Decoding Innovation
EY-Nottingham Spirk Innovation Hub
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Supported by the EY-Nottingham Spirk Innovation Hub, the Decoding Innovation podcast series explores the groundbreaking technologies, business models and ideas that are shaping the future of industries.
Join Mitali Sharma as she meets with stakeholders at the cutting edge to discuss issues around innovation, disruption and importance of ecosystems.
Available episodes
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Sep 25, 2023
How circular economy acts as an enabler to build sustainable societies
In this episode of Decoding Innovation, Keiran Smith, CEO and co-founder of Mr. Green Africa, discusses circular economy and how technology is changing the way plastic is recycled worldwide.
Sustainability has been of key focus in modern day living. Circular economy plays a key role in achieving sustainability by reaching maximum input efficiency using minimal resources, as well as reducing waste production. The regenerative economic system aims to achieve sustainability without diminishing existing products but to churn the “waste” into something useful via systematic shifts.
By extending the life of products, especially plastic, the natural capital that goes into recycling can be reduced. The life of plastic products can be extended by bringing in a loop of reuse, repair and remanufacturing products. Circular economy involves a clear distinction between technological and biological cycles that aims to rebuild all types of capital.
Keiran Smith is a disruptive innovator in the recycling space. The CEO and co-founder of Mr. Green Africa shares his insight on the right combinations and necessary understanding needed to implement circular economy for plastic recycling, and how Mr. Green Africa is paving the way to building a sustainable tomorrow.
Key takeaways:
* Circular economy holds a key role in building sustainable societies and can lead to increased efficiencies using minimal input resources and a connected ecosystem of capital.
* Awareness and technology are the biggest hurdles faced in plastic recycling that need immediate addressing.
* Connecting a commercial model with a sustainable, social-friendly model is the way to go for recycling plastic worldwide.
* Partnership element plays a key role in successful implementations of plastic recycling based on the circular economy approach.
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Sep 11, 2023
Why a mindset shift matters for implementing circular economy
In this episode of the Decoding Innovation podcast series, Helen Burdett, Head of Technology Strategy at the World Economic Forum, talks about circular economy as a vision for the future.
Circular economy reimagines the linear economy in which we live. It’s a pervasive systems approach that is broader than reduce, reuse and recycle. As a concept and set of principles, circular economy brings immense economic and resiliency opportunities.
While there has been a proliferation of circular roadmaps at a national level for countries around the world, the question remains: How do we ensure an absolute and effective shift of the system to get to this new reality?
In this episode of the Decoding Innovation podcast series, Helen Burdett from the World Economic Forum (WEF) talks to our host Mitali Sharma about how circular approaches are redesigning the way our economy works, the importance of design and global collaboration in circular economy, and the initiatives being undertaken by global organizations like WEF to promote circularity in an inclusive manner.
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Aug 23, 2023
How one startup is progressing toward commercialized nuclear fusion
In this episode of Decoding Innovation, Scott Krisiloff shares Helion Energy’s journey so far in creating electricity from nuclear fusion and the subsequent plans to commercialize this form of energy.
Fusion — the inverse of fission — is a process where energy is created when two lighter atoms are combined to form a new atom. Established in 2008, Helion Energy is aiming to use nuclear fusion for producing electricity and meeting the global energy demand.
Scott Krisiloff, Chief Business Officer of Helion Energy, details how the company has taken an unconventional approach to its fusion reactions, so that more energy is generated from the reaction than is put into it. Helion’s sixth prototype, completed in 2020, was able to reach a temperature of 100 million degrees. Without such high temperatures, bulk fusion reactions cannot begin. By showing that it can achieve commercially relevant fusion conditions, Helion Energy was able to raise US$500m at the end of 2021.
Scott also talks about Helion Energy’s future goals. The company expects to demonstrate the ability to produce net electricity by 2024. But for nuclear fusion to replace fossil fuels, society will need to be educated about the safety profile and risk characteristics of fusion.
Nuclear fusion may completely transform the global energy industry and help tackle climate change. However, it will need a lot more experiments, advancements and investments.
Key takeaways:
* Helion Energy uses deuterium and helium-3 as the fuels. Enough deuterium exists on Earth to produce fusion energy for billions of years, whereas helium-3 is a by-product of deuterium-deuterium fusion.
* The sixth-generation Helion prototype is small enough to fit in a shipping container, and is able to create an ideal combination of temperature, density and time — the three fundamentals that govern fusion reactions.
