Session Theme

PLENARY SESSION

Strength to break through the complicated digital age: New decision-making structure that does not fear failure

Bitcoin, the cryptocurrency that has created a frenzy in Korea – so much so that a term, “kimchi premium,” has been coined. Are you thinking of investing in it or are you considering not investing at all? It is a difficult choice. Anyone would have a lot on their mind and serious inner conflicts not simply because of uncertainty over investment returns but also amid the difficult and complex structures and information surrounding cryptocurrencies including Bitcoin.

You get more confused when you factor blockchain, the technology enabling cryptocurrency, into consideration. You may not be agonizing over whether to invest in cryptocurrency, but you must be concerned about how this technology will change your life and what impact it will have on our economy and society. You are both worried and hopeful. In the year 2018 when blockchain and cryptocurrency is already a matter of interest for everyone and “hot keywords,” we are faced with greater ambiguity, uncertainty, variability, and complexity than ever.

In this era of digital transformation, shifts from an old paradigm to a new one are the fastest in human history. It is also an era where many innovations take place simultaneously, together with creative conflicts. What is important is, “Who takes the fruits of the creation and innovation?”

K.E.Y. PLATFORM 2018 focuses on those who do not fear failure in the process of subject matter research yet do not make reckless failures. They have the ability of maximizing flexible and balanced coordination between the left and right sides of the brain in the decision-making process in addition to receptivity to change, which carries them through confusing processes in the digital age.

The opening plenary is the most intense session of the K.E.Y. PLATFORM conference. It was organized to serve as a forum for sharing knowhow on how you can make decisions as a leader to break through the uncertainty of the digital transformation age and how you can learn to have the courage not to fear failure.

BREAKOUT SESSION

◆ FINANCE

Redefining the business of finance amid the waves of AI and blockchain technology

Before we knew it, two years has passed since Google’s AI, AlphaGo, had a Go match with Lee Sedol. In the meantime, AI has been permeating into our lives as the most crucial technology for future society.

Recently, blockchain is shaking up the whole country. Virtual currency enabled by blockchain technology fluctuates in value a number of times a day, not allowing even experts to make hasty predictions and forecasts. However, there is no dispute over the observation that more extensive uses will be found for blockchain technology in diverse fields.

As such, humanity is going through changes brought by new technologies such as AI and blockchain that it has never experienced before.

This is also the case with finance. AI and blockchain are so disruptive that they could transform all the premises, systems and processes that have supported the finance industry. This is not simply about changing the software that has been used in the industry. These technologies can change the definitions and approaches of the finance industry completely. As a matter of fact, new players experimenting with such possibilities are rapidly increasing.

Distribution is often described as the veins of industry, but the real veins are finance. Payments, credits, loans, and investments are functions with a very long history, and their true nature will not change in the future, either. We need to get to the heart of changes from the perspective of the inherent nature of the finance industry.

Hence K.E.Y. PLATFORM 2018 plans to invite experts from countries advanced in the field of financial services including the U.S. and the EU to listen to their thoughts on the directions of qualitative transformation for the financial services industry in the digital age. In the “Finance” session, you can find wisdom from financial service providers who will explain how they reduce decision-making failures amid the huge waves of digital economy and wisely overcome failure if they run into one.

◆ CHINA

Emerging New Urbanization Plan in China and opportunities for global collaboration

The year 2018 is a special year for China: It is the point in time where one of the Two Centennial Goals of the Xi Jinping government, building XiaoKang (Moderately Prosperous) Society (with poverty all but eliminated), is brought to completion and his second term starts to achieve the other goal, making China a “technologically advanced nation.”

China’s technological advances are proven by its accomplishments in science and technology including Tiangong (a space station module), Jiaolong (deep-sea manned submersible), Tianyan (the world’s largest radio telescope), Wukong (explorer satellite with the widest range of observation in the world) and Mozi (the world’s first quantum science experimental satellite, originally developed by China).

Among about 4,000 companies participating in the Consumer Electronics Show (CES) held in Las Vegas this year, 1,325 were Chinese.

As things stand as they are, President Xi Jinping started his second term in October 2017, calling for the Chinese to "Remain true to our original aspiration and keep our mission firmly in mind and work tirelessly to realize the Chinese Dream."

As one of the important pillars for it, he cited the construction of new cities.

Among the plans to build Xiongan New Area, which is China’s third national special economic zone and will become one of the key cities while Xi Jinping is in power, there is a plan to employ blockchain technology.

Biguiyuan and Evergrande Group, China’s giant property development companies, plan to build high-tech science centers focusing on third-tier and fourth-tier cities and build technology-convergent hospitals and schools in those cities. Five hundred smart cities such as these are expected to be completed nationwide by 2020, with the total project costs estimated at 1 trillion Yuan (about 165 trillion won).

Besides these, local governments are trying desperately to attract blockchain, FinTech, biotechnology, AI, and data analytics companies in order to create an identity as a new city that fits the image of New China.

You can check out new opportunities from these changes in China in the “China” session of the K.E.Y. PLATFORM 2018 conference.

◆ SPECIAL SESSIONS

Great failures, the strength to break through in the age of super-complexity

Can failures shine brilliantly?

