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Home Blog Page 7197

Rejected by Shark Tank, Now Sold for $1 Billion

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As you close for the weekend, please make time to refresh. Yes, I want you to have time to reflect. Do not be intimidated by zen masters and gurus. The fact is this: no one knows everything. One of the best investors of his generation had the opportunity to invest in Google, but passed. Last week, Amazon bought Ring, a home security company for excess of $1 billion. That was the same company “the wise people on Shark Tank show” rejected.

The more you develop confidence in what you do, the better you can make progress. While it is always good to measure and benchmark, it is important you do not measure to beat yourself to no action. If you focus on comparing yourself with others, you may be measuring the wrong things. That could mean missing the opportunity to develop what you have and own your space.

Yes, they would tell you that your idea is “no good”. Consider the merit of those feedbacks but always remember that nothing could be more “terrible” than launching a business where strangers would sleep in someone’s house. That business, Airbnb is worth billions of dollars today. If someone could fund Airbnb, people, you should not be alone.

Get out of that self-imposed timidity. Curate the noise, and look ahead for the mountain-top. You cannot be a good entrepreneur if you do not develop that personality that this game is a contact sports – you must hustle for access into the minds and lives of clients and users. But glory awaits.

GTBank Grand Strategy in one Paragraph, from CEO Segun Agbaje

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GTBank is a category-king banking institution in Nigeria. In many ways, it leads the sector.  It is a bank that I have studied; I’d shared the winning formula which partly made this bank what it is today. The CEO of the bank, Mr. Segun Agbaje , spoke this week in the  Social Media Week Lagos event. His talk was titled “Making Sense of a World in Motion”.

Here are the top-level takeaways:

  • Companies including banks would fail unless they transmute into platforms.
  • Collaboration is the key to winning on digital. Without collaboration and partnership, firms would struggle to have success.
  • Business will thrive if they develop capabilities on “flexibility and adaptability” in their business missions. For banks, with those two elements, they could effectively compete despite technology-driven disruptions in the industry.
  • The key factor of production right now is Access, not capital.
  • Entrepreneurs must demonstrate “integrity, transparency, hardwork and discipline.”
  • The customer is the “king, special and at the centre of everything.”

Then he provided the grand strategy of GTBank thus:

To  “create a platform and partner anybody who has a service to offer. So that if as a customer, one comes into our ecosystem, you can do just anything. You could do your banking business, buy your tickets, insurance, travel; if you wanted a 10-day pay day loan, you can do it. So, really we want you to come into our ecosystem, maybe five times a day to do different things other than banking.”

Adapted from the Guardian

When IT Anchors Hybrid Intelligence

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The best IT deployment is one that RUNS your organization even as it TRANSFORMS it. I believe that IT must offer duality, helping to improve presently defined operations even as it helps to redesign the whole firm. Yes, take care of today’s operational needs but have the capacity to re-engineer the organization of the future. In all, IT bows to the business objectives because the objectives are superior to things that make them realizable. Yet, an IT that transforms could help architect those objectives.

When you deploy IT that only runs, you have extremely good operational quality which can be executing an expired business model flawlessly. Sure – instead of collapsing in three years, you can get that done in six months.

But when you have IT that transforms, you get the excellent operational fluidity even with capacity to restructure a business model to fit the changing needs of your customers. Indeed, you are running and your head is lifted up to see far into the future. That is when IT becomes a competitive weapon, evolving from operational element into a strategic enabler.

The best part of technology is not what technology itself does but what it enables to happen. For a telecom company that used AI assistants (think of Messenger bots) to fix 82% of customer services issues, it has IT that is not just running it but also transforming it. Getting to say 90% resolution success may require human elements. That is Hybrid Intelligence – concatenating technology and humans to deliver superior results at scale.  At the heart of this is massive cost saving which makes the firm leaner, smarter and more profitable.

Until your IT can anchor Hybrid Intelligence in your operations, you only have an IT that runs and not one that transforms. An IT that runs must evolve as it may be destroying the future of the business. You need an IT that transforms. Yes, one that anchors Hybrid Intelligence in your business.