Learning Entrepreneurial Skills in The Ever-Growing Era of Society 5.0

 

Embracing Society 5.0: The Path to Technological Innovation and Entrepreneurship

By Adrico Corson Mulia (TP073788) on March 30, 2024

In 2016, the Japanese government came up with Society 5.0, also known as the Super Smart Society, which is a concept of a future society driven by the new industrial revolution. Continuing the innovations of Societies 1.0 (hunter-gatherer), 2.0 (agricultural), 3.0 (industrialized), and 4.0 (information) (Richard, 2021). It relies on modern technologies like big data analysis, artificial intelligence, Internet of Things, and robotics. Adapting to society 5.0 requires an understanding of the technology works, encourages innovation, and more. By implementing this strategy, individuals and organizations can develop and adapt to the progress of society.

In the Society 5.0 era, some advancements have been made ever since. For organizations, the adoption of digitalization has become a must. This includes data migration on cloud platforms and taking a customer-first approach in sales that constantly provides digital solutions for both internal and external customers, breaking down barriers between departments, and using technology to solve everyday problems. By implementing these strategies industries can achieve sustainable growth and success in today's digital economy. Additionally, innovative, and useful monetary concepts will rise with technological advancements. Such things that are slowly becoming more ubiquitous today are blockchain technology and cryptocurrencies, both of which can provide an alternative exchange model to the unbanked population. So, they can develop social crypto assets in the community. Moreover, this new society is about the relationship between humans and technology which can improve our skills, whether it is digital transformation strategy or understanding blockchain technology. These enable people to identify opportunities and solve social problems for the well-being of society.

In conclusion, it is important to make efforts to adapt to the onset of the 5.0 industrial revolution. Organizations must set a digital transformation strategy that includes using technology to solve customer issues and increase collaboration between departments. In terms of banking, the surge of blockchain technology alongside cryptocurrencies will not only address the problem of the unbanked but also facilitate skill improvement as humans and technology become more intertwined.

References:

Richard. (2021, September 29). Society 5.0 - from agile business model to crypto-assets social sharing model. Medium. https://medium.com/@richard_12736/society-5-0-from-agile-business-model-to-crypto-assets-social-sharing-model-b67a1322d537

Why central banks want to launch digital currencies: CNBC reports. YouTube. (2021, February 11). https://youtu.be/Qrx_FnjRnfI?si=AOJhwGbZtWnqQQqd

How to adapt Society 5.0 and its development, including learning and developing some essential entrepreneurial skills?

By So Matthew Christian (TP075241) on March 30, 2024

Talking about the incoming digital society or “Society 5.0” it is pretty interesting when people change their habits and utilize the fullest potential of technology in their lives. The “Society 5.0” concept by Japan was a human-centered ecosystem with the help and monitoring of AI and robots. People are pessimistic that AI will take over the world, but this concept is happening if humans can adapt, and learn with the right education. As we can see major factors like digital currencies, blockchain, and cryptocurrency are impacting the present era making transactions faster, and cheaper, and no intermediaries like Visa, PayPal, etc (Seth, 2021). Even central banks want to develop digital currencies as well to improve financial convenience for consumers. Given the changes in the financial industry that are forcing humans to adapt to the impending new era, humans must adopt a new long-term attitude and practice continuous learning skill development so that they can always keep up with new technologies. The key to Society 5.0 is to emerge every element within cyberspace in terms of corporate development, systems, and any regional development to be reflected in the real world. Terms of Networking and Innovation must be held on the Gen-Z people and younger, building a strong network with experts, and mentors and creating collaboration with other people. Therefore, our imagination about “Society 5.0” is near to being experienced. References:

Cabinet Office. “Society 5.0.” Cao.go.jp, 2019, www8.cao.go.jp/cstp/english/society5_0/index.html.

            Accessed 28 Mar. 2024.

Richard. “Society 5.0 — from Agile Business Model to Crypto-Assets Social Sharing Model.” Medium,

            29 Sept. 2021, medium.com/@richard_12736/society-5-0-from-agile-business-model-to-crypto

            assets-social-sharing-model-b67a1322d537. Accessed 28 Mar. 2024.

“What Is a Central Bank Digital Currency (CBDC)?” Investopedia, www.investopedia.com/terms/c

        /central-bank-digital-currency cbdc.asp#:~:text=Though%20the%20idea%20for%20central.     

        Accessed 28 Mar. 2024.

How to adapt Society 5.0 and its development includes learning and developing some essential entrepreneurial skills

By Evan Ferdinand Xie (TP073921) on March 31, 2024

Today let's talk about Society 5.0 and its development and how to develop essential entrepreneurial skills. Now let's talk about the difference first between society 4.0 and society 5.0 so before in society 4.0 the corporate IT architecture was built as a standalone model. The exchange of knowledge and information between organizations was limited and costly, and access to the capital market remained limited. But now in society 5.0 everybody has a smartphone and access to the internet and because of that companies need to adjust and adapt. An example of that adaptation is the migration of IT infrastructure from the private data center to the cloud data center.

