everyone and I have two actually
people who come to
it’s really very inspiring to see
everyone who’s interested in learning
not just about someone hasn’t made the
study but also learning about those ways
that translates into the intersociety
and where you make a work ethic and
actually got me thinking as to what do
imperial college graduates do when
they’re done with a degree so I don’t
get the numbers if you haven’t I need to
kiss you go it’s very interesting
we’re science engineering and medicine
University so unsurprisingly about 35
percent go into medicine and there’s
about 10% that go into a startup or at
Tech there’s only about 10% that go into
industry in the old sense of a technical
companies engineering and then this 40%
of you know we’re doing this there’s a
40% that go into they consultancy or a
financial institution now a couple that
with the fact that opponents be a
welcome to inform about 69 percent of
people under 25 change jobs elite
Oakland
there’s a feeling of complete mobility
that is very new to psych them and even
companies are having a hard time knowing
have to get with it if you know what
else can a channel open today at what
the field looks like they’ll tell you
what we don’t we lots of positions we
need to fill I was for gravamen three or
four a little bit later in the career
but we can’t find the people and despite
the fact that there’s a loose mobility
and there’s more
most universities but if you else the
students and the up engine is because a
little bit of frustration because the
process isn’t simpler it’s always as
competitive it’s difficult and even for
people in their industry they don’t
really feel like they’re doing what they
were pitched to do when they joined the
company usually if you go to his event
you’ll get a pitch on them I bring the
context that they do the great
construction or their industries and the
challenges that you will face and then
you get into the program and you’re in a
nice streamlined environment that you
don’t actually get to do anything
outside of that creates a sense of
frustration for a lot of the young
people and companies usually that would
propose something like a graduate
program that’s four years gone and then
you’ll folk you’ll choose one of them
and they know down that part the problem
is that students nowadays are much more
collaborative minded and they want a
more well-rounded approach and that’s
not something that we see oneself to do
and this leads to the mobility I’ve seen
this in my career as well I started
working in construction I made Kapus
labor into the u.s. hi about 15 young
engineers there’s only two left I’m the
only one in that geography this is also
an issue for the people who stayed in
the companies because there’s a
phenomenon that I keep observing with
people who are later in their career
which Michael technical is downtown it’s
the the process by which people are so
streamlined in following the company
process and the company procedure waves
engage then as soon as something a
little bit strange and a little bit
technical but relates to that
problem-solving mindset that you have a
new style element it comes along they
nerd out completely about it and they
waste all
time trying to figure that a small
little thing that committees and
romanika what I would call technical in
standard so wondering why do we observe
this in in the professional sector what
is it about companies that means that
has made them so rigid
well if you think about industry meeting
the old sense of the term and when I
prep the industry it’s more technical
company they have historically been the
main drivers of societal information
about a hundred years ago they would
bring along with great changes and they
were very synonymous with developments
of inspiring nations but as time has
gone along there were more and more
companies and more and more competitive
environments with larger and larger
projects so companies settled on
business models that worked for them and
then their focus became less on about
innovating of society level and more
about sustaining and making that
business model survive and so when you
have that need to sustain a business
model you create procedures around it
you create means to format newcomers
into the company to feed that one and
you get an obsession with collecting
data to understand how your model works
so there’s an explosion of things like
quality audits and ISO certifications
and their entire problems engine
these technical companies dedicated to
understanding how that model works
obviously that’s not really an
inspirational thing for young graduates
to come here I choose to join that
therefore means that everything that
isn’t necessarily that important to
sustain the model is is put on the back
burner so things like long term thinking
long term innovation are slightly less
important and the concept by which you
would train people who maybe have
worried or interesting careers is also a
little bit less important this
I think resembles a much more finance
oriented way of thinking now the
financial sector has had more and more
importance in in everyday life in recent
decades and they are motivated by very
different mindsets they focus more on
short-term profit risk that they can
understand and on things that they’ve
seen before they have a past experience
will pass pass on it and that’s when
they choose to follow you more and since
these companies now focused more in
