[Music]
today I’m going to talk about
democratizing the individual I mean I’ve
been in the space of exchanges for 22
years now
and really seen a lot of change but but
actually you know to learn from the past
it can make you think about the future
and as an economic history student and
studying economics in the past I always
look at the past because you can learn
lessons as you go forward so let’s take
a slight look back at kind of how
financial markets evolved but actually
what does it mean for you and I because
it’s been a lot of change over the last
decade and and now that’s accelerating
as well so if we look at it I mean from
prehistoric times
barter has been in existence you know I
had something someone else had something
else we we exchanged it if you look at
punch Connie it’s famous for
strawberries someone else was producing
milk
there was no currency you’d exchange the
milk for strawberries you’d have
strawberries and cream everyone’s happy
and then you know as we moved on I mean
again up until about a few thousand
years ago barter was in existence and
there’s no real currency as we know it
you know here is chickens for a loaf of
a loaf of bread and then as we moved
into the sixteenth century
commodity traders started to exchange
commodities that were precious and and
this is the origins of The Scindia
company and other things that kind of to
our detriment ended up ended up here but
they were exchanging precious
commodities for gold silver other
precious materials and then if we if we
go beyond that the banking system as we
know it started to evolve because before
that gold was now used as a currency but
then banks started to emerge and then
you had paper that was being issued
backed by gold and that paper could be
exchanged
or value but there was always a goal
there I mean something that in 73 with
some people the Bretton Woods Agreement
went away and then currency was all
about confidence after that and you know
prior to that from the thirteen hundreds
I mean you’ve had I mean money lending
for a long time after bata but the
Venetians were very famous in the 1300s
I mean not only for trading but also
also for money lending as well we much
like them in today here I mean we’re
looking at a number of areas when you
look at gold but you’ve got money
lenders everything from local
moneylenders to larger firms you know
you take your jewelry there but actually
you’re you’re getting maybe fifty
percent of its value in your pain twenty
percent interest is it really fair so
leading on from that then you know as we
as we move so you know gold as a
currency I mean this was in 2015 found
in a temple here I mean there’s an East
India Company coin there as well and
then you know more distinct marketplaces
came about for where buyers and sellers
could could meet and then that evolved
into more defined exchanges I mean this
is the New York Stock Exchange floor
where again you know from the 16th
century people were trading that paper
that may be companies it may be other
forms of value I mean you know the
Bombay Stock Exchange I mean it started
in 1840 under a banyan tree and then the
association was formed in 1875 and then
then the exchange and this was all about
everyone being in a closed space like
this buying and selling and then we got
more complex because trading
computerized you know in London I was
there I mean I started out my career and
then you saw kind of order driven
trading came in coming in which meant
electronic systems you no longer really
needed the stock exchange floor it went
away and then all the buying and selling
from 97 onwards was via computers so I
mean that was interesting I mean lots of
different types of traders came in but
it meant that we as individuals were
kind of no longer together interacting
it was it was via a machine so we became
more distant is this really the way
things should be yeah I mean I’m not say
there shouldn’t be technological
innovation again coming from a economics
economic history background I decided I
realized actually the business people at
the time didn’t know about technology
and the technology people didn’t know
about business you know after I’d
graduated and started working for
Reuters in in 96 I thought well actually
if you know about Business and
Technology that was going to give you a
distinct advantage so I’m not saying
don’t race technology everything we do
is about technology but really in
financial markets we saw that we just
became too far removed from reality and
even though I was at the core of that
business I mean much like as he talked
about mental health I kind of thought
well is this the only is this the only
way I mean there must be a different way
of doing things even though you’re in
the heart of something and you think
well actually it’s you know you go with
the flow you don’t necessarily think
that you’re going to going to change
that in any distinct form but actually
then effectively 2010 2011 we had an
exit from that business and I thought
well really there must be a better way
of doing things this thing was niggling
with me and again when I started up G
makes five years ago we thought well
this is great you know develop markets
have become very complex but actually
you’ve got developing markets and and
many of those are that revolt involved
or developed and then and then you know
what does that mean for individuals
because you know the you know stock
markets are great you know is it just
for traders is it is it for brokers who
is it for then we were fortunate you
know again things happen by chance I
mean I believe in fate I was at a
conference and I met the CEO of
agricultural commodities exchange in
Malawi a guy called Christian Shack
mullah from the ACE exchange we started
talking in a hotel bar over a drink and
