Inside finance will continue to follow the impacts of disruptive innovation and the discussions around it. We have more great shows from Graeme Codrington.
Keep an eye on Inside Finance if you are interested in social digital technology. There will be more TV shows from knowledgeable business insiders like Nigel Huddleston.
Disruptive technologies that can completely change the way an industry works may be developed by another industry all together. Keith Coats Discusses:
Disruption in business is probably not going to come from within your own industry, and the danger of benchmarking is that we mark ourselves and our progress against those who are running the same race. So you would have expected Yellow Pages to be at the forefront of search engines – Google didn’t come from Yellow Pages.
There’s a large bank in Africa who rolled out an entire African strategy who, by benchmarking themselves against fellow competitors, that’s all they looked at. They went into Africa to discover that the biggest competitor to banking came from cell phone technology, or mobile technology, people transacting through their mobile devices, that changes the rules of the game.
So, the principle is this, is if we’re only looking within our industry, at people running in the same race as us, the chances are we’re not going to see the disruption. And smart organisations today are looking far enough and wide enough outside of their windows to … and asking the right questions to see the disruption that will change the rules of the game.
And our message to big companies who are leaders in their own particular sphere is don’t wait to be disrupted, be the disruption in your own industry, change the rules of the game. And if you don’t and you become complacent and you focus on business efficiencies, there will come a time when somebody will disrupt your industry and it’s going to come from outside.
We will have more videos about disruptive technologies on Inside Finance, where you can also watch more from Keith Coats.
Entrepreneurial spirit will be portrayed in various parts of a persons character. In this TV show Julie Meyer discusses persistence.
I’m fairly good at picking up on how much steel somebody has in their spine. So, you can tell and it’s not just the level of intensity or the stare that they give you, it’s more you can kind of sense in how concerted an effort. People betray their level of persistence in many ways and I don’t know how, it’s almost like a neural network after you’ve done it for so long. But you can kind of sense whether somebody’s going to pull through, for example, with Alastair Lukies of Monitise there’s just something that I felt about him that he was extraordinary and exceptional. And, you know, when he got his first client he secured the first client and he sent me a text message, it was like a Friday night in 2006. And I remember getting a text message that said, you know, 106 meetings, 76 nights away from my wife, but we have a client today. And, you know, that’s irrational, that’s obsessive behaviour. Normal people do not do that, normal people don’t just keep on going. Now, he wasn’t just banging his head against the wall, what he was doing was constantly learning, constantly retargeting, adjusting. And so the man is extremely smart, which is why Monitise is doing, you know, Monitise will be one of the most important companies ever to have been founded in the United Kingdom. But it takes an irrational level of persistence. And I think I’m pretty good at figuring out whether somebody is up for that.There are many more great videos about entrepreneurial spirit and business success on Inside Finance. Look out for more briefings on the subject.