closely aligned. For example, CIS
work to get there. As the world seeks to
and Latin America will lead with
deliver a new phase of economic
over 0.5% of GDP generated by mid-
development, government planning for
band 5G in 2030. Meanwhile, Sub-
5G expansion is crucial,” said the
Saharan Africa and Europe will see
GSMA’s Head of Spectrum, Luciana
0.38% in GDP growth, and North
America with 0.36% in GDP growth.
The study also warns of the potential
Early adopter 5G markets in Asia
Pacific, the Americas, and Europe
will account for the most significant
showing that up to $360 billion of GDP
share of total global contribution to
growth could be lost. If spectrum is
GDP. The biggest economies and
constrained to current levels as demand
populations will have the largest
for services grows, increased network
impact, with East Asia and the
congestion and deployment costs will
Pacific forecast to contribute $218
stifle 5G. Network quality and speed will
billion to global GDP.
suffer, limiting 5G adoption and its economic impact.
spectrum approach 5G
Government and industry working together– through WRC-23 and in
The research shows that 75% of the
national processes – to deliver
benefits of mid-band 5G will be through
the core 5G use cases of enhanced
services and ensure that 5G can
mobile broadband (eMBB) and fixed
power a new phase of economic
wireless access (FWA) with fibre-like
speeds. Services, including healthcare and education, and manufacturing are
Making an average of 2 GHz of mid-
expected to yield the highest portion of
band spectrum available to licensed
P AG E 1 43
Construction: Supporting safe and
communications markets are starting to
efficient construction in Singapore
move closer to this goal, but there is
with 5G from Singtel.
still a shortfall of 1 GHz in many cases. Smart cities: Motov's use of 5G for Fulfilling
harmonised ranges including 3.5 GHz,
monitoring the social costs of air pollution and traffic hazards.
4.8 GHz, and 6 GHz to deliver economies of scale and lower broadband costs.
Energy: Improving the performance of wind farm technology with 5G
The GSMA 5G Transformation Hub
and Vayu AI.
The GSMA 5G Transformation Hub is designed to promote adoption and
communicate the value 5G delivers for
The GSMA is a global organization
operators, businesses, and all levels of
unifying the mobile ecosystem to
government, and it already includes the
following case studies:
innovation foundational to positive
business environments and societal Live Entertainment: Verizon is using
change. Our vision is to unlock the full
5G mmWave to deliver optimised
power of connectivity so that people,
stadiums across the US.
Representing mobile operators and organizations
Infrastructure: Enabling 5G efficient
ecosystem and adjacent industries, the
drone inspection of bridges and
GSMA delivers for its members across
major structures with Skydio.
three broad pillars: Connectivity for Good, Industry Services and Solutions,
Manufacturing: Case Study - Making
and Outreach. This activity includes
biggest societal changes & challenges,
robotics with Thundercomm in
interoperability that make mobile work,
and providing the world's largest Transportation:
Ministry of Science and ICT (MSIT) is
ecosystem at the MWC and M360 series
entertaining commuters in Seoul
with 4K TV on the move, delivered by 5G mmWave.
"Our vision is to unlock the full power of connectivity so that people, industry, and society thrive." - GSMA
P AG E 1 44
A NEW DAY IN ENERGY MEASUREMENT
We are transforming the status quo in the industry we serve through continuous customer focused innovation.
End-to-end measurement solutions to natural gas utilities across the globe.
Revolutionizing traceability with QR Codes and blockchain. In order to trust the foods and products we buy, we need a wide range of information. This may include where the ingredients or parts came from, or how they were transported.
DENSO - BUYING FOR CHANGE: CONSIDERING PRODUCT HISTORY BEFORE PURCHASING
Considering the huge volumes of information involved throughout the production process, even producers find it difficult to keep track of and manage it all. That’s why DENSO is developing technologies to solve this issue and ensure greater peace of mind for consumers when making purchases. The
delivering food products to you How can you find out the name of the producer of the tomato you pick up in a store? In the last few years, people have become increasingly concerned about the safety of the food they buy. In response, producers have been placing point-of-purchase visuals with photos of their faces and information about the production region in supermarkets
In the food products industry and other
Therefore, increasing numbers of
around the country. But even if
industries as well, sufficient information
consumers around the world are
customers can see the producer’s face
is not made available for customers to
and know where a product was made,
ensure full confidence in purchases.
about how such products are
they may still doubt its safety. chain
example, the widespread use of forced
production process—from production
child labor to mine rare metals for
Traceability has become key to
through to consumer purchase—must
lithium batteries is a well-known
be made completely transparent in
problem. The electric vehicles that use
information on the distribution
order to ensure confidence in product
these batteries are intended to help
process available to ensure supply
safety. At present, information on
protect the environment, but in reality
distribution, markets, processing and
customers may be destroying children’s
traceability means that product
other factors is usually not available.
lives in order to meet that goal.
users can track and confirm when,
P AG E 1 46
produced to make responsible In the battery supply chain, for
where and by whom a product, component or ingredient was made, and as traceability becomes more widespread
increasingly aware of information on production processes as well as product backgrounds for foods and goods. As a result, they will be able to confirm whether a producer’s methods are equitable and proper by checking if the producers have used any questionable means, any ingredient or material that
Traceability has become key to make formerly inaccessible information on the distribution process available to ensure supply chain transparency. Ensuring traceability means that product users can track and confirm when, where and by whom a product, component or ingredient was made, and as traceability becomes more widespread consumers will be increasingly aware of information on production processes as well as product backgrounds for foods and goods.
is harmful to the environment, and so forth before making a purchase. In other words, consumers’ shopping
the risk of data falsification, which is
that the meat to which they were
choices can help solve problems faced
why people are turning to blockchain—
attached came from the original
by society as a whole.
a technology that makes the degree of
cattle identified by the number. If
trustworthiness visible — to prevent
the accuracy of affiliated data
cannot be guaranteed, this type of
Traceability also offers benefits to
problem is bound to occur.
producers who want to engage in by
The blockchain was a product of the
advertising their reputable processes
Bitcoin development process, and it
The second reason why blockchains
and encouraging consumers to choose
makes data falsification and tampering
have not become an established
their products, and it boosts their brand
incredibly difficult. In recent years,
part of traceability systems is the
many have sought to utilize blockchain
difficulty of actually introducing
technology in traceability management
them. Attempting to integrate a
new technological approach into an
benefit both consumers and producers.
existing point-of-sale (POS) system
or distribution system will make
If this type of traceability can be spread norm,
Blockchains have failed to take hold for
consumers will feel that products are
traceability for two major reasons. The
complex, and it will also result in
safer and more trustworthy, and it sets
first is the difficulty of ensuring a
redundant investment. Moreover,
off “good cycles” throughout society
reliable link between a product and its
because blockchains have not been
that benefit all.
associated data. Take one real-life
around very long, businesses are
example from a butcher shop: in this
amounts of capital required, as they
customers by inappropriately using
do not yet view blockchains as a
More and more large-scale stores and
animal identification numbers from
reliably established technology.
businesses are experimenting with
other cattle to sell crossbred beef under
traceability by introducing dedicated
a pure wagyu Japanese beef label. The
databases. Unfortunately, a database-
identification numbers themselves were
traceability operations can open up
managed traceability system involves
real, but there was no way to confirm
a better future for both consumers
Challenges to widespread traceability
P A G E 1 47
and businesses, but first, both of the
Tatsuya Okabe, a member of DENSO’s
aforementioned problems need to be
Information Traceability Section in the
system was required. QR Code
solved. To this end, a highly reliable and
technology fit the bill perfectly.”
easy-to-use system must be created.
Department, has been involved in this
That’s why DENSO is pursuing research
project from the start. “No matter how
“It could be used on smartphones
and development on a new type of
sophisticated we make blockchain
which consumers usually carry with
technology, on its own it has no
them, and the operation involved
blockchains with QR Code technology.
progressed to a level where blockchain
pointing the phone’s camera and
Ease of use is key, no matter how
can be used in actual traceability
advanced the technology
systems. However, no matter how
advanced the technology, it will not be
developed by DENSO, so adapting it
DENSO began working with blockchain
useful to anyone unless it becomes
to the purpose would be simple.
technology in 2017. Blockchains had
widespread throughout society, which
This technology was the perfect fit!”
already been used in the fintech field,
is why we had to design a system that
but DENSO launched a research project
was easy for anyone to use.”
Currently, DENSO is developing a
to evaluate whether the technology
traceability management smart-
could be applied in the mobility field for
The challenge was to design a system
phone app to be used in proof-of-
managing and organizing the vast
that is intuitively easy for any user. The
concept testing for this approach
volumes of vehicle-based data which
solution the team came up with was to
combining blockchain and QR Code
had conventionally been managed in a
combine blockchain with the QR Code,
disparate and inconsistent fashion.
a technology originally created by DENSO.
Okabe describes possible usages of
Following numerous verification tests
for this application and society’s high
Okabe continues, “Consumers may
consumers through the example of
evaluation of R&D results, project team
want to know, for example, detailed
information on the vegetables they are
buying at the supermarket to determine
“Let’s say I am in charge of
extended beyond mobility and used for
if they’re safe, but it is not realistic to
preparing pickles for hamburgers.
traceability applications as well. In
expect them to buy a specific device
First, I use the app to scan the
2019, the Company began full-fledged
and carry it around for this purpose. To
printed QR Code on the box of
make traceability information more
technology for use in traceability
consumers, an inexpensive device with
information in a form, and then simply output a new QR Code that adds information about the pickle processing
DENSO is pursuing advanced research and development on a new type of traceability system that combines blockchains with QR Code technology.
company’s information — to the existing
information of the original QR Code. Then, when the hamburger shop receives the pickles I send them, they use the app to scan the QR Code for all ingredients they use,
P AG E 1 4 8
and add their own shop’s information
Additionally, in order to solve the
Tricking our own system to
to create a new QR Code combining
information of all previous production
steps. They then attach this final QR
traceability operations, DENSO is able
Code to the hamburger. When a
to harness its own, unique QR Code
Blockchain is still a relatively new
customer purchases a hamburger, they
technologies to provide solutions that
can scan the QR Code and check the
other companies cannot imitate.
presented as fully trustworthy.
information on all ingredients at once.”
Otherwise, people will be reluctant Explains Okabe, “To make it easier to
to trust it, and blockchain can be
This is a promising solution to the two
use blockchain in traceability systems,
trustworthy only by eliminating
aforementioned problems — the great
we developed a new technology called
people’s concerns to it.
difficulty of ensuring a reliable link
between a product and its associated
possible to store two types of data in a
Yawen Huang and Xin Xu, who
data, and the difficulty of actually
introducing blockchain technology into
traceability information to be added to
alongside Okabe, conducted R&D
existing system infrastructures without
on business-use applications for
having to alter them, which also
blockchain. They used their deep
“Regarding the difficulty of ensuring the
eliminates companies’ worries about
development experience and know-
reliable link between the product and
redundant investments. In addition to
how in the field of mobility-related
its associated data, this can be solved
QR-in-QR Code, we are conducting in-
data management to predict three
by affixing a QR Code to the actual
system verification tests for semi-
types of user concerns, and worked
product,” explains Okabe. “Think of it
on solving all of them.
seamlessly blend into existing product
or packaging designs when displayed,
The first concern is whether or not it
developed, information stored in the
as well as other special types of QR
would really be possible to prevent
blockchain serves as the vault’s key,
Code unique to DENSO. Because DENSO
and the QR Code as the secret access
originally came up with the QR Code
tampering. Within a blockchain,
code. When scanning the QR Code,
concept, I believe we can create
systems that meet the needs of a wide
impossible to falsify. However,
available to the user only when both the
range of business operators by using
there are concerns that a business
access code and the key match.”
custom-tailored QR Code.”
operator could simply register false
P A G E 1 49
information from the start, or someone
As Xu explains, “DENSO is currently
down regardless of activity levels,
might make a copy of one product’s QR
we have spent a year on testing,
Code and use it on another product
applying loads 3,000 times larger
Confirmation that data has not been
than the system’s expected regular
“In order to prevent registration of false
information, data usage history, and
Furthermore, we have made great
information by business operators, we
other such information will be stored in
efforts to test and verify blockchain
have been developing a data-reliability
the blockchain, while confidential data
system reliability. I am confident
verification system,” says Huang. “We
will be stored in the closed section of
that we have built a system which
users can rely on to stay operational
designing a system that easily enables
blockchain by registering various type
under any circumstances.”
information layer settings.”
of information such as photo data and
On top of these efforts, Huang and
location data of the products, and
The third one among users is the
Xu have constantly searched for
associating them to the products.
system durability. Massive amounts of
ways to trick their own system.
Regarding improper use of QR Codes
important data will be stored in the
They see this as the responsibility of
from one product type on another
a developer who wants consumers,
product type, we can solve it by a
operators are concerned about the
companies and other users to use
proprietary copy-protected QR Code
reliability of the system. In short, they
their system with confidence. The
developed by DENSO.”
are concerned that they may suffer
team tries every hack and system-
from the system outages or frequent
breaking approach they can think of
problems during actual usage.
as well as every potential problem
The second one is business operators’
concern whether they should register
they can identify, testing each one
all of the product data in blockchain or
Huang says, “When we release the new
traceability management system, a lot
confidential information they do not
of people will write large quantities of
In order to realize a safe and
want made available to others, and
data to it all at once, which will
trustworthy traceability manage-
worry that adopting blockchain will
inevitably place sustained and heavy
make that type of information publicly
loads on the system. In order to
considered every possibility from
guarantee that the system never goes
the user’s perspective and is taking
“To make it easier to use blockchain in traceability systems, we developed a new technology called ‘QR-in-QR Code’ which makes it possible to store two types of data in a single QR Code. This enables traceability information to be added to existing system infrastructures without having to alter them, which also eliminates companies’ worries about redundant investments." - Tatsuya Okabe, Denso
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meticulous precautions while working
share and use data together rather
toward the system’s final version.
transport through to consumption. Cold
than relying on data collected by
chains are used for fresh foods,
just our company, it will be easier to
Enriching lives and delivering peace
medicines and other such products.
come up with new business ideas.
of mind through utilization of trusted
There are many products that require
However, first, data platforms must
careful temperature control during
production and transport—including
otherwise the number of users will
the Covid-19 vaccine—and an easy
system has been designed to pursue the
one that provides excellent ease of use
management logs is required as a
“That’s why we need to establish
for consumers and trustworthiness for
means of ensuring safe and reliable
business operators. Currently, the team
delivery to users.”
systems. The traceability manage-
is advancing R&D to discover new ways
ment system we are developing at
to use the system in fields other than
“We expect the demand for both carbon
DENSO will help achieve this and
those initially envisioned. According to
footprint tracking and cold chain
serve as a platform for use by wider
Okabe, they have already hit on two
systems to increase in the future, and
society. With this vision in mind, we
ideas with big potential.
that is why we are carrying out
are working hard on development
verification tests in order to repurpose
“The first potential application is that to
our traceability management system to
record a product’s carbon footprint,
achieve systems available in both
which is the total CO2 emissions of
technologies throughout society,
products from procurement of their law
they must be convenient, easy to
materials through to disposal and
Adding to Okabe’s comments, Xu
use, and trustworthy from any
recycling,” says Okabe. “By registering
expressed his belief that building these
user’s perspective. With the goal of
CO2 emission volumes at each stage of
types of data usage platforms and
making blockchain technology a
the process in the system, it is easy to
systems can lead to new business in the
regular part of everyday life so that
calculate and confirm overall emissions.
future. “It is important to think about
more people can benefit from it,
The second one is that to ensure stable
how we will collect and utilize data in
future business operations. If we pursue
industry-wide collaborations to collect,
traceability management system.
temperature supply chains, without any
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Movements of people, things, and—in the future—information DENSO has always endeavored, through its global mobility-field development operations, to help realize a society characterized by movement of people and things. In the future, DENSO also hopes to contribute to the safe movement of information. One way of doing this is to combine the QR Code and blockchain technologies in a single system. By achieving even greater safety and convenience for the movement of people, things and information, new business innovations can be surely achieved. By continuing to collaborate with
working on developing even more reliable
systems that are easy for anyone to use. DENSO’s mission—to ensure safe and trustworthy movement of not only people and things, but also information —has only just begun.
About DENSO DENSO is a global manufacturer of automotive advanced
systems and products. The DENSO Philosophy
actions, ensuring that we will continue to be trusted by people around the world. Our vision is for a safer and more eco-friendly accidents. denso.com
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BRAZIL LEADING ON INNOVATION
THE FUTURE OF FOOD: LEARNING FROM NATURE TO REDUCE OIL IMPORTS Richard Cope is a Senior Trends Consultant, bringing the latest consumer trends to Mintel clients through bespoke presentations and represents Mintel at global conferences.
The conflict in Ukraine is confronting us
28% of the consumers surveyed across
16 countries cited ‘food shortages due
realities on how food production needs
to drought or crop failure’ as one of
to liberate itself from over-dependence
their top five environmental concerns.
on fossil fuels and imports.
By way of comparison, 52% opted for
plastic pollution. The World Food Programme reports that Russia and Ukraine combined
Whilst the current disruption to food
account for just under 30% of global
production in Ukraine is the result of
wheat exports and the Observatory of
Economic Complexity states that in
environmental factors, it presents a
peacetime, Ukraine alone produces
likely forecast of the more frequent
13% of global corn and 45% of global
climatic system pressures to come, with
crude sunflower seed oil exports. In
peacetime harvests in the breadbaskets
of the world increasingly likely to be
announced that it was banning exports
impacted by drought.
of rye, barley, buckwheat, and millet until the end of the year as a result of
According to the Woodwell Climate
Among the countries imposing
farmers ‘fighting rather than planting’.
Research Centre, by 2030 crop yield
severe sanctions against Russia,
This prompted warnings of a new
failures will be 4.5 times higher than
many are maintaining a degree of
‘hunger pandemic’ from the World Food
they are now and the world will be
Russian oil supply, highlighting our
facing major rice or wheat harvest
dependence on imported fossil
failure every other year – with soybean
fuels and this also applies to
The conflict in Ukraine has added a
political and humanitarian dimension
to existing system pressures around
Wheat is especially water-dependent
exporter of synthetic fertilisers and
and, in India, for example, 97% of crops
with prices soaring in a single week
A taste of things to come
are already grown in areas of high water
from £650 a tonne towards £1,000,
According to research from the 2021
stress, defined as those where almost
farmers may be forced to use
Mintel Sustainability Barometer, just
all resources are being used up.
organic fertilisers from livestock
population growth and land availability.