then you know realize actually what he
was doing was really really interesting
and this problem that had been middling
me for a while kind of came to bear you
know is that Eureka moment because
Christian was completely from opposite
ends of the spectrum from me so even
though he was running the exchange it
was an exchange where
lots of smallholder farmers were
empowered to kind of produce and the
these were very much individuals because
Africa is a smallholder farmer economy
in in terms of agriculture so again
these farmers are on very very low
incomes
they’d produce any surplus they had
they’d they they’d sell but what was
happening was I’m even though the
exchange was established about 95
percent of the business was middlemen
you know much like we talked about those
many moneylenders much right like we
talked about you know brokers and banks
evolving and those middlemen were paying
them you know 10 cents on the dollar in
terms of what they were producing and
these people were so far removed they’d
they maybe wouldn’t be able to get their
produce to market they wouldn’t know how
to get it to market and they just didn’t
do the transaction so you know started
to kind of think about this and you know
subsequently you know Christine was
talking about well I mean even by having
the exchange middlemen were still there
and and actually the farmers were still
distant immediated from markets and they
were protecting the supply chain and
also then I started to look at that and
what it meant for the financial system
and it’s the same about you know he
looks at credit you know again you’ve
got jewelry why should he pay twenty
percent interest and only get the value
of 50 percent of your jewelry when you
when you lend it you know that all the
risk is on you you know it’s a
no-brainer for the lender and I just
thought that the whole system was too
antiquated so you know again it got me
thinking I went back away from this
conference that was in Switzerland and
now starts to think about well there
must be better way of doing this so and
how can technology help you know we’re
at the opposite end of the spectrum
we’ve seen the kind of financial crisis
unfold and you know dealing with very
high performance traders using
algorithms and machines to trade you
know how can we how can we help a market
like Malawi how can we help they smolder
farmers so they thought about this I
said to them you know rang up Christine
a few weeks later and they said this
whiz I mean this conversation happened
in at the beginning of 2015
said like Christian
I don’t quite know what the answer is
but you know you’re kind of grappling
with have these farmers get access to
market we run markets we have technology
let’s start working on something
together you know let’s talk about your
ten years of knowledge struggles things
that went well
you know looking at the past things that
went badly as well and let’s look at how
we can create a better system for those
for those farmers so what we then did
was in it create create a platform in a
most simple sense where farmers could
all of a sudden now get prices on their
on their mobile phones and actually I
mean in many ways developing markets or
Africa I mean we talk about leapfrogging
but by not having legacy technology or
desktop computing everything was
increasingly being done by mobile I mean
we saw and Pasir do that with Mobile’s
and mobile money in Kenya but that great
I mean electronics is great but there
still needs to be a physical link to the
end to the end producer because even if
you’ve got mobile money how do you
translate that I mean we use cards we
use everything but but there still needs
to be hard cash and pass it at it where
they empowered the village village
elders because there’s no post office
network there were no ATMs where the
village elders who were trusted could
then have the money and then distribute
that where there needed to be hard cash
so we kind of took some of these lessons
into Malawi but we also then started to
work with the financial institutions
because a lot of these farmers for next
year’s production would be taking loans
I mean there were huge loans but to them
they were huge I mean there could be
they averaged about $400 a farmer so
what we what we did was we made the
banks via an electronic platform compete
for lending because even though they had
security from the farmers they were
lending at forty percent interest rates
and actually 99% of the time those loans
were being repaid back so you could
argue that it was just priced very very
incorrectly so by making it easier for
the banks to lend and lowering the cost
of lending but also the banks competing
with each other locally and we enable
the banks as well to kind of access the
platform because many of those were very
basic like Bank of Malawi all of a
sudden they started to lend
more cheaply the farmers had access they
could get better prices we ran this
pilot for 47 thousand farmers in 2016
and in one year their net income went up
31% and then and it would have been it
would have been about five hundred
thousand farmers if there was access to
more capital more finance kind of more
scale and that kind of got us thinking
even more so we thought we looked at
this and we thought well this problem is
prevalent in many many markets I mean
across sub-saharan Africa but also if
you go into other other farming
communities as well so we thought how do
we really make this make this scale so
now we kind of spin out of an initiative
called fin Kumiko where actually
increasingly now we thought about how do
we make the balance between okay social
impacts and I’m not a socialist you know
I’m a free market economics kind of guy
but how do we make the balance the
balance between social impacts and
Financial Inclusion many of those