* The US$500m raised by Helion Energy in 2021 came from its group of existing investors, who were impressed by the results of the sixth prototype and the future potential of this form of energy.
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Aug 7, 2023
How high-pressure water stored underground may reshape energy storage
In this episode of the Decoding Innovation podcast, Quidnet Energy CEO Joe Zhou discusses the use of innovative geomechanical methods and its impact on the global energy industry.
Currently, pumped hydro is the only form of commercialized long-duration energy storage available globally. Quidnet Energy — with its innovative use of geomechanical methods to deliver long-term energy storage — looks set to transform the global energy industry.
Joe Zhou, CEO of Quidnet Energy, explains in detail how the company uses conventional oil and gas techniques to effectively put the weight of the mountain on top of the stored water. Quidnet’s technology stores energy underground in the form of high-pressure water, with the help of impermeable and shallow rock.
Joe also shares his views on the differences between the business models of startups that build their products in a lab, versus those, such as Quidnet, that harness a real-world resource. Such startups must collaborate with regulators, communities and financiers from the start — and share with them the business risk and future rewards involved.
Key takeaways:
* About US$300b worth of pumped hydro has been built globally — but we are running out of viable mountainous sites to meet the future energy consumption needs.
* Over the next three decades, the demand for global energy requirement is likely to rise by 80% — due to electrification of transportation, heating, industrial uses and economic growth.
* Quidnet is planning to become a grid-scale solution, built in modular pieces. Like wind farms, the Quidnet technology aims to construct single-megawatt modules spread across a field, electrically linked to a single point of interconnection to the electricity grid.
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Jul 24, 2023
How the metaverse is planning to augment reality — not replace it
In this episode of the Decoding Innovation podcast, Mathieu Nouzareth, CEO of The Sandbox, explains how a community-driven platform is shaping the future of the metaverse.
The metaverse technology creates a 3D virtual space on computers and phones to bring people closer. For organizations such as The Sandbox, the metaverse is a medium where users can meet each other, make friends and play games. According to Mathieu Nouzareth, CEO of The Sandbox, the objective of creating a metaverse is not to replace reality — it is only to augment it.
The Sandbox is a community-driven platform where creators can monetize their assets and gaming experiences on the blockchain. The organization has created a map with a finite amount of land that users can buy. Like real estate, the price of virtual pieces of land is decided by location. So, buying a piece of virtual land in a celebrity neighborhood will be more expensive than other neighborhoods.
Mathieu also talks about the three early adopters of this technology: gaming, digital fashion and luxury, and entertainment industries. The Sandbox has partnered with several famous luxury brands because users are willing to buy digital accessories for their online avatars. Furthermore, some users want to extend the experience of a movie or a TV show by entering a virtual world.
Web3 adoption will bring a whole new set of features to metaverse environments. Since Web3 is a nonzero sum game, organizations such as The Sandbox want to create value for the entire community — including their competitors — for long-term rewards.
Key takeaways:
* Users can create avatars, NFTs and items for the game, and publish on the marketplace. The Sandbox’s commission is very low — only 5% — compared with the commissions charged by mobile phone app stores (between 20% and 30%).
* Currently, the biggest market for The Sandbox includes the US, the UK, Canada, Western Europe, Korea and Japan.
* About 65% of the current user base of The Sandbox is male. However, the organization is partnering with a foundation that is working to bring women into Web3.
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Jul 10, 2023
What Industry 4.0 is all about: the progression from 1.0 to 4.0
In this episode, Ajay Khaladkar, former Technical Program Manager, Golisano Institute for Sustainability, Rochester Institute of Technology, discusses how the institute is helping companies transition to Industry 4.0.
Humanity is in relentless pursuit of enhancing living standards and creating a more comfortable existence. Every major effort to advance society using human intellect and technology has not only induced socioeconomic ripples but also transformed the world — starting from the first industrial revolution in the 1700s, also known as Industry 1.0, to the digital transformation we are witnessing today: Industry 4.0.
As technology is rapidly evolving and new frameworks are being introduced, experts point out that the periods between industrial revolutions are decreasing. A good transition strategy can help traditional businesses to successfully adapt to the latest transformation metrics.
Ajay Khaladkar, former Technical Program Manager of Advanced Manufacturing and Industry 4.0 Solutions at Golisano Institute for Sustainability, Rochester Institute of Technology, discusses how the institute is supporting organizations’ transition to Industry 4.0, the challenges and what to expect after the transition.