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of faith in science is a major obstacle.
consumers agree that ‘science can provide solutions to the climate crisis’, whilst only 48% believe ‘food grown in labs (eg lab-grown meat) can have a high to moderate positive
environment’. All of this reflects consumers’ enduring faith in ‘natural’, even when natural is finite, threatened and unsustainable. In reality, future solutions will likely depend on applying scientific innovation to nature’s infallible design principles. Within the sustainability thought community, this boils down to three key practices: Waste equals food since in nature one organism’s waste (including its death) is the input for another organism – creating a cradle-to-cradle system that recycles waste into something new. holdings. Some farmers may try to use
‘seawater rice’ developed in Jinghai,
Use current solar income and
more locally-sourced organic fertilisers
China, by scientists faced with rising sea
from livestock or anaerobic digesters in
levels and a goal of feeding 80 million
thrive on energy from the sun
an agricultural take on the ‘freedom
energy’ ideal, built on hopes that the
conflict will – in the mid-term at least –
From a consumer perspective, it’s
sunlight. By using solar energy
steer us towards clean, local energy
encouraging that research from the
more broadly, agriculture can
2021 Mintel Sustainability Barometer
do the same.
shows that 64% of people globally Science solutions, natural principles
The Ukraine conflict presses home a
modified to withstand pests and/or
broader need for more dependable and
climate change’ as having a high-to-
moderate positive impact on the
organisms fit into a system to
environment, but more broadly a lack
create a functioning whole.
example of saline and alkali-resistant
There is a need to celebrate and
Whilst the current disruption to food production in Ukraine is the result of military intervention rather than environmental factors, it presents a likely forecast of the more frequent climatic system pressures to come, with peacetime harvests in the breadbaskets of the world increasingly likely to be impacted by drought. The good news is that these design principles have been in action way before humans turned up and we’re already managing to turn them to our own ends – improving efficiencies in agricultural inputs and outputs to raise yields and reduce waste.
Nurturing nature in action
In Finland, Solein protein powder
allows our food crops to adapt to
The good news is that these design
presents a great example of solar
the climate and population changes
principles have been in action way
income harnessed by science. Its maker
that are coming. The seeds contain
before humans turned up and we’re
Solar Foods admits it is “following
the raw material that scientists and
already managing to turn them to our
nature’s playbook”, using a twist on
plant breeders might need to
own ends – improving efficiencies in
traditional fermentation techniques to
improve the yield, resilience or
agricultural inputs and outputs to raise
feed a microbe with just air and
yields and reduce waste.
electricity – in a process that claims to
agricultural varieties that farmers
be twenty times more efficient than
Let’s start with waste equals food. At
the centre of this is a prudent – and
We see diversity celebrated at a
indeed lucrative – desire to maximise
To celebrate diversity, governments
resources. At China’s Rizhao Eco-
and companies must conserve biomass
brands like the UK’s Bird and Wild
Industrial Park (REDA), the state insists
and resources and stem a tide of
Coffee, which resolutely stick to
on industrial symbiosis as outlined in
extinction that has seen 27,000 animal
natural, sustainable shade-grown
and plant species lost globally every
coffee practices that preserve the
year, according to the WWF.
natural environment in favour of
Promotion Law and so a fertiliser factory is fed with vinasse, a byproduct
the terminal short-termism of sun-
of sugar, from a nearby beer brewery. In
Companies must also work to future-
the UK, the same principles are at work
proof diversity and expand our options.
at a commercial level at British Sugar’s
At Platåberget Mountain in Norway, the
Diversity isn’t just for staples either.
Wissington factory, where bi-products
Svalbard Global Seed Vault stores one
In Bordeaux, France, VitAdapt is
from sugar beet processing are turned
million crop varieties from 5,000 species
planting new grape varieties to
into organic products to correct soil
(two-fifths of all varieties worldwide) to
combat climate change and break a
acidification, beet sugar syrup into
safeguard them against extinction.
hegemony where 12 French grapes
renewable fuel and yeast into animal
Their ethos is: “Crop diversity is the
make up 80% of the global market.
foundation of our food production. It
When, in fact, 6,000 varieties of vitis
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viniferea – the common wine grapevine – exist to be explored and exploited. Harnessing
efficiencies Nature can teach us a thing or two about resource efficiency as well. Consider that crickets are 60% protein by weight and reach adulthood in just seven weeks. If we just consider feed inputs alone, they are 12 times more efficient than cows at generating protein, suggesting how they can, at the very
approaches to production. If we do want to keep rearing beef, then feeding them with seaweed – as Volta Greentech is doing in Stockholm – can reduce methane emissions by 80% and contribute to a latent form of aquatic agriculture that can nurture nature’s carbon capture capabilities at an unprecedented scale. The Smithsonian Institute asks us to imagine a world where 9% of the ocean is covered in seaweed farms capturing 19 Gigatonnes of carbon a year (half of our emissions) and
biomethane gas for fuel. Seaweed may seem a long way from Ukrainian
cultivating the seabed at this scale may seem fanciful even for Jules Verne, but embracing nature’s principles – with scientific
building – can liberate us from a crippling dependence on ‘man made’ farming methods. For more information about Mintel and its services please visit: mintel.com
P A G E 1 57
LEADING CHINA'S DIGITAL AGRICULTURE TRANSFORMATION
Throughout the last year, Pinduoduo
participation in agriculture and
stepped up its efforts to support
deepen its agricultural digital inclusion,
spreading the benefits of the digital
initiatives to help farmers expand
economy by connecting communities
market access, motivate more young
people to take up agriculture, and
Bringing farmers online
advance the use of technology in
broadened the channels through
As of the end of 2021, Pinduoduo has
connected over 16 million farmers to its
“We believe technology is a force for
produce, giving them access to a
868.7 million buyers nationwide. A total
good in agriculture,” said Chen Lei,
much bigger pool of buyers.
of 61 billion orders were placed on the
Chairman and CEO of Pinduoduo. “We
platform in 2021, representing a 59%
hope to do our part in sowing the seeds
This ability to connect directly to
increase from a year ago, driven by
of innovation by increasing market
surging agricultural orders.
opportunities, encouraging the youth
earnings for farmers.
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initiated agriculture-focused shopping festivals with different regions to promote thousands of local specialties. Pinduoduo also worked with key partners
nationwide audiences. These events help to raise the profile of agricultural regions and channel more resources to local communities to upgrade their agricultural production and invest in brand-building. To support the efforts in upgrading agriculture, Pinduoduo has waived its sales commission and provided more exposure to agricultural products. The Company also pledged to continue its “zero
agricultural products. Promoting smart agriculture Further upstream, Pinduoduo invests in agricultural technology to help growers improve their productivity. The Company organizes an annual Smart
researchers and technologists from around the world to develop costeffective
smallholder farmers. The co-organizers include China Agricultural University and Zhejiang University, with the UN Food and Agriculture Organization and Wageningen University & Research providing
support. Technologies developed at the
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first Smart Agriculture Competition are
currently in use in several major
strawberry-growing regions in China, to manage
These “New Farmers” have a key to
Younger talent is required to improve
vitalization. Pinduoduo will devote
greenhouses. Traditional growers can
the way food is sold and distributed
more resources to expand its
more than double their management
agricultural training programs and
capacity using the technologies, which determine
automate processes like irrigation.
support more young agricultural Pinduoduo offers dedicated courses to equip interested youths with the necessary knowhow to set up their own
Addressing critical needs with
e-commerce businesses, so that they
Early indications from the current
can help their local communities to
Smart Agriculture Competition, which
plug into the digital economy.
began last summer, also show much higher
To deepen its commitment to agricultural and rural vitalization,
As of the end of 2021, nearly 130,000
Pinduoduo announced in August a
young farming professionals born after
dedicated 10 Billion Agriculture
demonstrating the potential economic
Initiative overseen by Chen to
platform, up from 85,700 in 2020 and
29,700 in 2019.
agricultural sector and rural areas.
technology in agriculture.
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“Our strategy in agriculture is centered on technology and we believe that there is still a lot of room for technology adoption in agriculture,” Chen said. “As an agriculture platform, Pinduoduo will invest patiently and do our part to contribute
modernization.” Last year, the Company made a strategic shift toward research and development and put more emphasis on agricultural technology. “We see ourselves
investment, especially in agriculture and R&D,” Chen added. About Pinduoduo Inc. Pinduoduo
agricultural producers with consumers across China. Pinduoduo aims to bring more businesses and people into the digital
communities can benefit from the increased productivity and convenience through new market opportunities. en.pinduoduo.com
"We want to leverage our strength in technology to deepen our digital inclusion efforts in agriculture." “Our strategy in agriculture is centered on technology and we believe that there is still a lot of room for technology adoption in agriculture,” Chen said. “As an agriculture platform, Pinduoduo will invest patiently and do our part to contribute to rapid agricultural modernization.” - Chen Lei, Pinduoduo Chairman and CEO
TRENDS CHANGING THE MEDICAL LANDSCAPE - PAT DUANE, SVP & GM MEDICAL, TE Pat Duane is senior vice president and general manager of TE’s Medical business, where he leads a global team that helps customers solve their toughest design challenges and deliver breakthroughs in medical science. With more than 30 years of experience in the medical device industry, Pat is a named inventor on over 11 internationally issued patents. Prior to TE, Pat served as an executive with Creganna Medical and led global operations during Creganna’s integration with TE, following its acquisition in 2016. He also held senior management roles with Medtronic and CR Bard, in business development and R&D. Pat holds a Doctorate in Business from Henley Management College, London and a Master's in Engineering Design from University College Dublin.
The medical technology industry is
medical device companies worldwide,
Using devices such as catheters
one of the most dynamic segments of
TE Connectivity has a front seat to many
our economy. Today, this segment is
of the trends emerging in the medical
recovery time and costs associated
advancing rapidly and introducing
with more complex operations.
various new technological solutions. Emerging Simultaneously, experiencing
treatment, a prime example of the
benefits of this approach in action.
mergers and acquisitions (M&A) as
A Device-First Approach for Minimally
“Time is brain,” as they say, is a
industry players seek continued growth.
This consolidation, along with the
Historically, diseases have been treated
treatment; in each minute of a
stroke, 1.9 million neurons, 14
supply chains and challenged medical
surgery, or often a combination of both.
billion synapses, and 12 km (7.5
Surgical procedures frequently involve
miles) of myelinated fibers are
significant bodily trauma, long recovery
destroyed. Whereas strokes have
times, not to mention burdensome
As a multi-billion dollar industrial
healthcare costs. However, with today's
through pharmaceutical treatments
technology leader with global scale,
technology, patients can many times
which aim to dissolve the clot over
localized engineering expertise and
have the same or better outcomes
time, landmark procedures that
relationships with more than 1,500
through a minimally invasive approach.
leverage new technologies allow
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The future of medicine will be realized by advanced technologies that remove human risk and supply healthcare professionals with vast volumes of previously inaccessible information.
Robo-assisted surgery allows doctors to perform complex procedures with more precision, flexibility and control than is possible with conventional techniques. With
engineering expertise, along with our footprint in the medical industry, we are physicians
Leveraging Technology to Reduce
primed to design advanced solutions
approach to physically remove the clot
for a robo-assisted medical future.
– a direct, rapid treatment with better
Today, there is a heightened awareness
of the need to ensure safe and clean
In Vitro Diagnostics
medical facilities. Since early 2020, the
The COVID-19 pandemic has taught us
focus has been on reducing the
that we are in a critically short supply of
transmission of COVID-19. But for many
years, the concern has been around
capabilities, including solutions that
smart devices, enabling physicians to
healthcare-associated infections, which
can be self-administered at home.
monitor temperature, pressure and
the CDC estimates sicken almost two
position, and giving them access to a
million people each year in American
Now, we have the power to radically
vast quantity of previously inaccessible
hospitals alone. These "Superbug"
data. This new wealth of information
allows doctors to reach new areas of
contaminated surfaces and medical
testing for a variety of diseases. In vitro
the anatomy and conduct real-time
tools, such as endoscopes, which have
diagnostics will play a crucial role in
patient monitoring. To borrow an
largely been developed as reusable
enabling earlier detection of disease,
example from the automotive market,
technologies and are very difficult to
and in turn, allowing for earlier
it’s like moving from conventional
clean. Thus, the use of single-use
vehicles to fully autonomous cars
medical scopes has become imperative.
Real-Time Patient Monitoring Advanced
guided by highly intelligent systems
The future of medicine will be realized
that can ingest and process huge
In partnership with our customers, TE
by advanced technologies that remove
amounts of data and make adjustments
Connectivity is currently developing
human risk and supply healthcare
professionals with vast volumes of
endoscope technology that provides
previously inaccessible information.
As a leading provider of sensor
medical professionals with high-grade
solutions across many industries, we
tools while minimizing infection risk
From miniaturized, advanced sensor
are excited about the potential for
through reuse, ultimately reducing
technology to connectivity solutions
advanced sensor technology in the
enabling a new era of digital medicine,
medical field. Our IntraSense Micro-
patients and hospital workers.
Invasive Pressure Sensor is smaller than
TE Connectivity is proud to be working in
the tip of a pencil, making it small
community to usher in a new era in
enough to mount on a variety of tools,
While continuously evolving compared
medical technology that leads to better
to some of the existing technologies in
patient outcomes and improves overall
endoscopes and needles. This unique
the industry, automated technologies —
technology is an improvement on
including robotics — are an intriguing
area for the next wave of advanced
Connectivity, please visit: te.com
accurate information in real-time.
P A G E 1 63
NOVARTIS + MICROSOFT: THE ART OF DRUG DESIGN IN A TECHNOLOGICAL AGE Novartis
protein suspected of contributing to the
Microsoft to apply machine learning
to medicinal chemistry — part of an
tolerated well in the human body.
Each new set of potential medicines is tested in a series of experiments to
There’s a misconception about drug
assess these attributes. From the
hunting that can mask one of the
resulting data, scientists learn which of
biggest challenges chemists face as
the synthesized molecules are the most
they develop new therapies. As Karin
promising, and then set out to design
Briner, the Head of Global Discovery
the next round of new, better-optimized
Chemistry at Novartis Institutes of
compounds based on what they’ve
BioMedical Research (NIBR), explains:
“We are not just discoverers. We actually create molecules that have
This oft-repeated “design, make, test,
never been made before.”
analyze” cycle takes several years, but there’s good reason to think AI –
To develop first-of-their-kind medicines
artificial intelligence –can help make
Merging tech transformations
for diseases for which there are no
the process substantially more efficient.
Over the past few decades, two separate
treatments, drug hunters typically have
to create new drugs from scratch. It’s a
That’s why, two years ago, Novartis
laborious process that involves building
embarked on a collaboration with
technologies that enable scientists
and testing thousands of experimental
Microsoft, a leader in the field of
to collect massive amounts of data
compounds en route to finding even
machine learning, to leverage game-
in the field of medicine and biology
one that’s effective and safe enough to
changing digital technologies to help
– advances in such areas as
be tried in humans.
bring medicines to patients faster. It’s a
relationship that’s produced a digitally-
science, and structural biology,
In these early stages of drug discovery,
where imaging is making it possible
chemists have to design and synthesize
Chemistry pipeline that has already
to see what’s happening at the
molecules with specific properties in
been applied to a diverse set of
molecular level with unprecedented
mind. They need to work well against a
medicinal chemistry projects—some of
resolution. The other thread relates
desired biological target (usually a key
which are starting to bear fruit.
to AI and machine learning, which
P AG E 1 64
experiments and analyze thousands of variables simultaneously.” For the machine learning to be useful of course, it has to be trained. The existing data from Novartis are one exploratory space for training. Ongoing simulations run through the
Chemistry pipeline are another. “Not only can AI learn from our past experiments,” Khalil says, “but, with each new iteration of designing and testing in the lab, the machine learning algorithms can identify new patterns and help guide the early
development process. Hopefully in doing this we can augment our human scientists’ expertise so they can design better molecules faster.” With the first optimized molecules generated by this experimental pipeline now being synthesized in the lab, our scientists are learning more about the behavior of specific empowers computational scientists to
Enter Microsoft and its computational
make sense of vast volumes of data that
integrate them with our human
would otherwise be too unwieldy for
“The computational power you need to
human analysis. In drug discovery,
model, say, a drug entering the body
iterative fashion, the pipeline is
these threads have started to converge.
and binding with a protein to cure a
being tweaked accordingly.
disease, is mind-boggling,” says Chris On the biomedical front, Novartis has
amassed vast data stores of information
The hope is that, once sufficiently
refined, the computer models will
machine learning comes in. While a
help predict molecular structures or
experiments conducted over the span
human can design and run one or
of decades. These data contain clues
maybe a handful of experiments,
parameters might be most useful in
about the properties of countless
interpret the results, and then cycle
a given scenario relatively quickly—
back to design the next experiment, this
essentially short-cutting an iterative
interact with various drug targets, and
pipeline—with the help of machine
cycle that would otherwise have
even each other.
learning—can simulate thousands of
P AG E 1 65
"The iterative learning inherent in the drug development process lends itself to AI approaches. The hope is that AI, specifically machine learning, will help accelerate this cycle and help us select the most promising compounds more efficiently." - Karin Briner, Head of Global Discovery Chemistry at Novartis Institutes of BioMedical Research "The challenge lies in harnessing this massive amount of data to learn across modalities and generate insights that are meaningful and actionable in each new drug discovery challenge." - Iya Khalil, Global Head of the AI Innovation Center at Novartis "It’s important that we democratize AI drug development to bring the power of AI into the hands of as many researchers and medical doctors as possible, so that these powerful technologies can be leveraged to solve problems in medicine." - Luca Finelli, Head of the Insights Strategy & Design team involved in the project at Novartis
“AI helps researchers to quickly access
tools accessible to researchers who
Those involved in the collaboration
valuable evidence buried in dense text,
may have limited experience with
emphasize that machine learning won’t
replace the expertise, experience, and
multiple documents and reason over it
intuition of scientists. Rather, AI is
as easily as using Excel,” says Vijay
expected to augment human know-
Mital, Corporate Vice President of AI
how. The goal is to minimize the long
Architecture and Strategy, Microsoft
medicine to improve and extend
and sometimes tedious effort involved
Research. “It empowers experts to
people's lives. We use innovative
in finding and analyzing relevant data,
make learning-based decisions using all
science and technology to address
and to facilitate a sort of give-and-take
of the company’s, and the wider
some of society's most challenging
between human researchers and the AI.
healthcare issues. We discover and
develop breakthrough treatments and find new ways to deliver them
collaboration expect that machine
All of that will hopefully lead to a faster,
to as many people as possible. We
learning might help predict which
more efficient drug discovery pipeline.
