Singapore Day 4
By: William Woska, MBA Candidate 2018
On the final day in Singapore, students headed to Lumenlab, an innovation center under the umbrella of MetLife Inc. The subsidiary seeks to develop new business opportunities in health, wealth, and retirement. Upon arrival, students were greeted by Lee Ng, Vice President and Chief Operating Officer for Lumenlab. Ms. Ng also leads the Innovation Management Office which has the sole responsibility of launching new business models and capabilities for MetLife Asia. During her presentation, Ms. Ng touched on several issues, but one in particular seemed to catch every student’s attention. Much of the developed world including the U.S., Japan, and the European Union have rapidly aging populations. Not only are people living longer overall, but the generation retiring now, endearingly referred to as baby-boomers, is the largest population bloc in the history of mankind. Add to this the fact that reproductive rates in the developed world continue to decline and we can expect that the eldest among us will have a more meaningful impact on economics and development than those in previous generations.
Later in the day two groups of students headed off to present to their respective clients. The first client, The New Savvy, is a financial, investing, and career platform focusing on women in Asia. Students working for this client were tasked with creating a business plan for a gender certification program with the end goal to have a methodology for measuring pay gaps, hiring practices, and inclusive business cultures at companies in southeast Asia, specifically in Singapore. Another group worked with ClubCo who puts a unique spin on flexible work space. Membership includes all of the amenities expected from collaborative workspaces such as open floor plans, high speed internet, and membership discounts. ClubCo however offers members the ability to redeem membership fees for services such as food, beverage, and office services. This unique value proposition means that members do not directly pay rent in the traditional sense. ClubCo asked the student group to look at new areas in which the company can expand. The team provided a business plan on how to grow the co-working strategy in Singapore and beyond.