their business models that you were
thinking each other point well but
what’s losing out on it is the long-term
aspect and the long-term innovation and
throughout society itself now at this
point I do have to mention that clients
are quite complicit in this as well my
clients I mean is usually a public
sector client that has a very big
project with the what to think
and and therefore they ask configured
well the expertise in that field and
previously they these public entities
had their own technical department and
they have their own
that kind of knowledge but with the
sheer size of projects major projects
are usually in the billions of needle
and the amount of projects coming out
more and more than the same time it did
become sustainable to sustain in time
technology its technical moment and so
they relied more on the private sector
add to that the fact that the public
sector usually works on a shorter term
election cycle and you realize that the
technical problems and the public sector
are going away that brings more reliance
on the private sector meaning more
reliance just means you put the risk on
them and that created some contract
structures that feed this kind of
thinking first it was a design-build
contract so we you know just asked them
to make the product to build it you as
ins designed it as well and now we’re up
until q3 level the public-private
partnership where you even put the
funding and the consumption of the
project onto to the private sector as
well it’s taking away that and obviously
the private sector who is new risk that
they need to manage as well and so they
go back to their core model because then
they know that works and that again
stifles the innovation and the drive and
the pleura disciplinarity of the
engineering mindset which is which was
the reason for existin
and so where there’s a vacuum sort of a
brain drain of Engineers and you know
the graduates like yourselves usually
there were players that come in and fill
together there’s three main players that
are filling the gap today
the first one is startups now startups
originally came as sort of the perfect
solution because the idea is there’s a
problem out there no one seems to be
typing it might come up with a solution
and innovation in the old sense in the
old sense of the term when it comes to
startups really was about creating a
company and then seeing it through to be
and making that you’ll call career but
what startups have become today is is a
little bit different they’ve become a
process by which you identify a problem
that you think you dissolve you very
quickly produce a product that solves it
and they
the market the people who will fund you
again short-term mentality short-term
thinking want the product to market
quickly and within about three to five
years you sell it somebody else to a
logical information and then you move on
to something else
which is essentially a process by which
industry outsources its innovation needs
to startups let the biggest ideas swirl
around you see which one’s survive when
you find those in and incorporate them
into your business model the problem
with that I have is that the criteria
for success when you’re a start-up is
actually not that much what your idea is
worth it is much more are you able to
bring it to market and make a company
out of it
you often hear they’re only about 10% of
startups are successful past the first
year I don’t think that means that 90%
of startups have a bad idea in quite the
opposite I think that the the process
and the criteria by which is start of a
successful is gone on metric for some of
these ideas if those ideas had been come
up with in a completely funded R&D
department or a university or a mindset
by which the focus of business viability
isn’t the main criteria than that idea
could have thought she was pulling
through something like on the industry
side an existing process does not even
to be made that the current way in
current short-term way of thinking about
startups is actually stifling more ideas
than its bringing to the market
planners who’ve come in fill this brain
drain vacuum is what I call it gaffers
the Google Apple Facebook magazines and
the life these are essentially
synonymous with innovation of this day
because about the different companies
and what they really are is the startups
of 20 years ago that were filled to
actually market dominance by the
financial sector itself as well what
you’re seeing though in more recent
history is that there’s a
misunderstanding about what the actual
purpose F is is it’s very much driven
towards innovation but there is a very
very existing financial requirement on
the side they need to be profitable and
they need to be profitable in the short
term and we’re just starting now to ask
very society-wide questions about the
roles that these companies have in our
lives and whether or not they’re
comfortable with
add to that the fact that they know is
more and more starting to act like
industries themselves you hear a
reporter around about that another
remains in tech player has bought
another company from billions of dollars
what that is is the same as industry
it’s innovation by acquisition is no
longer innovation by in-house nurturing
of ideas and that is essentially what
these guesses have become the third
player is our 40% from earlier it’s the
consultants and the financial sectors of
the magnets now I personally when I was