also aim to reward those who invest
formulation designs have the best
But to maximize the benefits of AI in
their money, time and ideas in our
potential for being effective, or reveal
drug discovery, it will have to be made
company. Our vision is to become
which experimental parameters are
available across research programs. To
that end, Novartis has also been
medicines company in the world
working with Microsoft to make the
Find out more: novartis.com
The City of Innovation and your Gateway to Latin America www.investinbogota.org
THE FIVE COMMERCE TRENDS BUSINESSES NEED TO KNOW TO THRIVE THIS YEAR Commerce continues to evolve, building off the flight-to-digital triggered by the pandemic in 2020. Consumers have since embraced new shopping and payment behaviors, and the digital-first economy has solidified as the new normal for businesses and consumers. Based on interviews with payments
TREND 2 - Buy now, pay later becomes
experts and survey data collected from
businesses and issuers around the world,
Today, paying for purchases with
Payment Trends Report details the five
tailored, flexible buy now, pay later
global trends that will have the most
plans–for even small ticket items–is
significant impact on commerce and
poised to become one of the fastest-
recommendations for embracing them
growing payment trends in 2022. Buy
for success this year. Here's our 2022
now, pay later (BNPL) is simple: it
allows the customer to purchase an
summary, which highlights the key
item now and then pay it off in
trends this year.
installments over time. The recent
surge in popularity can be attributed to TREND 1 - Customer expectations are
several factors, including digitization,
changing, and businesses are adapting
rising merchant adoption, loyal youth consumers, and an expanding set of
After two years of shifting habits to
fintechs targeting the point-of-sale.
working and shopping largely online, consumers are now more comfortable
TREND 3 - The ongoing acceleration of
navigating the world through a digital
lens. Even as the world anticipates a post-pandemic
Businesses are starting to think of
created over the last two years are here
commerce more holistically as a means
to stay. To meet these new customer
to keep customers engaged throughout
expectations, businesses will need to
the buying cycle–from awareness all the
way to purchase. Connecting commerce
solutions like loyalty programs, online
expectations at every point in their
appointments, marketing, online check-
journey, beginning with payments.
in, automated communications, and
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more can help businesses improve the customer experience. A fully connected commerce experience will help businesses attract new customers, create additional customer value, grow their brands, and determine the next best upsell or cross-sell offer to drive additional revenue. TREND 4 - The digitization of B2B payments With the recent move to a more remote workforce,
employees need to manage their accounts receivable and payable functionality outside a physical office. Digitizing B2B payments, including
Businesses are starting to think of commerce more holistically as a means to keep customers engaged throughout the buying cycle–from awareness all the way to purchase. Connecting commerce solutions like loyalty programs, online appointments, marketing, online checkin, automated communications, and more can help businesses improve the customer experience. A fully connected commerce experience will help businesses attract new customers, create additional customer value, grow their brands, and determine the next best upsell or cross-sell offer to drive additional revenue.
receivable, expense reimbursement, and employee-initiated spending, is the solution with significant benefits. TREND 5 - Attention to data privacy, end to end Businesses must remain vigilant in all aspects
ensuring data privacy, in 2022. While much of the attention in recent years has been geared toward
environments, businesses must also ensure they have the correct data privacy policies, procedures,
especially as technology and regulations globally evolve at a rapid clip. Global Payments is a technology and software company, providing commerce solutions to businesses of every size. Our unique, connected infrastructure serves every dimension of commerce, carrying billions of transactions every year—safely and seamlessly. For more about Global Payments, please visit: globalpayments.com
GYMS MAKE A HUGE COMEBACK, JUST 15% OF US EXERCISERS ARE HAPPY WITH DIGITAL PLATFORMS
In fact, just 15% of exercisers feel that digital fitness platforms have eliminated the need for gyms, signifying that in-person fitness will rebound. After nearly two years of restrictions and periods of isolation, exercisers
Nearly 80% of US consumers say
The consumer view of the fitness
are yearning for social interaction,
altered due to the extended length of
elevated appeal. Almost a third
the COVID-19 pandemic.
(29%) of regular exercisers agree
exercising once a week or more
that they like the community aspect
increased from 67% in 2020 to 72%
While the pandemic forced millions of
of being a member at a gym/fitness
Americans to work out at home, the
facility. This comes as four in five
33% of fathers with children under
latest research from Mintel reveals that
age 18 exercise daily versus 22% of
consumers are missing the personal
mental/emotional wellbeing is the
connection that a gym offers.
number one reason for exercising,
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under age 18 in the household exercise
Just 15% of exercisers feel that digital fitness platforms have eliminated the need for gyms, signifying that in-person fitness will rebound.
consumers overall. In fact, parents
slightly ahead of physical wellbeing
Over a third (36%) of consumers say
"The COVID-19 pandemic forced
they are working out with more
many to stay home, adapt and
regularity compared to before the
change their routines - especially
Rebecca Watters, Associate Director,
pandemic, including 29% of those over
when it comes to exercising. While it
Household & Health, said: "The role of
the age of 55. Overall, weekly exercise is
may seem counterintuitive that
gyms in consumers' lives is so much
increasing as the number of Americans
larger than physical exercise. For many,
exercising once a week or more rose
exercising more, the increased
from 67% in 2020 to 72% in 2021.
responsibilities of parents two years
importance of gyms because they can assist
their moods (40% vs. 34% of consumers overall) and take time for themselves (39% vs. 35% of consumers overall).
into the pandemic, including child "Aging consumers have traditionally
care and at-home schooling, have
exercisers time for themselves, stick to
been ignored by the fitness industry, yet
taken their toll. Workouts have
a routine and socialize with fellow gym-
they make up a large portion of the
become one of a few activities
goers. According to research from
population. COVID-19 highlighted the
Mintel's Global COVID-19 Tracker, over
connection between age and decreased
months of quarantining and many
immunity to disease, thus motivating a
parents turned to fitness as a way to
pandemic made them realize they want
escape their hectic schedules and
to take better care of their mental
consumers to renew their focus on
health. It is due to these differentiators
physical health. This resurgence in
that we predict that consumers will add
physical activity in older consumers,
"As brands learn to embrace a more
in-person exercise back into their
combined with the sheer volume of this
well-rounded picture of fitness, they
routines along with continued digital
demographic, provides an opportunity
also have a responsibility to make
for the fitness industry. Brands that
their offerings more inclusive to
cater to older consumers by focusing on
consumers of all sizes, races, and
Consumers look to exercise for
abilities. Fitness platforms must
US consumers are increasingly finding
strength workouts will reap the benefits
more enjoyment in exercising as just
of gaining a host of new, older clients,"
population. Gyms will also need to
two in five (41%) non-exercisers say
make their spaces more welcoming
for using exercise as a way to boost
with kids under age 18 over-index
they do not exercise because they don't
blow off steam.
to all consumers to align with their
enjoy it, compared to half (49%) who
Exercise as an escape
said the same in 2020. Meanwhile, over
a third (35%) of consumers say that
exercising more frequently than non-
using exercise as time to themselves
parents during the COVID-19 pandemic:
membership numbers," concluded
motivates them to work out.
A third (33%) of dads with children
wishes and values; such a move fathers,
could help in-person facilities get to
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ORACLE OPENS FIRST CLOUD REGION IN AFRICA TO SUPPORT CONTINENT'S RAPID GROWTH New cloud region delivers superior performance, built-in security, and high availability. Oracle has 37 cloud regions globally and plans to open an additional seven cloud regions in 2022.
Oracle has opened its first cloud region in Africa to meet the rapidly growing demand for enterprise cloud services on the continent. The Oracle Cloud Johannesburg Region will boost cloud adoption across Africa while also helping businesses achieve better
continuous innovation. The opening marks Oracle’s 37th cloud region worldwide with plans to have at least 44 cloud regions by the end of 2022, continuing one of the fastest expansions of any major cloud provider. “The fourth industrial revolution, which
The Johannesburg region is built on
Airports Company South Africa owns
is powered by cloud-led technologies,
Oracle Cloud Infrastructure (OCI), which
and manages a network of nine
has significantly accelerated in South
enables customers to easily migrate IT
airports in South Africa, including the
Africa and the wider African continent.
workloads and data platforms to the
three main international gateways:
In recent months, cloud technologies
cloud or build new cloud native
O.R. Tambo International, Cape Town
have played a vital role in helping
applications. In addition, Oracle offers a
International, which together process
modernisation and cloud strategies to
more than 40 million passengers
continuity, deliver essential services,
help African organisations operate with
“Airports Company South Africa is
expectations. The Oracle Johannesburg region offers a next-generation cloud to
African organisations are using Oracle
mandated to advance South Africa’s
run any application faster and more
national agenda of economic growth
securely for less, helping businesses
workloads and take advantage of cloud
and development while delivering a
build resilience, agility and achieve
economics. Customers will benefit from
sustainable and profitable business.
significant performance improvements
Cloud-led digital transformation is
and reduced operational costs.
vital for us to maintain an agile and
executive vice president, EMEA, Oracle. PAGE 172
profitable business model. The Oracle
Infrastructure brings to our clients
Cloud Johannesburg Region will offer
and know that the Oracle Cloud
us the flexibility to explore the latest
plays a leading role in South Africa’s
Johannesburg Region will further
technologies that can support our
digital revolution, providing the latest
digital roadmap.” - Mthoko Mncwabe,
converged ICT solutions for a range of
CIO, Airports Company South Africa.
business and residential customers. The
become agile, intelligent and digital
Johannesburg region will boost the
businesses.” - Kgomotso Lebele,
local infrastructure capability of South
Technology Lead, Accenture Africa.
Administrative Agency ensures the
Africa and the wider continent, and help
effective, transparent and accountable
organisations kick-start their digital
“Public cloud services adoption is
administration of pension funds on
transformation journeys.” - Reubin
accelerating at CAGR of 25 percent
behalf of the Government Employees
Layman, CIO, Openserve, Telkom SA.
year on year between 2020 and
Pension Fund (GPEF) and the National Treasury of South Africa.
2025 in Sub-Saharan Africa and IDC “Our deep partnership with Oracle has
always been one of Accenture’s most
momentum will continue. The role
“GPAA is in the process of replacing
strategic and important initiatives to
of cloud in enabling innovation is
legacy applications and refreshing its IT
help our clients leverage the cloud and
infrastructure. The launch timing of the
thrive in a cloud-first world. In this era
organisations have given to it as
Johannesburg region opening is perfect
of rapid transformation, cloud has
part of their digital transformation
to enable us to lift and shift our existing
proven to be a powerful tool for
and future Oracle deployments to the
organisations to master change—in
cloud. This will enable us to cut down
fact, we have found that cloud-focused
organisations in Africa and Asia Pacific
helped organisations weather the
assist with the management of Oracle
were able to achieve 1.5 times more
COVID-19 crisis and cloud is now
services, cybersecurity and disaster
cost reduction and were reported to be
recovery.” - Meiring Coetzee, CIO,
3.7 times more likely to innovate as
organisations that can withstand
Government Pensions Administrative
compared to their competitors. We
uncertainties. Our survey of CIOs in
have seen the benefits Oracle Cloud
South Africa, Kenya and Nigeria
highlights that an in-country data center is an important factor for 60 percent of organisations that are planning to adopt cloud over the
Oracle offers a wide range of application modernisation and cloud strategies to help African organisations operate with global competitiveness. African organisations are using Oracle to manage their mission-critical workloads and take advantage of cloud economics. Customers will benefit from significant performance improvements and reduced operational costs.
next 12-18 months. The Johannesburg region will boost regional
availability. IDC believes that cloud has become an inseparable element of
roadmap.” - Mark Walker, associate vice president, Sub-Saharan Africa, IDC.
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In South Africa, Oracle has initiated an annual “Graduate Leadership Program” to address the skills gap in the local ICT industry and creating employment opportunities for South Africa’s youth.
Kӧrber’s unrivaled portfolio of supply
chain software, spanning WMS, voice,
Oracle’s strategy is to meet customers
where they are, enabling customers to
businesses to turn what were once
keep data and services where they need
warehousing and logistics challenges
it. Customers can deploy Oracle Cloud
into strategic differentiators. Our work
completely within their own data
with Oracle takes this to another level,
centers with Dedicated Region and
enhancing our capabilities with the
power of the cloud. We look forward to
cloud services locally with public cloud-
the possibilities our solutions and the
based management, or deploy cloud
Oracle Cloud together will bring the
services remotely on the edge with
industry in South and Sub Saharan
Roving Edge Infrastructure.
Africa and globally." - Joe Couto, executive vice president, robotics and
3PL at Kӧrber Supply Chain Software.
provides a high-performing, resilient foundation for cloud services, while its
Preparing Africa’s Next Generation
physical and virtual network design
for the Digital Economy
maximizes performance and security.
In South Africa, Oracle has initiated an
For example, each Oracle Cloud region
annual “Graduate Leadership Program”
contains at least three fault domains,
to address the skills gap in the local ICT
which are groupings of hardware that
industry and creating employment
form logical data centers for high
opportunities for South Africa’s youth.
availability and resilience to hardware
The program focuses on equipping
and network failures.
disadvantaged South African students with
leadership skills that prepare them for a
Oracle is committed to sustainability
career in the IT industry. Since its
and has pledged to power all Oracle
inception in 2014, more than 200
Cloud regions worldwide with 100
graduates have completed this program
percent renewable energy by 2025.
Several Oracle Cloud regions in North
companies and other organisations.
America, South America, and Europe are already powered by 100 percent
renewable energy, and all Oracle Cloud
lower latency, and more consistent
Oracle Cloud’s Expanding Global
regions use state-of-the-art energy
performance versus public Internet-
management and cooling technologies
based connections. Partners available
to minimize their impact on the
expansion of its cloud region
environment. As part of its clean Cloud
Johannesburg Region include Colt,
initiative, Oracle reused or recycled 99.6
Telia, Equinix, and Megaport.
customer demand for Oracle Cloud
percent of its retired hardware in FY21
services worldwide, over the next
while strictly adhering to Oracle’s data
In addition, OCI and Microsoft Azure
privacy and security practices.
have a strategic partnership that
additional cloud regions in Spain,
Mexico, Colombia, Chile, France,
Cloud Regions Deliver All Cloud
workloads across the two clouds. This
Israel, and Saudi Arabia. Oracle
Services and Multicloud
partnership provides a low latency,
plans to have at least 44 cloud
Oracle Cloud regions support every
cross-cloud interconnect between OCI
regions by the end of 2022.
Oracle service and feature and are
and Azure in ten regions (San Jose,
available to customers anywhere in the
Phoenix, Ashburn, Toronto, Frankfurt,
Currently available Oracle Cloud
London, Amsterdam, Tokyo, South
Korea and Vinhedo), federated identity
Asia Pacific: Tokyo (Japan), Osaka
Oracle Cloud VMware solution, and
applications across both clouds, and a
Oracle Fusion Cloud Applications Suite.
collaborative support model.
Chuncheon (South Korea), Mumbai
OCI’s extensive network of more than
(India), Hyderabad (India), Sydney
70 FastConnect global and regional
partners offer customers dedicated
connectivity to Oracle Cloud regions
configuration, while maintaining high-
and OCI services—providing customers
Americas: San Jose (United States),
with the best options anywhere in the
requiring re-architecture. They can also
Phoenix (United States), Ashburn
world. FastConnect provides an easy,
(United States), Toronto (Canada),
elastic, and economical way to create
applications or develop cloud native
applications that use a mix of OCI and
(Brazil), Vinhedo (Brazil), Santiago
connection with higher bandwidth,
(Australia), Melbourne (Australia), Singapore (Singapore).
Oracle is committed to sustainability and has pledged to power all Oracle Cloud regions worldwide with 100 percent renewable energy by 2025
P A G E 1 75
As part of Oracle’s planned expansion of its cloud region footprint to support strong customer demand for Oracle Cloud services worldwide, over the next year, Oracle will open seven additional cloud regions in Spain, Mexico, Colombia, Chile, France, Israel, and Saudi Arabia. Oracle plans to have at least 44 cloud regions by the end of 2022.
Oracle Cloud spans 37 interconnected geographic regions, offering a complete suite of Oracle Cloud Applications and more than 80 Oracle Cloud Infrastructure services.
“At Oracle for Startups, we help startups grow from grassroots through scaling. Africa is a hotbed for tech entrepreneurs, and we have witnessed a 91 percent growth in enrolments from South African startups, and 39 percent growth from over 13 other African countries within the last year. The USD one million investment will further boost the efforts of tech entrepreneurs in Africa to utilise the latest digital technologies for the success of their startups.” - Jason Williamson, VP, Oracle for Startups.
Europe: Frankfurt (Germany), London
Oracle Cloud spans 37 interconnected
Led by Oracle for Startups, Oracle
(United Kingdom), Newport, Wales
geographic regions, offering a complete
will provide extra resources and
(United Kingdom), Zürich (Switzerland),
suite of Oracle Cloud Applications and
support to technology startups
across Africa over the next two
years. Cloud credits of up to USD
(Sweden), Milan (Italy).
10,000 for 100 startups will be made Oracle Invests USD One Million To
available as part of this program.
Middle East: Jeddah (Saudi Arabia), Abu
Support African Tech Startups
Dhabi and Dubai (U.A.E), Jerusalem
A new program to help African startups
executive mentoring, go-to-market
across different industries implement
resources, and valuable customer
the latest digital technologies to drive
engagements will also be offered to
business growth. Oracle has announced
Government regions, and U.S. National
support of USD one million for tech
Security regions, three U.S. Department
Eligible African tech startups can
of Defense specific Government regions,
accelerate their digital initiatives with
find out more information and apply
two in the United Kingdom (London and
the latest cloud technologies and
to this program by visiting the
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“At Oracle for Startups, we help startups grow from grassroots through scaling. Africa is a hotbed for tech entrepreneurs, and we have witnessed a 91 percent growth in enrolments from South African startups, and 39 percent growth from over 13 other African countries within the last year. The USD one million investment will further boost the efforts of tech entrepreneurs in Africa to utilise the latest digital technologies for the success of their startups,” said Jason Williamson, Vice President, Oracle for Startups. A recent report from IDC notes the importance of corporations supporting startups to help further spur innovation, and had this to say about Oracle for Startups: “Highly valuable to the startup community. Not only do they provide technology support, but they also
business areas such as marketing, market access, business knowledge, and expertise.” Learn more about the Oracle Cloud Regions Learn
Infrastructure Learn more about how OCI is enabling customers in South Africa Read more about the Oracle and Orange collaboration in West Africa Oracle offers integrated suites of applications plus secure, autonomous infrastructure in the Oracle Cloud. For more information: oracle.com P A G E 1 77
HOW URUGUAY USED INSWITCH FINTECH TO DIGITIZE PANDEMIC SUBSIDY PAYMENTS
Uruguay is a global success case in controlling the pandemic. The COVID-19 pandemic has transformed the activities and daily habits of society worldwide. The measures adopted by governments, like social distancing and lockdown, contributed to curbing the spread of the virus but at the same time generated a slowdown in the economy, particularly affecting the most vulnerable sectors.
essential to be able to deliver the funds
transformed the activities and daily
in an easily accessible and contactless
way, in order to maintain social
measures adopted by governments, like social
contribute to curbing the spread of the
Even more so considering that the
virus but at the same time generate a
target population is mostly unbanked,
slowdown in the economy, particularly
so it does not have other financial
affecting the most vulnerable sectors.
possibilities. Thus, a double challenge arises: distributing social assistance and
This situation has shown the need to
adapting the form of payment of stores
have digital tools in governments and
and businesses (physical distribution
The solution: A robust digital
companies, which allow the continuity
channels), as they typically only accept
fintech solution, easily accessible
of productive activities in order to
cash. Likewise, new challenges have
“as a Service”.
minimize the healthcare crisis and its
arisen in connection with payroll
effects on the economy. The world
The challenge of providing digital
cannot stand still.
settlement of commissions, and any
tools for payments/transfers and
other activity carried out in cash by
their use in an extended network of
businesses or other actors of the
stores, is being addressed by
Inswitch with its “as a service”
How to distribute
money contactlessly, contributing to
the continuity of the economy.
platform for wallet and massive In addition to the distribution of funds
In this context, governments have had
digitally, it is necessary to create a
transforms any user device into a
to distribute social and economic aid to
wallet from which they can perform
immediately serve the most affected
consumption and the use of said
population. For such purposes, it is
electronic funds possible.