Key takeaways:
* It is noted that the periods between industrial revolutions are getting smaller and we may enter Industry 5.0 quicker, with the emergence of new technologies and the fast, widespread integration of information.
* Industry 4.0 is considered as a catalyst for better, sustainable goals and may bring societal shifts, such as in job profiles and social equity.
* Industry 4.0 is more complex than its previous counterparts for calculating returns on investment, because some Industry 4.0 tools will not replace workforce, but help empower leaders to make agile, reliable decisions.
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Jun 19, 2023
How “Z-pinch” could be the way ahead for fusion and clean energy
In this episode of the Decoding Innovation podcast series, Ryan Umstattd, VP of Product Development at Zap Energy, talks about the future of clean energy production through efficient fusion techniques.
Many people still see nuclear fusion as a far-flung, futuristic solution for cleaner energy. But the truth is, every day, scientists and energy-generation companies around the world are proving that this technology is becoming viable in our own present day.
Deuterium and tritium have been observed as the main sources of fuel to design futuristic, commercially viable fusion plants worldwide. Among the many paths to generating fusion energy, choosing the right approach that can be commercially sustainable and successful has been the key differentiator between energy companies across the globe.
Ryan Umstattd, VP of Product Development at Zap Energy, shares his insights on how commercialization of fusion for energy generation is not that far away, and dives deep into Zap Energy’s approach to generating clean fusion energy and much more.
Key takeaways:
* Harnessing the power of self-generated magnetic fields for generating clean energy can be a game-changer for building commercially viable fusion plants.
* Stabilizing the Z-pinch and keeping it going for longer periods can generate useful fusion reactions that can be utilized toward clean energy generation.
* Density and temperature are the major challenges in stabilizing the Z-pinch within fusion reactors.
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Jun 5, 2023
How one company entirely reshaped the commercialization of innovation
In this episode, John Nottingham and Joe Gfoeller explain the process of innovation and the factors that determine the successful introduction of a new product in the market.
Most businesses are hesitant to invest in innovation when their existing products are already performing well in the market. According to John Nottingham, Co-President of Nottingham Spirk, and Joe Gfoeller, President of Nottingham Spirk, innovating at such times can transform a business from a market leader into a dominating force.
At Nottingham Spirk, an idea is carefully vetted before work begins on it. Furthermore, the company only works on sustainable and big ideas. John describes how the commercialization of innovation is a relentless process — one that involves market analysis, customer insights, design, engineering, manufacturing and launch.
One of the best known ideas that the company worked on was the Spinbrush. At a time when powered toothbrushes were being sold for US$100, Nottingham Spirk launched the Spinbrush for US$5 — completely transforming the powered toothbrush market. This product was eventually acquired by a multinational corporation.
Joe explains that when they find a product — typically, a durable and a consumable product — that has the potential to dominate a domestic market of a billion dollars or more, at a gross margin of 50% or higher, the company considers it seriously.
Commercialization of innovation begins by identifying an opportunity in the market. Once that is done, depending on the market and economic changes, Nottingham Spirk applies pivots to launch the product.
The need for innovation is now more than ever — given the speed at which the world has globalized and is being digitized.
Key takeaways:
* Only 5% of all patents issued by the US government get commercialized. However, 95% of the 1,400 patents that Nottingham Spirk created were commercialized.
* Nottingham Spirk introduced a portable men’s deodorant spray and sold a single pack for US$0.99.
* The Spinbrush — containing two alkaline AA batteries, a motor, a switch and two moving nylon heads — was manufactured for US$1.25 and retailed for US$5, at a time when other powered toothbrushes retailed for US$100.
* The EY-Nottingham Spirk Innovation hub integrates Nottingham Spirk’s innovation and design experience with EY digital, manufacturing and wavespace™ capabilities to help businesses from concept through commercialization.
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May 22, 2023
How the metaverse plans to bring people closer
In this episode, Varjo founder and CTO Urho Konttori shares his vision about the metaverse and how it has the potential to transform businesses of the future.
The metaverse is combining mixed reality technologies with high-speed internet and transitioning the industry toward a “virtual goods realm.” According to Urho Konttori, founder and Chief Technology Officer of Varjo, the metaverse is fundamentally the next iteration of the internet-human interaction.
Technology innovators look at the metaverse as the medium that can democratize distance — so people can be with their family and friends whenever they want. Furthermore, this new technology is already adding value to many industries. The defense industry, for example, is using virtual technologies to train its pilots. As a result, the industry is shortening the total calendar time of such trainings, reducing associated costs and cutting carbon emissions.
