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LBS Innovation Series: World Class Masterclass(es)

This week the LBS/NORTHLink Innovation in Food and Agribusiness Forum (#18IFAF) takes place. There are presentations and key notes by internationally recognised academics and several industry heavyweights such as Allan McCallum, Chair of Cann Group, James Fazzino, former CEO Incitec Pivot, and Andrea Koch from Principle Agtech. In addition, there are three world class masterclasses that you can attend:

  • Kok-Leong (KL) Ong, currently an Associate Professor in Business Analytics at LBS is giving a masterclass in Data Analytics for Food and Agribusiness. The session provides an introduction into how digital technologies like Internet of Things (IoT) devices and the digital supply chain can create opportunities to utilise data to help drive the food and agribusiness industry. KL will talk about the various digital technologies that could be used in the industry, how these technologies can enable data analytics to generate important and timely decision support and provide existing application examples.
  • Alex Maritz is LBS’ Professor of Entrepreneurship and gives a masterclass on Disruptive Lean Business Model Design. The masterclass is on the latest international trends of Innovation in AgTech, and the role of disruptive lean business model design in Agtech Start-ups. Alex will discuss areas of collaboration for impact and how innovations in FinTech are unlocking opportunities in AgTech, coupled with the importance of continual iteration in lean start-up methods.
  • Aniruddha (Ani) Desai, a Research Professor and Director of La Trobe University’s Centre for Technology Infusion, provides a masterclass on Industry 4.0 for Agribusiness. The session will provide an overview of Industry 4.0 and the global trends in advanced manufacturing and automation in context of Agribusiness that are set to transform the industry. Supported by case studies from both large and small scale operations, Ani will focus on technologies that will empower future connected farms and next generation production equipment from automated tractors and machines to farm to fork traceability and logistics technology of the future.

The only downside is that the masterclasses run concurrently – meaning you can only choose one to attend!

World class learning combined with exceptional value for money opportunities like this don’t come along very often. Register now to avoid disappointment: http://bit.ly/LBS_18IFAF.

 

This blog is part of the LBS Innovation Series, developed by Dr Mark Cloney, Professor of Practice in Economics in the La Trobe Business School. The series was developed after the successful National Innovation Forum organised by La Trobe Business School, NORTH Link and Deloitte Consulting P/L in 2017.

More blogs about #18IFAF:

More blogs in the LBS Innovation Series:

LBS alumni receiving the Distinguished Alumni Award

Last week, three La Trobe Business School alumni were honoured with the Distinguished Alumni Award: leading economist, Bronwyn Curtis OBE; ASX 50 business leader, James Fazzino; and co-founder of Thankyou Group, Jarryd Burns.

La Trobe University has only awarded 82 of its 200,000 graduates with this prestigious award that celebrates significant accomplishments that La Trobe graduates have made in their personal and professional lives.

LBS’ 2018 Distinguished Alumni Award recipients

  • Bronwyn Curtis OBE graduated from La Trobe with a Bachelor of Economics. Bronwyn is a leading economist whose career spans both global financial markets and media. She has risen to the top of her field in one of the most competitive financial environments in the world, and was awarded an Order of the British Empire (OBE) for services to Business Economics in the 2008 Queen’s Birthday Honours List. Formerly the Head of Global Research at HSBC, Ms Curtis is now a Non-Executive Director at the UK’s Office of Budget Responsibility, and received an Honorary Doctorate from La Trobe University in 2017.
  • James Fazzino is a respected ASX 50 business leader with an enduring commitment to business sustainability and care for the community. He is the Chair of Manufacturing Australia, a Vice Chancellor’s Fellow at La Trobe University, an Adjunct Professor to the La Trobe Business School, and a member of the University’s Make The Difference Campaign Cabinet. Before leading Australian company Incitec Pivot Ltd into the global market, James secured a Bachelor of Economics from La Trobe.
  • Jarryd Burns was awarded the Young Achiever Award. Jarryd is a recent graduate from LBS, having received his Bachelor of Business/Financial Management in 2010. Jarryd is the co-founder of the Thankyou Group, a social enterprise. In 2008, while still studying at La Trobe University, Jarryd along with friends Daniel Flynn and Justine Flynn launched Thankyou, an organisation that commits 100 per cent of the profit from their consumer products to help end global poverty. Their range includes water and personal care products that fund safe water and toilets and a baby range that funds safe births and healthcare. In ten years, they’ve given over $5.8 million to fund programs for people in need in 20 countries.
LBS congratulates Brownyn, James and Jarryd with their award!

