►
Description
Marco Annunziata is the Chief Economist of General Electric, responsible for the global economic analysis that guides GE’s business strategy. A member of the European Central Bank's Shadow Council and of the European Council of Economists, Annunziata has been featured on Bloomberg, CNBC, and in The Financial Times and The Wall Street Journal.
Annunziata arrived at GE in 2011 with a long track record in the financial sector, previously working at Unicredit, Deutsche Bank and the International Monetary Fund, where he researched emerging markets and the Eurozone. Annunziata confesses that he is "childishly proud" of his first book, The Economics of the Financial Crisis (Palgrave MacMillan, 2011). The book traces the global fiscal crisis back to a failure of common sense, in which so many of us played a part, and offers guidance for learning the right lessons from the outcomes.
About GitHub Universe:
Great software is more than code. GitHub Universe serves as a showcase for how people work together to solve the hard problems of developing software.
For more information on GitHub Universe, check the website:
http://githubuniverse.com
A
A
Thanks
everyone,
so
five
o'clock
friday
afternoon
at
the
end
of
an
awesome,
intends
to
the
conference.
I
know
you
are
all
desperately
waiting
for
some
more
power
point.
Slides,
I,
hear
you
I
hear
you.
We
just
had
our
three-day
industrial
internet
conference
now
it
for
Mason,
so
I
hear
you
I
will
not
disappoint
you
here.
We
go
wait
to
talk
to
you
about
the
digital
revolution,
which
is
coming
into
industry
and
number
one
how
its
transforming
intucell
companies
know.
A
You
had
a
panel
earlier
on
in
the
conference
with
my
colleague,
Hema
who's
talked
about
how
every
company
is
now
becoming
partly
digital
company,
but
I
want
to
broaden
the
horizon
a
bit
and
also
tell
you
what
is
happening
across
the
world
and
how
this
revolution
will
impact
jobs,
the
economy,
trade.
Everything
goes
on
around
us.
So
what
we
see
here
is
really
a
technological
revolution
which
is
coming
from
the
merging
of
three
disruptive
forces.
A
Let
me
underscore
revolution:
we've
seen
from
my
background,
I'm,
an
economist
I
think
what
we're
seeing
now
is
going
to
be
as
big
as
the
Industrial
Revolution
we
had
in
the
eighteen
and
nineteen
hundred.
So
in
terms
of
the
impact
on
all
of
us
in
the
world,
it's
going
to
be
huge
and
it
has
three
components.
So
we've
called
the
ensemble
of
this
the
future
of
work,
because
it
will
redefine
the
way
work
is
done.
The
way
the
world
operates.
A
The
first
pillar
of
this
is
what
we
call
the
industrial
internet,
which
is
essentially
turning
industrial
machines,
whether
they
are
jet
engines,
gas
turbines
or
medical
devices
in
hospitals,
turning
them
into
interconnected
devices,
the
equivalent
of
our
smartphones,
so
devices
which
can
think
by
themselves,
can
interact
with
the
environment
and
with
us,
and
it
boils
down
to
an
impact
of
greater
efficiency,
greater
productivity
and
therefore
greater
economic
growth.
So
this
really
changes
the
nature's
of
all
the
industrial
objects
we
interact
with
the
second
pillar.
Advanced
manufacturing
is
a
combination
of
different
factors.
A
Some
of
them
are
different
production
processes,
3d,
printing
for
d,
printing,
really,
new
ways
of
building
objects
which
allow
us
to
build
objects
which
have
completely
different
physical
properties
connected
with
is
the
idea
of
using
different
materials,
but
also
the
idea
of
interconnecting
again
digitally
everything
that
happens
on
every
single
factory
floor,
but
also
with
supply
chains
and
distribution
channels,
and
it
boils
down
to
more
speed
and
flexibility.
So
this
really
changes
the
way
that
we
produce
things
and
the
third
pillar.
The
global
brain
is
a
crowdsourcing
open
source
innovation.
A
It
transforms
the
way
that
we
think
as
an
industrial
community
as
a
scientific
community
and
the
way
we
come
together
to
produce
new
innovation
and
when
you
see
it
from
the
point
of
view
of
companies
as
large
as
G,
it
has
some
interesting
implications
that
I
will
get
into
or
in
a
few
slides.
Now.
G
is
now
redefining
itself
as
a
digital
industrial
company
stay
as
background.
G
has
been
around
for
about
a
hundred
and
forty
years.
A
So
it's
a
pretty
old
company
that
has
reinvented
itself
over
and
over
again,
but
I've
been
there
from
the
beginning
with
Thomas,
Edison
and
I
can
tell
you.
