Society had evolved from a predominantly agricultural era where land was the primary space, time was known by day and night, and communication was basically one to one through voice and handwriting to an industrial era where land and building denote space with scheduled working hours and speed by airplane and communication between one to many through telex and phone.

Now we are in an information era where the space is real as well as virtual, time is nothing but a temporal extension where light reflects speed, communication is by network and digital content is the media for collaborative learning said L. Balasubramaniam, President – Skills Initiative, NIIT Ltd, Chennai.

He was delivering a BL club guest lecture presented by Central Bank of India to students of management studies at Pondicherry University.

Society has also evolved from hierarchical to peer, and from national to global and from scarcity to abundance.

Web 2.0 allows consumers and organisations to tap into utilities on the cloud to access products and services using smart applications.

The fundamental transformation of value creation — firms controlling suppliers and marketing channels to firms interacting with customers to individualise and innovate products and services through empowered and connected customer communities.

Opportunities for entrepreneurs are globally connected 24x7 world availability of “ There is an App for that…”, emerging new social norms size and new business models do not matter.

The challenges, on the other hand, are disruptive changes in a short time, lack of space for intermediaries, consumerisation of IT and ethics, law, security and governance.

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