here in Imperial as well I had the same
page by the consultants they come to you
and they are so impressed by your
background it was always one issue with
the with the pitch for me it was the
fact that they don’t necessarily care
what degree you took take care that it’s
Matthew or technically your engineering
aid and that you’ve got the great
detective good school but then that’s
what I didn’t care about the specifics
of it the specifics of it there really
matter they just want to take you and
again format you and it consultant might
set and put you in a pool of lots of
other people that have lots of other
skills but they don’t really mess are
not that necessary for the consulting
world and then they want to trainee to
do one fail which is to give tips to
other people
you essentially propose solutions to any
engineering companies technical
companies who again because they’re
focused on their business model don’t
really have their own departments to
think about other solutions around the
market so they asked us I wants to do
that but the consultant will not be part
of the process by which you pick an idea
or you make a decision on which idea to
go forward to what extent similarly for
the banking side in the investment side
they are not the ones who come up with
the original idea they are the ones who
will evaluate whether your idea was good
and take about half directly for it and
then help you push it further these are
support structures for there but they’re
not the actual innovation effective are
they in all three of these vacuum
seeking players are actually not really
an engineering mindset or a technical
problem solving mindset know why Shiva
this is that there are substantial
challenges out in the world today they
go beyond with the digital space and the
financial space the simple fact that we
don’t seem to be getting anywhere with
climate change is simply because we do
need people to go on the ground with
real on-site experience to make those
changes
scientists engineers how that might say
the same goes for lot of issues putting
the house of and everyone can live in
eating the population of mine
people the logistics of moving around
the scarcity of water all these
challenges entered by on the ground
people and a much more long-term
thinking than something that’s for
another five years and so this model by
which industry and all the players in it
are feeding in a short-term mentality
model the only bank of hope that there
is out there is the people who like
ewing is really here today those who
have started out in the process by doing
the degree because you’re actually
interested in what you’re studying
you’re doing it because you believe in
the purpose of it goes back to what
we’ve heard a little bit earlier this
morning what is actually drawing on you
is it just making sure you follow the
process of the company or is it more
meaningful is that behind what you do
there’s two major changes that need to
happen one for each sign of the program
the first one is always hears on the
company side companies have to
understand that they are shying away
from their more long-term societal
responsibility and their society
involved and it’s not just giving people
more timing week to go and come up with
ideas and create intrapreneurship labs
but you created a vision in-house it is
allowing a technical mindset to come
back into the equation where performance
if that is not measured against the
procedure but it’s measured by how
innovative you are and how free your
engineers are to actually innovate that
is one of the key ways to keep people
within the companies there are some
other ways as well you can coach young
graduates young engineers and have them
explore other fields the concept of
thinking and departments are thinking in
silos is it really has to go away and
flurry disciplinarity is a little bit
scary for the people would be defeating
this business model because it’s so used
to that but it is one of the ways we’re
in Heaven’s by I told you so
this industry and actually bring a that
solution into a moment I’m sorry but
there is also another call to opacity
another be bold requirement which is you
guys in this group there is a real need
to bring this purpose of industry of the
engineering mindset of the fact that you
know not just interested in finding a
solution to Republican but actually
testing it seeing if it works and then
if it doesn’t work there be she tried
and then tweaking it make it work and
that means that we need many people
might be diverse admit some friends you
might have with beginnings vector is to
actually go into the industry and stick
it out for a little bit now I’m speaking
from experience
it is difficult at the beginning it can
be frustrating you met with a very large
reticence to change but it is essential
that it happens because once our
generation is the one in the industry if
it’s a model we don’t believe in there
won’t be anyone there but an economy and
our society without the dryer and the
long-term thinking potential of industry
is one that is so I would call on all of
you to look at industry not with the
short-term thinking of am I going to be
having tomorrow but one of them and I
bring in an impact that goes beyond just
the day-to-day life that brings this
desire for an actual day-to-day
problem-solving into reality and can I
actually help society to return to a
[Applause] [Music]
people who come to