farmers were women they were they were
empowered and many of them then started
businesses because they became in my
simple sense where farmers can get their
produce to market the women started can
a small transport companies where they
could do that and they created other
opportunity and businesses also
children’s nutrition went up because all
of a sudden incomes are up families
could afford better food but all of a
sudden with surplus income they started
to invest in value-add so where they
were producing tomatoes you could now
produce tomato puree as an example
because many farmers are doing it
because they have to but they just don’t
always want to be farmers they want some
of them you know once we progressed him
about the value chain and then as their
incomes went up then things that you and
I take for granted consumer items you
know there’s demand for that they’re
equally mortgages loans other things so
it’s kind of created a massive impact
mean we’ve liked something recently or
potential for massive Inca impact
because we’re really at the start of
this and actually we’re trying to
galvanize a range of organizations
because many of these communities were
relying on aid and you know mention the
US aid pulling their age aid budget
when the aid went away they thought well
what do we do so you’ve got to make it
sustainable and profitable we’re doing
this in farming but what other
communities can we kind of take this
kind of social economic impact exchange
idea to and then I was fortunate enough
bumping into a guy here in Delhi who’s
involved in the clean tech space and he
was involved in the clean Ganga the sea
Ganga initiative that Prime Minister
Modi’s backing as well then all of a
sudden you know in that market or and
Swach Bharat we look to this and we
thought I mean this was really
interesting the comment at the start
about punch Connie but realized you know
there’s all these ragpickers and others
that were underprivileged in society and
there they were collecting waste they
were selling it but again they were
getting a fraction of me for the effort
they were putting in and oil
I mean they were getting what you know a
few there on very very low incomes if
you rupees a day just to do this this
kind of job and so now we recently
announced an initiative with a waste
exchange where we’re going to create
more transparent pricing around products
everything from cow dung to organic
waste initially so that those that are
selling the waste and it could be
smaller individuals to larger municipal
corporations etc can extract the value
from that well you doggy well what’s the
value in waste and if we look at Cao Cao
gang there’s gas that there are that
there are those that want to buy that
waste in large volumes because again
they can produce gas and that produces
clean energy and that takes us away from
kind of fossil fuels so what so what
does that mean you know if we if we if
we look at this I mean we see mobile and
then you know here’s a picture of kind
of Malawi farmers now at the wall at the
warehouse and it’s become very social as
well around that so all of a sudden all
right great they’ve got mobiles they’ve
got they’ve got access by mobile but
actually we’ve come back full circle to
kind of physical meeting places as well
I mean what I call kind of a fusion of
the old world and the new and and again
that just describes the kind of
ecosystem but you know we’re in an era
now where which I call in a democratized
disruptive innovation or didi I mean if
we if we look at this
all right we’re an era of Facebook and
and social media we’re all connected as
as these communities that were
previously unbanked or off net as we
call it and now increasingly coming
online you know in theory you know and
and then now playing out in reality you
know it will all be connected to
everyone else so I mean how can we how
can we use that as an opportunity I mean
you know already it’s developing we’re
all right intermediaries because the
system has been so wrong of now it could
have been superseded there’s a
peer-to-peer lending where you and I
could lend against each other and that
scaling out and everyone would argue ok
you know forty-seven thousand farmers in
the grand scheme of things is it a lot
but now actually that’s extending by
multiple and there’s a network effect
already now it’s really interesting it’s
making the financial institutions
rethink what they do because they’ve
realized actually they many of them been
taking us for a ride as fifty to two
other company CEOs I mean one that’s
running a banking segment and another
one that’s in voice and and mobile data
and both of them were very concerned I
mean their companies are making huge
amounts of money but actually they can
see you know saying in three years from
now in we’re seeing change at a rapid
pace I mean what used to happen in one
year is now happening in one month I
mean things are just I mean I I’ve seen
it over the last year in 22 years I’ve
never seen as rapid evolution as I did
last year and this year is going to be
even faster they said look you know it’s
great we’re making lots of money at the
moment but you know we have really got
to rethink what we do because if we
don’t the change is going to pass us by
and actually you know we’ve seen what
happened with Kodak when the digital
camera came in and the company was
salvaged and it exists but it’s a shadow
of its former self on the flip side on
the flip side Google has now become a
700 million dollar company so so again
it’s forcing companies to embrace change
so now whether
you want to change or you want to look
at things in a different way I mean what
I would say has become a disruptive
innovator and embrace change I mean the
opportunities there for all of us
[Music]