This
is
by
far
the
biggest
transformation
that
the
company
is
going
through
in
its
entire
history
and
its
focus
on
this
idea
of
the
industrial
internet.
So
what
are
the
drivers
of
the
industrial
internet?
The
first
one
is
the
coming
together
of
the
physical
world
of
machines
and
the
analytical
world,
so
the
meeting
of
big
data
and
big
iron.
A
The
second
is
the
one
I
mentioned
earlier:
brilliant
machines,
the
idea
of
turning
industrial
machines
into
interconnected
devices
and
then
having
the
ability
to
sift
through
industrial
quantities
of
data.
Now
in
dust,
aletta
has
two
implications.
One
is
that
the
quantity
of
the
data
coming
at
you
is
just
gigantic.
Just
one
single
jet
engine
produces
one
terabyte
of
data
in
one
flight,
so
you're
getting
a
gigantic
amount
of
data
from
this
industrial
equipment.
A
You
need
to
be
able
to
analyze
it
to
turn
the
insights
into
actionable
insights,
but
also
you
need
to
do
it
in
a
way
which
is
totally
secure
so
cybersecurity.
When
you
think
of
machines,
like
jet
engines
or
medical
devices,
or
electrical
infrastructure
becoming
interconnected,
you
can
clearly
see
how
cybersecurity
is
of
the
utmost
importance
and
cannot
be
emphasized
enough,
and
the
last
pillar
of
the
industrial
Internet
is
people
at
work.
So
how
does
it
change
the
way
in
which
all
of
us
operate
in
all
of
us?
As
me?
A
One
is
we
feel
we
have
to,
because
if
the
digital
world
is
coming
into
industry,
the
industrial
part
of
G
is
huge
right,
we're
a
gigantic
company
which
is
spread
across
the
world,
and
we
have
tens
of
thousands
of
industrial
machines
from
locomotives
jet
engines,
gas
turbines,
wind
turbines,
medical
devices
and,
more
and
more
and
more
things
that
I
cannot
fit
on
this
one
slide,
so
we
have
the
installed
base
of
industrial
assets.
So
if
the
nature
of
that
base
of
industrialized
changes,
we
have
to
get
on
with
the
program.
A
So
four
years
ago,
in
2011
we
said.
Okay,
we
do
need
to
build
up
our
digital
capability
and
the
first
step
was
setting
up
a
software
headquarter
here
in
the
Bay
Area
we
poach
the
great
bill
drew
from
Cisco
and
we
started
hiring
250
people,
so
we
started
very
small
and
four
years
ago.
Nobody
really
believed
that
this
was
just
a
serious
thing
happening.
A
Three
years
ago
we
held
our
first
minds
and
machine
conference
on
the
industrial
internet
and
we
had
quite
a
small
room
during
the
close
by
in
the
dogpatch,
which
was
almost
entirely
taken
over
by
a
jet
engine
stage,
because
we
were
starting
off.
We
are
g,
so
we
like
to
do
big
things.
So,
first,
we
rented
a
small
space
and
then
said:
well,
we
have
machines.
A
We
have
to
have
a
big
machine
on
stage,
so
here
was
a
gigantic
jet
engine,
taking
up
half
the
room
but
fast
forward
to
2015,
and
now
we
have
established
a
month
ago,
G
digital
as
a
full-fledged
business
division
within
G.
Now
G
digital
now
has
14
thousand
software
developers.
It
has
already
five
billion
its
own
revenues.
It
covers
about
a
hundred
countries
with
30,000
people
working
within
G
to
cover
a
base
of
industrial
assets
which,
across
these
countries
is
worth
about
one
trillion.
A
So,
within
the
space
of
four
years
it's
already
become
very,
very
big.
Now
you're
used
working
in
the
software
world
you're
used
at
the
exponential
growth
industry.
Traditional
industry
is
not
used
to
seeing
exponential
growth
and
exponential
transformation.
So
what
we're
seeing
now
is
unusual.
It's
true
transformative,
it's
the
challenge,
an
exciting
challenge,
but
a
challenge
for
everybody,
including
companies
like
ourselves
now
the
next
frontier.
The
next
step
is
with
G
digital.
A
We
are
now
launching
predicts
because
we've
looked
around
or
mostly
having
higher
than
now
hundreds
and
a
few
thousands
of
people
who
know
what
they're
doing
you
quickly
realize
that,
if
you're
moving
to
a
digital
industrial
world,
then
this
digital
industrial
world
must
have
some
form
of
a
platform.