 

Information in this blog was originally published by LTU News 

Dream it, Plan it, Pitch it! Competition

LBS hosted the Dream it, Plan it, Pitch It! Competition as part of La Trobe University’s Outreach Programme for secondary school students.

What is outreach?

The LTU outreach programmes offer learning opportunities to Middle Year and VCE-level students. Students partake in workshops, seminars or other activities organised by LTU. It aids students’ confidence and learning skills at the relevant secondary curriculum level in a tertiary environment.

What is Dream it, Plan it, Pitch It!

In short, VCE students dream up an idea, develop a business plan and pitch it at LBS during the Pitch It! Competition.

The idea students develop can be for a business, product, or service. Then, either individually or in teams, students outline, develop and complete a full business plan as part of the VCE curriculum. Complementing the year 11 VCE curriculum, LBS asks students to submit their completed business plans and pitch their ideas to groups of roving judges during a showcase event. The business plans submitted to LBS are assessed and used as a qualifying tool for the showcase event. On the day, students pitch their 5-minute presentation to groups of industry professionals and LBS staff who assess their pitch.

The event is supported by Chartered Accountants Australia and New Zealand (CAANZ), who generously donate $1000 for the first-place winner. Second place receives $500 donated by the La Trobe Business School. Besides the first and second prize, there were various other subcategories of awards, such as the marketing plan award, the best stand award, and the financial award.

Some of the Pitch It! Competition judges

2018 Pitch It! Competition

There were competitions in Albury-Wodonga and in Melbourne and more than 100 students from seven schools participated. The first and second prize winners:

  1. Spartans Taekwando took out the first place with their idea – teaching martial arts through respect, discipline & leadership.
  2. Beauty Truck won the second place with their on the go beauty parlour.

Congratulations to the winners!

Pitch It! Competition participants

 

LBS Innovation Series – Is Australia prepared?

Professor of Practice in economics at LBS, Dr Mark Cloney, asks: what are the key drivers of innovation, disruption and opportunity in the global food production and agribusiness sectors? And why have the Dutch got it so right?

Changing consumer demand, particularly in Asia, corporatisation of farming, automation on farms and in processing, agtech and advances in the Internet of Things (IoT), digitalisation of supply chains, agricultural science advances, and the emergence of vertical farming are just some of the drivers changing the dynamics of the global food production and agribusiness[1].

The Netherlands

Are Australia’s food producers and agribusiness well-informed and placed to understand these challenges and to gain from the opportunities they offer? Countries like The Netherlands certainly are[2]. Despite its relative size, the Dutch are the world’s second largest exporter of agricultural products at $158 billion, or three times Australia’s exports[3]. Together with the USA and Spain, The Netherlands is one of the world’s three leading producers of vegetables and fruit supplying a quarter of the vegetables that are exported from Europe. Why? The Dutch are forward-looking, highly innovative and collaborative and have achieved worldwide recognition for their research, infrastructure and innovation systems. For example, Wageningen University and Research (WUR) is the number 1 agricultural university in the world for the third year in a row according to The National Taiwan Ranking of over 300 universities; while, 5 of the top 26 global agri-food companies have R&D facilities in The Netherlands[4].

Australia

So where does Australia stand in comparison? Nationally, the food and agribusiness sector employed approximately 522,000 persons and there were approximately 178,500 businesses trading in the sector (as at June 2015). According to the Australian Government’s Industry Innovation and Competitiveness Agenda[5], food production and agribusiness are areas of competitive strength for Australia. Australia’s food and agribusiness sector includes food-related agricultural production, food processing and the major inputs to these activities. This includes: food products, processing and beverage manufacturing as well as key inputs; and, agribusiness that relates directly to food production and their supply chains.

La Trobe’s AgriBio Centre

La Trobe University has demonstrated a strong commitment to helping Australia create a vibrant future for those involved in the production of food, fibre and agribusiness. La Trobe plays its role in building human capital and undertaking R&D and scientific research that supports the food and agribusiness innovation system. For example, La Trobe’s AgriBio Centre brings together world-class research in the largest agricultural R&D organisation in Victoria. La Trobe recently announced funding of $50 million for its new La Trobe Institute for Agriculture and Food focused on solutions for global food security.  La Trobe is also a founding member and financial contributor to Melbourne’s Northern Food Group a partnership with the Victorian government, 5 local governments, 4 tertiary institutes, Yarra Valley Water, Melbourne Innovation Centre, and the Melbourne Market Authority among others.