today I’m going to talk about
democratizing the individual I mean I’ve
been in the space of exchanges for 22
years now
and really seen a lot of change but but
actually you know to learn from the past
it can make you think about the future
and as an economic history student and
studying economics in the past I always
look at the past because you can learn
lessons as you go forward so let’s take
a slight look back at kind of how
financial markets evolved but actually
what does it mean for you and I because
it’s been a lot of change over the last
decade and and now that’s accelerating
as well so if we look at it I mean from
prehistoric times
barter has been in existence you know I
had something someone else had something
else we we exchanged it if you look at
punch Connie it’s famous for
strawberries someone else was producing
milk
there was no currency you’d exchange the
milk for strawberries you’d have
strawberries and cream everyone’s happy
and then you know as we moved on I mean
again up until about a few thousand
years ago barter was in existence and
there’s no real currency as we know it
you know here is chickens for a loaf of
a loaf of bread and then as we moved
into the sixteenth century
commodity traders started to exchange
commodities that were precious and and
this is the origins of The Scindia
company and other things that kind of to
our detriment ended up ended up here but
they were exchanging precious
commodities for gold silver other
precious materials and then if we if we
go beyond that the banking system as we
know it started to evolve because before
that gold was now used as a currency but
then banks started to emerge and then
you had paper that was being issued
backed by gold and that paper could be
exchanged
or value but there was always a goal
there I mean something that in 73 with
some people the Bretton Woods Agreement
went away and then currency was all
about confidence after that and you know
prior to that from the thirteen hundreds
I mean you’ve had I mean money lending
for a long time after bata but the
Venetians were very famous in the 1300s
I mean not only for trading but also
also for money lending as well we much
like them in today here I mean we’re
looking at a number of areas when you
look at gold but you’ve got money
lenders everything from local
moneylenders to larger firms you know
you take your jewelry there but actually
you’re you’re getting maybe fifty
percent of its value in your pain twenty
percent interest is it really fair so
leading on from that then you know as we
as we move so you know gold as a
currency I mean this was in 2015 found
in a temple here I mean there’s an East
India Company coin there as well and
then you know more distinct marketplaces
came about for where buyers and sellers
could could meet and then that evolved
into more defined exchanges I mean this
is the New York Stock Exchange floor
where again you know from the 16th
century people were trading that paper
that may be companies it may be other
forms of value I mean you know the
Bombay Stock Exchange I mean it started
in 1840 under a banyan tree and then the
association was formed in 1875 and then
then the exchange and this was all about
everyone being in a closed space like
this buying and selling and then we got
more complex because trading
computerized you know in London I was
there I mean I started out my career and
then you saw kind of order driven
trading came in coming in which meant
electronic systems you no longer really
needed the stock exchange floor it went
away and then all the buying and selling
from 97 onwards was via computers so I
mean that was interesting I mean lots of
different types of traders came in but
it meant that we as individuals were
kind of no longer together interacting
it was it was via a machine so we became
more distant is this really the way
things should be yeah I mean I’m not say
there shouldn’t be technological
innovation again coming from a economics
economic history background I decided I
realized actually the business people at
the time didn’t know about technology
and the technology people didn’t know
about business you know after I’d
graduated and started working for
Reuters in in 96 I thought well actually
if you know about Business and
Technology that was going to give you a
distinct advantage so I’m not saying
don’t race technology everything we do
is about technology but really in
financial markets we saw that we just
became too far removed from reality and
even though I was at the core of that
business I mean much like as he talked
about mental health I kind of thought
well is this the only is this the only
way I mean there must be a different way
of doing things even though you’re in
the heart of something and you think
well actually it’s you know you go with
the flow you don’t necessarily think
that you’re going to going to change
that in any distinct form but actually
then effectively 2010 2011 we had an
exit from that business and I thought
well really there must be a better way
of doing things this thing was niggling
with me and again when I started up G
makes five years ago we thought well
this is great you know develop markets
have become very complex but actually
you’ve got developing markets and and
many of those are that revolt involved
or developed and then and then you know
what does that mean for individuals
because you know the you know stock
markets are great you know is it just
for traders is it is it for brokers who
is it for then we were fortunate you
know again things happen by chance I
mean I believe in fate I was at a
conference and I met the CEO of
agricultural commodities exchange in
Malawi a guy called Christian Shack
mullah from the ACE exchange we started
talking in a hotel bar over a drink and
then you know realize actually what he
