New paradigm
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New paradigm is a group of new beliefs that replace old set, which is believed no longer to apply. The term is used in different meanings depending on the area where is used,
New paradigm in financial markets
The new paradigm in investment is usually referred to important changes on the market that lead to development of new investment strategies. Such a paradigm shift happens after every large speculative bubble. In early 2000s the dotcom speculative bubble created new paradigm saying that dotcom companies won't grow forever. Other speculative bubble on subprime mortgage in middle of 2000s lead to crisis and new paradigm saying that markets are never on uninterruptible path of growth. What's interesting, the same paradigm was found after 1930s crisis. However, as scientific research show, memory of investors is usually no longer than 2 years back.
New paradigm in education
Current paradigm in education, which was developed during the industrial age, where higher education was unaffordable, forces students to learn specific amount of knowledge in specific amount of time like for example in one academic term. This approach in fact is not taking into consideration that one student can learn slower than the other. When this kind situation take place, faster learning students are simply getting bored. On the other hand, slower learners can be frustrated that even though they didn't understand all the current material yet, they have to step forward to learn new things, especially if that new content is related to one that they didn't have chance to mastered. New paradigm in education means that we can't force students to learn new knowledge or skills before they master current material and at the same time we can't force more talented, faster learning students to wait for other groups or individuals who need more time to accumulate current knowledge. New system of education can be able to segment students into similar groups[1].
New paradigm in manufacturing industry
Social manufacturing can be an example of new paradigm in manufacturing industry. This paradigm shift from current state of manufacturing process to social manufacturing is emerging from appearing new technological companies, amazing adoption of mobile technologies, social networks and other tech around us. Social manufacturing means that customers can have direct impact on manufacturing process. We can find two kinds of social manufacturing. First is when people can create, for example design, products along with manufacturers, but in that kind of social manufacturing manufacturers are still owning manufacturing process. We also have second kind of social manufacturing where customers can even design, create and eventually manufacture products using public manufacturing platforms. This new paradigm is enhanced by for example 3D printing technology or customers’ hyper-customization needs[2].
New paradigm in entrepreneurship
With entering into startup era new kind of fast-growth companies emerged. This kind of companies to be able to scale faster than "older" competition introduced new paradigms in their sectors. As an example, we can show companies which are changing whole industries, developing solutions based only on tech like Uber which is one of the biggest transportation companies in the world and neither have no cars nor employees. Another company worth mentioning is AirBnB which can be called “the world’s greatest hotel chain”[3] but owning no hotels. Banking is changed by new kind of fin-tech companies like Revolut or N26 which are completely mobile banks and have no physical locations.
References
- Mohajeri B. (2014) , Paradigm Shift from Current Manufacturing to Social Manufacturing. Aalto University.
- Reigeluth C. M. (2011) , Instructional Theory and Technology for the New Paradigm of Education. Indiana University.
- Stiglitz, J. E. (1998, October). Towards a new paradigm for development. Geneva: United Nations conference on trade and development.
- Urquhart C., Kuznetsova O. (2014) , Editorial: New Paradigms in Business: Engaging for Sustainability. Manchester Metropolitan University, UK.
- Vaidya A.D.B. (2014) , Reverse Pharmacology-A Paradigm Shift for Drug Discovery and Development. Kasturba Health Society, Advanced Centre of Reverse Pharmacology (ICMR) 17.
Footnotes
Author: Paulina Baczyńska