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of bills, prepaid accounts top-ups,
shared payments and those related to
system: greater insertion in the
transport, among others.
financial system, by facilitating an inclusion mechanism for the
Digital onboarding allows merchants to
register online and in real time, and
Streamlining of the economy:
accept new payments with high KYC
since digitalization facilitates an
standards. Likewise, the possibility of
easy expansion of the network
self-registration for both users and
of businesses where money can
businesses, enhances the experience
be used, such as small stores.
with simplicity, convenience and speed.
Social distancing: to prevent the spread of the virus, making
it possible to receive financial
reconciliation processes offered to
governments allows for an efficient
contact. The whole operation
management of transfers, from the
takes place by mobile phone
Transparency: in the use of Inswitch is a complete end-to-end
solidarity funds, allowing for a
solution, available in the cloud and
based on microservices, which can be
administration and the time of
selecting those functionalities that best suit the needs of the client
The result: Inswitch's as a service
(companies or governments).
platform for wallet and massive payments, a key to the Uruguayan
The array of benefits that the Inswitch
worldwide success to digitize
With this “as a service” platform for
platform offers for money distribution is
subsidies amid the pandemic.
governments can have a remote funds
computations, integration with small
distribution system, using a digital
and medium-sized companies and with
pandemic, different governments
wallet with the highest security and
alternative payment methods such as
control standards. Our platform also
banks, credit cards, transfers; also
economic aid to the population
payment to freelancers within the Gig
with its “as a service platform for
wallet and massive payments.
unbanked employees, who can access
Agility and speed: by minimizing
their salaries immediately.
intermediaries that slow down the
The Uruguayan case (where our
money distribution process.
Development and Support Center is
From the users’ point of view, they have
Greater security: because both the
located) is paradigmatic, as the
an online wallet to carry out a wide
distribution and the use of the
country has been praised by the
funds are digital. It is safer not to
international press and authorities
have to carry cash.
as one of the fastest at flattening
purchases in stores, transfers, payment
the contagion curve and one of the best
The level of digital and financial
at managing the economic effects of the
sophistication and the extraordinary
speed-to-market of the “as a service” platform
When the virus arrived in Uruguay,
payment, are based on the solid
Inswitch speedily adapted its payments
experience generated during more than
platform and, in just a few days, it was
18 years in 40 countries of the region.
available for the Government to deliver digital subsidies to those who needed it,
Inswitch was the tech behind the first
currently reaching almost 20% of the
mobile wallet launched in Latin America
in 2008 and, ever since then, it has been used by governments, banks, retailers,
“Our countries and the world have
telcos and corporations due to its
faced an extraordinary challenge this
stability, operational excellence and
year with COVID-19, and Uruguay has
high security standards, to provide
shown great leadership managing the
financial services with on a white label
pandemic, serving as a model in the
region” - Mike Pompeo, former US
approach, which has demonstrated to
Secretary of State.
successfully adapt to any scenario. To
add the “as a service” platform for It is important to highlight that digital
wallet and massive payments to any
subsidies can be set up, from the
organization or company, you just have
to contact us. We can help you provide
exclusively for certain purposes, such as
the acquisition of basic necessities and
members/clients and be part of the
the payment of essential services
digital transformation of the economy
(electricity, water, gas and others).
Inswitch was the tech behind the first mobile wallet launched in Latin America in 2008 and, ever since then, it has been used by governments, banks, retailers, telcos and corporations due to its stability, operational excellence and high security standards, to provide financial services with on a white label bases and with an “all-in-one” approach, which has demonstrated to successfully adapt to any scenario.
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BELLA OAKS A LEGENDARY VINEYARD RETURNS WWW.BELLAOAKS.COM
ARGENTINA'S EMERGING DESTINATIONS PROVIDE A HOST OF UNTAPPED ADVENTURES Argentina Ministry of Tourism and Sports: Tests are no longer required to enter Argentina.
Argentina lures travelers with its varied
for those in search of untapped
sculpted by the water, the sun and
landscapes and great diversity of
the wind for millions of years. Visit
climates, from the lush rainforest
untapped destinations in Argentina:
surrounding Iguazú Falls and the grand glaciers of southern Patagonia to the
the Valley of the Moon in the Ischigualasto Provincial Park and
Ischigualasto Provincial Park
watch the evolution of the Earth.
Feel the mystery of a landscape that
Step on the same paths the
seems to be from another planet,
dinosaurs did millions of years ago.
But Argentina offers far more than these
declared a World Heritage Site. A
Take your senses to the Triassic
better-known destinations. Following
mysterious experience. Lunar-looking
Period of the Mesozoic Era. Discover
are some alternative recommendations
soil. Unusual shapes that have been
the secrets of a World Heritage Site.
culture and sophistication of its capital, Buenos Aires.
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been marked on the rocks for 250 million years. See the petroglyphs that the Diaguita and Ciénaga
Ischigualasto Park, more commonly referred to as Valley of the Moon because of its topography, is located in the northeastern province of San Juan and next door to Talampaya National Park.
cultures carved into the stones between the 3rd and the 9th century. A millenary adventure is waiting for you. Neighboring Ishigualasto Provincial Park, Talampaya National Park
Located in central Argentina, the province of Córdoba is a land of lakes, rivers, and hills, making it a great destination for outdoor adventure lovers. Just under an hour's drive west of the city of Córdoba, the provincial capital and Argentina's second-largest city, lies the resort town of Villa Carlos Paz on the banks of San Roque Lake – a popular destination for amateurs of sailing and other water sports.
provides great insight into one of the
periods, housing a rich diversity of fossils. The park's impressive rock formations of red sandstone are the result of water erosion in a desert climate. It's only possible to visit the park on a guided tour. Like neighboring Ischigualasto, there are also full moon evening tours for a memorable experience. Córdoba Province
Ischigualasto Provincial Park, more
Talampaya National Park, La Rioja
In Córdoba adventure and folklore,
commonly referred to as Valley of the
tradition and universities, events
Moon because of its topography, is
Discover a mysterious red desert that
and the region's typical food are
located in the northeastern province of
emerged from deep inside the Earth
waiting for you.
San Juan and next door to Talampaya
National Park. This UNESCO World
formed. You will be surprised by its
Discover a province that is also a
Heritage site, considered of great
walls that merge into the skyline. Watch
region. An urban area with a busy
scientific importance, is very popular
the rocks and the curious figures
commercial, cultural and university
with paleontology lovers who come to
shaped by the water, the sun and the
life. Charming valleys such as
admire the giant footprints of dinosaurs
wind in millions of years. Enjoy a trip to
that used to live in this area up to 180
our origins at the Talampaya National
million years ago.
Park, a UNESCO World Heritage Site.
Calamuchita. Experiences that bring you close to nature in streams, rivers and dams. Sail on
The park is located about a four-hour
Here you will discover one of the most
boats or practice water sports in
drive from the city of San Juan and can
either a peaceful atmosphere or
be visited exclusively by car in about
Argentina: the Talampaya Canyon,
three hours. One of the most magical
ways to explore Ischigualasto is on a full
The spirit of the people from
moon evening tour which must be
dinosaurs on Earth, were found. Get a
Córdoba is captivating. Locals will
booked several days in advance.
close look at its footprints, which have
invite you to enjoy their land and to
with full adrenaline.
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taste food legends such as the Córdoba
goat, cheeses and sausages, alfajores and craft beer.
At the southernmost end of our planet, a legendary region is waiting
Enjoy the Cosquín Folklore Fest and the
for you with unique experiences
National Beer Fest [Fiesta Nacional de
and stunning landscapes. From the
la Cerveza] in Villa General Belgrano.
Pampean plains to Antarctica, and
from the Andean mountains to the
museums, churches and Jesuit ranches
sea. Discover the region made up by
declared World Cultural Heritage by
the provinces of Neuquén, Río
Negro, La Pampa, Chubut, Santa
Located in central Argentina, the
Antarctica and the South Atlantic
province of Córdoba is a land of lakes,
Islands. Explore places which are
rivers, and hills, making it a great
unique for an adventure and for
relaxing. Glaciers and lakes. Forests
lovers. Just under an hour's drive west
and villages. Dream-like valleys and
of the city of Córdoba, the provincial
capital and Argentina's second-largest
geysers and thermal waters.
city, lies the resort town of Villa Carlos Paz on the banks of San Roque Lake – a
Patagonia is a destination that
popular destination for amateurs of
often tops the list of many visitors
sailing and other water sports.
landscapes, immensity, and the Valle de Punilla, Capilla del Monte, La
pristineness of its mountains, rivers
Cumbre, La Falda and the Quebrada del
and lakes provide the setting for
Condorito National Park are some of
Repeat visitors can skip the region's
offering a wide range of activities
classics and head to Trevelin with
including horseback riding, off-roading,
its unique cultural imprint. This
mountain biking, lagoon diving and
charming town was founded by
Welsh settlers – Trevelin means
Argentina lures travelers with its varied landscapes and great diversity of climates, from the lush rainforest surrounding Iguazú Falls and the grand glaciers of southern Patagonia to the culture and sophistication of its capital, Buenos Aires. But Argentina offers far more than these better-known destinations.
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VISIT ARGENTINA | ARGENTINA.TRAVEL
"Mill Town" in Welsh – and is located in
glaciations, emerald green lakes and
Additional information on travelling
a region rich in indigenous Mapuche
forests of alerce trees – the second
to and around Argentina is available
traditions. Horseback riding, sports
longest living tree species in the world.
INPROTUR, Argentina's National
fishing, kayaking and mountain biking are only a few of the activities that are available here. Foodies can also delight
Institute for Tourism Promotion,
in the area's rich culinary traditions,
Argentina is famous for its Pampas, the
also known as Visit Argentina, is a
craft beers and locally produced wines.
sprawling grassy plains that have
public-private entity responsible for
shaped gaucho culture. La Pampa
promoting international travel to
Every year, during the month of
province provides travelers with the
October, about eight miles from the
Argentina as a global tourism
town center, an endless field of about
immensity of these plains and sierras
two million tulips colors the landscape
that extend as far as the eye can see and
in a rainbow of bright hues all framed
immerse themselves in the traditions of
INPROTUR develops and executes
by the snow-capped peaks of the Andes.
Often considered one of Argentina's
estancias and regale in an authentic
most beautiful national parks and a
asado (Argentine barbecue). Nature and
conducts research and analysis of
UNESCO World Heritage site, Los
wildlife enthusiasts can visit the Luro
travel trends and market behavior
Alerces National Park is less than a
Park Reserve home to the endemic
in different source markets in order
thirty minute drive away with its unique
caldén tree and populations of red deer
to position Argentina as a desirable
landscape molded by many successive
destination in those markets.
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8 SPOTS FOR A SPRING / SUMMER GETAWAY TO THE CALIFORNIA CENTRAL COAST When
rugged terrain, world-class art and
Monterey County is situated on
getaway, you may picture scenic
more. The destination has a population
California's stunning Central Coast
shorelines, crashing waves and sun-
of nearly 435,000 residents and boasts
kissed skies. You can find all of that and
99 miles of prime Pacific coastline, a
approximately 100 miles (160 km)
more if you make your way to Monterey
world famous aquarium, 45,000 acres of
south of San Francisco and about 50
premium vineyards, 65 tasting rooms,
miles (80 km) from San Jose. Its
82 wineries, more than 20 golf courses
southern border is approximately
Visitors to Monterey County will not be
including the famed Pebble Beach Golf
240 miles (385 km) north of Los
short on discovering iconic landmarks,
Links, hillside elevations of over 5,500
Angeles. It is easily accessed by
a storied history, sustainable and
feet and more than 220 lodging
scenic Highway 1 or Highway 101.
diverse culinary offerings, top-notch
properties. The destination welcomes
more than 4.8 million overnight visitors
The Monterey Regional Airport
(MRY) is conveniently located just
landscapes from scenic coastal views to
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When you envision a California getaway, you may picture scenic shorelines, crashing waves and sun-kissed skies. You can find all of that and more if you make your way to Monterey County. 10
printing press, which printed "The
downtown Monterey, 15 minutes from
California," the state of California's
Carmel-by-the-Sea and 45 minutes
from Big Sur. Known for its short and hassle-free security lines, visitors can
Reminiscent of the French countryside,
this sun-kissed region offers rolling
Airlines, Allegiant, American Airlines,
hills covered in grapevines, olive
United Express and US Airways. Direct
groves and lavender fields as well as
more than 20 wine tasting rooms and
(DFW), Denver (DEN), Las Vegas (LAS),
wineries. If you're undecided on
Los Angeles (LAX), Phoenix (PHX), San
Diego (SAN), San Francisco (SFO) and
Laureles Lodge, a historic property
Seattle/Tacoma (SEA). Charter and
with old horse barns converted into
private flights are also available.
rooms and a saloon restaurant. Carmel
Valley is also home to America's first Other large airports near Monterey
co-ed spa, Refuge.
County include: Norman Y. Mineta San Jose
located 75 minutes from Monterey,
This small fishing village, located at the
and the San Francisco International
mouth of the Elkhorn Slough National
Airport, located less than 2 hours from
destination for those who enjoy
outdoor recreation and wildlife. Moss Plan your trip and discover more can't-
Landing is a popular spot for surfing
miss destinations like these by visiting
and nature watching, including year-
round whale watching on Monterey Bay, as well as a hidden gem for
The historic fishing town offers iconic attractions like Cannery Row, Old
Fisherman's Wharf and Monterey Bay
Founded in the 1870s, this historic
Aquarium, where the "Into the Deep:
town's Victorian-style homes evoke
Exploring Our Undiscovered Ocean"
yesteryear nostalgia, and each spring a
exhibit opens this spring. Visitors will
purple carpet of ice plant blooms
including the first state capital, first
Lovers Point Park and Beach is a
brick house, first public library and first
popular spot for surfing, swimming
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The destination has a population of nearly 435,000 residents and boasts 99 miles of prime Pacific coastline.
options, including several Blackowned restaurants. Salinas Valley A rich agricultural region known as the "Salad Bowl of the World," this fertile area is home to Pinnacles National Park and more than two and picnics, and you'll find some of the
dozen wineries and tasting rooms,
area's best tide pooling, too. In
This vibrant agriculture hub is the
including an expanded second
addition, Pacific Grove CiderWorks – the
county seat of Monterey and a culinary
only cider tasting room in Monterey
hotspot thanks to the growing food
Company. Most of the wineries are
County – offers temptation in the form
connected by the scenic River Road
of award-winning hard cider, pear cider
Emma's Bakery & Cafe has quickly
Wine Trail, which runs along the
and pear port.
become a local favorite, while authentic
Santa Lucia Mountains.
Italian is what's for dinner at Mangia, Marina
Eat on Main. Home of the nationally
If the beach is calling, Marina offers
renowned National Steinbeck Center,
Monterey County is committed to
miles of beachfront and stretches of
Salinas also hosts the annual California
educating visitors on how they can
sand dunes. It's the spot for active
International Airshow and California
themselves and our community, as
paragliding and skydiving. In addition
well as lessen their impact on our
to sampling a selection of restaurants,
destination and preserve it for
visitors can explore the remnants of
This up-and-coming city boasts easy
generations to come. Its Travel
Fort Ord, a military training ground that
beach access for sunset views. It's
closed in 1994. The area also offers
provide visitors with safety and
luxury accommodations and family-
skateboarding to rock climbing and
convenience tips as well as ways to
friendly hotels, including Hampton Inn
golfing at former military golf courses
conserve and be environmentally
& Suites by Hilton scheduled to open
Black Horse and Bayonet. Plus, the
spring 2022, which features amenities
town provides access to Fort Ord
including a pool, gym, meeting rooms,
National Monument and its 86 miles of
For specific tips and details on how
trails for hiking, biking or horseback
riding and an array of diverse dining
WBM INVESTOR INSIGHT
"ELSE NUTRITION is a disruptor in its field that brings a first and exclusive ip protected alternative to aN $80b GLOBAL MARKET WITH NO REAL COMPETITION." HAMUTAL YITZHAK - ELSE CEO
ECO-TOURISM IN DOMINICA OFFERS UNIQUE EXPERIENCES FOR WORLD TRAVELLERS
The Commonwealth of Dominica, affectionately known as the "Nature Isle", is one of the most beautiful places in the world. The magnificent natural beauty of the island attracts the attention of tourists across the globe. Its breath-taking hiking trails, romantic secluded bays, lush tropical rain forests, and beaches makes the country an exceptional tourism destination that could become a lifechanging experience for anyone.
With preserved wild and lush scenery,
airport, making the country more
energy generated from hydropower
accessible with long-haul flights
guarantees a different kind of escape.
coming from Europe, UK and the
The country is also described as the
methods and care facilities integrated
"secret pearl" of the Caribbean due to
into the landscape, Dominica has many
its massive variety of flora and fauna
other assets to develop sustainable
and extensive natural park system, it
has become a face of remarkably unspoiled natural beauty.
U.S. Eco-Hotels There are various eco-resorts in
Dominica presents unique traits in
Dominica such as Secret Bay,
sustainability and eco-tourism when
Jungle Bay, Cabrits Resort & Spa
The country offers visitors a unique
compared to other Caribbean countries.