was doing was really really interesting
and this problem that had been middling
me for a while kind of came to bear you
know is that Eureka moment because
Christian was completely from opposite
ends of the spectrum from me so even
though he was running the exchange it
was an exchange where
lots of smallholder farmers were
empowered to kind of produce and the
these were very much individuals because
Africa is a smallholder farmer economy
in in terms of agriculture so again
these farmers are on very very low
incomes
they’d produce any surplus they had
they’d they they’d sell but what was
happening was I’m even though the
exchange was established about 95
percent of the business was middlemen
you know much like we talked about those
many moneylenders much right like we
talked about you know brokers and banks
evolving and those middlemen were paying
them you know 10 cents on the dollar in
terms of what they were producing and
these people were so far removed they’d
they maybe wouldn’t be able to get their
produce to market they wouldn’t know how
to get it to market and they just didn’t
do the transaction so you know started
to kind of think about this and you know
subsequently you know Christine was
talking about well I mean even by having
the exchange middlemen were still there
and and actually the farmers were still
distant immediated from markets and they
were protecting the supply chain and
also then I started to look at that and
what it meant for the financial system
and it’s the same about you know he
looks at credit you know again you’ve
got jewelry why should he pay twenty
percent interest and only get the value
of 50 percent of your jewelry when you
when you lend it you know that all the
risk is on you you know it’s a
no-brainer for the lender and I just
thought that the whole system was too
antiquated so you know again it got me
thinking I went back away from this
conference that was in Switzerland and
now starts to think about well there
must be better way of doing this so and
how can technology help you know we’re
at the opposite end of the spectrum
we’ve seen the kind of financial crisis
unfold and you know dealing with very
high performance traders using
algorithms and machines to trade you
know how can we how can we help a market
like Malawi how can we help they smolder
farmers so they thought about this I
said to them you know rang up Christine
a few weeks later and they said this
whiz I mean this conversation happened
in at the beginning of 2015
said like Christian
I don’t quite know what the answer is
but you know you’re kind of grappling
with have these farmers get access to
market we run markets we have technology
let’s start working on something
together you know let’s talk about your
ten years of knowledge struggles things
that went well
you know looking at the past things that
went badly as well and let’s look at how
we can create a better system for those
for those farmers so what we then did
was in it create create a platform in a
most simple sense where farmers could
all of a sudden now get prices on their
on their mobile phones and actually I
mean in many ways developing markets or
Africa I mean we talk about leapfrogging
but by not having legacy technology or
desktop computing everything was
increasingly being done by mobile I mean
we saw and Pasir do that with Mobile’s
and mobile money in Kenya but that great
I mean electronics is great but there
still needs to be a physical link to the
end to the end producer because even if
you’ve got mobile money how do you
translate that I mean we use cards we
use everything but but there still needs
to be hard cash and pass it at it where
they empowered the village village
elders because there’s no post office
network there were no ATMs where the
village elders who were trusted could
then have the money and then distribute
that where there needed to be hard cash
so we kind of took some of these lessons
into Malawi but we also then started to
work with the financial institutions
because a lot of these farmers for next
year’s production would be taking loans
I mean there were huge loans but to them
they were huge I mean there could be
they averaged about $400 a farmer so
what we what we did was we made the
banks via an electronic platform compete
for lending because even though they had
security from the farmers they were
lending at forty percent interest rates
and actually 99% of the time those loans
were being repaid back so you could
argue that it was just priced very very
incorrectly so by making it easier for
the banks to lend and lowering the cost
of lending but also the banks competing
with each other locally and we enable
the banks as well to kind of access the
platform because many of those were very
basic like Bank of Malawi all of a
sudden they started to lend
more cheaply the farmers had access they
could get better prices we ran this
pilot for 47 thousand farmers in 2016
and in one year their net income went up
31% and then and it would have been it
would have been about five hundred
thousand farmers if there was access to
more capital more finance kind of more
scale and that kind of got us thinking
even more so we thought we looked at
this and we thought well this problem is
prevalent in many many markets I mean
across sub-saharan Africa but also if
you go into other other farming
communities as well so we thought how do
we really make this make this scale so
now we kind of spin out of an initiative
called fin Kumiko where actually
increasingly now we thought about how do
we make the balance between okay social
impacts and I’m not a socialist you know
I’m a free market economics kind of guy
but how do we make the balance the
balance between social impacts and
Financial Inclusion many of those
