Read a thrilling mid year predictions by the judges

Despite the half year being gone and us now in July, there is still time for 2024 to surprise us all. Here’s mid year predictions by the Pause Awards judges.

With the upcoming US elections and even OpenAI grappling to understand its own program’s performance, one thing is certain: AI is at the forefront of everyone’s minds. Its effects are deeply felt across all parts of society. 

If this is just the beginning, we need to ensure we set ourselves up for success. The Pause Awards Judging Panel, a collective of visionary leaders across various industries, has shared their predictions for the rest of the year. 

These insights reveal common themes and emerging trends that will shape the future of innovation, from the rise of AI to a heightened focus on ESG (Environmental, Social, and Governance) practices.

AI: From Experimentation to Practical Application

“Artificial Intelligence will become central to business strategies and execution across all operational facets.”

— Laura Parr, Senior Strategy & Insights Manager, Google

Ricky Fung, Head of Innovation – E-Mobility at Origin Energy, emphasises the need for practical applications of AI, moving beyond mere experimentation. This sentiment is echoed by Laura Parr, highlighting AI’s role in underpinning business decisions across the value chain. Similarly, Karl Svacic, Digital Product Lead at Coles Group, predicts AI will help stabilise business processes like timesheets and forecasting while also focusing on clean energy and tech-driven healthcare for the elderly.

ESG and Ethical AI: A Mandate for Change

“There will be a notable shift towards practical AI applications to address environmental challenges and achieve net zero targets.”

— Ricky Fung, Head of Innovation, E-Mobility, Origin Energy

The increasing pressures to achieve net zero are driving a stronger focus on ESG, as noted by Ricky Fung. This aligns with Theodora Chan, Head of Communications and Marketing at the Tech Council of Australia, who predicts substantial growth in generative AI, focusing on ethical applications to harness technology for societal good. Warwick Peel, Startup Governance & Innovation Advisor at Startup Boardroom, also sees a shift towards ethical and responsible AI.

Fintech and Personalisation: Tailoring Financial Services

Vanessa Ronan-Pearce, Strategic Projects Lead – Payments at PaymentsNZ, foresees fintech diving deeper into personalisation, using AI and machine learning to offer bespoke financial services. This trend towards personalised and innovative financial solutions is expected to disrupt traditional banking, creating a seamless user experience.

Gender Pay Gap Reporting: Leading Workplace Equity

“Australia’s new gender pay gap reporting can lead startups to pioneer in workplace equity, enhancing transparency and inclusion.”

— Deepak Singh, Senior People & Culture Manager, Uber Carshare

Deepak Singh highlights how Australia’s new gender pay gap reporting can empower startups to lead cultural change, fostering greater transparency, equity, and inclusion within the workforce. This initiative can set a new standard for the future of work in Australia.

Sustainability and Long-term Growth

“Emerging companies will aim for long-term sustainability by building customer value and avoiding unsustainable growth tactics.”

— William McCahey, Partner, Think & Grow

William McCahey predicts that as we come out of a funding winter, early-stage companies will focus on creating customer value and engagement, driving top-line revenue growth for long-term sustainability. This shift will see companies moving away from unsustainable growth models.

Technological Advancements and Skill Shortages

“Technological advancements will mitigate skill shortages by reallocating roles between humans and machines, reminiscent of historical labour shifts.”

— Marion Burchell, Managing Director, Azolla Holdings

Marion Burchell envisions technological advancements addressing skill shortages by reallocating roles between humans and machines, similar to historical labour shifts. This adaptation is crucial for meeting the demands of a globally ageing population.

The predictions from the Pause Awards Judging Panel paint a changing picture of the fast moving world, emphasising the convergence of useful technology and ethical practices. 

Concerns about the impact of AI are universal, and if the past few years are any indication, we must get used to constant change. The status quo is long gone, businesses must adapt and innovate. At Pause Awards, we love reading about and celebrating your innovations.