Kempinski, and many others have
The government is working tirelessly to
been making attempts to promote
through eco-tourism. Dominica excels
attract not only tourists but also
at offering eco-conscious tourists a
created a sense of self-identity. So, they
unique experience that only the island's
are working extremely well to ensure
The beautiful eco lodges have been
luxury eco-hotels, wellness facilities,
that the island has a strong ethos of
built with local wood and great
exquisite locations, and kind people can
refinement is the promise of a stay
in total harmony with nature. The country is now working towards
preserving its natural resources and
shine brightly in the Caribbean and
providing guests from all over the
people aware of the practice of
across the globe. Further, Dominica is
world with sustainable, luxurious
now constructing a new international
lodgings. It continues to be known
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as a one-of-kind Caribbean experience
years, Dominica has welcomed several
It is pronounced as a paradise that
as a private living within the jungle that
luxury eco-tourism resorts, and is in the
is filled with waterfalls and lakes
brings to life the rich island culture
and is home to approximately 365
mixed with luxurious hospitality.
international airport that will open the
country up to the rest of the world. The
landscapes with lush rainforests,
Secret Bay has been named as one of
nation is well-positioned to take full
numerous waterfalls, lakes, hot
the best hotels in the vanguard of
advantage of the tourism market.”
springs, and the highest mountains.
essence of Caribbean luxury. It is also
Nestled in a lush, cliffside locale
Dominica offers a captivating mix of
known as a villa rainforest resort and
teeming with the sights and sounds of
cultures as its Capital - Roseau is
has been highlighted as a hidden
nature rests Jungle Bay Resort & Spa—
located on the southwestern coast
sanctuary. The Secret Bay hotel is
an award-winning eco-luxe escape in
of the island at the mouth of the
"River Roseau", which faces the
sustainability and encompasses the
adventurous yogis, and passionate
Dominica. Its unique structure attracts
travellers alike into Dominica’s balmy
embrace, this is where the mind, body
The best feature of the river is that it
and spirit can truly rejuvenate amidst a
world hidden from every worry.
French colonial elements.
The colourful Roseau also reflected
World’s leading government advisory
waterfalls, soothing thermal springs,
the electric roots in its food, art,
and marketing firm, CS Global Partner’s
cobbled paths and enjoy their tour to
languages, and customs which
CEO, Micha Emmett shared, “In recent
welcomes the tourists incredibly.
panoramic view of the Caribbean Sea to
eye-catching sea of the Caribbean.
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Further, Morne Trois Pitons National Park is the jewel of the country as it encompasses much of the mountainous interior of the island. The Park is a primordial rainforest that features thick jungle, with giant ferns and wild orchids to the stunning cloud forests. Dominica has the world's secondlargest thermally active lake - Boiling lake. It is one of the most splendid attractions in Morne Trois Pitons National Park. Geologists believe the 63-meter wide actively boiling lake is a flooded fumarole, a crack in the earth allowing host gases to vent from the molten lava below. The temperature at the edge of the lake ranges from 82-92 degrees Celsius and is at boiling point in the centre. It features hot and cold sulphur springs with healing properties. A home of hiking, scuba diving, and whale watching, Dominica is covered in the rainforest which attracts tourists with its resounding tropical weather, rugged terrain. Further, Trafalgar Falls is also one of the amazing tourist attractions which are known as Mother and Father. These twin falls lie at the end of an easy 10 to 15-minute hike through a forest of ginger plants and vanilla orchids. Most of the visitors choose Dominica as a tourist destination for hiking and nature and its beaches are mostly volcanic black sand beauties. One of the most resounding beaches is Mero Beach which is the favourite place to visit for the cruise ship crowd. P AG E 1 92
Dominica's most famous dive and
the goal of becoming the first ever
snorkel site, Champagne Reef always
climate-resilient nation with over
fascinates people who travel to the
houses with a strength to withstand
any category 5 Hurricane. Dominica Climate Change
is building hospitals, health centres, shelters, schools, and a geothermal
Dominica has faced huge effects of
plant to generate clean energy.
climate change. Being a small island nation, Dominica has been affected by
global warming the most. Higher
innumerable waterfalls, and boiling
lake hiking trails. Dominica is
Dominica faced ravages of tropical
known as one of the best travel
storm Erika and category 5 Hurricane
Maria in 2015 and 2017, respectively.
Various facilities offered by the
country include – birdwatching, Realising the damage to over 85%
infrastructure in the country, Prime
watching, and relaxation in natural
Minister Roosevelt Skerrit announced
hot springs are all available to
that the Dominica will become world’s
first climate-resilient country. CS Global Partners The recovery of Dominica has become
Leading Residency & Citizenship by
an example for others to take serious
Investment Government Advisory.
actions on climate resilience. The
For more information, please visit:
country is working tirelessly to achieve
Dominica presents unique traits in sustainability and eco-tourism when compared to other Caribbean countries. The government is working tirelessly to attract not only tourists but also created a sense of selfidentity. So, they are working extremely well to ensure that the island has a strong ethos of responsible tourism. The country is working tirelessly to achieve the goal of becoming the first ever climateresilient nation.
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USA WAS THE MAIN INVESTOR IN HISTORIC 2021 FOR BOGOTA-BASED STARTUPS history, so we must redouble our efforts to position local startups internationally," highlighted Invest in Bogota's Executive Director, Isabella Muñoz, who added that the number of deals closed by the city's startups in 2021 grew by 11% compared to the previous year. The
said that "this is a sign of the good eyes with which investors see us Bogota is emerging as one of the main
transactions of startups nationwide. In
today," but warned that "we must
business centers in the region, its
total, Bogota-based ventures raised
resources for more than US$ 1,596
ecosystem of entrepreneurship and
development make it day to day one a
million. This figure, an annual record
investment in the city by identifying
high in terms of capital raised for
and managing to eliminate the
companies worldwide; in addition to
startups in the city, confirms Bogota as
factors that hinder the arrival of
its attractiveness as an epicenter of
more investment funds and venture
the business world in the region, it
country's ecosystem and as one of the
increasingly stands out in the new
entrepreneurship in Latin America.
The amount of capital raised in 2021
investments of at least US$ 1
Bogota is the economic, cultural and
shows an increase of 144% compared to
administrative center of Colombia,
2020, when transactions were made for
startups based in Bogota Region
which in turn is the ideal gateway for
US$ 650 million. In addition, this
that stood out for their capital
the Latin American market due to its
represents an 18% increase over what
raising operations are Rappi, Platzi,
was raised in 2019.The sectors with the
Habi, Addi and Frubana.
greatest appetite among investors in 2021 were transportation, software and
An analysis carried out by Invest in
IT services, financial services, and
participated in at least 52 of the
transactions closed with startups in
startups based in the capital of
Bogota, appears as the country that
Colombia carried out 115 capital raising
"Bogota's entrepreneurship ecosystem
invested the most last year. The
operations, equivalent to 69.6% of the
is going through a unique moment in
analysis was based on information
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Bogota Region, thanks to its young skilled workforce, strategic geographical location, and the ease of doing business in the city has emerged in the last years as one of the principal cities for entrepreneurship in the region.
from platforms such as Crunchbase, Emis and TTR and Invest in Bogota databases. As part of its task of articulating the city's entrepreneurship and innovation ecosystem, Invest in Bogota works to attract investment vehicles to fund the growth of local startups. Likewise, the entity is attracting new private capital to settle in the city and accompany the growth of the ecosystem. In 2021, through Invest in Bogota, two investments were made with the funds Blackshiip and Kalonia Venture Partners. Bogota Region, thanks to its young skilled workforce, strategic geographical location, and the ease of doing business in the city has emerged in the last years as one of the principal cities for entrepreneurship in the region. Invest in Bogota is the investment promotion agency for Bogota, a public-private partnership between the Bogota Chamber of Commerce and the Bogota City Government. Our mission is to support investors that are exploring opportunities in Bogota. In 2009 we were ranked as the top non- OECD investment promotion agency in the world by the World Bank. We have a multidisciplinary team with sector-specific expertise, which allows us to provide prospective investors with value-added advice and information. Find out more information: investinbogota.org
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FREAK S A ROCKET FOR YOUR WRIST
THE HISTORICAL FREAK COLLECTION HAS REACHED
brand’s pioneering new watch resembles a space
A NEW ORBIT: SHOCK WAVE.
vessel with twin reactors, which will find its finest expression on the wrists of those who never doubt.
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This creation combining all the superlatives came into
developed by Ulysse Nardin is taking off, driven by a
being thanks to the expertise of an integrated
powerful solar wind. Ulysse Nardin looked to the
brightest stars of the cosmos for inspiration for this
contemporary luxury masterfully manifested in an
new interpretation of the Freak. At first glance, the
avantgarde watchmaking design.
"The Freak is more than a watch; it is an idea, a perspective on the world. It continues to evolve. The new Freak S is Ulysse Nardin at its best.” - Patrick Pruniaux, CEO of Ulysse Nardin.
Having made the choice to amaze the aficionados, the Manufacture’s developers designed the Freak S: a new mechanical marvel that highlights the following noteworthy innovations: An inclined double oscillator using DiamonSIL technology, A vertical differential, A “Grinder” automatic winding system, A new case inspired by the first Freak of 2001, with a construction enabling a combination of different materials such as ceramic, titanium and gold. "Double Trouble"! Ulysse Nardin’s technical teams have succeeded spectacularly in taking the three dimensional effect to the limit. The Freak S’ inclined double oscillator is a premiere, the prime signature of new UN-251 Manufacture movement. Positioned on distinct planes as if on two launching pads, the two XXL silicium balance-wheels with inertia-blocks are linked by a differential, which draws the average of their rates. Assembled on two plans inclined at 20° one from another, they are linked by a bridge in rose gold in the form of a rocket’s wing. Siamese, in a rhythmic tango, they give the impression of two turboprops beating time at a frequency of 2.5 Hz – reinforcing the timepiece’s 3D effect and space inspiration. The inclined double oscillator and its differential enable improved regulation of the movement’s running rate. The most common application of a differential is in the transmission of an automobile. A differential is required in a vehicle when it makes a turn, as it allows the drive wheels turn at different speeds: the wheels located on the outside of the turning curve turn faster than the inside wheels. Here, it performs an indispensable function: drawing the average of two rates and evenly distributing the barrel’s energy to the two regulating organs, so that its amplitude remains stable. The two oscillators of the Freak S never oscillate at the same speed
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and are therefore mutually compensated thanks to this mechanism, which is as esthetic as it is useful. Master of Silicium Technologies After having been the first to use silicium in the very first Freak watch in 2001, here Ulysse Nardin is showcasing
treatment, a combination of silicium and synthetic diamond: DiamonSIL (patented in 2009). The silicium components of the escapement of the Freak S have been coated with a layer of artificial diamond which optimizes its performance and its resistance to abrasion and to the several million impacts per year on the watch. This process is one of the major innovations introduced by the Manufacture in the last 20 years. The plasma technology of the DiamonSIL, developed by Ulysse Nardin at Sigatec in Sion, Switzerland, has been one of the iconic technologies of the Brand’s know-how. This unique technology is also used in the brand’s flagship movement, the UN118.
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"The Freak is a watch whose revolutionary soul is regularly fired up by new technical challenges. Like the heroes of Homer’s Odyssey who visited many unknown lands, we at Ulysse Nardin continue to explore all possible roads offered by science to ensure constant improvement in the precision and functionality of our time-keeping instruments.” - Patrick Pruniaux, CEO of Ulysse Nardin.
A Glimpse of the Engine Room The micromechanical machinery featured beneath the crystal of the Freak S is nothing other than a carousel with an autonomy of 72 hours, with no hands, dial, or crown. The Freak indicates the time thanks to the rotation of its movement. Two bridges rotate around the center. They indicate the hours and minutes, respectively. An arrow covered with SuperLumiNova® shows the hour while the nose cone of the rocket, which bears the balance-wheels and the escapement, indicates the minutes. In the course of its 60-minute revolution, the movement pivots on its central axis inside a high-tech case with a sapphire crystal. Whereas in traditional tourbillons, the balance wheel makes one rotation per minute within a cage, in the Freak, it’s the whole movement – including its regulating organ – that makes a complete turn on itself in one hour. The Freak S’ time is set by rotating the bezel in a clockwise or counter clockwise direction. Master of Blades The “Grinder” automatic winding system that already equipped the Freak Vision has now been substantially improved. The Grinder is twice as efficient as a classical automatic winding system since its energy transmission is twice as efficient as that of existing systems. It uses the smallest of wrist movements. The oscillating weight is connected to a frame carrying four blades, which gives the selfwinding system twice the angular stroke. A flexible guiding mechanism considerably limits friction.
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“by chance”. The black aventurine disk turns beneath
If it seems that the stars are randomly distributed in
the markers – the Ulysse Nardin logo disappears
the cosmos, the subtle decoration of the deep black
discreetly as if absorbed by the passage of the
mineral decorative plate, sparkling with golden
particles, has not been left “to chance”… The glittering effect of the aventurine that decorates the
The Freak S is proposed in a limited edition of 75
movement, gives the Freak S the sparkle of a starry
pieces, of which just 40 will go into production in
2022. Every watch is fitted with an alligator strap decorated with a Sport cut-out in rose gold colour.
Legend surrounding aventurine recounts that in the
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thirteenth century, on the island of Murano in Venice,
The timepiece is fitted with a self-folding clasp system
home to the famous glass-makers, a craftsman
in titanium with black DLC. Thanks to a new patented
accidentally, or “par aventure”, let some copper
triple-folding system that operates in synchronized
filings fall into a pot of molten glass, so creating
fashion (SYNC), the clasp opens with a single click.
aventurine glass, or “avventurina” in Italian, meaning
Incredibly easy, for fail-safe security.
About Ulysse Nardin - Manufacture of Freedom Ulysse Nardin is the Manufacture inspired by the Ocean, producing freaky timepieces for explorers in pursuit of freedom. Founded by Mr. Ulysse Nardin in 1846, the company owes its reputation to its links with the sea: its onboard marine chronometers are among the most award-winning
designed. A pioneer in innovative technologies and the use of high-tech materials such as silicium, Ulysse Nardin is one of the few independent and integrated manufactures with the in-house expertise to produce its own high-precision
movements. To underscore its commitment to its favourite environment, Ulysse Nardin is active in supporting the preservation of the Ocean, focusing on two major areas: encouraging upcycling to reduce marine
concerning the preservation of the sharks, its emblem. Today, in the Swiss towns of Le Locle and La Chaux-de-Fonds, Ulysse Nardin remains devoted to its quest for watchmaking
collections: Marine, Diver, Blast and Freak. In 2022, the brand continues to pursue its Vertical Odyssey, voyaging from the abyss to the cosmos with its high-flying watches. Discover more: ulysse-nardin.com
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Distinction & Elegance Pol Roger is the gentlemen's Champagne, as Jean-Paul Kauffman wrote in "Voyage en Champagne". In its 170 years of history, Pol Roger has carved out one of the most flattering reputations in the select circle of the leading Champagne brands. Pol Rogers lived in Aÿ, a village famous for its vineyards, lying at the foot of the Montagne de Reims. He was only 18 when, on 2nd January 1849, he made his first sale of
demanding, remaining loyal to the strategy initiated from the very beginning by the firm's founder. Excellence & Independence In its 170 years of history, Pol Roger has carved out one of the most flattering reputations in the select circle of the leading Champagne brands.
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"My tastes are simple, I am easily satisfied with the best." - Sir Winston Churchill
This recognition is the fruit of the firm's unwavering dedication to two essential values: excellence and independence. Each of the wines which bears our name is treated as an impeccable ambassador of our history. For six generations, the descendants
demanding, remaining loyal to the strategy
beginning by the firm's founder. Excellence means the rigorous selection of the vinegrowers the firm works with, but also by strict selection of the grapes bought from them. Family members keep a close eye on all the operations, including details of the production. Refinement & Pleasure It is not surprising, therefore, that Winston Churchill and even the British Royal Family should have made it their favourite over the years. This
lifestyle. It is also a source of infinite pleasure. Pol Roger Champagne has a soul, created by the union of a family's spirit and the character of a vineyard. The winery and the cellars are located on the celebrated and noble Avenue de Champagne in Epernay, in the very place where the heart of Champagne beats.
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The purity and nobility of Pol Roger Champagne is also the fruit of the know-how,
generation to generation. From the harvest in the region's best vineyards, to the painstaking work in the cellar, each gesture has its importance. Cuvée Sir Winston Churchill Champagne Pol Roger created their Prestige Cuvée in homage to Sir Winston
champagne : robustness, a full-bodied character and relative maturity. The exact blend is a closely guarded family secret but it is undeniable that the composition would meet with the approval of the man to whom it is dedicated : "My tastes are simple, I am easily satisfied with the best". Pinot Noir predominates, providing structure, breadth
finesse and subtlety. Composed
sourced from Grands Crus Pinot Noir and Chardonnay vineyards which were already under vine during Churchill's lifetime. Cuvée Sir Winston Churchill is only made in the very best vintages and is always released later than the other vintage dated Champagnes from Pol Roger, marking Churchill's appreciation for older wines. Discover Pol Roger Champagnes, visit: polroger.com
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- AUTOMOBILI PININFARINA BATTISTA – THE WORLD’S FIRST PURE-ELECTRIC HYPER GT Exquisitely designed and hand-
The Automobili Pininfarina Battista is
Not only is this the most powerful
finished by Pininfarina, only 150 will
the world’s first pure-electric hyper GT –
road-legal Italian car ever built, it
be made. Clients work with the
a pioneering proposition for clients and
also delivers an entirely new take
design team to ensure every car is a
collectors who demand the highest
on sustainable automotive luxury,
bespoke collectible creation.
capable of providing both extreme
Italian car ever built, the 1,900hp hyper GT accelerates from 0-
No more than 150 examples of the
100km/h in under two seconds.
exclusive models will be hand-finished
It’s a true GT car that looks to the
Five modes adapt the driving
future of sustainability, bolstered by
experience: Calma, Pura, Energica,
Pininfarina’s Cambiano manufacturing
the very latest in-car technologies
facility, in Italy, bringing a new level of
and virtually limitless scope for
personalisation for discerning clients.
personalisation, outside and in.
The Battista debuts an entirely new
Chief Operating Officer, Automobili
Its unique combination of exquisite
Pininfarina, Per Svantesson, said: “With
occupants while exciting those
Battista, the Automobili Pininfarina
ensures it will be a sought-after
experiencing from the outside.
family has created a truly unique car.
investment for years to come.”
UNRIVALLED DESIGN HERITAGE With a peerless history of creating the world’s most beautiful automobiles, Pininfarina’s unique design DNA makes Battista a car like no other, representing a modern interpretation of iconic Italian design,
Conceived at Automobili Pininfarina’s hub in Turin, the Battista has been created by a team of passionate individuals, forming an automotive icon with emotion and glorious heritage at its core. The Battista perfectly balances the technological innovations of today with a nod to Pininfarina’s elegant past. It is defined by just two lines – referencing typical Pininfarina designs – with its curvaceous and sculptural carbon body and sweeping glass. Its pure design is complemented by technological details that have been beautifully incorporated into the Battista’s overall identity, perfectly marrying timeless design for a new era of electric mobility. Flowing lines and simple, exquisite detailing defines the Battista’s exterior, with one line encircling the car, while another connects the pillar to the shape of the sculptural doors that sweep back
Exclusivity is taken to a new level
to the carbon fibre bridge at the rear. A
with the Battista Anniversario.
subtle accent line around the car enhances
interior theme with black and
Fitted with the Furiosa Carbon Accent
teardrop shape of the cabin, forming an
Pack, the Anniversario features a
emotive, perfectly balanced overall
Limited to just five of the 150
design. The Battista’s powertrain and
including a unique combination of
Battista models, the Anniversario
technology come to life with the
Bianco Sestriere, Grigio Antonelliano
guarantees to be an ultra-exclusive
Signature E-Heart at the centre of the
and signature Iconica Blu, with carbon
embodiment of the Battista, a piece
rear section, with the latest LED lighting
detailing finished with the exclusive
of exquisite automotive art that
technology giving the Battista an
Iconica Blu thread, complemented by
respects the brand’s history while
unmistakable visual signature at night.
white pinstripe around the vehicle,
looking to the future.
Iconica Blu stitching.
P A G E 2 07
of stitching options, a near-endless
Pininfarina, Luca Borgogno, said: “The
choice of colour combinations and
The Battista’s cabin seamlessly blends
Battista interior clearly reflects our
the exquisitely detailed Interior
the exterior’s technical and emotive
Jewellery Pack option and interior
design with the finest materials for a
aesthetically pure while shaping the
luxurious and cossetting interior that
way the driver experiences the car,
creates the perfect GT environment.
intuitively controlled via the latest
touchscreen technology and beautifully
personalisation available through
A driver-centric layout ensures the
milled rotary controls for the most
Automobili Pininfarina’s tailoring
driver has access to as much, or little,
engaging experience. Customers can
data as required using a trio of screens
personalise the cabin environment right
combinations for the interior alone,
that follow the vanishing point concept,
down to the exquisite stitching and
as clients are invited to work with
with the most important information
the car’s designers to make their
gathered on the small central screen.
bespoke tailoring programme.”
aluminium finishes. unrivalled
dream car a reality. The luxurious details and inviting interior design
The encapsulating interior remains a
combine with thoughtful detailing
dynamics and performance, while the
haven for the driver and passenger with
to ensure its GT credentials remain,
corresponding right-hand touchscreen
two seating options – GT or Pilota – and
including excellent visibility and a
operates the multimedia entertainment
digital rear-view mirror for supreme
and navigation systems.
upholstery complemented by a variety
P AG E 2 08
confidence in all environments.
STATE-OF-THE-ART POWERTRAIN With its potent electrified powertrain, the
proposition – the world’s first pure electric hyper GT. Its powertrain utilises a high-capacity 120kWh lithium-ion battery contained within a strong but lightweight carbon fibre housing. Four independent high-performance electric motors – one driving each wheel – combine with Full Torque Vectoring, Electronic Stability Control and a software differential that allows drivers to tailor the power delivery and handling responses like never before, while its T-shaped liquid-cooled battery pack is mounted centrally behind the seats to ensure a low centre of gravity. Battista headlines: • 1,900 hp • 2,300Nm of torque • 0-100km/h in under 2.0 seconds and 350km/h top speed • 500km driving range • 180kW DC fast-charging capability The
performance with the cruising range
allowed Automobili Pininfarina's team
“We use energy-neutral torque
and luxurious cabin of a traditional GT,
of engineers to provide a wide range of
providing up to 500km of effortless all-
driving characteristics, so the level of
recuperate and shift as much
wheel drive progress with a choice of
personalisation available extends to the
five driving modes and the ability to
driving experience. Drivers can choose
instead of using the mechanical
charge at up to 180kW using a DC fast-
from driving five modes using a tactile
brakes that convert the energy to
charger. This will provide a 20-80%
heat, which in turn heats the
charge in as little as 25 minutes. In
dashboard; Calma (Calm), Pura (Pure),
braking system, too. This active
short, Battista is the most powerful and
Energica (Energetic), Furiosa (Furious),
energy shifting takes place directly
user-friendly road-legal Italian sports
Carattere (Character). In this way the
via the four motors and is much
car ever produced.
Battista can be tuned to reflect the
faster and more efficient than a
mood of the driver and the precise
classic brake intervention. With the
nature of the environment.
five dynamic modes, drivers are
TAILORED DRIVING DYNAMICS
The Battista’s powerful battery and
Chassis Dynamics Manager, Automobili
experiences, from an ultra-precise
advanced four-motor drivetrain have
Pininfarina, Georgios Syropoulos, said:
racing setup with maximum thrills P A G E 2 09
and engaging dynamic drive, to a setup
CONNECTED AT EVERY TURN
wheel, with a third slim screen
geared towards the full GT experience
directly in front of the driver for
of comfort, relaxation and ensuring
The Battista promises to be the world’s
immediate access to key vehicle
every drive is pleasurable.”
most connected hyper GT with an
telemetry. It also displays selected
online infotainment system featuring an
extensive portfolio of digital services. A
supplement the main screens either
challenging and comprehensive testing
partnership with Deutsche Telekom
offers clients the opportunity to benefit
Formula E racer driver Nick Heidfeld
from online services in more than 50
A smartphone app keeps clients
playing an active role. He has been at
connected from the palm of their
the wheel of the Battista throughout its
embedded eSIM and every Battista
hand, offering a range of remote
development, bringing a wealth of
benefits from Over-The-Air software
services to locate the Battista,
knowledge to the hyper GT’s testing,
check upon charging status and
sharing his motorsport experience and
view key vehicle telemetry data.
knowledge with the engineering team
In total, 26 electronic modules can be
The 360- degree digital experience
to get the very best out of the Battista’s
updated while the car is parked or on
facilitated by the in-car systems and
advanced powertrain and carbon fibre
the move using Wi-FI or the embedded
the connected technology outside
e-SIM. The system also includes Smart
the vehicle ensures the Battista is
Diagnostics technology to constantly
Battista is the first electric hypercar to
monitor the vehicle and diagnose
consistently running on the latest
potential faults even more before they
systems that are delivered directly
Brembo CCMR carbon-ceramic brake
arise, while a bespoke 1300W Naim
to the vehicle.
technology and clients will be able to
exclusively developed for the Battista
Owners also benefit from the
aluminium front and rear ‘Prezioso’
availability of a bespoke Residenza
wheels or 20-inch front and 21-inch rear
home charging wallbox designed by
forged aluminium ‘Impulso’ wheels. The
Subwoofer between the seats for
Pininfarina SpA in partnership with
latter provide a saving of 8.9 kilograms
auditorium-like sound quality.
system elegantly a
in unsprung mass across all wheels.
sustainability in mind and finished
There is also a corresponding choice of
The digital experience is delivered via
in the same colour as the client’s
three screens, all oriented towards the
own Battista. The offering goes one
Michelin Pilot Sport Cup 2R or Pirelli P
driver. The logically arranged touch
step further and comes with five
Zero tyres available.
screens sit either side of the steering
accessible through an advanced keyfob or smartphone app.
“We are realising the most exciting automotive story imaginable.”
approximately 115,000 places to charge across North America and
- Per Svantesson CEO of Automobili Pininfarina
Europe as well as more than 133,000 charging spots through roaming integrations with other charging network providers.
P AG E 2 10
SOUNDSCAPE LIKE NO OTHER
From the outside, those admiring the
Battista’s dramatic and emotive design
especially fortunate that almost
The Battista is a true pure-electric hyper
are also treated to a new kind of
everyone who has worked on the
hypercar experience – one that ensures
sound experience is a musician or
complement its advanced design and
the Battista is instantly recognisable
powertrain. Debuting a completely new
even before it is seen. Simulations were
aural experience, both passengers and
created in a studio by a dedicated team
Automobili Pininfarina aims to be
composers. The final version will deliver
the most desirable and sustainable
a sound experience not previously
luxury electric carmaker in the
Chief Product and Engineering Officer,
found on an electric vehicle, only
world. The company is combining
Automobili Pininfarina, Paolo Dellacha,
adding to the driving experience of
its in-house expertise with some of
said: “When driving an electric vehicle,
the world’s leading automotive
completely new soundscape.
your senses are heightened due to the
design and engineering suppliers to
lack of engine noise. You hear more
support its aggressive performance
detail, experience more of the car and
Automobili Pininfarina, René Wollmann,
targets and creation of its future
how it interacts with the road. Instead
said: “The Battista will not only impress
portfolio of pure-electric vehicles.
of trying to recreate engine noises of
Designed, developed and made in
the past, we’ve formed a unique
Italy, all models will be sold and
soundscape for Battista that truly
emotional levels enhanced through its
serviced in most major global
embraces its place as a forwardthinking
sound. It gives the car a voice, and this
electric car, with a sound experience
voice has to be as beautiful as the
like no other.”
design, with purity and rarity principles
P A G E 2 11
ROLEX LADY-DATEJUST I NSPI RI NG WOMEN AND THE AUDACI TY OF EXCELLENCE “A classic timepiece, designed for a lady.” This is how some may describe our Oyster Perpetual Lady-Datejust. Maybe they’re right. Since the early 20th century, Rolex has designed and crafted watches suited for the wrists of every woman, with the same standard of excellence as all the models that have built its legend. So, if “classic” means always pursuing a higher standard, if it means perpetuating tradition while combining elegance with precision, grace with resistance, beauty with performance… then the Lady-Datejust is, indeed, a classic timepiece designed for a lady. Graceful Elegance Rolex is presenting a new gem-set version of its Oyster Perpetual Lady-Datejust. This watch, crafted from 18 ct yellow gold, showcases the captivating shine of the diamonds that adorn every surface. This new version of the Lady-Datejust is equipped with calibre 2236, a movement at the forefront of watchmaking technology. Like all Rolex watches, the Oyster Perpetual Lady-Datejust
Chronometer certification, which ensures excellent performance on the wrist. P AG E 2 12
Rolex is presenting a new gem-set version of its Oyster Perpetual Lady-Datejust. This watch, crafted from 18 ct yellow gold, showcases the captivating shine of the diamonds that adorn every surface.
Revealing the radiance of Diamonds Diamonds are forever, and come to us from the very distant past. Formed in the depths of the Earth over more than a billion years, the diamond’s raw beauty is showcased through faceting, which brings out the graceful reflections in the stone. The gemmologist and the gem-setter work in
The gemmologist and the gem-setter work in harmony to reveal the diamond’s radiance. One selects the stones, the other sets them one by one into the dial, bezel, case or bracelet. These incredibly precise motions, passed from one generation to the next, are perfected over the course of many years. They are repeated several hundred times when embellishing the new LadyDatejust.
harmony to reveal the diamond’s radiance. One selects the stones, the other sets them one by one into the dial, bezel, case or bracelet. These incredibly precise motions, passed from one generation to the next, are perfected over the course of many years. They are repeated several hundred times when embellishing the new Lady-Datejust. The new Oyster Perpetual Lady-Datejust, set with 1,089 diamonds on the middle case, bezel, dial and President bracelet, is an exceptional watch whose brilliance and sparkle is perfectly suited to a slender wrist. The case of this new Lady-Datejust is set with P AG E 2 13
158 brilliant-cut diamonds on the case sides and lugs as well as 44 brilliant-cut diamonds on the bezel. The President bracelet sparkles with a further 596 brilliant-cut diamonds. The dial, paved with 291 diamonds, features elegant 18 ct yellow gold Roman numerals with a black finish Descendant Of The Datejust The classic Rolex feminine watch, the Lady-Datejust benefits from all the attributes of the Datejust, the emblematic Rolex watch that has been a byword for style and technical performance ever since its launch in 1945. Women’s version of this date chronometer, the Lady-Datejust appeared in 1957, the elegance of the Datejust in a small 28 mm size perfectly suited to a slender wrist. The Oyster Case A paragon of robustness and elegance, the Lady-Datejust’s Oyster case is 28 mm in diameter. Its middle case is crafted from a solid block of 18 ct yellow gold. The case back, edged with fine fluting, is hermetically screwed down with a special tool that allows only Rolex watchmakers to access the movement. The Twinlock winding crown, fitted with a double waterproofness system, screws down securely against the case. The crystal is made of virtually scratchproof sapphire and is fitted with a Cyclops lens at 3 o’clock for easy reading of the date. The waterproof Oyster case provides optimum protection for the watch’s movement. Perpetual Calibre 2236 The new version of the Lady-Datejust is equipped with calibre 2236, a movement entirely developed and manufactured by Rolex that was released in 2014 and has been fitted on this model since 2015. At the forefront of watchmaking technology, this self-winding mechanical movement led to the filing of several patents, and offers outstanding performance in terms of precision, power reserve, resistance to shocks and magnetic fields, convenience and reliability.
The Lady-Datejust appeared in 1957, the elegance of the Datejust in a small 28 mm size perfectly suited to a slender wrist.
P AG E 2 1 4
Calibre 2236 is fitted with a Syloxi hairspring, patented and
every watch leaving the brand’s workshops has successfully
produced by Rolex. This silicon hairspring remains up to 10
undergone a series of tests conducted by Rolex in its own
times more precise than a traditional hairspring in case of
laboratories according to its own criteria. These certification
shocks, and its patented geometry ensures the calibre’s
tests apply to the fully assembled watch, after casing the
regularity in any position. The movement also contains a
movement, guaranteeing superlative performance on the
paramagnetic nickel-phosphorus escape wheel. The oscillator
wrist in terms of precision, power reserve, waterproofness
is fitted on the Rolex-designed and -patented high-
and self-winding. The precision of a Rolex Superlative
performance Paraflex shock absorbers, increasing the
Chronometer is of the order of −2 /+2 seconds per day – the
movement’s shock resistance. Calibre 2236 is equipped with a
rate deviation tolerated by the brand for a finished watch is
self-winding module via a Perpetual rotor and offers a power
significantly smaller than that accepted by the Swiss Official
reserve of approximately 55 hours.
Chronometer Testing Institute (COSC) for official certification of the movement alone. The Superlative Chronometer status
is symbolized by the green seal that comes with every Rolex watch and is coupled with an international five-year
The new 18 ct yellow gold version of the Lady-Datejust is fitted
with a President bracelet. Created specially for the launch of the Oyster Perpetual Day-Date in 1956, the three-piece link
Rolex’s story began when founder Hans Wilsdorf created the
President bracelet is still reserved exclusively for the Day-Date
first waterproof wristwatch – the Oyster – and developed into
range and some versions of the Datejust. The President
a range of timepieces that have become icons of
bracelet on this gem-set version of the Lady-Datejust is
watchmaking. Discover Rolex watches on the wrists of
bedecked with 596 brilliant-cut diamonds. It includes an
pioneers, artists, athletes and visionaries and journey to the
elegant concealed folding Crownclasp and ceramic inserts
very highest summits and the deepest part of the oceans.
inside the links to enhance its flexibility and longevity. In
Rolex watches are designed and built to last thanks to the
addition, a concealed attachment system ensures seamless
dedicated watchmakers, designers and engineers whose skills
visual continuity between the bracelet and case.
and knowledge are transferred into each and every Rolex timepiece. Rolex is proud to present the work of these
outstanding specialists. Rolex has registered over 500 patents in the course of its history. Few companies have been so
Like all Rolex watches, the Oyster Perpetual Lady-Datejust is
consistently identified with the pursuit of excellence, the
covered by the Superlative Chronometer certification
quest for the absolute, the discovery of original approaches
redefined by Rolex in 2015. This designation testifies that
and innovative solutions. Discover our watches on rolex.com P AG E 2 15
EUROTECH RETRIEVED SCAMMED CRYPTO INVESTOR'S LIFE SAVINGS
cryptocurrency industry has grown exponentially. With the value of digital
increasing, many people are now investing
currencies for their chance to become financially free due to the high number of crypto assets popping up overnight promising “to become the new Bitcoin.” The problem is, the extremely high increases in value of cryptocurrencies in such a short period of time has made it a
criminals. And as such, people have lost hundreds of thousands of dollars to fake investments that they simply heard about on the internet as being “the next big thing.” Recovering scammed or stolen crypto currencies is often an extremely difficult task as it requires the services of a credible cyber security firm that can carry out digital location strategies to recover your digital assets.
P AG E 2 16
information and technology, this enables us to look into matters behind the scenes. We work in complete discretion and rarely have our successes become public unless agreed upon by the client. With Ms. Linda Stevens’ brave testimony, along with many others, it is evident that Eurotech is rapidly becoming the world's go to company for digital asset recovery.” - Mark Reading, Director, Eurotech
company that specialises in digital forensics, cybersecurity, and digital asset crime investigations. They apply
processes needed to recover any lost or stolen funds from fraudulent high-level digital currency scams, Just like in the case of Linda Stevens.
Eurotech Cyber Security have been
balance increase by 10% was convinced
investigating digital asset crime cases in
to invest a further $250,000. She was
Never before has there been an
the crypto space for over a decade.
delighted to see after two more weeks
effective end-to-end solution for
that her account balance had increased
pursuing the rights of victims of
successfully investigated over 1,600
to $456,500. She was so pleased she
cryptocurrency-related frauds. The
cases and have constantly adapted to
even recommended friends and family
early-stage, cross-border character,
who ended up investing $100,000.
becoming one of the world's top cyber investigation resources.
Unfortunately for Linda, she soon found
hindered the efforts of victims and
that the frequent emails & telephone
Head of Cybersecurity Mark Reading
calls came to a halt, and she could not
Eurotech Cyber Security has an in-
and the team of dedicated investigators
get in touch with the company after
depth knowledge in blockchain
and tech experts have a combined 60
multiple attempts to contact them after
years of experience in cybersecurity and
she could no longer log into her
operational processes, experience,
digital location strategies. Eurotech
account. This all happened a few weeks
and digital location capabilities to
Cyber Security specialise in digital
after transferring the company her
recover stolen bitcoin or any other
Ethereum and being told they were
similar digital assets. As a leading
doing great. Ms. Stevens got in touch
provider of cybersecurity services to
with Eurotech Cyber Security, and
This brings us to an incredible recovery
within 15 days, the company was able
clients, Eurotech Cyber Security
story of Ms Linda Stevens, a single
to recover $380,000 of the $400,000 she
leverages its team of highly-trained
mother of 2, who had invested over
blockchain cybersecurity experts
$400,000 of the proceeds of her
with decades of experience to offer
property sale into Ethereum, the
When speaking to Linda she said: “I lost
high-level cryptocurrency recovery
all hope until Eurotech got involved.
Bitcoin. She came across a company
They literally got me back my life
online that advertised huge returns for
savings. The money I invested was to
Eurotech Cyber Security is an
day trading her money. Naturally, she
buy home for me and my kids. Life’s
authorised criminal investigation
jumped at the opportunity as they
been hard enough these last few years
agency specialising in operational
promised her a 5% weekly return, which
with the the pandemic, so I felt like it
support and investigative services
was more than what her fixed-rate bond
was all over when this happened. The
to fight against digital asset theft.
investments were making her annually.