Some
sort
of
an
operating
system
and
the
operating
system
has
to
be
different
from
the
ones
that
you
find
around
today,
because
it
has
to
fulfill
those
functions
that
I
mentioned
earlier,
so
being
able
to
deal
with
industrial
quantities
of
data.
A
In
a
way
which
ensures
interoperability
and
cybersecurity,
so
my
colleagues
in
the
software
center
have
been
developing
the
operating
system,
which
is
predicts
which
is
now
going
to
be
open.
So
much
as
you
have
on
the
operating
system
and
platforms
for
the
Apple
iPhone
or
for
the
Android
devices
you're
going
to
have
the
possibility
of
developing
applications
for
industry
onto
this
platform,
and
the
idea
is
exactly
to
accelerate
the
process
by
which
digital
solutions
are
being
developed
so
as
to
allow
the
benefits
that
the
industrial
Internet
bring.
A
So
traditionally,
if
you
have
to
maintain
a
gas
turbine
or
a
jet
engine,
you
either
do
it
every
six
months
every
year
or
you
do
it
when
something
goes
wrong.
Now
the
problem
is
when
something
goes
wrong.
That's
when
you
get
stuck
on
the
tarmac
in
an
airport
for
a
couple
of
hours,
while
they
try
to
fix
the
problem
that
they've
just
discovered
it's
a
waste
of
time.
For
us,
it's
a
waste
of
money
for
the
airline,
it's
a
waste
of
opportunity
for
the
economy
as
a
whole.
A
A
Wait.
This
really
has
real-life
implications
on
all
of
us.
Think
of
hospitals
today
in
most
hospitals
because
of
the
lack
of
a
software
system,
people
don't
know
where
the
equipment
is,
so
you
end
up
wasting
time
and
being
able
to
cure
fewer
patients
simply
because
you
have
to
hunt
around
for
the
equipment.
So
there
are
massive
gains
to
be
realized
through
this.
A
Mobile
platforms
in
the
app
economy
have
been
the
one
of
the
key
drivers
of
fast
exponential
growth
of
revenues
and
value
in
the
consumer
internet,
and
the
idea
is
that,
once
you
open
app
in
operating
platform
for
at
the
industrial
internet,
you
will
have
a
similar
acceleration
or
effort
with
more
people
coming
in
to
develop
applications
and
so
an
exponential
growth
in
solutions
and
in
value
in
the
industrial
world
as
well,
which
has
a
huge
economic
implications.
And
here
I
am
talking
for
a
purely
you-
call
it
from
an
economist
perspective
of
pure
commercial
value.
A
But
when
you
look
at
the
industrial
internet
and
you,
you
asked
so
k
gas
turbines
jet
engines.
If
I
look
at
the
global
economy,
how
big
is
this
thing
really?
Well,
once
you
go
through
an
analysis
of
how
the
global
economies
made
up
of
the
different
sectors,
you
realize
that
these
are
solutions
that
will
touch
about
close
to
half
of
the
global
economy
and
with
the
kind
of
performance
gains
that
we're
already
seeing
at
the
micro
level
within
10
years.
A
So
this
is
going
to
create
a
market
of
a
value
of
about
nine
trillion
dollars
on
an
annual
basis.
So
within
ten
years,
this
thing
is
going
to
be
twice
as
big
in
terms
of
value
creation
as
the
consumer
Internet,
so
both
because
of
the
value
creation
and
because
it
is
something
that
touches
all
of
us,
whether
it's
through
transportation,
critical
infrastructure,
electricity
in
water
or
health
care.
This
is
going
to
be
where
the
most
exciting
action
is
now.
A
How
can
we
be
confident
that
the
value
will
be
created
because
you
can
see
it
already
in
the
initial
examples,
so
here
I
ballista,
just
some
of
the
solutions
that
have
already
been
developed
by
collecting
the
data,
analyzing
them
and
then
coming
up
with
different
ways
of
doing
things
and
the
value
that
you
create
is
immediate
it
and
it's
significant.
Let
me
just
mention
a
few
of
these.
A
In
the
case
of
winter,
we
have
wind
farms
so
where
the
efficiency
is
extremely
important,
because
if
we
really
want
to
have
a
future
of
sustainable
energy,
we
need
to
become
more
efficient
at
how
we
generate
renewable
energy.
Now,
with
data
you
can
now
do
something
which
is
both
extremely
simple
but
extremely
cool.
So
you
have
a
wind
farm
with
different
lines
of
wind
turbines
and
what
happens
as
the
wind
shifts
is
that
now,
thanks
to
software,
the
turbines
can
literally
talk
to
each
other
and
adjust
the
picture
of
their
blades
in
a
coordinated
way.