it’s really very inspiring to see
everyone who’s interested in learning
not just about someone hasn’t made the
study but also learning about those ways
that translates into the intersociety
and where you make a work ethic and
actually got me thinking as to what do
imperial college graduates do when
they’re done with a degree so I don’t
get the numbers if you haven’t I need to
kiss you go it’s very interesting
we’re science engineering and medicine
University so unsurprisingly about 35
percent go into medicine and there’s
about 10% that go into a startup or at
Tech there’s only about 10% that go into
industry in the old sense of a technical
companies engineering and then this 40%
of you know we’re doing this there’s a
40% that go into they consultancy or a
financial institution now a couple that
with the fact that opponents be a
welcome to inform about 69 percent of
people under 25 change jobs elite
Oakland
there’s a feeling of complete mobility
that is very new to psych them and even
companies are having a hard time knowing
have to get with it if you know what
else can a channel open today at what
the field looks like they’ll tell you
what we don’t we lots of positions we
need to fill I was for gravamen three or
four a little bit later in the career
but we can’t find the people and despite
the fact that there’s a loose mobility
and there’s more
most universities but if you else the
students and the up engine is because a
little bit of frustration because the
process isn’t simpler it’s always as
competitive it’s difficult and even for
people in their industry they don’t
really feel like they’re doing what they
were pitched to do when they joined the
company usually if you go to his event
you’ll get a pitch on them I bring the
context that they do the great
construction or their industries and the
challenges that you will face and then
you get into the program and you’re in a
nice streamlined environment that you
don’t actually get to do anything
outside of that creates a sense of
frustration for a lot of the young
people and companies usually that would
propose something like a graduate
program that’s four years gone and then
you’ll folk you’ll choose one of them
and they know down that part the problem
is that students nowadays are much more
collaborative minded and they want a
more well-rounded approach and that’s
not something that we see oneself to do
and this leads to the mobility I’ve seen
this in my career as well I started
working in construction I made Kapus
labor into the u.s. hi about 15 young
engineers there’s only two left I’m the
only one in that geography this is also
an issue for the people who stayed in
the companies because there’s a
phenomenon that I keep observing with
people who are later in their career
which Michael technical is downtown it’s
the the process by which people are so
streamlined in following the company
process and the company procedure waves
engage then as soon as something a
little bit strange and a little bit
technical but relates to that
problem-solving mindset that you have a
new style element it comes along they
nerd out completely about it and they
waste all
time trying to figure that a small
little thing that committees and
romanika what I would call technical in
standard so wondering why do we observe
this in in the professional sector what
is it about companies that means that
has made them so rigid
well if you think about industry meeting
the old sense of the term and when I
prep the industry it’s more technical
company they have historically been the
main drivers of societal information
about a hundred years ago they would
bring along with great changes and they
were very synonymous with developments
of inspiring nations but as time has
gone along there were more and more
companies and more and more competitive
environments with larger and larger
projects so companies settled on
business models that worked for them and
then their focus became less on about
innovating of society level and more
about sustaining and making that
business model survive and so when you
have that need to sustain a business
model you create procedures around it
you create means to format newcomers
into the company to feed that one and
you get an obsession with collecting
data to understand how your model works
so there’s an explosion of things like
quality audits and ISO certifications
and their entire problems engine
these technical companies dedicated to
understanding how that model works
obviously that’s not really an
inspirational thing for young graduates
to come here I choose to join that
therefore means that everything that
isn’t necessarily that important to
sustain the model is is put on the back
burner so things like long term thinking
long term innovation are slightly less
important and the concept by which you
would train people who maybe have
worried or interesting careers is also a
little bit less important this
I think resembles a much more finance
oriented way of thinking now the
financial sector has had more and more
importance in in everyday life in recent
decades and they are motivated by very
different mindsets they focus more on
short-term profit risk that they can
understand and on things that they’ve
seen before they have a past experience
will pass pass on it and that’s when
they choose to follow you more and since
these companies now focused more in
their business models that you were