Eurotech team is truly amazing at what
For more information on their
She initially invested $150,000 to start
they do. I am forever grateful to have
services, please visit their website:
with, and after two weeks of seeing her
had them help me.”
P AG E 2 17
THE EMERGING WELLNESS CULTURE IS REFRAMING THE FUTURE OF REAL ESTATE
In recent years, holistic health practices
Today's consumers have new priorities
The rents in major metropolitan
such as meditation and mindfulness
and expectations that revolve around
cities are skyrocketing, thereby
have become increasingly popular, and
the wellness industry has rapidly grown
development following the same
to become a $4+ trillion industry.
unsustainable model. According to Research shows that 75% of millennial
energy.gov, the building sector
Millennials, the largest generation in
renters say they are striving to live a
accounts for 76% of national power
U.S. history, are driving today's market,
healthy lifestyle, and strongly support
use and is the source of 40% of the
and prefer to support businesses
annual global CO2 emissions.
aligned with their values. According to
brands. Despite the broader shift in the
Goldman Sachs, wellness is the one
consumer mindset, there seems to be a
It is high time to incorporate newer
area where millennials are comfortably
void in holistic and sustainable housing
willing to spend their money on
choices to meet this wellness-focused
won't require us to further propel
P AG E 2 18
either climate change or housing crises.
What does this mean for the future
Aashna Living is an innovative eco-
disrupted by technology and stress. In a
of real estate? There is no doubt
world often developed at the exploit of
holistic well-being into everyday life. The
our health and natural resources, who
sustainable stays, also termed eco-
conditions have incited a new
rentals, are designed keeping in mind
cultural boom. It has dramatically
important ecological impact factors, which
altered the way people desire to
Is the Ability to Work Remotely
live, work and socialize. People are
O'Brien states, is part of our core DNA.
Transforming the Future of Real
choosing to leave the hectic and
According to O'Brien, Aashna Living is
expensive city life behind.
habits in mind, using what she refers to
Renters have new expectations and
Aashna Living is delivering the next
priorities, frequently marked by access
wave of real estate, a subscription
method that not only supports human
model to eco-luxury rentals and
health but also nature's five basic
flexibility. The remote work culture
holistic hospitality club, providing
elements, earth, water, fire, air and
propelled by the recent pandemic has
ethos. This forward-thinking system is
led to an explosion in growth among
experiences, relaxed rejuvenating
small towns and cities. Tired of trying to
getaways, short and long-term
emissions, water and energy waste. All
manage the high cost of living, lack of
stays, and welcoming workspaces.
space and nature in large cities, workers
In addition to flexible leases,
planning are carefully designed to
are now exploring alternatives to spend
layouts and locations, members
promote the ultimate health of the
their newly found flex time.
have the ability to bounce around,
building with today's dwellers wellness a
humans and the land. Additionally, clean
share remote workstations and eco-
and renewable energy will be utilized to
If you could work-from-anywhere -
where would it be? Would you stay at
destinations across the country.
one place? Or would you keep traveling
Staying domestic can keep traveling
and exploring while making money on
for an "in-office" meeting or visiting
O'Brien describes further that holistic
the go? The cool thing about working
family or friends in the U.S.
housing is the future of real estate.
remotely is being able to do it from a
relatively simple, while providing
Smart-home features can enhance air
variety of places.
and water quality, while using less
friendships, on-the-go. Investment
energy. This makes the housing model
The work-from-anywhere culture is here
amounts start as low as $250.
more accessible and sustainable. The
to stay as an increasing number of
Investors can receive perks such as,
use of low to non-toxic materials, and
companies are offering fully remote
50% discount off a membership,
tighter containers equate to less drafts
options to their employees. Reports
and dampness which is associated with
show that remote work rates in some
sessions and even complimentary
occupations exceed 80%, as CEOs are
nights during a short-term booking.
Carefully designed structures maximize
starting to prioritize business models
natural lighting, thereby regulating our
that are digital and flexible.
People are choosing to leave the hectic and expensive city life behind.
P AG E 2 19
AIA - NINE GOOD REASONS TO GET MORE SLEEP AND 10 TIPS TO GET MORE OF IT
Sleep. We take it for granted. But it can have a profound positive impact on both our health and outlook. And the people around you will certainly benefit from it too. Here are nine surprising benefits of a good night's sleep.
TURN THAT B INTO AN A WITH MORE ZZZ - Your mind memorises and stores information while you’re asleep. #OneMoreHour of sleep can help you learn better.
ONE MORE HOUR MEANS YOU SHINE
10 TIPS TO HELP YOU GET
TO BE QUICKER ON YOUR FEET, STAY FAST ASLEEP - One more hour of sleep can be just as important for an athlete as training. That’s because your body repairs itself at night.
WHEN YOU RISE - Most people say they
GAIN SLEEP TO LOSE WEIGHT - When it comes to maintaining a healthy weight, sleep can be just as important as diet and exercise. Get one more hour to help improve your metabolism.
wake up feeling tired. But one more hour of sleep helps boost your mood
It can be tempting to watch one
more episode of your favourite show or to keep scrolling on your QUICKER
phone. But getting #OneMoreHour
THINKERS - One more hour of sleep can
of sleep is easier than you think.
help you be less forgetful, improve your
And you'll feel much better for it
focus, and increase your attention span.
too. Here are 10 tips to help you
shine when you rise. LOVE SLEEP. IT’S GOOD FOR YOUR
ONE MORE HOUR TURNS SLEEP INTO BEAUTY SLEEP - Who needs expensive night creams? A good night’s sleep helps you achieve that rested glow for free. HIT THE SACK TO BEAT THE FLU One more hour of sleep boosts your immune system. Which means less time off work and sick days for the kids.
P AG E 2 20
HEART - Getting One more hour of sleep
Looking at your screen can hamper
can help keep your heart strong and
your sleep. Limit screen time 3
regulate your blood pressure.
hours before bed to help you get #OneMoreHour of sleep.
SWEET DREAMS CAN LOWER YOUR RISK OF DIABETES - Diabetes may be on the
Getting enough sunlight can help
rise. But there are two simple ways to
your body clock stay in tune with
reduce it: cut back on sweets and get
the rhythm of the day. One tip to
one more hour of sleep.
help you get one more hour.
Caffeine can stay in your body for up to
AIA LAUNCHES AIA ONE BILLION TO
are seeing an increase in lifestyle-
8 hours. To get one more hour of sleep,
ENGAGE A BILLION PEOPLE TO LIVE
related diseases, accounting for
switch to herbal tea after 4pm.
HEALTHIER, LONGER, BETTER LIVES
more than 70 per cent of all deaths.
The World Health Organisation has
Post-work drinks can interfere with your
warned that climate change will
sleep. Try going without it to help you
AIA Group Limited has announced the
increase morbidity and mortality,
get one more hour of sleep.
launch of AIA One Billion, a bold
especially in Asia. It is critically
ambition to engage a billion people to
important for AIA to play a positive
Getting into bed and waking up at the
live Healthier, Longer, Better Lives by
role at the forefront of helping our
same time everyday can help you get
2030. As the largest pan-Asian life and
communities address these issues.”
better sleep. One tip to help you get one
movement to improve the health and
wellness of individuals and help create
a more sustainable future in Asia.
campaigns, AIA One Billion will
Investing in the right pillow, mattress and
encompass interactions across AIA’s
difference in helping you get one more
Stuart A. Spencer, AIA Group Chief
hour of sleep.
Marketing Officer, said, “For more than
encourage everyone from all walks
a century, AIA has strived to make a
of life to lead healthier lifestyles and
Even the tiniest ray of light can keep
significant, positive impact for our
help secure a healthier planet. As a
you awake. Get some blackout curtains
customers and communities. Launching
first step to kick-start AIA One
or an eye mask to help you get one
AIA One Billion extends our Purpose of
Billion, a regional social media
helping people live Healthier, Longer,
campaign has been launched to
Better Lives far beyond our immediate
invite people to ‘Join the Journey’.
Resist a late night snack as this can get
AIA ambassadors across the region
in the way of a good night’s sleep. One
tip to help you get one more hour.
will also support the initiative and
rally communities to take action
communities across Asia to improve
Work keeping you up at night? Try
physical, mental and environmental
meditation or deep breathing exercises
wellness while championing financial
to help you get one more hour of sleep.
AIA has the ambition to become a global leader in Environmental,
Exercise helps increase the depth and
The pandemic has increased people’s
Social and Governance (ESG). AIA
duration of sleep. One tip to help you
awareness of the importance of health
One Billion builds on AIA’s long-
get one more hour.
and wellness. Yet populations in Asia
term strategy to make a difference to the sustainable development of communities. As part of its ESG reporting, AIA will track, measure,
AIA is starting a movement to improve the health and wellness of individuals and help create a more sustainable future in Asia.
and report on progress towards the goal to engage one billion people by 2030 to live Healthier, Longer, Better Lives. aia.com/aiaonebillion
P A G E 2 21
What Is Kahlúa? Born in Veracruz, Mexico in 1936, Kahlúa comes steeped in
PERNOD RICARD'S KAHLÚA BRAND - COMMITED TO COFFEE DOING GOOD IN MEXICO
history, with a rich and colorful heritage.
Arabica coffee beans and rum, Kahlúa coffee liqueur is one of the main ingredients in many of the world’s favorite cocktails. From the White Russian, Black Russian and Mudslide, to the cocktail du jour… the Espresso Martini!
classics, old and new. Brunch, lunch,
whenever—Kahlúa helps turn the
extraordinary (and any coffee into a delicious coffee cocktail). That’s probably why it remains the world’s #1 coffee liqueur. kahlua.com
About Pernod Ricard Pernod Ricard is a convivial, responsible
global wine and spirits group. Number 2 worldwide with a clear ambition to become the
The unique and intense flavour of
“We recognised that the way we
leader of our sector, we have
Kahlúa coffee liqueur comes from the
one of the most comprehensive
finest Arabica coffee beans grown at
ultimately live had to change…
portfolio of the industry with
high altitude by the indigenous coffee
240 premium brands available
communities in Veracruz, Mexico.
But the booming global coffee trend has
collaboration with the local NGO
put pressure on their fragile eco-
Fondo Para La Paz and the
indigenous coffee communities in
Sustainable Development, reflects:
That’s why we have built this programme
in over 160 countries.
Coffee liqueur brand, Kahlúa has
Some of the key issues that farmers
committed to source 100% of its coffee
face are being addressed through
from sustainable communities, in a bid
to improve environmental and social
impact across its supply chains.
experts are teaching sustainable
agriculture techniques, practices Kahlúa has worked with the local NGO
and methods. The results are better
forest management, improved soil
‘participatory planning process’ that
empowers the indigenous communities
biodiversity required for healthy
to collectively choose their goals and
crops to thrive. Training is also
work together to reach them. Everyone
offered in coffee management, crop
within the community is encouraged to
learn how to focus on problem solving
and how to manage coffee plant
and find solutions through community
programme has expanded from 99 families
Building a better life
Ensuring that the basic needs of
families across four communities across
coffee growing communities are
the Veracruz region in Mexico.
tended to has been paramount. Access to clean water has been
Fragile eco-systems and communities
improved by building water tanks to collect and store clean rainwater
Increasing demand for coffee coupled
near homes. While installing dry
with rising temperatures, drought and
toilets has improved health and
flooding all threaten to shrink the
world’s coffee growing regions so the
benefits to the coffee crop the
programme looks at protecting both
the land and the people who make their
encourages social cohesion, gender
living from it.
equality and education across the
community. The intention is that by Kahlúa’s programme helps to improve
2023 the programme will provide
the lives of the coffee farmers not just
by paying a premium price for their
everything they need to continue
sustainable coffee, but by also helping
profitable coffee growing business
sustainability and crop yields.
for future generations.
Kahlúa has committed to source 100% of its coffee from sustainable communities
P AG E 2 23
TAKING WORKPLACE SAFETY HEAD ON: FIRST-OF-ITS-KIND WAVECEL HARD HAT WaveCel Hard Hat Strives to Give
The basic design of hard hats has not
objects. A hard hat is required on
Workers Better Protection Against
changed in over 50 years, until now.
the job by the U.S. Department of Labor's Occupational Safety and
Traumatic Brain Injury. WaveCel has introduced a new line of
Health Administration when there is
WaveCel technology brings much-
hard hats created to better protect
possible danger for head injury and
workers against traumatic brain injury
is a worker's first line of defense
workplace safety in manufacturing,
(TBI), one of the leading workplace
against TBI. Backed by trusted
injuries as a result of slips, falls and
strikes to the head by falling or moving
WaveCel is a robust spatial cellular
P AG E 2 24
"For over 15-years our team has been dedicated to chasing the safest head protection, especially since there has been little to no advancement made to hard hat technology in five decades." - Dr. Michael Bottlang, WaveCel Co-Founder
structure that lines the inside of the
1.7 million TBIs that occur in the Unites
Providing the same unprecedented
hard hat and is made from a collapsible
States annually and can cost anywhere
level of protection, there are two
material that absorbs energy from a
from $600,000 to $1.8 million per case.
different models of the WaveCel
head impact in multiple, superior ways.
The construction industry faces the
hard hat – the WaveCel T2+ PRO and
The WaveCel hard hat is designed for
highest number of occupational TBIs of
the WaveCel T2+ MAX.
various industries, including gas, oil,
any industry in the U.S., accounting for
25% of all work-related TBIs.
The WaveCel T2+ PRO is a nonvented hard hat perfect for workers
manufacturing, aerospace, and forestry. Hard hats were originally designed to
in the electrical industry. The
Proudly made in the U.S., WaveCel first
protect against skull fractures occurring
WaveCel T2+ MAX is a vented option
debuted in the sports industry in Treks
from objects falling from above, but do
for those looking for increased air
cycling helmets and Burton ski and
not take into account the rotational
flow for all-day wear.
snowboard helmets. In sport helmets,
force and impact from slips and falls,
WaveCel has been proven to absorb up
which are much more common and can
While most hard hats in the industry
to 73% more rotational force caused
carry a greater risk.
are only Type I certified, both WaveCel hard hats not only meet
from a blow to the head and can reduce the predicted risk of a concussion by up
WaveCel is a network of hundreds of
Type II standard requirements, but
also go one step further to protect
attenuating impacts through three
against rotational forces as well as
"For over 15-years our team has been
principal mechanisms: crumple, flex,
dedicated to chasing the safest head
and glide. Cells crumple to absorb
protection, especially since there has
linear forces. More importantly, they
WaveCel hard hats are not only
been little to no advancement made to
also flex and glide to attenuate
designed with safety in mind, but
hard hat technology in five decades,"
also comfort and ease of use. Key
said Dr. Michael Bottlang, WaveCel CoFounder and Biomechanical Engineer.
"You only get one brain, and even one
"The WaveCel hard hat has been
injury to the head is one too many,"
Low Profile – The lowest profile
meticulously tested and strategically
said Dr. Steve Madey, WaveCel Co-
available on the market with a
designed to ensure an increase in safety
Founder and Orthopedic Surgeon. "The
dome that is approximately 1
of employees working in environments
reality is that accidents happen, and the
inch lower than that of a
where risk of TBI is high."
physical ramification of a head injury
standard hard hat. The WaveCel
can be long-lasting and debilitating. At
liner eliminates the need for a
All hard hats are NOT created equal. In
WaveCel, we are committed to shining a
tall air space at the crown that
fact, work-related traumatic brain injury
light on the impact of TBI and making
traditional hard hats need to
(TBI) accounts for 18% of the estimated
the workplace safer for all."
P AG E 2 25
Dr. Steve Madey and biomechanical
360º Protection: The WaveCel dome
360 Fit System – The system
lines the entire shell, crown and
circumferentially cradles the head
sides, which is critical to provide
and comfortably adjusts to all sizes
Type II level protection from lateral
with an oversized dial that is easy to
and crown impacts. Both models
grip with gloves.
offer even more protection from all
Light Weight: All WaveCel hard hats
force caused from a blow to the
weigh less than 500g for all-day comfort.
be customized with graphics on the
WaveCel has been rigorously tested at
front or side and are available in
the state-of-the-art Helmet Impact
three standard colors: white, black,
and blue as well as two high-
Biomechanics Laboratory in Portland,
visibility colors: yellow and orange.
OR. The team - comprised of engineers,
surgeons, scientists, and researchers Unlike
predicted risk of a concussion by up to 98% compared to standard
Customizable – The hard hats can
absorbs up to 73% more rotational
are also designed with a full brim to
engineer Dr. Michael Bottlang.
tested the hard hat with over three more
helmets. The technology first debuted in 2019, creating waves in the sports industry with Trek Bicycle adopting WaveCel in its cycling helmets and Burton utilizing it in ski/snowboard helmets. In 2020, the Bontrager
impact foams, WaveCel is porous,
allowing air to circulate freely
traditional testing methods.
WaveCel helmet was named TIME
"Having been involved since day one,
2020." At WaveCel, we're chasing
Magazine's "Best Inventions of
through 93% of the WaveCel dome. This
workers cooler while on the job.
we are very excited and honored to support WaveCel as they launch this
Comfort Liner – The WaveCel dome
innovative new hard hat technology,"
and headband is lined with a soft
said Ted Rees, President of TPR
foam and moisture-wicking, anti-
Industrial, WaveCel's exclusive launch
bacterial microfiber textile to keep
partner for the U.S. "Their patented,
workers' heads comfortable and
game-changing products are uniquely
Accessories – To suit workers'
be a part of their North American
needs, the hard hats feature rails
and slots that universally integrate third party accessories such as
WaveCel hard hats are Type II certified
headlamps, face shields, earmuffs,
according to standard ANSI Z87.1 (USA).
and pen holders.
The new WaveCel hard hats, the WaveCel T2+ PRO and the WaveCel T2+
Chin Strap – The optional four-point
MAX, will be available for purchase on
chin strap is made of soft nylon
WaveCel.com and at launch from TPR
fabric and has a magnetic FIDLOCK®
buckle that securely locks and with
P AG E 2 26
because one head injury is one too many. Learn more at WaveCel.com
vertical markets, and we are excited to
WaveCel is based in Oregon and was founded in 2016 by orthopedic surgeon
WaveCel is a spatial cellular structure lining helmets that absorbs up to 73% more rotational force caused from a blow to the head and thus reduces the predicted risk of a concussion by up to 98% compared to standard helmets.
ITS TIME FOR NEW YORK CITY Find out more: www.nycgo.com
SALESFORCE - 76% OF GLOBAL WORKERS ARE UNEQUIPPED FOR THE FUTURE OF WORK SALESFORCE, THE GLOBAL LEADER IN CRM, PRESENTS ITS NEW GLOBAL DIGITAL SKILLS INDEX.
