Here is a short extract of my speech at the World Cities Summit in Goyang, South Korea in October 2024, about Singapore's 60 year journey to grow as an independent and successful economy and social model shaped by technology, data and policies; a blend of long term vision and careful execution.

Innovation thrives on conviction. To drive real change, we need more than just ideas – we need a clear vision, rooted in deep-seated beliefs and insights. But how do convictions form? They start with frustrations, insights, and hypotheses. Take, for instance, the frustration with cash-only businesses. That simple inconvenience led to the innovation of contactless payment systems, impacting millions.

So, what fuels a conviction? And once we have it, how do we bring it to life? Strong convictions demand leadership and execution, as well as the ability to inspire followers to share in a vision. Leaders like Zuckerberg, Musk, and Bezos didn’t just follow trends; they transformed industries through relentless conviction.

But in corporate settings, how can we balance individual convictions with organizational goals? How can companies provide the right space, framework, and support to allow innovative ideas to emerge while keeping creativity alive?

As we explore the power of convictions, consider: What frustrations or insights have sparked your curiosity? What would it take for you to turn that into a conviction strong enough to drive change?

The author examines here the differences between technology services companies and product companies in the software industry.

The author, who has 20+ years of experience in both areas, highlights ten key distinctions between these business models, focusing on their approaches to revenue, sales, scaling, culture, and leadership.

These differences can lead to friction when the two types of companies collaborate, but the author emphasizes that both need each other for success. Technology services companies need productsto offer to clients, while product companies need servicesto help them reach a wider market.

The author ultimately argues that talent, customer focus, and innovation are crucial for success in both types of organizations.