Breakthrough

Innovation
Is your organization equipped for
breakthrough innovation?

WEF 2023 The call for accelerated change

 Table of Contents

3 Introduction: Is your organization equipped for breakthrough innovation?

5 The megatrend technologies fueling innovation

11 What is breakthrough innovation?

15 How will the next generation of breakthroughs happen?

20 Transforming technology into breakthrough innovation is indeed possible

21 About the research

22 References

Breakthrough Innovation 2
 Introduction

Is your organization equipped

for breakthrough innovation?
For several decades, the world has the pace of technological change, bend the
primarily measured technological innovation curve and become a crucial part
advancements by a single metric: Moore’s of every organization’s value chain. Much
law, which states that computers will more than simply a form of computing,
double their speed and capabilities every cloud is the operating system of the future
two years. Companies steadily harnessed enterprise. It allows businesses to run with
these ever-greater computing capabilities greater speed and agility by standardizing
to make incremental and important operations on a common platform and
improvements in how they innovate, grow enabling organizations to innovate and
and operate. Moore’s law brought us experiment faster. AI’s impact on business
progress that was exponential, but also will be similarly far-reaching, because of
predictable—until now. its potential to reinvent practically every
aspect of every enterprise. The metaverse
Today, cloud, AI and the metaverse are marks a new era of digitally enhanced worlds
accelerating into megatrends that have and business models that will change how
the potential to dramatically speed up businesses interact and how they create
products and services.

Breakthrough Innovation 3
Introduction: Is your organization equipped for breakthrough innovation?

Companies now need new strategies opportunity, when business reinvention

to harness these megatrends and must be continuous. With a digital core in
the next generation of technological place, every company can aspire to create
advances on the horizon. Cloud, AI breakthrough innovations in their industry
and metaverse form the foundation of and adjacent markets—a territory that
a strong digital core, which is a source was formerly the domain of digital native
of competitive advantage in a time companies.
of unprecedented uncertainty and

Breakthrough Innovation 4
 The megatrend
technologies
fueling innovation

Today’s executives are navigating a complex and dynamic

business environment few have ever seen. Continuing effects of
the pandemic, supply chain challenges, inflation, energy shortages
and more—all representing a fundamental change in how the
world operates.

Our Global Disruption Index, a composite measure that covers

economic, social, geopolitical, climate, consumer and technology
disruption, shows that levels of disruption increased by 200%
from 2017 to 2022 (see “About the Research” for more details). In
comparison, the Index rose by only 4% from 2011 to 2016. As such,
organizations now face a permanent state of change at a pace
never seen before.

Part of this disruption stems from the cycle of technology adoption

and consolidation, known as the “S-curve.” The pandemic marked
a dramatic uptick in the pace of technology adoption. Our latest
research conducted at the end of 2020 shows most organizations

Breakthrough Innovation 5
The megatrend technologies fueling innovation

are not stopping. More than 93% of or endure over the long term, without
companies are continuing to expand their constantly reinventing itself at every major
IT foundation.1 Fully half plan to increase inflection point.
investment levels in AI (51%) and Cloud
services (50%) over the next year. And While the megatrends of cloud, AI and
more than one-third of companies will metaverse represent three technology
further develop their digital core in areas “S-curves” that are disrupting businesses,
like data technologies (42%), security they are also catalysts for productive
(39%), and communications networks business change. Legacy technologies
(37%). It’s not only adoption that has limit an organization’s ability to change
accelerated, but also the technologies and innovate, but a strong digital core
themselves. Technological change sped built on cloud, AI and metaverse enables
up to a massive degree over the last continuous reinvention—embracing
decade. A company cannot keep up, reinvention as a strategy in itself.