Urho also explains why innovative companies cannot be “risk averse.” According to him, unsuccessful technology undertakings help companies understand the limits of innovation.
Key takeaways:
* The cloud has the potential to completely transform the current computing paradigm — something the gaming industry has already started implementing.
* Virtual technologies will directly impact product design — by reducing the cost of training and increasing collaboration among innovators.
* The metaverse provides a new form of communication that can impact professional and personal lives. It aims to transcend geographical distance by bringing people closer to each other.
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May 8, 2023
How extended reality (XR) technologies can transform industries
In this episode of the Decoding innovation podcast series, UrsaLeo Co-founder and CEO John Burton shares the company's journey and how XR technologies are changing industries and the world.
With companies across industries generating ever-increasing amounts of data, a question emerges: How do you leverage this data to enhance the quality and improve sustainability? The wide adoption of virtual reality (VR) and augmented reality (AR), and the emergence of the metaverse are pointing toward the increasing enthusiasm for immersive 3D technologies. Combining a realistic 3D environment and real-time data generated by industrial equipment and facilities could change the way data is visualized and presented to stakeholders. By employing digital twins, organizations get a better understanding of the performance of their products, do better analyses, identify potential anomalies and improve collaboration. Increasing sustainability discussions in board rooms are also considered to be a driving force of immersive technology. XR technologies are gaining momentum and interest, and they are predicted to be ubiquitous across sectors. John Burton, CEO and Co-founder of UrsaLeo, a 3D platform that creates photo-realistic digital twins, dissects the evolving trends in the field and shares his insights on the impact of immersive technology.
Key takeaways:
* XR technologies offer an immersive 3D environment that enhances the data generated by companies. This feature offers a new trajectory in data visualization — from viewing complex 2D real-time data to a more realistic 3D experience.
* The increasing adoption of virtual and augmented reality technologies is encouraged by C-suites. With XR technologies, they can view data in a much more interesting and understandable way.
* One of the challenges faced by XR companies is the sourcing of data from multiple technologies, as these data streams will have to be combined and translated into a single format.
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Apr 24, 2023
Why advanced nuclear energy should be part of the climate solution
In this episode of the Decoding Innovation podcast, Judi Greenwald, the Executive Director of Nuclear Innovation Alliance, shares her journey and insights on advanced nuclear power.
As climate change is growing into the defining issue of our time, governments, industries and stakeholders are searching for new global energy solutions. Harnessing nuclear power is one of the major steps they can implement.
Over the last decades, nuclear energy has been seen as a debatable power source, but latest innovations, and research and initiatives carried out by organizations, such as Nuclear Innovation Alliance, prove that it is safe, cost-effective and has minimal impact on nature.
Judi Greenwald, the Executive Director of Nuclear Innovation Alliance (NIA), talks about her journey in the advanced nuclear power space and about NIA, a nonprofit "think-and-do" tank, working toward enabling advanced nuclear power as a major solution for climate change.
Key takeaways:
* Advanced nuclear energy…
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Apr 10, 2023
Why a successful circular economy requires action now
In this episode, Felix Heisel, Assistant Professor and Director of the Circular Construction Lab at Cornell University, discusses why circular economy is ideal for the construction industry.
Earth has finite resources and industries are key consumers of those resources — some bigger than the others. The construction industry marks significant impact on the environment and the world economy, with its consumption of resources, such as energy and raw materials, and generation of waste. The “take-make-waste” model of linear economy is not considered as feasible to the planet anymore. With rising urbanization and decreasing resources, the need to shift toward a better, sustainable model is at hand. Hence, the emergence of circular economy. The footprint of construction can be lessened by shifting the paradigm from linear economy toward circularity. Felix Heisel, Assistant Professor and Director of the Circular Construction Lab at the Cornell University, explains why circular economy…
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Mar 27, 2023
How remote MedTech is revolutionizing modern health care
In this episode of the Decoding Innovation podcast, Daniel Hawkins, CEO and founder of Avail Medsystems, talks about Avail leveraging remote technology to pioneer the evolution of modern health care.
Modern healthcare across the globe is evolving every day as per growing demands in the sector. The significance of quality plays a key role when it comes to access to modern health care. Access to the best health care professionals, medical procedures and operators has become easier thanks to modern health care innovations.
