Reshaping our business in the post-Covid world
19th August 2020 Guest speaker: Francisco Santolo Moderated by María Laura García
FIBEP's webinar series aims to share knowledge and ideas and strengthen networking.
About Francisco Santolo
Recognized in 2017 by Forbes magazine as the “Startup Hacker”, Francisco Santolo is an economist and MBA, with studies at Harvard, Stanford, Chicago Booth, Singularity, Kellogg, and MIT.
He founded his first company at the age of 13. He is a Consultant, Angel Investor, and has co-founded and been Board Member in more than 50 companies. He has more than ten years of experience in global corporate business. MBA Disruptive Entrepreneurship professor, international speaker, invited as Keynote Speaker to the G20 Young Entrepreneurs' Alliance Summit. Today he is a Charter Member of TiE Hong Kong.
Short brief - We are moving from a stable world in which things were predictable to an unpredictable world in which uncertainty is the rule. - The 6 Ds of exponential developments are: Digitized, Deceptive, Disruptive, Demonetized, Dematerialized, and Democratized. - In the future, anyone will have access to the technology we use today and in this sense, anyone will be a potential competitor. - Recommended book: The Vanishing American Corporation. It tells the story of why corporations appeared in the first place. We assume many things as a given norm when they shouldn't be. - Disruption occurs in an existing market when a new player beats the incumbent. This can be done in two ways: through a new technology or through a business model disruption. - Governments and corporations are losing their power and are getting disrupted by players that target a niche. - It is often difficult for a company to test a new development because it can be very costly. Whereas when you are an entrepreneur, you have nothing to lose. This means that there are incentives not to take as many risks as small players. - Business theory has changed completely. Long-term planning is finished. Today the key is to learn first and fast, through listening and testing.
- Clayton Christensen: the theory of jobs to be done. When you play with different customers segments you discover that one simple feature is enough for them to pay a fortune. - Two main types of innovation: sustaining innovation and disruptive innovation. Disruptive innovation generates new markets and values, in order to disrupt existing ones. As opposed to it, sustaining innovation see ks to improve existing products. - The key of the business of the future is that they are not related to an industry, but to business models, and business models are wonderful when you mix things from different industries. - A business model is how to add value to each of the stakeholders in a simple and cheap way and then capture part of that value. A business model explains how to generate value to whom, how to extract that value and how to make that happens. - Things we need to pay attention to: features, structures, assets. - The main advice for our industry is not to get stuck in “I’m Media Intelligence”. We need to understand what our strengths are and what our weaknesses are. We are in a good position, we have the assets, knowledge and the possibilities to go first in places no one has ever been before. - The coronavirus is something that's going to multiply. Individuals will be more powerful than before. These shocks that will transform things will be faster and more continuous, and governments and corporations are not able to react quickly to these changes. - The companies of the future will be flexible and will be able to adapt easily, to think outside the box. - Innovation is not about launching a new product nor does it have to be very technological, but it is about solving a problem and turning it to your advantage. What is the most interesting niche you can serve with who you are today?