Cloud

AI
Metaverse

Breakthrough Innovation 6
The megatrend technologies fueling innovation

Cloud

Cloud is increasingly the place where Despite accelerated adoption of these

most innovations happen. Every other new technologies, many companies
technology with the power to transform struggle to scale innovation across their
requires a strong cloud foundation on organizations. However, a strategic tipping
which to build. Today’s cloud computing point occurs when organizations migrate
power—managed centrally and deployed and modernize their technology estate to
everywhere—offers easy-to-use services a cloud-based operating model. The most
like 5G, robotics, data services, tailored- successful companies treat cloud as a
industry solutions and quantum new operating system for the enterprise
computing that can help companies in which all IT assets are configurable,
create new services and jump right to consumable and automatable to make
their application—like programming the business efficient, resilient and agile
distribution centers to rapidly reconfigure and able to experiment faster. And while
based on demand or helping retailers we estimate that today less than 68% of
create the stores of the future.2 Cloud companies that have moved to the cloud
is increasingly a source of continuous are fully using these capabilities, it is clear
innovation rather than a one-time that more companies need to as part of
destination. their reinvention strategy.

Breakthrough Innovation 7
The megatrend technologies fueling innovation

AI In a survey of over 1,500 C-suite

executives and data-science leaders
In the past, companies thought of AI from the world’s largest organizations,
as a tool to help them process large we found that firms that plan to adopt
amounts of data quickly, allowing them next-generation AI and advanced
to generate new insights to inform computational methods—while tapping
everything from manufacturing to ecosystem partners and networks to
research, from HR to marketing and help them plan and execute their tech
more. Today, AI is at a new inflection point strategies—are 2.6X more likely to
and period of rapid acceleration as it increase revenue by 10% or more than
gains more human-like capabilities and companies not pushing toward the
intelligence in three categories: vision, leading edge in these areas.
language and reasoning. Computer vision
is gaining traction in domains such as A majority of companies—nearly 75%—
manufacturing quality control, safety have already integrated AI into their
and physical security and autonomous business strategies and have reworked
mobility. While language is a more their cloud plans to achieve AI success,
complex domain, recent advances whether the goal is accelerating R&D
like GPT3 and ChatGPT are breaking timelines for new products or enhancing
new ground in intelligent customer customer experiences. That said, of those
engagement, content creation and companies already testing AI, only 12%
contextual search. Recommendation are effectively scaling these experiments
systems are becoming central to to achieve superior performance and
enterprise decision-making. growth.3 One executive told us, “We
have 2,000 machine learning models
To increase their intelligence index across and no way to productize and make
these three domains, companies will them useful at scale.” Companies must
need to develop foundational models simultaneously build foundational AI
that continually add to their corpus of capabilities—like modern data platforms,
data and knowledge and enable them mesh architectures and responsible AI
to be more responsive to new signals of governance—that are required to keep
change from their operations or outside pace with AI advances—all guided by an
environment. AI strategy that has C-suite sponsorship.

Breakthrough Innovation 8
The megatrend technologies fueling innovation

Metaverse
representation of a German factory
There is growing consumer and using NVIDIA’s Omniverse Enterprise
business interest in the metaverse as a platform. The system allows BMW to
creator economy and tool to enhance simulate changes to its manufacturing
day-to-day tasks, which is expected process with “virtual humans,” and
to build a $1 trillion commerce optimize changes to workflow and
opportunity by the end of 2025.4 ergonomics before rolling them out to
While we often hear about consumer a real factory floor.5
applications of virtual, enhanced
environments such as gaming, the Numerous companies are using
biggest potential for metaverse in the metaverse technologies to address
short term is coming from industrial significant business issues and whole
and enterprise uses. And some of industries such as healthcare that
the world’s best-known brands are are ripe for reinvention given the
already deploying the technology. For technology’s ability to dramatically
example, BMW has invested in digital broaden reach and improve doctor-
twin technology to build a virtual patient experiences.

