 Uncertainty in business is not new, and by definition, it is very hard to measure. However, for many firms, it is arguably on the rise. There are three reasons why we face the heightened uncertainty today. The first factor is digital disruption. It's transforming industries ranging from entertainment and retail to a wider range of other sectors including travel and finance. The second factor that is increasing uncertainty is the rise of China and in the future, other emerging economies such as India and possibly Indonesia that are already reshaping global competition. These two factors are feeding the last trend, which is derising populism and anti-globalism that is resulting in protectionist measures by many countries. In this world of uncertainty, I believe firms need to build organizational capabilities in three core areas. First is sensing the context, second is driving the market and third is redesigning the business. Let me start with sensing context. What does that mean? What does that entail? Companies know that they need to scan the environment for opportunities and threats, but it is also important to think about different levels of uncertainty that they face in their business. It is important to understand different levels of uncertainty in your industry, related industries and various countries where you operate. True uncertainty, unknown unknowns, is very different from known unknowns where companies can project scenarios for dealing with those different developments in the business environment. That requires much more agile approach to strategy. Let me give you an example. EcoStore is an environmentally conscious producer of household items, ranging from detergent cleaners to baby skin care products, and they started an expansion in Australia a couple of years ago. Now they sensed a big rise in green consumers in China and a trend towards online shopping there. In Australia, they've been able to go from zero in China to 10% of their sales, and they won two awards for being one of the top five green brands in China, and also they won a Customer Experience Excellence Award on T-Mall, Alibaba's shopping platform, the world's largest shopping platform today. The second capability that firms need to develop to thrive in this world of uncertainty is driving the market. Let me explain. Firms have been thinking about entering foreign markets or fulfilling customers' needs, taking market as a given. Increasingly firms need to create and co-create markets in their home and in foreign countries. In practice, this requires a diverse portfolio of bets, of strategic moves. These range from no-regret moves that benefit companies in any scenario, to options and hedges, which are targeted at particular scenarios, and big bets which are giving a company advantage in the prevailing scenario, but also give some flexibility in terms of which actual scenario plays out. Netflix is a great example of a company that employed diverse strategic bets to become a global success that it is today. While a lot of us know Netflix, especially from 2016 when it rolled in a big bet or big bank of 130 countries at once, the company has been in the industry from 1997 and actually evolved quite gradually. Even in its international expansion, initially it tested its products in markets such as Canada, Latin America and Scandinavia, gathered data on the customers, and then scaled up the offerings only after understanding customers quite well. In terms of the rise of streaming as a medium that we watch movies and TV series, they also did not roll that in a one big goal, but first offered it as a free add-on to the online DVD rental service to US customers. And then after testing the product and adjusting customers to this new way of watching movies and TV, they made it mainstream for them. Redesigning your business is another capability that companies should develop to improve their global competitiveness. This involves possibly reinventing your business model. It could be recombining your resources internationally, in particular through business combinations such as acquisitions and alliances. Hire is a good example of a company that has employed a number of these tactics within redesigning their business. Acquisition was one pathway for them, acquiring New Zealand's Fisher and Paykel Appliances, an innovative design-led company, successful in the wide good sector. While acquisitions seem to be a good tool for companies to grow and recombine their resources, there are some challenges in particular related to rising protectionism. While Hire was cleared for its acquisitions in the US and indeed in New Zealand, other companies from China such as Alibaba or Telecom's Giants Huawei and ZTE recently faced restrictions either on the investment in the US or on the trade with US companies. One company from countries other than China might get entangled in these increased protectionist sentiments and measures by countries such as the United States. The US tariffs on steel and aluminum initially targeted mostly China actually cover a broader range of countries and New Zealand, for example, was not exempted from these recent measures. In summary, digital disruption, the rise of China and India, and increased anti-globalism and protectionism, are going to contribute to heightened uncertainty in the world business environment. Companies would be advised to invest in three types of capabilities to face these challenges. First, sensing context, second, driving the market, and third, redesigning the business. This can be done both internally and externally through partnerships and possibly acquisitions of companies from other countries.