LBS/NORTHLink Innovation in Food and Agribusiness Forum

So how can Australia’s food producers and agribusiness prepare themselves against ever increasing disruption, and better collaborate with world class researchers and scientists in this field? These are some of the questions being explored at the Innovation in Food and Agribusiness Forum organised by LBS in partnership with NORTHLink. The focus of the Forum is on hearing from industry speakers of successful innovation in the food production and agribusiness sector. It will present industry and government perspectives on how we can continue to improve innovation in this sector, particularly for SMEs and start-ups operating in a global context.

In particular, the Forum offers an opportunity to explore how we create the right collaborative partnerships and environment for food production and agribusiness to succeed globally in an era of increased disruption. Maybe we just need some Dutch courage!

 

References:

 

This blog is part of the LBS Innovation Series, developed by Dr Mark Cloney, Professor of Practice in Economics in the La Trobe Business School. The series was developed after the successful National Innovation Forum organised by La Trobe Business School, NORTH Link and Deloitte Consulting P/L.

More blogs in the LBS Innovation Series:

Bringing together top researchers and leading financial industry practitioners

From the 24th until the 26th of September, the 8th Conference on Behavioural Finance and Capital Markets (BFCM) is taking place at LTU’s City Campus. The conference presents state-of-the-art research in the fields of Behavioural Finance, Experimental Finance & Capital Markets/Market Microstructure.

Its beginnings

The conference started in 2011 with the idea of merging together two fields in finance: capital markets and people’s behaviour. On the one hand, capital markets (or market microstructure) is all about how financial markets are functioning, how liquid, how risky as well as how fair and efficient these markets are. On the other hand, financial markets are driven by people’s emotions and behaviour. Behavioural biases are well documented in the literature. Even financially literate people are prompt to cognitive biases. In other words, investors, traders, bankers and lenders all show such biases while making investment decisions under risk. From the outset, the BFCM Conference bought together top academics such as: Pete Kyle, Avanidhar (Subra) Subrahmanyam, Richard Roll, Peter Bossaerts, Ron Masulis, Terrence Hendershott, Stephen Brown and Tarun Chordia (among others) with industry leaders to discuss relevant topics.

Its aim

The conference merges academic research with the applied work of the finance industry. The conference continuously looks to identify new emerging fields of research and supports better cooperation and collaboration among researchers and between academia and industry.

According to Founder of the BFCM Conference & LBS Professor Petko Kalev it comes down to this:

“The research we do should not only have academic value but also practical application that impacts the finance industry and hence our society. This conference makes that happen.”

BFCM Conference in the news

The conference topics are always relevant. This relevance is highlighted by an article that was published this week in the Australian Financial Review. Chanticleer Tony Boyd wrote an article titled “The highs and lows of retail investing” based on an academic paper that is being presented at the BFCM Conference next week.

The article starts with a story on Warren Buffett’s Berkshire Hathaway, buying a big stake in Apple in 2016, when the stock was 10 per cent above its 12-month low. Looking back, the timing was perfect. Apple is now trading about 5 per cent below its record high. The article then discusses the idea that institutional investors often profit at the expense of retail investors who sell at the wrong time. An idea supported by the yet to be released paper by Joshua Della Vedova, Andrew Grant and Joakim Westerholm from the University of Sydney. They found that retail investors often sell at the 52-week high because it is a domain for gains and provides an anchor for the highest past price.

Read the full article by Tony Boyd here.

 

Visit the BFCM Conference website for more information.

LBS Innovation Series: A start-up science story

The LBS Innovation Series brings you a presentation by Antonio Palanca, CEO and Co-founder of the HiveXchange. Antonio presents a case study on the HiveXchange and talks about fresh innovations in traditional food supply chains.

HiveXchange

HiveXchange has created a new form of business to business e-commerce called trust-based e-commerce which is designed specifically to meet the challenges in perishable produce supply chains. Antonio mentions that organisations over a 20 year period have tried to introduce online buying models into the fresh produce supply chains but have failed.