Breakthrough Innovation 9
The megatrend technologies fueling innovation

A strong Different industries and markets will be

affected differently by forces of change.
based infrastructure and security layer
that is automated, agile and secure
digital core is Some will embrace Total Enterprise by design. That includes moving and
fundamental to Reinvention, with a goal to reinvent over modernizing existing applications on the
all other strategic time every part of their companies,
centered around a digital core and new
cloud, and building new, cloud-native
applications and platforms to bring
needs of an ways of working that establish a culture efficiency and innovation to enterprise
enterprise and capability for continuous reinvention. functions. The interoperability that comes
In doing so, they’ll set a new performance with modernizing applications on cloud
frontier for their companies—improved is crucial, according to our research:
financials, ability to achieve perpetual Companies with high interoperability
breakthrough innovation, increased grew revenue 6X faster than their peers
resilience in the face of any disruption, with low interoperability and unlocked an
and how they create value for all additional 5 percentage points in annual
stakeholders. Companies need a strong revenue growth.6
digital core to thrive in a future where
technology and breakthrough innovation The next layer of the digital core is data
is a primary source of competitive and AI, which helps enterprises ask
advantage and continuous reinvention is new questions and find new answers to
a strategy in itself. drive decision-making and develop new
products. Then comes adding a layer of
A digital core is the foundation on which capabilities to enable experimentation in
exceptional experiences can be built and the hybrid digital-physical worlds of the
breakthrough innovations happen. metaverse.
A digital core is built on a modern, cloud-

Breakthrough Innovation 10
 What is
breakthrough
innovation?

Breakthrough innovation sits at the intersection

of understanding the potential of next generation
technologies and applying them in novel ways to
shape and capture white space opportunities and
address acute needs in their business or industry.

The question then becomes: Are these

breakthroughs a matter of luck or can companies
engineer such success?

We believe companies can engineer breakthrough

innovations. To understand how this happens,
executives should first understand what makes an
innovation rise to the level of breakthrough. In our
experience, breakthrough innovations have one of
three fundamental characteristics that set them apart.

Breakthrough Innovation 11
What is breakthrough innovation?

1 Category-defining new products, services and experiences.

Breakthrough innovations drive more than Such innovations have snowballed into platforms like
just growth and profitability. They spark entire Apple Pay, Google Pay and PayPal in the consumer
businesses and categories of businesses. space. Meanwhile, Square, Stripe and Moven are
Sometimes they spawn entire industries. They gaining control over B2B payments, settlements and
do that by creating something that has never other transactions, while upstarts like Chime, Nubank
been seen before—whether at the level of a and Monzo have built low-cost, digital-native banking
product, service or experience. services. Chime is now among the top 10 banks
in the U.S. in terms of number of customers.8 And
Think of the biometric sensor technology traditional players like Capital One, which started off as
embedded in a smartphone that fostered a credit card company, have grown into cloud-native
radical ease of use as users made payments technology companies that also offer banking services.
with vault-like security. This was not just a
business-model innovation. It was also a These new breakthrough products and services not
fundamental invention known as a “secure only created giant successes and other new products
enclave,” which embeds biometrics at the chip in the industry, they laid a foundation for sustainable
level of a device and prevents user data from economic development across the world.
being compromised.

Another breakthrough innovation is the UPI

payment infrastructure established in India,
which enables users to transfer money within
and across platforms regardless of payment
standard. These breakthrough innovations
have resulted in an explosion of banking and
payments options for both the inventor as well
as the industry.7

Breakthrough Innovation 12
What is breakthrough innovation?

2 Significantly compressed time to value.

Growth is becoming hard to achieve, and products or ventures at different stages of

competitive advantage is becoming harder development, thereby increasing the probability
to sustain. Between 2011 and 2022 the of success and diversifying risk. Cloud
performance gap between top-quartile and hyperscalers are adept at taking investments
median companies in terms of total shareholder in one area and scaling them rapidly in many
returns (TSR) declined by an average of 15 other areas of the business to reduce time to
percentage points across industries.9 Creating value. This is the power of reuse that companies
value has become much more urgent and must leverage to accelerate the time to value making
be greatly compressed—from decades to less their products reach the customer faster and in
than a year. a more predictable manner.

While breakthrough innovation starts with a Consider how AWS has used the conversational
great idea, success lies in a company’s ability to AI intelligence gained from Alexa to capture
bring that idea to life in a radically compressed a huge share of the enterprise contact-
timeframe. Take the example of pharmaceutical center market, which accelerated during the
and biotech leader Moderna’s process to design pandemic.11 Or how Siemens has launched their
an mRNA that carries instructions for cells Siemens Xcelerator platform which is an open
to produce a disease-fighting protein, which business platform that brings together different
unexpectedly changed the game in vaccine ecosystem partners to help clients to accelerate
development in record time when COVID-19 their digital transformation. MindSphere can
struck. That didn’t just benefit Moderna as a process data, in real-time, from thousands or
company; it lifted the entire pharmaceutical even millions of edge devices and sensors
industry when it was needed most.10 in plants, systems, machinery and products
dispersed throughout production processes
There’s a science to significantly compressing and supply chains.12
the time to value. Rather than betting on a
single idea in a single field, leading firms build
a dynamic portfolio of ideas for new business

Breakthrough Innovation 13
What is breakthrough innovation?

3 Dramatically reduced cost of impact

Profitable ideas are getting harder to generate. solutions to more than one asset, line or function; and
Whether in drug discovery, semiconductor autonomous solutions leverage vast amounts of data, which
research, medical innovation or crop yield is typically beyond the reach of existing manufacturing
improvements, there’s a common story: operations management (MOM) architectures.
investment in research is climbing sharply
For example, Stellantis is using a combination of edge, cloud,
resulting in high innovation costs and
5G and AI technologies to improve quality inspections in one
questionable payoffs. Research productivity—
of their manufacturing plants in Brazil.14 They gather petabytes
the number of researchers it takes to produce a
of data from sensors and cameras as vehicles move through
given result—is declining by around 5% annually
the assembly line. Then, using edge computing, they detect
in the U.S.13 For example, in the semiconductor
defects such as welding errors in real time because the
industry it takes more than 18 times as many
sensor data is processed in close proximity to the problem.
researchers to double chip density today as
They also rely on the power of AI models running on cloud,
it did in the early 1970s. This staggering cost
which are trained using data continuously gathered at the
of innovation could be why the industry is
plant. All this is brought together with the connectivity of
decrying the end of Moore’s law.
private 5G networks. Since the network’s launch, Stellantis
New technologies hold the promise of has improved its auto manufacturing productivity, safety and
dramatically reversing this trend. Technology, business agility.
data and AI are being applied to accelerate
By implementing disruptive technologies like digital twin,
scientific progress at much greater productivity.
computer-vision powered by cloud, edge and private 5G in
Consider manufacturing. Most manufacturers parallel with the existing MOM architecture, manufacturers
across the world have launched pilots to can extract more value from years of technology investments
validate the value of harnessing data and and avoid the need to “rip and replace.” It allows auto
advanced analytics, applying autonomous manufacturers to deliver products with higher quality and
solutions like predictive maintenance to predictability at a lower cost, which in turn helps accelerate
optimize their operations. However, as the transition from internal combustion engine to electric.
manufacturers strive to adopt autonomous
While businesses still need a great idea for a new product,
operations faster, they face two common
service or experience, today’s technologies make it possible
challenges: the highest value use cases typically
to drastically cut development time and associated costs.
require manufacturers to introduce autonomous

Breakthrough Innovation 14
 How will the next
generation of
breakthroughs happen?
In the coming years, we expect to see some of the greatest quantum leaps
in performance and breakthrough innovation coming from three sources:
platform-based business models, deploying next generation intelligence and
exploiting computational and algorithmic advances.