A
In
this
case,
the
four
percent
increase
in
energy
production
in
annual
output
and
a
twenty
percent
increase
in
profitability.
Now,
if
you
think
of
the
importance
of
making
renewable
energy
economically
efficient,
this
is
huge.
Similar
techniques
reduce
fuel
consumption
in
railways
in
aviation
in
aviation.
A
You
also
find
things
which
are
extremely
simple,
so
with
data
you
realize
that,
especially
in
certain
parts
of
the
world,
you
can
save
money,
make
the
engine
more
efficient,
reduce
fuel
consumption
and
need
fewer
intervention,
maintenance
simply
by
power,
washing
the
engine
with
water
at
specific
intervals,
very
simple
solution:
nobody
had
gotten
there
before
we
started
looking
at
the
data
and
then
the
ability
in
the
health
sector
again
to
have
patience.
Work
wait
for
shorter
intervals
of
time
are
also
having
platforms
where
different
medical
experts
can
collaborate
and
give
better
solutions
in
a
faster
way.
A
I
mean
now
move
away
from
the
industrial
Internet
narrowly
defined.
I
mentioned
advanced
manufacturing
at
the
beginning,
so
think
of
everything
dr
described
so
far,
you
have
intelligent,
interconnected
devices.
These
include
them
everything
which
sits
on
a
factory
floor
every
piece
of
equipment.
It
also
includes,
by
the
way,
variable
devices
and
portable
devices
for
workers
of
all
skill
level.
On
the
factory
floor,
it
includes
digital
instruments
to
connect
what
is
happening
on
the
factory
floor
to
the
supply
chains
into
the
distribution.
What
happens?
Is
you
can
first
of
all
organized
the
production
process?
A
Much
much
more
efficiently,
you
can
become
much
faster
in
your
cycle
of
designing
new
products,
prototyping
then
bringing
them
to
market
and
then
changing
them,
because
now,
thanks
to
data,
you
have
these
new
production
techniques
like
3d,
printing
and
4d
printing.
But
this
is
not
just
about
efficiency.
What
happens
here
is
that
you
are
fundamentally
changing
the
idea
of
economies
of
scale
when
you
start
getting
your
education
as
an
economy's.
A
They
teach
you
this
concept
of
economies
of
scale,
which
is
very
powerful,
but
it
boils
down
to
making
a
big
investment
in
a
big
industrial
plant
where
the
huge
machinery
and
then
pays
off
by
producing
thousands
and
thousands
of
identical
pieces
of
products,
and
now,
with
these
techniques,
you
don't
need
anymore.
You
can
become
economically
efficient
at
a
much
smaller
scale,
producing
not
just
thousands
of
identical
parts
of
producing
hundreds
of
different
parts
which
you
can
adapt
that
switch
with
extreme
speed
and
flexibility.
A
But
if
that
happens,
what
that
also
means
is
that
all
of
a
sudden,
you
can
have
smaller
factories?
You
can
have
micro
factories.
You
can
become
much
for
flexible
in
where
you
go
and
position
them,
which
means
you
can
create
jobs
by
positioning
them
where
the
talent
is
think
of
areas
in
the
US
where
an
employment
is
still
high.
A
It
also
means
that
in
some
of
the
emerging
markets
around
the
world,
all
of
a
sudden
you
it
becomes
much
easier
to
start
creating
a
manufacturing
sector
with
smaller
factories
that
can
create
good
jobs
and
which
are
the
only
way
to
accelerate
the
process
of
economic
development
and
convergence
of
bringing
up
living
standards
in
emerging
markets
towards
advanced
economies.
So,
from
the
point
of
view
of
the
potential
economic
impact,
it's
huge,
but
also
from
the
point
of
view
of
the
disruption,
it
is
huge
because
it
means
that
when
we
AG
we
are
a
huge
company.
A
When
we
look
at
this,
we
also
think
okay,
so
our
traditional
advantage
of
being
a
huge
company
is
not
going
to
be
the
same.
It
was
before.
So
we
also
need
to
change
the
way
we
operate.
We
need
to
become
faster,
but
we
also
need
to
become
more
open,
so
we
have
switched
to
focusing
a
lot
more
on
alliances
and
partnerships
with
partners
with
people
and
companies,
small
and
big,
which
bring
something
to
the
table
that
we
do
not
have.
A
So
we
have
a
venture
operation
here
near
Stanford,
which
is
exactly
focused
on
cooperating
with
startups,
which
operating
in
our
same
fields
of
actions.
And
finally,
the
other
way
in
which
we
have
opened
ourselves
up
is
by
using
crowdsourcing.
