Value of the Content

Always we hear that print is declining in the digital age or that the linear TV is declining because of the digital content. Question whether a great TV show’s value is declining. No, it is not. A great TV show could come to you on either TV or internet or cell phone. It remains great. The medium does not matter.

May be, the NYT subscriptions have fallen. However, still the NYT makes money. It is consumed on digital media. It is print media which is not in print.

Media may decline, but the real issue whether what they create is declining. The value of what they create matters more.

Metric Rationale

These days the content is valued on the basis of likes, views, retweets or shares. Videos become viral, and are considered successful. However, Tom Godwin, co-founder, All We Have is now is of the opinion that such content could be irrelevant to the brand. The metric itself becomes the target.

Here, one has to consider three things — the sector that you are in, the content that is valuable for people and whether there is enough credibility you have in that space.

Forerunner of Digital Cash

Finland pioneered the Avant card in December 1992 much before the arrival of Bitcoin. It was prepaid card that could be loaded with 500 Euros or $602 in today’s terms. It could be recharged. It was aimed at replacing cash. Consumers were not fond of the card. Retailers found it cumbersome to have POS to make the transaction. The card was sold to a group of banks. It was finally phased out in 2006. Today the card could be seen on eBay and is available for $10.

However, such innovations lead to a whole new eco-systems — digital currency and cash.

Investments in Cryptos

Cryptos attract investments not only from the millennials who are tech savvy but also from the elderly over 45. Bitcoin, Ethereum and Ripple have become popular among those who are above 65. Wazir X, India’s largest crypto exchange, have shown increase in investments in cryptos by elderly users. The mentoring of the elderly is being done by the youth. They also are educated by the material on websites such as IndiaWantsCrypto.org and bitcoinscamhai.com. Exchanges such as ZebPay and CoinSwitch Kuber Saw increases in investments of seniors. A part of their investment portfolio is now allocated to cryptos.

Rethinking Competitive Advantage

Bezos of Amazon once expressed that some companies may not have one single advantage and hence weave a rope of many small advantages.

Rethinking Competitive Advantage is a handbook written by Ram Chavan and Geri Willigan. Here they identify six new rules for competition in the digital age.

Among these rules, two that feature prominently are personalised customer experiences at scale and using data and algorithms to build robust digital platforms.

Traditional competitive advantages persist — brand reputation, patents and proprietary technology.

The new criteria have been discovered by accident. Facebook, Apple and MS chiefs have allowed technology, imagination and intuition to guide them.

Funding creates an edge for digital companies. Competitive landscape has changed which calls for new kind of leadership. Let us call it digital leadership. Traditional businesses are being transformed into digital businesses. Here even a young leader, without experience, can emerge as a leader.

Ethereum

Ethereum has been invented by Vitalik Buterin, a Russian-Canadian teenager. He released a white paper on this currency in 2013. Buterin was fond of Bitcoin to begin with, but was disillusioned by its limits. He was 19 at that time. He set out to design a system which goes beyond the record of static quantities. He developed blockchain that could host smart contracts and self-executing agreements. The imagination of the developers of apps is the only limit.

Etherecem has evolved over the years. The current climaxing of Ethereum is in the NFTs or non-fungible tokens which have been around since 2017. NFTs are linked to the Ethereum blockchain.

Ethereum network operates uses some of the Ether to complete every transaction. It destroys some Ethereum during this interaction. It restricts the supply of Ethereum, and that puts upward pressure on its price.

Dogecoin

Dogecoin is a cryptocurrency created by Billy Markus and Jackson Palmer, software engineers. They were chasing a payment system that is without the traditional banking fees. The dogeloin features the face of the Shiba Inu dog from the Doge meme as its logo and namesake. Its a Japanese dog.

Its total supply has a ceiling of 127 billion of which 113 billion have already been minced. Its symbol is D with a horizontal slash on the vertical line of D. Dogecoin is a replica of Bitcoin.

There is going to be a lunar satellite launch which will be funded by Dogecoin. SpaceX, Elon Musk company, has planned a lunar mission in 2022. It will carry a mini-satellite for space research calba cubesat from Geometric Energy Company which will be paid entirely in Dogecoin. The 40-kg cubesat will launch aboard a Falcon-9 rocket. The total amount involved in the transaction has not been revealed.

Dogecoin or Doge is fast, reliable and cryptographically secure digital currency. It takes crypto beyond the earth and will pave the way for interplanetary commerce.