Unlocking the power of the platform economy

Companies are using technology to redefine the entire value chain

of essential activities providing new products or services to their
customers beyond what is created within their own walls. These
emerging, platform-centered business models on cloud share data
and experiences across the enterprise and beyond, generating
new revenue streams and create “stickiness” with customers. This
concept originated with the marketplace that Apple, Google and
Amazon created and was expanded by other platform companies
like Uber, Airbnb in the travel and hospitality segment. This
philosophy is very much applicable to the B2B enterprises, where
companies can come together to offer a new and differentiated
product or service to their customers. This is all about taking the
power of social graphs—which are essentially models of social
networks—to the enterprise world.

Breakthrough Innovation 15
How will the next generation of breakthroughs happen?

A prime example is what’s happening in innovation, consumer-grade scalability

the auto-insurance segment, where the and governance that spans all the
driver can get a personalized insurance organizations involved.
service for their automobile tailored to
how, when and where they drive. Upstart Our analysis of FactSet’s supply-
electric automakers like Rivian, which chain database shows the number of
makes “electric adventure vehicles,” organizations entering unconventional
integrate insurance into their offering. But collaborations grew by five times from
instead of Rivian becoming an insurer and 2011 to 2021. In fact, our analysis showed
handling complex underwriting and claims that from 2017 to 2021, the average
processing of the insurance value chain, number of organizations in any one
Rivian partnered with Nationwide.15 This collaboration was three times higher
allows Rivian to streamline the insurance in unconventional collaborations than
process for car buyers while providing a traditional ones. Similarly, unconventional
steady source of customers to its partner collaborations were 2.8 times more
as well as real-time driving data that helps likely to involve competitors than were
them quantify risk and set premiums. traditional collaborations.

To introduce new products or services Deploying next-generation intelligence

that leverage a platform-based business
model and deliver differentiated Over the last 10 years, there have been
customer value, companies should breakthroughs in AI, primarily related to
establish unconventional collaborations computer vision, enabling advances from
with partners and other industry actors, image search to autonomous driving.
both within their existing market and The next wave of breakthroughs will be
adjacent markets. This process involves driven by language, based on advances in
bringing together business model transformer models such as GPT-3 and Wu

Breakthrough Innovation 16
How will the next generation of breakthroughs happen?

Dao 2.0. In 2020, AI services grew 17.3% to in consumer goods, where increasingly
$19.4 billion, and are forecast to increase sophisticated 360 customer engagement
to $50.5 billion in 2025, at a CAGR of 21%. tasks can be fulfilled by chatbots; in
AI training times have dropped 87% from architecture, where text-to-image engines
2018 to 2020, while advances in hardware visualize building ideas; and in coding,
and software have been driving down AI where commands written in English can
training costs. be turned into rudimentary software
applications. Transformer models
For companies to benefit from the understand language, providing a general-
technological advancements in AI purpose platform that can do much more
capabilities, they need to take a more than automate humdrum work.
strategic and disciplined approach in
acquiring, growing, refining, safeguarding China-based Shein became the world’s
and deploying data. They need to truly largest fashion retailer in 2022 in part
treat data as capital, working to increase by using next generation intelligence
and accelerate the return on their data to reinvent demand-driven product
capital. When companies master data design. Each day, Shein adds up to 7,000
management, they can aspire to next-gen new items online, far more than rival
intelligence that will be live, multi-modal, retailers do, by mining consumer signals
cross-functional drawing inferences from online, especially on TikTok.16 Product
both internal and external sources. teams quickly turn around designs
based on clicks and sales. An algorithm
These trends can be seen in determines the production plan—ordering
computational biology, where language extra materials automatically and then
models are used to “predict” proteins to recommending items to more users with
better understand the building blocks of similar profiles.17 This kind of just-in-time
cells and accelerate drug development; model could be applied across other

Breakthrough Innovation 17
How will the next generation of breakthroughs happen?