Lean canvas

Antonio was formerly with Sun Microsystems where they used WaterFall project methods to launch big technology projects. He talks about this experience and how it taught him that this old approach to software design of define requirements, design, build, test, and launch was no longer viable. Instead the HiveXchange embarked on the use of ‘start-up science’ and the lean canvas. He describes the company’s journey and how the use of lean canvas methodology shaped field experiments and prototypes to reveal problems early. This became the foundation of HiveXchange’s trust based e-commerce software. The benefit of this approach is that as you go through the stages you reduce risk and therefore become more attractive to investors.

 

Watch his story below:


 

This blog is part of the LBS Innovation Series, developed by Dr Mark Cloney, Professor of Practice in Economics in the La Trobe Business School. The series was developed after the successful National Innovation Forum organised by La Trobe Business School, NORTH Link and Deloitte Consulting P/L.

More blogs in the LBS Innovation Series:

Watch: What failure can teach you

This article was first published on Nest, a haven of new ideas for people who are all kinds of clever. Read the original article.

Being able to bounce back after failure, learn from your mistakes and forge ahead with resilience are vital skills both in and out of the workplace. According to one survey, 91 per cent of HR decision-makers predict that resilience will be key to employability in the next few years.

For Michelle Gallaher, La Trobe alumnus and 2017 Telstra Victorian Business Woman of the Year, failing is one of the most important things you can do. Watch our video to find out what Michelle learned from failing her first degree, and what failure can teach you.

Develop your resilience through La Trobe’s Career Ready Advantage program.

LBS alumni event a huge success!

On 25 October, La Trobe Business School welcomed Dr Fiona McKenzie from the Australian Futures Project for the school’s annual Alumni Event.

Dr Fiona McKenzie was welcomed by La Trobe Business School’s Head of School, Professor Paul Mather. Event attendees included LBS alumni, university and industry stakeholders.

In her speech, Dr Fiona McKenzie spoke about how businesses today are influenced by massive digital disruption and are taking the opportunity to expand globally. This trend has often caused businesses process transform and jobs performed by people to be redefined.

La Trobe Business School would like to thank Dr Fiona McKenzie for attending!

Will robots take our jobs?

Find out more about how the digital disruption will affect the future of work at our upcoming La Trobe Business School Alumni Event with Dr McKenzie.

This article was first published on Nest, a haven of new ideas for people who are all kinds of clever. Read the original article.

Technology advances are rapidly changing the world of work as we know it.

PwC predicts 44 per cent (5.1 million) of current Australian jobs are at high risk of being affected by computerisation and technology over the next 20 years. ‘By “high risk”’ the PwC report clarifies ‘we mean there’s a greater than 70 per cent chance the job could be automated by technology’.

La Trobe Futurist Dr Fiona McKenzie discusses the challenges and opportunities of digital disruption in the future workforce, and how we can adapt.

What jobs will become automated?

The 2015 PwC report says jobs most likely to be affected are those where computer learning systems or robotics are able to perform simple and routine tasks faster and more accurately than humans. ‘These typically include unskilled or low-skilled activities in offices, factories and shops,’ it states.

Dr McKenzie says we’re already seeing the seeds of automation in our neighbouring countries. ‘There’s change happening in the manufacturing space with automated robots and co-bots (collaborative robots), which are potentially going to totally change the garment industry and affect employment for millions and millions of people in Asia.’

‘What’s interesting,’ Dr McKenzie further points out, ‘is that people in mid-level jobs are now starting to feel the pinch too.

‘People thought skilled-labour would be safe from automation but in actual fact there are developments where relatively sophisticated tasks can now be automated too.’

Dr McKenzie says ‘I’m hesitant to say whole sectors’ will be automated or safe from automation. Rather, ‘there will be chunks of every sector that will change.’

Roles that require creative thinking, emotional intelligence, intuition and ‘all those things that humans have the advantage on’ will be safe in the near future. As will jobs that require human, face-to-face interactions, such as those in the healthcare sector.

What opportunities can digital disruption offer?

‘We tend to fear that what we don’t know, but automation creates a whole opportunity for something else to be augmented,’ explains Dr McKenzie.