Also adopting a customer-centric approach in sales strategy, and undergoing a continual digital transformation to create digital solutions for their external, internal, and daily problems These are only some examples of the adaptation of the company to society 5.0. Also, this new society 5.0 introduces a new thing namely blockchain technology and cryptocurrencies that offer access to the capital market and drive innovations to different sectors. Another example other than cryptocurrencies and blockchain technology is NFT (Non-Fungible Tokens) what is NFT. NFT is a unique digital token based on blockchain, most often on the Ethereum blockchain. NFT can also be an asset that can be resold through the digital market.

These are some of the ways younger generation people will make money and this is not the end of society 5.0 innovation.

Reference:

Richard. (2021, September 29). Society 5.0 - from agile business model to crypto-assets social sharing model. Medium. https://medium.com/@richard_12736/society-5-0-from-agile-business-model-to-crypto-assets-social-sharing-model-b67a1322d537

The Integration of Machine Learning, Digital Currencies, and Cryptocurrencies in Society 5.0

 By Brandon Indradjaja (TP072931) on March 31, 2024

Society 5.0 is a society where everything can be solved with machine learning technologies such as AI, robots, and Big Data. Society 5.0 also plans to introduce digital currencies and cryptocurrency, both aim to create a digital form of money the only difference lies in the issuer and legality. Digital currency is issued by the central bank and is legal, it introduces a fully centralized management system and secrecy between transactions. A cryptocurrency on the other hand uses a blockchain technology where the issuer is not a bank and is not surrounded by legal frameworks, it introduces a system where the cryptocurrency is treated like an asset such as metal and stock, it also introduces a system where all people can see a transaction that happened in the system.

Using AI and robots would reduce the cost of a company significantly as it can work 24/7 and only require maintenance every period, Big data can also be a way for the owner of the company to help make the best decision. Using a digital currency would be a good way to cut costs for the making of dollar bills and would be a good way to do transactions without having to bring the money up upfront, it will also reduce the corruption rate in the company caused by diseconomies of scale where managers would corrupt company’s profit and lower output of the company as it can better track the transaction and amount of goods. While cryptocurrencies such as bitcoin and dogecoin have become popular in recent years, it is too risky to invest in them as their value can drop over time, and not all companies would accept the form of payment.

References:

Richard. (2021, September 29). Society 5.0 - from agile business model to crypto-assets social sharing model. Medium. https://medium.com/@richard_12736/society-5-0-from-agile-business-model-to-crypto-assets-social-sharing-model-b67a1322d537

Why central banks want to launch digital currencies: CNBC reports. YouTube. (2021, February 11). https://youtu.be/Qrx_FnjRnfI?si=AOJhwGbZtWnqQQqd

Adjusting to a 5.0 Era: Insights for the Entrepreneur
By Samuel Yoel Isliko (TP074800) on March 30, 2024

Adapting to and learning entrepreneurial skills in Society 5.0 requires a comprehensive understanding of the technological advancements shaping the business landscape. Society 5.0, a concept introduced in Japan's 5th Science and Technology Basic Plan, signifies a transition to a highly interconnected society driven by digital innovation (Richard, 2021). This societal evolution builds upon previous phases, including the Information Society (Society 4.0), characterized by limited knowledge exchange and restricted access to the capital market.

In Society 5.0, individuals are equipped with smartphones and connected to the internet, revolutionizing communication and commerce. Companies must undergo digital transformation strategies to remain competitive, such as migrating IT infrastructure to cloud data centers and adopting customer-centric sales approaches (Richard, 2021). Additionally, the emergence of blockchain technology and cryptocurrencies offers alternative avenues for accessing the capital market, enabling innovations through Initial Coin Offerings (ICOs) and Non-Fungible Tokens (NFTs) (Richard, 2021).

Entrepreneurs navigating Society 5.0 must leverage these technological advancements to drive innovation and create value. They must adopt agile business models that prioritize customer-centricity and embrace digital solutions to address everyday challenges. Moreover, entrepreneurs should explore alternative funding mechanisms, including ICOs and NFTs, to align their investment capital strategy with technology innovation (Richard, 2021).

Furthermore, central banks, such as the CFPB, are exploring the launch of digital currencies, reshaping traditional financial systems (CNBC International, 2021). This development presents new opportunities and challenges for entrepreneurs, requiring them to adapt to evolving regulatory frameworks and explore innovative business models that leverage digital currencies.

In conclusion, adapting to and learning entrepreneurial skills in Society 5.0 necessitates embracing digital transformation, exploring alternative funding mechanisms, and navigating regulatory changes associated with the rise of digital currencies. Entrepreneurs who can effectively harness these technological advancements will be well-positioned to drive innovation, create value, and contribute to societal well-being in the digital age.

 

References:

CNBC International. (2021, February 11). Why central banks want to launch digital currencies | CNBC Reports [Video]. YouTube. https://www.youtube.com/watch?v=Qrx_FnjRnfI&t

Richard. (2021, September 29). Society 5.0 - from agile business model to crypto-assets social sharing model. Medium. https://medium.com/@richard_12736/society-5-0-from-agile-business-model-to-crypto-assets-social-sharing-model-b67a1322d537