industries to prevent large amounts of comprehending the data. A single human

stock from going to waste and tie up very has nearly 100 trillion microbiomes.18
little cash in inventory. Multiply that number across all the
humans on earth, and the combinatorial
Exploiting computational and complexity is staggering. Now, massive
algorithmic advances computing power and advanced data
pipeline platforms (such as QIIME) are
We’re entering an era of supercomputing being deployed to understand the role of
and advanced AI that has led to the microbiome communities on health—
innovation becoming cheaper, more for example, the impact of antibiotics
accessible, less risky and providing on a human body. Computational and
more optionality. Bestselling business algorithmic advances unlock the potential
book author Jim Collins has called it for analyzing all these combinations to
the “flywheel effect”—as companies solve pressing community health and
relentlessly push a giant, heavy flywheel, environmental challenges.
turn upon turn, they build momentum
that eventually produces a breakthrough Take semiconductor chip design. Every
point. level of computing is becoming more
specialized. This wave started when
Why is this important? The field of computing architectures evolved from
microbiome research is one example general purpose processors to domain
of the impact of these advances. specific architectures. This important
Researchers have long known that a shift can be traced back to when
better understanding of the microbiome graphical processing units designed for
would yield important new insights gaming were applied to a completely
into human and environmental health. new domain—AI processing and model
The challenge was always the sheer training, addressing a previously unmet
scale and complexity of processing and

Breakthrough Innovation 18
How will the next generation of breakthroughs happen?

need to process massive quantities of all improvement in the domains of

of data. This phenomenon has AI-powered games like chess and Go,
ballooned, with more and more domain- weather prediction, protein folding
specific chipsets being designed to and oil extraction, according to Neil
accelerate the performance of specific Thomson, an innovation scholar at
applications—effectively changing the MIT’s Computer Science and Artificial
trajectory of Moore’s law. Intelligence Lab and the Initiative on the
Digital Economy.19 Advanced computing
As companies strive for differentiation systems like quantum, neuromorphic
through advanced computational and “swarm” computing are on the verge
technologies and algorithms, they will of prime time. But in the meantime,
need to monitor new research and engineers are taking a hybrid approach,
developments from various sources like blending traditional computing systems,
academia, open source communities such as through enhanced simulation
and start-ups. Since many of these or modifications, with elements of
algorithms will push the boundaries next-generation computing, to achieve
of conventional performance, it’s performance and efficiency boosts
important that companies design a of advanced computing while taking
full-stack technology solution that advantage of the scalability and reliability
can accommodate the speed and of classical computing systems. These
performance demands while mitigating blended solutions are more than a
energy and sustainability impacts. stopgap until the next thing is fully
ready—they could offer legitimate value
Computing architecture and the in the next 12 to 24 months.
algorithms account for half or more

Breakthrough Innovation 19
Transforming technology
into breakthrough
innovation is indeed possible

We are at a unique inflection point. Breakthrough innovation

sits at the intersection of understanding the potential of next
generation technologies and applying them in novel ways to
shape and capture white space opportunities and address
acute needs in their business or industry.

We are inspired by many examples of breakthrough

innovations happening already and the promise of
disruptive technologies like cloud, AI and metaverse. By
harnessing these megatrends to establish a digital core and
capitalize on the next generation of technology advances,
every company—not only digital natives—can reinvent their
enterprise with breakthrough revenue growth, operational
efficiencies and innovation. By jettisoning a mindset of
incremental innovation and embracing breakthrough
approaches, business leaders will dramatically reshape their
companies, entire industries and broader society.