thinking each other point well but
what’s losing out on it is the long-term
aspect and the long-term innovation and
throughout society itself now at this
point I do have to mention that clients
are quite complicit in this as well my
clients I mean is usually a public
sector client that has a very big
project with the what to think
and and therefore they ask configured
well the expertise in that field and
previously they these public entities
had their own technical department and
they have their own
that kind of knowledge but with the
sheer size of projects major projects
are usually in the billions of needle
and the amount of projects coming out
more and more than the same time it did
become sustainable to sustain in time
technology its technical moment and so
they relied more on the private sector
add to that the fact that the public
sector usually works on a shorter term
election cycle and you realize that the
technical problems and the public sector
are going away that brings more reliance
on the private sector meaning more
reliance just means you put the risk on
them and that created some contract
structures that feed this kind of
thinking first it was a design-build
contract so we you know just asked them
to make the product to build it you as
ins designed it as well and now we’re up
until q3 level the public-private
partnership where you even put the
funding and the consumption of the
project onto to the private sector as
well it’s taking away that and obviously
the private sector who is new risk that
they need to manage as well and so they
go back to their core model because then
they know that works and that again
stifles the innovation and the drive and
the pleura disciplinarity of the
engineering mindset which is which was
the reason for existin
and so where there’s a vacuum sort of a
brain drain of Engineers and you know
the graduates like yourselves usually
there were players that come in and fill
together there’s three main players that
are filling the gap today
the first one is startups now startups
originally came as sort of the perfect
solution because the idea is there’s a
problem out there no one seems to be
typing it might come up with a solution
and innovation in the old sense in the
old sense of the term when it comes to
startups really was about creating a
company and then seeing it through to be
and making that you’ll call career but
what startups have become today is is a
little bit different they’ve become a
process by which you identify a problem
that you think you dissolve you very
quickly produce a product that solves it
and they
the market the people who will fund you
again short-term mentality short-term
thinking want the product to market
quickly and within about three to five
years you sell it somebody else to a
logical information and then you move on
to something else
which is essentially a process by which
industry outsources its innovation needs
to startups let the biggest ideas swirl
around you see which one’s survive when
you find those in and incorporate them
into your business model the problem
with that I have is that the criteria
for success when you’re a start-up is
actually not that much what your idea is
worth it is much more are you able to
bring it to market and make a company
out of it
you often hear they’re only about 10% of
startups are successful past the first
year I don’t think that means that 90%
of startups have a bad idea in quite the
opposite I think that the the process
and the criteria by which is start of a
successful is gone on metric for some of
these ideas if those ideas had been come
up with in a completely funded R&D
department or a university or a mindset
by which the focus of business viability
isn’t the main criteria than that idea
could have thought she was pulling
through something like on the industry
side an existing process does not even
to be made that the current way in
current short-term way of thinking about
startups is actually stifling more ideas
than its bringing to the market
planners who’ve come in fill this brain
drain vacuum is what I call it gaffers
the Google Apple Facebook magazines and
the life these are essentially
synonymous with innovation of this day
because about the different companies
and what they really are is the startups
of 20 years ago that were filled to
actually market dominance by the
financial sector itself as well what
you’re seeing though in more recent
history is that there’s a
misunderstanding about what the actual
purpose F is is it’s very much driven
towards innovation but there is a very
very existing financial requirement on
the side they need to be profitable and
they need to be profitable in the short
term and we’re just starting now to ask
very society-wide questions about the
roles that these companies have in our
lives and whether or not they’re
comfortable with
add to that the fact that they know is
more and more starting to act like
industries themselves you hear a
reporter around about that another
remains in tech player has bought
another company from billions of dollars
what that is is the same as industry
it’s innovation by acquisition is no
longer innovation by in-house nurturing
of ideas and that is essentially what
these guesses have become the third
player is our 40% from earlier it’s the
consultants and the financial sectors of
the magnets now I personally when I was
here in Imperial as well I had the same