Global Digital Skills Index reveals a growing global digital skills crisis and an urgent need for action. The Salesforce Index is based on over 23,000 workers in 19 countries reporting their readiness to acquire key digital skills. - Over three-quarters of respondents do not feel ready to operate in a digitalfirst world, but only 28% are actively involved in digital skills learning and training. - There is a major gap emerging between everyday digital skills and those needed for work, especially among younger workers. - Using collaboration technologies is viewed as the most important digital workplace skill for workers over the next five years. Nearly three-quarters of respondents (73%) don't feel equipped to learn the digital skills needed by businesses now and even more (76%) don't feel equipped for the future. Despite 82% of survey respondents planning to learn new skills in the next five years, only 28% are actively involved in digital skills learning and training programs now.
P AG E 2 28
"There's a gap between the frontier of innovation and the skills necessary to use those innovations. That in itself, is not new. But what is new, is the scope of that innovation, how widespread it is, how it has diffused in every aspect of life. It is hard to do almost anything these days without some form of digital interaction." - Peter Schwartz, SVP, Strategic Planning and Chief Futures Officer, Salesforce. "
The global digital skills gap This gap is a concern – but it also presents
rapidly transitioning to digital-first models, the demand for employees with digital skills has soared. The Salesforce Index's overall global score for digital readiness, assessed in terms of preparedness, skill level, access, and active participation in digital upskilling, is currently only 33 out of 100. The countries represented in the survey ranged from scores of 63 to 15, highlighting that while certain countries feel more digitally ready than others, there is an urgent need for global investment to close the digital skills gap and build a more inclusive workforce. Everyday
translate to the workplace Everyday skills such as social media and
necessarily translate to the core workplace digital skills needed by business
resilience, and growth. More than two thirds of all Gen Z respondents (64%) say they have advanced social media skills — supporting the stereotype of digital mastery
generation — but less than a third (31%)
advanced digital workplace skills needed by businesses now.
P AG E 2 29
Trailblazer x Community,
"At Salesforce, we've made it our mission to empower anyone to learn and harness the digital-first skills needed for the jobs of today and tomorrow. We are building critical pathways to the new economy by enabling anyone to build a dynamic career, company, and community with Salesforce." - Kris Lande, SVP, Marketing & Community, Salesforce
network of 15 million people across the Salesforce ecosystem who help each other learn new skills and succeed with Salesforce. Pathfinder
workforce development program that prepares individuals with the technical, business, and soft skills needed to pursue a career in the Salesforce
Generational skills gap
However, the Salesforce Index also
reveals that younger respondents have
learning platform which has helped
the greatest confidence and ambition to
more than 3.9 million people skill up for
learn new skills — over one-third of Gen
the future of work.
Z is actively learning and training for skills needed over the next five years
Salesforce Military, which offers free
compared to 12% of Baby Boomers.
online training classes and certification exams at no cost for active-duty
The most important digital skills
military, veterans, and military spouses.
needed by businesses today
Salesforce also connects participants with potential employers.
According to the Salesforce Index, skills in collaboration technology are viewed
Salesforce Talent Alliance, an initiative
as the most important digital workplace
skill for workers today and over the next
companies to job candidates trained on
five years. But despite respondents'
Salesforce through Trailhead and brings
prowess with everyday collaboration
technology like social media, only 25%
rate themselves advanced in those collaboration technology skills needed
Trailblazer Connect, which helps people
specifically for the workplace.
connect to mentorship and career opportunities
Business has a critical role to play
Now more than ever, businesses have a
Salesforce, the global CRM leader,
responsibility to act to address the
empowers companies of every size and
growing global skills gap. Salesforce is
industry to digitally transform and
committed to investing in the future
create a 360° view of their customers.
workforce through its diverse set of workforce including: P AG E 2 30
For more information about Salesforce (NYSE: CRM), visit: salesforce.com
ONI KLE EMPOWERING THE FUTURE OF SCIENCE
AKERNA: DATA SHOWS WOMEN CONTINUING TO GAIN MARKET SHARE OF CANNABIS SALES AS WOMEN PURCHASE MORE AND MORE CANNABIS, BRANDS SHOULD SHIFT PRODUCT DEVELOPMENT AND MARKETING STRATEGIES TO MEET THEIR VARYING PREFERENCES.
Akerna, a leading enterprise software
in third – a category that recently
to appeal the most to younger
company and the developer of the most
overtook edibles for the first time,
populations which have grown up
which moved down to the fourth most
with the legalization of cannabis,"
popular category for women.
structure, ecosystem, and compliance
Intelligence Architect at Akerna.
engine powering the global cannabis industry, released a data report on
"On the other hand, edibles provide
women's cannabis shopping habits as
between age and product sales. The
the demographic group continues to
youngest age groups of women are
consumption with easy dosing,
gain market share, up 3.3% since 2019.
most likely to buy concentrates, with
which is likely why they appeal to
product share gradually declining as
more mature populations."
When considering the millions of US
age goes up. On the contrary, the more
cannabis consumers, these year over
year shifts are quite sizeable and could
significant amounts on infused edibles,
have a significant impact on future
a value which decreases gradually with
focused on compliantly serving the
each younger age group.
cannabis, hemp, and CBD industry.
First launched in 2010, Akerna was Regarding women's current product
"Concentrates are perceived as an
preferences, flower and cartridges are
company listed on Nasdaq.
top choices, with concentrates coming
method, which could be why they tend
For more, visit akerna.com
P AG E 2 31
YOU HAVE EARNED ONLY THE BEST
WBM LUXURY GUIDE
INVESTOR BRAND NETWORK
completed at an almost frenetic pace in 2021, hitting the highest number of deals in more than three decades while crushing the all-time record for dollar amount. After some slowdowns in 2019 and 2020 owing to the coronavirus pandemic, buyers took advantage of historically low interest rates while sellers benefited from a booming stock market pushing valuations higher. Global deal flow topped $5 trillion for the first time ever and, in fact, encroached on $6 trillion as companies joined forces in preparation for future growth. Companies from every corner of the world across the full spectrum of industries made moves to strengthen their fundamentals and silence concerns over rising inflation and hiccups in supply chains by penetrating new markets. That's the route consumer packaged goods company Flora Growth
P AG E 2 32
Corp. took, further fueling momentum that
In PriceWaterhouseCoopers' Deals 2022
has seen major deals completed by AMC
Outlook, the professional services firm took
Theatres, Advanced Micro Devices, Roblox
note of the willingness to spend as
measured by a record number of deals in 2021 priced at $5+ billion. The rise wasn't
Merger and acquisition activity in 2021
because smaller deals were ignored. An
at $5.9 trillion crushed the old record
average year includes 400–500 transactions
set in 2015 at $4.22 trillion.
in the range of $500 million to $5 billion. There were more than 800 such deals in
Flora Growth Corp. has been active in
the space, closing 2021 and opening 2022 with acquisitions of companies
With most experts expecting the Federal
that combined for ~$35 million in
Reserve to remain as accommodating as
revenues and ~$7 million EBITDA.
possible, speculation is that companies will remain aggressive in buying growth this
The most recent acquisition gives Flora
Growth a sizeable footprint in the U.S., including 300,000 customers, 14,000-
Coming Out Swinging
plus distribution points and a GMP manufacturing facility.
Flora Growth Corp. specializes in carefully curating and manufacturing products that
Flora Growth recently raised $34.5
million in an oversubscribed offering to
demographics and revenue streams. The
continue its growth trajectory, also
adding new key hires to its C-suite and
several verticals (i.e., commercial, brands,
research and development) and leveraging
owned infrastructure to develop unique brands that are differentiated in prominent 2021: The Year of the Megadeal
retailers such as Walmart and Macy's.
After setting the bar at roughly $4.22 trillion
Across its portfolio of brands, including but
in M&A activity in 2015, funds and
not limited to Tonino, Lamborghini, Vessel
corporations tapped the brakes on big-
Brand Inc., Stardog Loungewear, Mambe
and Mind Naturals skincare, Flora Growth
apparently allowing the demand spring to
serves more than half a million customers
coil tighter into 2021, when the number of
deals topped 63,000 and the transactional
ingredients and value-chain sustainability.
volume soared to $5.9 trillion, according to
The uniqueness and quality of the Flora
market researchers at Refinitiv.
portfolio has made a mark in the sector and
is only gaining momentum. Geographically, the U.S. experienced the biggest jump in activity, as deal flow
The company ended 2021 on a roll and isn't
expanded 82% year-over-year to about $2.5
showing any signs of letting off the
accelerator in 2022. Management is active P AG E 2 33
adding key staffers and strengthening its
fundamentals at it expands into the biggest
established an omni-channel distribution
market in the world. The latest moves
network that places its goods in 14,000-
include completing an initial public offering
plus retail stores that has resulted in more
to list on the NASDAQ exchange, closing the
than 300,000 loyal customers. Supported
purchase of Vessel Brand, forging a Latin
by extensive sales channels and popular
American joint venture, and closing an
products, the company recorded $28
over-subscribed capital raise that beefed
million in audited revenue in 2020 and $7
up the cash position of a clean balance
million in EBITDA (earnings before interest,
sheet with negligible debt.
taxes, depreciation, and amortization).
Flora Growth's recent strategic maneuvers
As part of the merger, Flora Growth added
continue the momentum from 2021, when
to its team of venerable experts, bringing
the company closed the acquisition of
onboard Hussein Rakine, who was named
Vessel Brand Inc., a direct-to-consumer
to Forbes' 2022 list of 30 Under 30 list for
(DTC) business that experienced 90% year-
retail and ecommerce.
over-year revenue growth, in a cash-andstock deal. Flora Growth also forged a new
In addition to Rakine, Flora Growth has
joint venture late in 2021 to distribute the
named a chief strategy officer, chief
award-winning KaLaya brand through Latin
marketing officer, SVP of global operations
American markets and closed an over-
and formed an advisory board as it
subscribed public offering that added $34.5
positions for continued expansion.
million to the coffers to keep on executing. Another $6.6 Million in Revenue The company looks to have a pristine balance
complemented by a large cash balance.
The Florida acquisition followed Flora Growth's acquisition of Vessel Brand Inc. in November. Both deals were completed via
Planting Flag in U.S. Market
cash and stock, a savvy strategy that keeps skin in the game for the acquired entities.
Earlier this week, Flora Growth arrived on
Vessel has been executing on a go-to-
the U.S. scene in a big way by closing its
market strategy for direct-to-consumer
most recent acquisition to immediately
sales in both the United States and
provide a jolt to combined corporate
internationally. To that point, trailing 12-
revenue. Incorporated less than five years
month revenue leading into the acquisition
ago, FLGC's newly acquired company
was reported at $6.6 million, up 90% versus
quickly climbed the ranks as a category-
the comparable 12 months prior.
leading wellness CPG brand with a portfolio of more than 300 branded products, a full-
Flora Growth management hasn't yet
provided updated guidance on 2022
Lauderdale, Florida, and a reputation for
revenue based on the new announcement.
However, late last year, Flora Growth
P AG E 2 3 4
released revenue estimates for this year of
between $35 million and $45 million, which
conductor deal in history. AMD estimates
should pique investors' interest about
that the acquisition increases its total
expectations going forward once synergies
addressable market to $135 billion, while
and the full impact of the new assets and
strengthening its financial model through
team members are realized. This should
have investors eagerly awaiting the release
of Q4 and 2021 full-year results along with
Management sees the merger as accretive
management discussion on the merger's
to non-GAAP margins, non-GAAP earnings
effect on the top and bottom lines this year,
per share, and free cash flow in year 1.
which certainly could be the next market catalyst.
Roblox (NYSE: RBLX) made a significant move in the second half of 2021 with the
Want Fast Growth? M&A Is the Answer
acquisition of Discord competitor Guilded Inc., a privately held company focused on
The world has certainly dealt with plenty of
building a platform to connect gaming
obstacles over the last few years, headlined
communities, for an undisclosed amount.
by the COVID-19 pandemic, social unrest,
Since launching in 2017, the Guilded team
cyberattacks and now the invasion of
built a powerful platform to connect
Ukraine by Russia. These factors have
gaming communities, including tools and
shone a bright light on the importance of
features such as tiered voice chat, video
chat, integrated calendars, scheduling
services and sourcing products. Companies
tools and more. In March 2021, the
are addressing these needs in a variety of
company launched its bot API to simplify
ways, including M&A activity, reshoring and
bot development allowing users with little
nearshoring to ensure delivery and stability
or no programming experience to easily
to meet consumer's needs.
AMC Theatres (NYSE: AMC), the largest
Zynga (NASDAQ: ZNGA), the Farmville
theatrical exhibitor in the world, has been
creator, closed on the acquisition of
active since raising $230 million last year to
NanoTribe, an independent mobile game
consolidate the industry and re-open
studio based in Germany. The Berlin-based
closed movie theaters. With its acquisitions
studio is the first studio outside of Turkey
completed in December, AMC acquired four
managed by Rollic, a subsidiary of Zynga,
former Pacific & Arclight locations in 2021.
adding to Rollic's growing family of
The trend continues in 2022, with AMC
hypercasual game developers and marking
making more acquisitions and striking
the expansion of its base into new markets.
lease agreements to keep a foothold on its
NanoTribe has previously published games
market dominance. The company now
with Rollic, including Cashier 3D, which has
operates approximately 950 theaters and
surpassed more than 33 million downloads
10,500 screens across the globe.
worldwide, and Arrow Fest, a 2021 hit.
Advanced Micro Devices (NASDAQ: AMD) in
NetworkNewsWire is a financial news and
mid-February closed its acquisition of Xilinx
content distribution company, one of 50+
for $49 billion, completing the largest semi-
brands within the InvestorBrandNetwork.
P A G E 2 35
ANALYSTS USED RUSSIA'S STOCK MARKET TO PREDICT ITS LAST THREE INVASIONS
indicators of society's mood. A rising stock market reflects a more positive mood, and a falling stock market reflects a more negative social mood. "When society is in a positive mood, people send stock prices higher and
predict the country's invasions of
prefer peace over war. When society
commentators often ask, "What does
Georgia in 2008, Crimea in 2014 and
is in a negative mood, people send
the war mean for the trend of the stock
now Ukraine in 2022. Excerpts of the
stock prices lower and prefer war
market?" But no one asks ahead of
firm's analysis leading up to Russia's
time, "What does the trend of the stock
most recent invasion can be found on
Gunn, the firm's head of global
market mean for the prospects of war?"
the company's website.
No one, that is, aside from the analysts
Analysts at EWI use Robert Prechter's
Unlike stock markets in the U.S.,
at Elliott Wave International, who have
socionomic theory, which proposes that
which have mostly gone higher over
used trends in Russia's stock market to
stock market indexes are excellent
the past 15 years, Russia's primary
P AG E 2 3 6
Analysts at Elliott Wave International, have used trends in Russia's stock market to predict the country's invasions of Georgia in 2008, Crimea in 2014 and now Ukraine in 2022. stock index, the RTSI, has gone mostly
gathered troops on its border with
lower over that time and still trades
Ukraine. Vladimir Putin claimed he had
below its 2008 high. That long-term
no plan to invade. But Gunn told EWI's
bear market in Russian stocks has
subscribers that with the decisive move
coincided with a resurgence in the
down in the RTSI, "we take those
country's military aggression.
statements with a bucket-full of salt," concluding "another incursion appears
In late 2007, with Russia's stock market
up 5,000% from its 1998 low, Elliott Wave International issued a report that
And invade Russia did.
forecasted a major top in the RTSI and an end to Russia's amiable international
Regarding the prospects for future
relations. It pinpointed the countries
conflict, Gunn explained, "No matter
Georgia and Ukraine among the most
what Russia does over the near-term,
likely locales for conflict.
the RTSI's long-term pattern suggests that Russian aggression is extreme.
Six months later, the RTSI started a
Until we see a change in the bear
plunge that erased more than 50% of its
value. About a third of the way into that
steep drop, Russia invaded Georgia. More of EWI's latest commentary on Fast-forward to December 2013. The
Russia is in the monthly publication,
RTSI was headed sharply lower again as
Global Market Perspective.
unrest rocked Ukraine. An Elliott Wave International analyst wrote that Russia was "particularly unlikely to tolerate
About Elliott Wave International
For over 40 years, our subscribers have
intervening." Russia intervened just two
trusted us to guide them through
months later, invading Ukraine and
uncertainty. Elliott Wave International
is the world’s largest independent Fast-forward once more to February 4,
financial and social forecasting firm.
2022. The RTSI had plummeted from its October 2021 high, and Russia had
Find out more: elliottwave.com
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CONGRATULATIONS AURELIO ALEMÁN PRESIDENT & CEO OF FIRSTBANK WBM TOP 100 INNOVATION CEO 2022
THE MOST INNOVATIVE STATE IN BRAZIL
PARANA STATE BRAZIL
MIAMI-DADE WORLD BIZ MAGAZINE'S BEST REGION FOR INVESTMENT 2022
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CONGRATULATIONS MICHAEL WU CEO OF AMBER GROUP WBM TOP 100 INNOVATION CEO 2022
INVEST IN ARMENIA EUROPE'S LAND OF OPPORTUNITY
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INDIA WHERE BUSINESS NEVER STOPS CONTACT US FOR MORE INFORMATION>>
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WHAT DO THESE COMPANIES HAVE IN COMMON? GOOGLE & ALPHABET, IBM, ALBERTSONS, NOVARTIS, DELOITTE, FAIRFAX, MICRON, MASTERCARD, DIAGEO, RECKITTBENKINSER, GAP, GOOGLE CLOUD, ADOBE, NETAPP, WEWORK.
"THERE ARE SOME 60 FOREIGN-HEADQUARTERED COMPANIES WITH REVENUES OVER $1 BILLION EACH THAT ARE TODAY LED BY INDIAN-ORIGIN EXECUTIVES." INDIANSPORA / TIMES OF INDIA
CONGRATULATIONS KI YOUNG SOHN, CHAIRMAN & CEO OF ENZYCHEM LIFESCIENCES WBM TOP 100 INNOVATION CEO 2022
GLOBAL DATA MEDIA EDUCATING AND ENERGISING LEADERS THE PUBLICATION WORLD BIZ MAGAZINE
AWARDS & RANKINGS TOP 100 CEOS IN INNOVATION ESG TOP 50 WORLD BANK AWARDS WORLD FDI AWARDS
CONGRATULATIONS BOBBY MARHAMAT CEO OF RAYDIANT WBM TOP 100 INNOVATION CEO 2022
WORLD BANK AWARDS THE BEST BANKS FOR COMPANIES OPERATING GLOBALLY
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INVEST IN MOROCCO
SHARING SUCCESS Qualified Labor Force Ambitious Sectorial Plans World Class Infrastructure Favorable Investment Climate Free Trade Access to One Billion Consumers Kingdom of Morocco - Moroccan Investment Development Agency www.invest.gov.ma
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SPIRIT OF BIG BANG GOLD CRYSTAL
WORLD BIZ MAGAZINE - DESTINATION OF THE YEAR - 2022
INVEST IN OMAN WWW.ITHRAA.OM