Breakthrough Innovation 20
About the research
We took a multi-method approach: 2. Case studies

1. C-suite survey We employed a qualitative, multiple-case study methodology, examining

collected more than 20 cases, to illustrate and emphasize different
Accenture Research conducted a survey of 1,516 C-suite executives in aspects of organizations’ various innovations and approaches to
November 2022. Respondents were asked about their organization’s reinvention.
approach to business transformation and reinvention strategy, as well
as about their specific programs and success factors. We collected 3. Global disruption index
data on technology implementation across 26 different technologies
spanning IT, data, AI and automation, network, security, and cloud. We We created an overall measure of disruption to assess the level of
supplemented this by assessing executives’ intent and specific timelines volatility and change in the external business environment. The index is
to build on their digital cores and invest further in emerging technologies based on the average of six sub-components, that cover the economic,
such as the metaverse and advanced computational methods. As social, geopolitical, environmental, consumer and technological
dependent variables, we also captured their expected returns on spheres. Each of the sub-components is based on a set of indexed
investment in innovation and their likelihood to achieve breakthrough scores for a range of indicators.
innovation through an effective ecosystem strategy.
The economic component is based on economic risk ratings, VIX,
We conducted the survey in 10 countries: Australia, Canada, China, GDP volatility and inflation volatility. Geopolitics is based on the risk of
France, Germany, India, Italy, Japan, the United Kingdom and the geopolitical instability. The social component reflects social unrest and
United States. Respondents represented 19 industries: Aerospace and non-participation in the labor market. The environmental component
Defense; Airline, Travel and Transport; Automotive; Banking (Retail); reflects the frequency of climate-related disasters and climate-driven
Capital Markets; Chemicals; Communications, Media and Entertainment; risk. The consumer component reflects pessimism at a global level,
Consumer Goods and Services; Energy; Healthcare; High Technology; based on the inverse of the OECD’s Consumer Confidence Index. Finally,
Industrial Goods and Equipment; Insurance; Natural Resources; the technological component is based on an index comprised of 26
Pharmaceuticals, Bio Tech and Life Sciences; Public Services; Retail; indicators, which use the presence of disruptors and performance of
Software and Platforms; and Utilities. incumbents as proxies for the level of disruptive innovation in industries.

Breakthrough Innovation 21
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companies with extreme values (outliers) and missing data points. For each of the 11
analyzed industries we calculated the difference between the 75th percentile and the
median. As a following step, we calculated the linear trend for this difference. Finally, we
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interoperability,” 2022 https://www.accenture.com/content/dam/accenture/final/ 16. Brett Mathews, Apparel Insider, “Shein, 9000 new lines a day, and ESG investing,” May 11,
capabilities/technology/software-engineering/document/Accenture-Report-ITL-IPS%20 2022 https://apparelinsider.com/shein-9000-new-lines-a-day-and-esg-investing/
V4.pdf#zoom=40
17. Emma Lee, TechNode, “How Shein became China’s ‘TikTok for e-commerce’,” May
7. Jeff Kearns and Ashlin Mathew, International Monetary Fund ,“How India’s Central Bank 31, 2022 https://technode.com/2022/05/31/how-shein-became-chinas-tiktok-for-e-
Helped Spur a Digital Payments Boom,” Oct. 27, 2022 https://www.imf.org/en/News/ commerce/
Articles/2022/10/26/cf-how-indias-central-bank-helped-spur-a-digital-payments-boom
18. The Center for Ecogenetics and Environmental Health, University of Washington, “Fast
8. Jim Marous, The Financial Brand, “Why Chime Should Keep Bankers Up at Night in 2022,” Facts about the Human Microbiome,” January 2014 https://depts.washington.edu/ceeh/
December 27, 2021 https://thefinancialbrand.com/news/fintech-banking/chime-banking- downloads/FF_Microbiome.pdf
should-keep-bankers-up-at-night-2022-neobank-trends-127017/
19. Neil C. Thomson, DeepAI, “The Importance of (Exponentially More) Computing Power,”
9. For the analysis of companies’ performance advantage, we used available quarterly data June 28, 2022 https://deepai.org/publication/the-importance-of-exponentially-more-
for 3-year-TSR (Total Shareholder Return; underlying data comes from S&P Capital IQ) for computing-power

Breakthrough Innovation 22
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