Many of you will tilt your head in doubt. We think of failure as something to fear and to be ashamed of, but successful people believe that you need failure to be successful. To fail, you have to try. In other words, failing by challenging endlessly and producing greater success by learning lessons from them – this is the formula for success that has proven itself throughout human history.

Experiences in experimenting and failing are more important in this age of digital economy.

The deeper we go into the digital economy and the more hyper-connected our society becomes, the more complex it becomes – beyond comparison with any time in the past.

A trivial thing that no one would have cared in the past can spread immediately on social networks, causing huge ripple effects. Virtual currency is showing variability that no economist has witnessed until today.

Under these circumstances, it is impossible for companies to understand consumer needs through a few surveys as they could in the past. Policy makers find it harder to predict the direction of public opinion. Now, uncertainty is not a variable but a constant by itself.

There is only one way to survive in this age: experiment, fail, and repeat new experiments quickly based on data obtained from those failures, ultimately finding optimal solutions.

While preparing for K.E.Y. PLATFORM 2018, MoneyToday journalists met experts in a range of fields including behavioral economics, psychology, history, and business administration as well as the subject of failure. Experts told them what they had in mind about decision-making and failure, which they had not made public yet. In the “Special Sessions,” you can listen to the vivid voices of experts who will share their insights – something that only the MoneyToday journalists have enjoyed so far.

PLUG-IN & TALK

Accelerating transformation into the digital economy

“Plug-in & Talk” is a special session unique to K.E.Y. PLATFORM that takes place on the second day of the Conference. Korean and foreign experts in various fields engage in “interactive talk” with the audience. Entrepreneurs, professors, and policy leaders who are rarely seen at conferences in Korea take the stage and pour out realistic, practical, original, and emotional ideas.

Last year, we analyzed from multiple angles the global society that did not permit easy predictions on the future due to the election of US President Donald Trump, uncertainty over Europe after the Brexit vote, continued instability in the Middle East, among other things. Experts in each driver that has huge impact on the future, such as industry, demographics and energy, had lively discussions on a variety of credible scenarios.

This year, experts will gather together under the theme of organizational and leaders’ decision-making.

As examined at the previous conference, it is not easy to predict what will happen in global society down the road due to geopolitical risks and its entrance into the digital economy. Moreover, as society becomes hyper-connected, one small event taking place at a corner of the world sometimes has impact across the world.

What K.E.Y. PLATFORM focuses on in this age is decision-making by leaders and organizations – more specifically, failures in decision-making and overcoming the failures.

As we live in a time when it is difficult to make any prediction, making decisions is more difficult than ever, at a level that is completely different from before. Ironically, this is all the more why wiser decisions by the leadership and the organization are in need.

Nevertheless, not all decisions can be right all the time. There is always possibility that a decision fails. This is why it is as important to overcome failure as it is to minimize it –or rather, more important.

Plug-in & Talk is more of an interactive talk show than a typical presentation or debate. Every year, speakers breathe with the audience, unfolding heavy topics into simple and interesting experiences. This year, you will find yourself wiser with insights on how to overcome failure as participants share their experiences and insights on failures with you.

WORKING PROCESS

In order to present ways of reducing decision-making failures and wisely overcoming failures already made in an age of growing complexity at “K.E.Y. PLATFORM 2018,” MoneyToday Media played all its cards, including its coverage capabilities as an economic media firm representing the Republic of Korea and its networks accumulated through the hosting of five K.E.Y. PLATFORM conferences.

Last September, a Special Coverage Team was set up with journalists who had extensive coverage experiences in each field. The team met with Korean experts and opinion leaders in a broad range of fields to listen to their thoughts on causes of decision-making failures as well as their experiences in turning them into brilliant failures.

They also visited diverse global conferences, seminars, and exhibitions held in Korea under various themes where they asked entrepreneurs from the U.S., Europe, Japan, Africa, and other countries visiting Korea for their inputs and advice.

After that, the Special Coverage Team studied and analyzed a massive amount of literature including the papers, books and lectures by the world’s great scholars to put together the pieces of answers to their questions on decision-making failure.

The last course in their search for solutions was to visit experts around the world and learn their insights in person.

The professors that they met in major universities including Stanford University, UCLA, Duke University and State University of New York in the U.S. as well as Maastricht University in the Netherlands shared with them various theories and research results that had not been made public yet.

The team could learn better-structured theories from the researchers of the Institute of Brilliant Failures and the Copenhagen Institute for Futures Studies in Europe, while the startups that they met in Silicon Valley in the U.S. gave them a variety of cases describing how they ran into and overcame failures.

In China, which has emerged as an innovation rival for America with its endless challenges and creativity, the team could fill the rest of the puzzle in the process of meeting executives and in-charge persons from the Zhongguancun Block Chain Alliance, Standing Committee of the China-Hong Kong Youth Federation, IET Hong Kong (Hong Kong Network of the Institution of Engineering and Technology), Analysys International (China’s biggest Internet research institute) and International Universities Innovation Alliance (IUIA) and finding solutions to the issues raised.

The Special Coverage Team put the results of their efforts for months in the K.E.Y. PLATFORM 2018 Report.

The K.E.Y. PLATFORM 2018 Report, which will serve as the bible for organizational and leaders’ decision-making in the digital age, will be unveiled at the Plenary Session. We hope that you will come to the K.E.Y. PLATFORM conference and check out the secrets of reducing decision-making failures and growing bigger through failures on site.