page by the consultants they come to you
and they are so impressed by your
background it was always one issue with
the with the pitch for me it was the
fact that they don’t necessarily care
what degree you took take care that it’s
Matthew or technically your engineering
aid and that you’ve got the great
detective good school but then that’s
what I didn’t care about the specifics
of it the specifics of it there really
matter they just want to take you and
again format you and it consultant might
set and put you in a pool of lots of
other people that have lots of other
skills but they don’t really mess are
not that necessary for the consulting
world and then they want to trainee to
do one fail which is to give tips to
other people
you essentially propose solutions to any
engineering companies technical
companies who again because they’re
focused on their business model don’t
really have their own departments to
think about other solutions around the
market so they asked us I wants to do
that but the consultant will not be part
of the process by which you pick an idea
or you make a decision on which idea to
go forward to what extent similarly for
the banking side in the investment side
they are not the ones who come up with
the original idea they are the ones who
will evaluate whether your idea was good
and take about half directly for it and
then help you push it further these are
support structures for there but they’re
not the actual innovation effective are
they in all three of these vacuum
seeking players are actually not really
an engineering mindset or a technical
problem solving mindset know why Shiva
this is that there are substantial
challenges out in the world today they
go beyond with the digital space and the
financial space the simple fact that we
don’t seem to be getting anywhere with
climate change is simply because we do
need people to go on the ground with
real on-site experience to make those
changes
scientists engineers how that might say
the same goes for lot of issues putting
the house of and everyone can live in
eating the population of mine
people the logistics of moving around
the scarcity of water all these
challenges entered by on the ground
people and a much more long-term
thinking than something that’s for
another five years and so this model by
which industry and all the players in it
are feeding in a short-term mentality
model the only bank of hope that there
is out there is the people who like
ewing is really here today those who
have started out in the process by doing
the degree because you’re actually
interested in what you’re studying
you’re doing it because you believe in
the purpose of it goes back to what
we’ve heard a little bit earlier this
morning what is actually drawing on you
is it just making sure you follow the
process of the company or is it more
meaningful is that behind what you do
there’s two major changes that need to
happen one for each sign of the program
the first one is always hears on the
company side companies have to
understand that they are shying away
from their more long-term societal
responsibility and their society
involved and it’s not just giving people
more timing week to go and come up with
ideas and create intrapreneurship labs
but you created a vision in-house it is
allowing a technical mindset to come
back into the equation where performance
if that is not measured against the
procedure but it’s measured by how
innovative you are and how free your
engineers are to actually innovate that
is one of the key ways to keep people
within the companies there are some
other ways as well you can coach young
graduates young engineers and have them
explore other fields the concept of
thinking and departments are thinking in
silos is it really has to go away and
flurry disciplinarity is a little bit
scary for the people would be defeating
this business model because it’s so used
to that but it is one of the ways we’re
in Heaven’s by I told you so
this industry and actually bring a that
solution into a moment I’m sorry but
there is also another call to opacity
another be bold requirement which is you
guys in this group there is a real need
to bring this purpose of industry of the
engineering mindset of the fact that you
know not just interested in finding a
solution to Republican but actually
testing it seeing if it works and then
if it doesn’t work there be she tried
and then tweaking it make it work and
that means that we need many people
might be diverse admit some friends you
might have with beginnings vector is to
actually go into the industry and stick
it out for a little bit now I’m speaking
from experience
it is difficult at the beginning it can
be frustrating you met with a very large
reticence to change but it is essential
that it happens because once our
generation is the one in the industry if
it’s a model we don’t believe in there
won’t be anyone there but an economy and
our society without the dryer and the
long-term thinking potential of industry
is one that is so I would call on all of
you to look at industry not with the
short-term thinking of am I going to be
having tomorrow but one of them and I
bring in an impact that goes beyond just
the day-to-day life that brings this
desire for an actual day-to-day
problem-solving into reality and can I
actually help society to return to a
[Applause] [Music]
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