farmers were women they were they were
empowered and many of them then started
businesses because they became in my
simple sense where farmers can get their
produce to market the women started can
a small transport companies where they
could do that and they created other
opportunity and businesses also
children’s nutrition went up because all
of a sudden incomes are up families
could afford better food but all of a
sudden with surplus income they started
to invest in value-add so where they
were producing tomatoes you could now
produce tomato puree as an example
because many farmers are doing it
because they have to but they just don’t
always want to be farmers they want some
of them you know once we progressed him
about the value chain and then as their
incomes went up then things that you and
I take for granted consumer items you
know there’s demand for that they’re
equally mortgages loans other things so
it’s kind of created a massive impact
mean we’ve liked something recently or
potential for massive Inca impact
because we’re really at the start of
this and actually we’re trying to
galvanize a range of organizations
because many of these communities were
relying on aid and you know mention the
US aid pulling their age aid budget
when the aid went away they thought well
what do we do so you’ve got to make it
sustainable and profitable we’re doing
this in farming but what other
communities can we kind of take this
kind of social economic impact exchange
idea to and then I was fortunate enough
bumping into a guy here in Delhi who’s
involved in the clean tech space and he
was involved in the clean Ganga the sea
Ganga initiative that Prime Minister
Modi’s backing as well then all of a
sudden you know in that market or and
Swach Bharat we look to this and we
thought I mean this was really
interesting the comment at the start
about punch Connie but realized you know
there’s all these ragpickers and others
that were underprivileged in society and
there they were collecting waste they
were selling it but again they were
getting a fraction of me for the effort
they were putting in and oil
I mean they were getting what you know a
few there on very very low incomes if
you rupees a day just to do this this
kind of job and so now we recently
announced an initiative with a waste
exchange where we’re going to create
more transparent pricing around products
everything from cow dung to organic
waste initially so that those that are
selling the waste and it could be
smaller individuals to larger municipal
corporations etc can extract the value
from that well you doggy well what’s the
value in waste and if we look at Cao Cao
gang there’s gas that there are that
there are those that want to buy that
waste in large volumes because again
they can produce gas and that produces
clean energy and that takes us away from
kind of fossil fuels so what so what
does that mean you know if we if we if
we look at this I mean we see mobile and
then you know here’s a picture of kind
of Malawi farmers now at the wall at the
warehouse and it’s become very social as
well around that so all of a sudden all
right great they’ve got mobiles they’ve
got they’ve got access by mobile but
actually we’ve come back full circle to
kind of physical meeting places as well
I mean what I call kind of a fusion of
the old world and the new and and again
that just describes the kind of
ecosystem but you know we’re in an era
now where which I call in a democratized
disruptive innovation or didi I mean if
we if we look at this
all right we’re an era of Facebook and
and social media we’re all connected as
as these communities that were
previously unbanked or off net as we
call it and now increasingly coming
online you know in theory you know and
and then now playing out in reality you
know it will all be connected to
everyone else so I mean how can we how
can we use that as an opportunity I mean
you know already it’s developing we’re
all right intermediaries because the
system has been so wrong of now it could
have been superseded there’s a
peer-to-peer lending where you and I
could lend against each other and that
scaling out and everyone would argue ok
you know forty-seven thousand farmers in
the grand scheme of things is it a lot
but now actually that’s extending by
multiple and there’s a network effect
already now it’s really interesting it’s
making the financial institutions
rethink what they do because they’ve
realized actually they many of them been
taking us for a ride as fifty to two
other company CEOs I mean one that’s
running a banking segment and another
one that’s in voice and and mobile data
and both of them were very concerned I
mean their companies are making huge
amounts of money but actually they can
see you know saying in three years from
now in we’re seeing change at a rapid
pace I mean what used to happen in one
year is now happening in one month I
mean things are just I mean I I’ve seen
it over the last year in 22 years I’ve
never seen as rapid evolution as I did
last year and this year is going to be
even faster they said look you know it’s
great we’re making lots of money at the
moment but you know we have really got
to rethink what we do because if we
don’t the change is going to pass us by
and actually you know we’ve seen what
happened with Kodak when the digital
camera came in and the company was
salvaged and it exists but it’s a shadow
of its former self on the flip side on
the flip side Google has now become a
700 million dollar company so so again
it’s forcing companies to embrace change
so now whether
you want to change or you want to look
at things in a different way I mean what
I would say has become a disruptive
innovator and embrace change I mean the
opportunities there for all of us
[Music]
Please follow and like us: