N°6 JANUARY 2017 WWW.SWISSQUOTE.COM CHF 8.- FINANCE AND TECHNOLOGY UNPACKED TECHNOLOGY Satellites aiding investors FINANCE Esoteric investments are back ANALYSIS Big data and health care DOSSIER ? DISRUPTION 25 COMPANIES THAT ARE CHANGING THE WORLD After Skype, Netflix and Airbnb, where will the next shake-up come from Elon Musk, CEO of Tesla and SpaceX SNAP INC. AC IMMUNE SALESFORCE TENCENT MINDMAZE ALIBABA ACTELION LAUREATO, STEEL CASE, 41 MM LIMITED EDITION OF 225 PIECES There is no mystery about a Girard-Perregaux, simply more than two centuries of craftsmanship and a perpetual commitment to perfection. Calibre GP 3300 Hours, minutes, centre seconds and date [email protected] +41 32 911 34 12 27th SALON INTERNATIONAL DE LA HAUTE HORLOGERIE GENEVA FROM 16 TO 20 JANUARY 2017 OPEN TO THE PUBLIC ON FRIDAY 20 JANUARY Prior registration required via sihh.org EXHIBITING MAISONS | A. LANGE & SÖHNE | AUDEMARS PIGUET | BAUME & MERCIER | CARTIER | GIRARD-PERREGAUX GREUBEL FORSEY | IWC | JAEGER-LECOULTRE | MONTBLANC | PANERAI | PARMIGIANI FLEURIER | PIAGET | RICHARD MILLE ROGER DUBUIS | ULYSSE NARDIN | VACHERON CONSTANTIN | VAN CLEEF & ARPELS CARRÉ DES HORLOGERS | CHRISTOPHE CLARET | GRÖNEFELD | H. MOSER & CIE | HAUTLENCE | HYT | KARI VOUTILAINEN sihh.org LAURENT FERRIER | MB&F | MCT | RESSENCE | RJ-ROMAIN JEROME | SPEAKE-MARIN | URWERK EDITORIAL SWISSQUOTE JANUARY 2017 Turning the world upside down By Marc Bürki, CEO of Swissquote isruption. Rarely has any Innovator’s Dilemma. His landmark concept so upset the cor- book was published in the late porate world, gradually per- 1990s, and his theory has been Dmeating into every business sector. continuously tweaked and rede- And in 2016, this relentless trend fined ever since. The rules and remains unstoppable. But what principles promulgated by disrup- exactly does it mean ? Based on the tion analysts, the devout followers p. 27 definition widely accepted among of Christensen, prompt reflection. economic commentators, disruption Some may find it surprising that refers to when a company, most companies such as Tesla or Uber often a start-up, breaks free from do not quite match their rigorous traditional thinking and standards criteria, while these very firms to shake up the established order. are hailed as disruption models by And the intrepid, controversial experts even in Silicon Valley. Now p. 56 Elon Musk – featured on the cover there’s a refreshing point of view. and in a portrait in this issue – feels right at home doing that. Whatever your references for The CEO of Tesla and SpaceX, disruptive innovation, the 25 firms p. 36 appearing frequently in the head- featured in this report fully deserve lines, has made disruption his their label as innovative, and even trademark. No stranger to sub- visionary, companies. They have version, the Canadian-American all, in their own way, rewritten the billionaire, convinced that robots rules of the game in their sector, will soon replace humans on the be it health care, robotics, energy, job market, has recently said he food or social media. As you will see, supports a universal basic income. Swiss companies feature promi- nently in our selection. Swissquote In its more academic definition, would also have deserved a men- disruption is not just about break- tion... Finance is one of the most ing the rules or veering off the disruption-prone sectors today and beaten path. Originally, Harvard our bank acted as a forerunner, Business School professor Clayton paving the way for innovation. Christensen developed his theory of disruptive innovation in The Enjoy ! 3 SWISSQUOTE JANUARY 2017 DOSSIER DISRUPTION THE NEW RULES OF THE GAME 26 TABLE OF CONTENTS 3. EDITORIAL 18.THE MATCH 26 DOSSIER : DISRUPTION by Marc Bürki Nestlé vs Mondelez THE NEW RULES OF THE GAME 6. SCANS 20. TECHNOLOGY 30. Infography : 36. 25 companies Economic Satellites : The faces that are changing survey aiding of disruption the world investments 16. TRENDS 34. Interview with 52. Innovations Personalities, 24. INVESTOR Michael Raynor, from China nations, INTERVIEW author and innovations Big data will innovation 56. Elon Musk, revolutionise specialist “ Master disruptor ” medical care 4 TABLE OF CONTENTS SWISSQUOTE JANUARY 2017 20 PUBLISHER FINANCE Swissquote Chemin de la Crétaux 33 1196 Gland - Suisse T. +41 44 825 88 88 www.swissquote.com [email protected] Manager Brigitta Cooper EDITORIAL Editor-in-chief 60 Ludovic Chappex SATELLITES Design director TRAVEL Natalie Bindelli and Caroline Fischer CANA atelier graphique Route de Jussy 29 - 1226 Thônex www.ateliercana.ch Editorial staff Clément Bürge, Rinny Gremaud, Benjamin Keller, Salomé Kiner, 24 Marie Maurisse, Sylvain Menétrey, Philipp Müller, Daniel Schneider, Gaëlle Sinnassamy, Armelle Vincent, Julie Zaugg Layout Natalie Bindelli, Caroline Fischer, Coralie Meder (CANA atelier graphique) Cover Miranda Penn Turin / Getty Images Photography BIG DATA AFP, iStockphoto, Newscom, Reuters, Keystone 72 Editing (English version) Ose Ayewoh Translation Technicis Finance PRINTING, BINDING AND DISTRIBUTION Stämpfli Ltd. Wölflistrasse 1 - 3001 Berne www.staempfli.com 60. FINANCE 72. TRAVEL ADVERTISING Esoteric investments Bavarian wonderland Mediensatellit Baslerstrasse 30 - 8048 Zurich are back www.mediensatellit.ch 80. PRIVATE ISSUES 68. CORPORATE CULTURE Caecilia Charbonnier, WEMF Accor’s aerodynamic co-founder and CEO REMP 2015 : 49,471 ex. Print run : 60,000 ex. hotels of Artanim Interactive 70. CARS ERRATUM Exotic supercars The smartphone app “ Mobile Passport ”, which we presented in the previous issue SUBSCRIPTIONABONNEMENT (p. 69) is actually restricted to US and CHF 40.-40 FOR pour 6 6ISSUES numéros Canada citizens. We apologize to our www.swissquote.ch/magazine/f/ readers for this mistake. www.swissquote.ch/magazine ISTOCKPHOTO / NASA - NEWSCOM / PIXABEY / JACOB AMMENTORP LUND / CHRIS WALLBERG - NEWSCOM ISTOCKPHOTO / NASA - NEWSCOM PIXABEY JACOB AMMENTORP LUND CHRIS WALLBERG 5 SWISSQUOTE JANUARY 2017 SCANS Industry THE ROBOTS OF ABB LEARN TO SPEAK Demonstration of an ABB robot at an exhibition in Shanghai. “ We have, since last year, reduced our footprint in London. Our strategy is to de-emphasise London. ” Tidjane Thiam, CEO of Credit Suisse HUANG ZHENGWEI / IMAGINECHINA AFP HUANG ABB will soon develop a platform wireless, factory-wide communication that will allow its industrial robots to between workers and machines. It also interact with their operators. It has records all of the robots’ actions in a partnered with the Chinese telecom- central database which workers may munications giant Huawei for this access at any time. In this venture, the purpose. The Swiss company will use two partners will mainly target China, a technology developed by Huawei which is the leading market for ABB called OneAir@Smart X, which enables robots. ABBN Finance 170,000 GOLDMAN SACHS TRIES ITS The number of electric HAND AT SMALL LOANS and hybrid cars sold in Goldman Sachs has just launched a is the indebted credit card holder China in the first half new loan service aimed at the gener- market : its loans will have interest of 2016, an increase of al public. Marcus.com, as it is called, rates that vary between 5.99% and 162%. This is the largest offers loans with a maximum value of 22.99%, averaging out at 12.99%. This market in the world $30,000. The bank hopes to compete is compared to a typical rate of 17% ahead of the United against The Lending Club and Prosper, for credit cards. In the United States, States, where only 64,000 two peer-to-peer lending giants, by credit card holders have a combined vehicles of this type were venturing into their territory. Its target debt of $729 billion. GS sold in the same period. 6 SCANS SWISSQUOTE JANUARY 2017 Internet RANKING GOOGLE PRESENTS ITS YOUTUBERS TO NEW BRANDS THE TOP FIVE COUNTRIES YouTube, a subsidiary of Google, has IN VIDEO GAME SALES acquired the start-up FameBit, which (based on revenue generated in 2016) brings together amateur creators of digital content and brands wishing 1. CHINA to partner with them. These ad-hoc $24.37 BILLION web video artists create a profile for 2. UNITED STATES themselves on the FameBit plat- $23.6 BILLION form, which companies may access. 3. JAPAN They look for various criteria, such $12.45 BILLION as the artists’ online audience, when 4. SOUTH KOREA choosing whom to offer sponsoring or $4.05 BILLION branded content creation contracts. 5. GERMANY Google hopes that this acquisition will enable it to attract more adver- $4.02 BILLION tisers to its YouTube video platform. GOOG DR Source : Newzoo THE FIVE COMPANIES SPENDING Supplies THE MOST ON ADVERTISING THE HOTEL WITH FURNITURE FOR SALE (based on their 2016 budgets) 1. PAMPERS Prototype of a room $8.3 BILLION at future West Elm boutique hotels. 2. GILLETTE $8.3 BILLION 3. L’OREAL $8.2 BILLION 4. CHEVROLET $5.1 BILLION 5. LOUIS VUITTON $4.4 BILLION Source : Forbes THE FIVE BIGGEST SUPPLIERS OF CLOUD COMPUTING SERVICES (based on their 2016 market shares) 1. AMAZON 31% 2. MICROSOFT WEST ELM 11% West Elm, an American furniture shop When they arrive, guests can download 3. IBM and subsidiary of Williams-Sonoma, will an app that will allow them to purchase 8% open a series of boutique hotels in 2018. furniture featured in their hotel. West The first of these will open their doors Elm is not the first company to try this 4. GOOGLE in the cities of Charlotte, Indianapolis, strategy. Restoration Hardware, another 4% Detroit, Savannah and Minneapolis. The furniture shop, has also opened a hotel 5. SALESFORCE hotels, operated by the hotel manage- in New York, as has the fitness chain 4% ment company DDK, will be entirely Equinox. furnished with West Elm products. WSM RH Source : Synergy Research Group 7 SCANS SWISSQUOTE JANUARY 2017 SCANS Logistics GATEGROUP PUTS BIG DATA TO USE Gategroup, the largest supplier This tool makes use of data of airline food, is entering the age generated by the millions of pas- KICKSTARTER of big data.