Bioweaponisation

Making use of microbes in warfare and strategic purposes is called bioweaponisation. This is very dangerous and affects human population adversely and brings morbidity and mortality into the normal life. There was the UN Bioweapons Convention (UNBWC) in 1984. China, among other countries, acceeded to it. However, there is a report in the Australian claiming US state department has accessed a document which shows that the Chinese military was contemplating to use Coronaviruses as weapons in 2015. In the absence of any concrete evidence, it is mere speculation whether the contemplation was purely academic or whether the SARSCOV-2 is of lab origin. Narratives developed around the such hypothesis deepen social fissures. Already there are racial attacks in the US and elsewhere on people from the East and South East origin. Biosafety and bioweaponisation must be in conformity with UN Convention. There should be greater transparency here about biological research and industrial use research.

As in atomic energy, biological facilities can be used for peaceful purposes and military purposes. There is a concern for its potential of dual use. Such dual use applications of toxin must be properly studied and documented. There are issues about the safety observed at biological labs.

Government and multi-lateral form must pressurise the countries not complying with the BWC provisions to fall in line.

Selling SAAS or Software-as-a-Service

Indian startups develop software locally and then sell it online to small and medium enterprises (SMEs) in the world. The software is priced aggressively against traditional software companies. Most Indian SaaS firms are among the fastest growing set of startups in the country. These companies would contribute 7-9 per cent to the global SaaS market by 2022. Indian SaaS companies use digital marketing to approach their customers. Some do use the hybrid model — some in-person meeting to close the deal. They also keep partners, and some of the deals happen through their partners. Some have as many as 200 partners globally. In rapidly growing markets, they also maintain a field sale force, e.g. Dubai and Costa Rica. These efforts will expand to other markets too. They arrange annual offline events to provide an opportunity to client organisations to meet them.

Intellectual Property (IP) Waiver for Vaccines

As the Corona vaccines are innovative products, they are protected by patents and intellectual property rights. It is natural to avail of the benefits of innovation by a company so as to recover the heavy investments made in research and development. However, in extraordinary times, the innovative companies can co-operate with other companies to scale up the manufacturing of innovative products and to save lives. The US government supports the IP waiver for vaccines and the World Trade organisation (WTO) of UNO will have to do the negotiations with the vaccine patent holders and others. This move has come in response to a joint proposal put forth by India and South Africa at the WTO to suspend the IP rights for vaccine-related technologies under TRIPS for a yet-to-be-specified time period. A consensus must be reached to scale up the production and make timely availability of vaccines possible. Pharma companies are not likely to be amused, as their rights are adversely affected. However, for the greatest good of maximum number of people, a trade off is called for.

Still things are not easy. Vaccines are not chemical products which could be copied easily. They are biological products and the manufacturing process is complex. A slight glitch can render the whole batch ineffective. There are different cell lines, adjuvants and equipment. At the very best, the companies must have access to cell lines of the innovator company. IP is not enough. The innovative company has to partner with the other companies to pass on the know-how and develop the process. Even after patent waiver and know-how transfer, there could be a time gap, say nine months to a year to make an mRNA vaccine.

After making the drug substance, capacities are to be built. Reverse engineering of the vaccine is difficult. It also requires fresh clinical trials before regulatory approval. The process is very sensitive. Minor changes can affect the output. Lengthen the fermentation and the output fails. Every nuance counts.

Indian Government should have made investments in the vaccine companies at the right time as the US government did — it ploughed $ 10 billion at the stage of concept development. India did not make similar investment till the vaccines were scientifically proven and received approval.

IP is not a barrier, as it is made out to be.

It is necessary to focus on vaccine distribution. The limiting factors are the new technology and global limits on supplies. There is no mRNA in manufacturing capacity in the world. It is a new technology and limited manpower is available to harness it. Even if the manpower is available, mRNA vaccine manufacture process is to be developed, its machines have to be bought, its verification processes and its analytical processes are put in place. It requires funding and new manufacturing sites. There should be expertise transfer to the new manufacturer.

What if the manufacturer uses the technology in areas outside of Covid-19? Can restrictions be placed on such use? Even if placed, can they be enforced?

Even if the waiver is adopted at WTO, it is possible that vaccine innovators would negotiate for some payment, though lesser than what they would have paid under the licensing arrangement.

India has urged EU leaders to support TRIPS waiver at WTO. The PM has sought support from G7 nations for TRIPS waiver. India’s IP waiver proposal is backed by over 60 countries. In July 2021, WTO ambassadors will be given a report.