Now.
This
is
one
example
of
something
with
it.
Two
years
ago,
G
has
always
been
very
proud
of
doing
innovation
in
house.
A
We
think
we
have
the
best
people
we're
very
proud
and
we
do
have
most
of
the
best
people,
but
clearly
not
all
of
them,
because
two
years
ago,
after
internal
discussions,
we
said:
ok,
this
crowd
sourcing,
thing
everybody's,
so
excited.
Why
don't
we
try
it?
Let's
give
it
a
try
on
a
small
scale,
so
we
took
up
one
simple
component
to
the
extent
that
anything
related
to
a
jet
engine
can
be
simple,
the
jet
engine
bracket.
So
it's
a
piece
of
metal
that
attaches
the
jet
engine
to
the
body
of
the
plane.
A
Nothing
is
simple,
pretty
important.
We
put
a
design
on
grab
head
and
we
issue
the
challenge
saying:
okay,
this
is
the
design
were
using
now
we
challenge
you
to
as
a
design
which
should
be
produced
with
3d
printing.
It
should
be
at
least
as
strong,
and
it
has
to
be
lighter
because
you
have
to
reduce
the
weight
of
the
parts
of
a
plane
to
reduce
fuel
consumption.
A
We
had
a
number
of
high
quality
suggestions
and
the
in
submissions
and
the
winning
design
came
from
a
young
engineer
in
Indonesia
somebody
who
had
zero
background
in
aviation
or
jet
engines.
None
whatsoever
gave
us
a
design
which
is
stronger,
producible
with
3d
printing
and
is
eighty
percent
lighter
than
what
we
had
and
when
our
radiation
engineers
who
spend
their
life
in
the
cycle
looked
at
it.
Of
course,
they
first
said
it
cannot
be.
We
can
eighty
percent
light
that
it
cannot
be.
A
There
has
to
be
something
wrong
with
the
design
and
we
said
please
take
take
a
closer
look.
They
took
a
closer
look.
That
is
the
design
we
now
use
now
think
of
the
implications
of
this
as
an
economist,
with
almost
intuitively
obvious,
in
the
sense
that
if
you
open
up
the
problem
to
a
wider
set
of
resources,
you
will
get
to
a
better
solution
faster,
that's
intuitively
obvious,
but
it
also
means
that
the
value
of
tapping,
the
expertise
of
people
who
have
a
completely
different
background
is
enormous.
A
Giving
people
different
incentives
is
important,
because
an
engineer
with
in
G
would
have
been
scared
of
producing
a
stupid
idea.
Your
career
is
shot.
If
you
are
at
the
outside,
you
have
nothing
to
lose
so
then
you
say:
ok,
if
it's
so
powerful
shouldn't,
we
do
it
on
a
bigger
scale,
and
the
answer
is
yes,
but
that
forces
you
to
think
more
carefully
about
what
do
you
do
in
terms
of
intellectual
property?
A
How
do
you
reward
people
and
how
do
you
move
towards
a
world
where
the
workforce
will
probably
be
organized
on
a
much
more
flexible
scale,
giving
a
lot
more
opportunities?
So,
in
conclusion,
towards
about
this,
the
combination
of
digital
in
industrial
is
going
to
be
the
biggest
change
we
will
see
in
our
lifetimes.
It
is
huge.
There
is
a
lot
of
fear
out
there.
I
go
to
conferences,
side
of
the
tech,
warm
that
I
get
hit
with
a
whole
lot
of
technophobia
of
people
saying
this
is
just
going
to
create
poverty.
A
It
will
get
people
out
of
work,
it
will
increase
income
inequality.
It's
nonsense
because
it's
through
innovations
like
this,
that
we
will
be
able
to
create
more
jobs
in
emerging
market
countries
and
that
we
will
be
able
to
give
more
Skills
more
powers
to
workers
at
every
skill
of
the
distribution.
But
it's
going
to
be
a
hard
slog
in
terms
of
both
getting
it
done
and
in
terms
of
persuading
people
that
it
is
happening.
But
this
is
the
time
when
this
really
accelerates
takes
hold.
A
It
accelerates
and
it
starts
to
develop
and
bring
value
and
show
its
impact
in
a
way
that
we've
never
seen
before.
So
with
this
I
hope,
you
will
be
much
more
excited
about
thinking
the
industrial
part
of
the
digital
industrial,
but
it's
really.
The
coming
together
of
the
two,
which
will
will
become
inextricably
linked
and
it
will
change
the
world.
So
thank
you
very
much
and
enjoy
the
weekend.