The evolution is being pioneered by MedTech through some truly disruptive technologies. The innovations seen in the world of modern health care have been driven by identifying the need to innovate, leveraging existing technology and applying them through creative methods by innovators. Remote technology through telepresence has played a critical role in medical care during the pandemic and continues to drive the evolution of facilitating better access to care across t…
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Mar 13, 2023
Why “dirt-to-dirt” is the real circular economy
In this episode, Douglas Horne, CEO and founder of Evanesce, talks about compostable packaging and explains why “dirt-to-dirt” is the real circular economy.
We have been talking about recycling for a long time, but there have been very low numbers of recycling happening and very few recyclables being recycled — especially food waste.
Food waste going into landfills poses a major problem for recyclers as it doesn’t mix up with things that aren’t compostable. So how can we change consumer behavior in the recycling process?
In this episode of the Decoding Innovation podcast series, Douglas Horne, CEO and founder of Evanesce, talks to our host Mitali Sharma about compostable packaging as a solution to recycle waste, the outlook of brands toward sustainability, how different industries are pivoting to compostable solutions and why he deems “dirt-to-dirt” as the true circular economy.
Key takeaways:
* On the recycling side, dirt-to-dirt approaches are more sustainable an…
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Feb 27, 2023
How technology is redefining access to care
In this episode of the Decoding Innovation podcast series, Oliver Kharraz, CEO and founder of Zocdoc, talks to Mitali Sharma about telehealth and how technology is positively impacting health care.
Although smartphones, internet and video conferencing facilities were available years ago, telehealth has seen its popularity rising only recently — during the COVID-19 pandemic. Getting a virtual consultation with your health care provider from the safety of your home proved to be pivotal in a time where social distancing was advocated and enacted. Lack of awareness, privacy apprehensions and limited access to technology may have acted as hurdles for the pre-pandemic adoption of telehealth.
Oliver Kharraz, the CEO and founder of the telehealth platform Zocdoc, explains the journey of Zocdoc, dissects the challenges faced by a virtual health care venture, and throws light on the advantages and possibilities of telehealth.
Key takeaways:
* Telehealth solves the supply and demand probl…
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Jan 30, 2023
What a hydrogen-powered future can look like
In this episode, Andrew Horvath, Global Group Chairman, Star Scientific Limited, discusses the role of hydrogen in the new energy economy.
Hydrogen became more prevalent after the first energy crisis in the early 1970s. It has now taken a giant leap forward as climate change and the war in Ukraine has made energy and its production a bigger issue. People have come to realize that there is a significant role for hydrogen to play in the new energy economy.
With hydrogen taking a center stage in the energy discourse, there are ongoing efforts to reduce its high manufacturing costs and governments are stepping in to provide impetus to hydrogen economy.
What remains to be seen is how long it will take to convert our existing energy infrastructure so that it can run entirely on hydrogen.
In this episode of the Decoding Innovation podcast series, Andrew Horvath, Global Chairman for Star Scientific Limited, talks to our host Mitali Sharma about his journey in the hydrogen economy, the impa…
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Jan 27, 2023
Why fusion is the holy grail for clean energy generation
In the second episode of the Decoding Innovation podcast series, General Fusion CEO Greg Twinney talks about why fusion is the most sustainable approach to clean energy production.
The innovative techniques in fusion energy generation hold the key to designing commercially viable fusion plants worldwide. The technological approach that has been used for fusion defines the economic and commercial success. Additional peripheral technologies have helped bring innovative fusion techniques into reality that was deemed unimaginable.
Greg Twinney is a disruptive innovator in the fusion space. As the CEO of General Fusion, he shares his insights on the right combinations and the secret sauce for disruptive innovation, General Fusion’s approach to generating clean fusion energy, and much more.
Key takeaways:
* The technological approach to fusion plays a key role in building a commercially viable fusion power plant.
* Fusion energy, coupled with additional peripheral technologies, can…
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Jan 27, 2023
How a career path in disruptive innovation impacts global industries
In the first episode of the Decoding Innovation podcast series, General Fusion CEO Greg Twinney talks about his approach to bringing disruptive innovation into reality through strategic partnerships and execution.
The world has consistently witnessed new waves of disruptive innovations that have changed how different sectors function today. The ability to recognize an opportunity to innovate and to execute the idea, while having the right resources and technology, is the secret sauce to success for disruptive innovators around the globe.
Greg Twinney, CEO of General Fusion, believes that having clarity about the impact of an innovation for a five-year time period is the key to understanding whether it will be disruptive or not. Along with this, the right kind of partnerships that align with the vision of the company hold key for the innovation to reach its maximum potential to deliver the intended impact.
Key takeaways:
* The execution of an idea along with recognizing the opport…
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