For example, a nurse whose job is to deliver food to patients may find there’s an automated delivery cart that can soon do just that. ‘This can create the opportunity for the nurse to spend more time sitting with the patient, measuring blood pressure and providing better care,’ Dr McKenzie says, ‘and in fact Sydney’s Royal North Shore Hospital introduced automated guided vehicles to move linen and food back in 2012’.

The advent of the internet and the ability to instantly connect with others across the globe has also enabled the rise of ‘digital nomads’ and freelancers to work from anywhere in the world for anyone in the world.

CSIRO’s recent report into ‘Tomorrow’s digitally enabled workforce’ ‘identifies plausible [future] scenarios via which the many – possibly most – Australian workers become portfolio workers and freelancers’.

Dr McKenzie says, ‘There’s a huge cohort that will be highly skilled, in demand and able to shape their future – and they’ll flourish in this environment.

‘There’ll be lots of opportunities in terms of entrepreneurialism, portfolio work, creating your own identity, being able to work around the world and doing work you’re interested in rather than being tied to one job.’

The rise of portfolio work and the gig economy could mean people can choose flexible work like nights, weekends and part-time, which could be particularly beneficial to parents.

It could also open up more doors for rural dwellers to work remotely for urban and international companies.

The dark side of the precariat workforce

The flipside of the rise of the precariat workforce – that is a working class characterised by ‘precarious work’ – could be that lack of job security increases stress and anxiety for some.

‘The precariat, that concept of “the new vulnerable” in the workplace is important to pay attention to because it is potentially a large cohort of people, says Dr McKenzie.

‘People may feel unsafe, they may feel insecure and like the economy is not ticking along. That plays out in all sorts of ways in politics and society and mental health.’

Dr McKenzie also wonders: ‘If we’re all working in a gig economy, what happens if we don’t have employment contracts and super?’ There’s talk of basic universal income, but we’re yet to know how that might play out.

Similarly, for an aging workforce expected to work into their 70s, Dr McKenzie says we might need to challenge assumptions and paradigms around retirement. People in this age-group might work on a semi-retired basis, they could work as business mentors, or perhaps unpaid roles like childcare and volunteering that this cohort regularly partake in will become financially rewarded roles.

The blurring of work boundaries that means we can potentially work remotely for overseas organisations, could also mean a lot of home-grown jobs are taken offshore.

In 2012, every third adult in OECD countries had a tertiary degree reports CSIRO. ‘That’s a massive cohort of young people coming through with higher education degrees worldwide, and what does that mean if work is more mobile?’ asks Dr McKenzie. Answer: competition for work increases.

How can we prepare for the future workplace?

To make the Australian economy and Australian workers competitive in the future, Dr McKenzie says we need to look at ‘how we can be the best in the world at the different industries we have and make sure we are winning jobs as well.’

Ultimately, Dr McKenzie says it’s less about the pace of digital disruption, and more about how quickly we respond to it. Dr McKenzie asks whether governments and others ‘will choose to be leaders on this or wait to react.’

‘The important point is that it’s not small. If you think about the Great Depression, unemployment was only around 25 per cent and here we’re talking about 44 per cent of jobs at risk.

‘We’re at six per cent unemployment and it doesn’t take a big shift in unemployment for people to really feel the impact. I hope we’ll all be proactive on this one.’

Find out more about how the digital disruption will affect the future of work at our upcoming La Trobe Business School Alumni Event with Dr McKenzie.

 

LBS Alumni Event: The changing nature of work

We are living in a time where businesses are influenced by massive digital disruption and are taking the opportunity to expand globally. This often requires entire business process transform and jobs performed by people to be redefined.

Join us as leading expert in the changing nature of work Dr Fiona McKenzie, discusses how business leaders can prepare for the future, and the skills required to take advantage of new opportunities.

About the speaker

Dr Fiona McKenzie, Co-Founder and Director of Strategy, Australian Futures Project: Dr Fiona McKenzie is a human geographer with a PhD on innovation and expertise in both public policy and academic research. At the Australian Futures Project, Fiona has led the design and implementation of a range of unique programs, including social innovation labs.

Panel Event

Date: Wednesday 25 October 2017

Time: 5:45pm – Arrival, 6:00pm – Presentation, followed by Q&As, 7:30pm – 8:30pm Networking, canapes and drinks

Venue: La Trobe University City Campus, Level 20, 360 Collins Street, Melbourne

Cost: Free

Register: Please register via the corresponding event page. Please RSVP by Friday 20 October.

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