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Naked approach: success in the hyperconnected world
- 1. SUCCESS IN A HYPER- CONNECTED WORLD Let’s build a Nordic Digital Ecosystem.
- 2. WHO THIS PRESENTATION IS FOR Forbes Global 2000 companies in the Nordic region Startup founders Innovation agencies and innovation funds Nordic ministries of trade and industry
- 4. Industrial Internet: “An internet of things, machines, computers, and people, enabling intelligent industrial operations using advanced data analytics for transformational business outcomes. It redefines the landscape for business and individuals alike.” M2M Smarter Planet
- 5. We understand the next step for the internet will be hyperconnectivity
- 7. “The right to security, the right to health and the right to learning. These three will all change fundamentally through technology services.” – Risto Siilasmaa, Chairman of the Board, Nokia HYPER- CONNECTIVITY BUILDS ON NORDIC STRENGTHS
- 8. “Platform services show how excess capacity and technology can be combined to create exponentially scalable solutions to combat climate change.” – Robin Chase, Founder, Zipcar, author of Peers Inc HYPER- CONNECTIVITY SOLVES WICKED PROBLEMS
- 9. CISCO believes the IoT could generate $4.6 trillion over the next ten years for the public sector, and $14.4 trillion for the private sector. GE believes that the industrial internet will add $10 to $15 trillion to global GDP in the next 20 years. According to estimates by the McKinsey Global Institute, the IoT will have a total economic impact of up to $11 trillion by 2025. HYPER- CONNECTIVITY GENERATES REVENUE
- 11. Silicon Valley 51 new tech companies launched every month 15,931 people self-identified as angel investors in 2014 $118,949: average salary for a Google software engineer $37,800: average salary start-up founders pay themselves +62% change in the price of San Francisco office space since 2009
- 12. Silicon Valley Amazon dominates the market by creating new services on its platform and selling to consumers with extremely thin margins. Its services can be sold on as a web service to other businesses.
- 13. Silicon Valley Tesla releases its technology patents to be used by anyone. By opening the patents, Tesla attracts and motivates talented employees and accelerates the development of electric cars for sustainable transport.
- 14. Silicon Valley Slack allows all sorts of applications to be integrated into its messaging platform, making it an indispensable companion of a digital-era employee. It is fast- growing messaging software, which allows teams to chat with each other and share information.
- 15. Silicon Valley WHAT DO THESE COMPANIES HAVE IN COMMON?
- 16. Silicon Valley THEY ALL EXPLOIT THE SPECIAL FEATURES OF THE SILICON VALLEY ECOSYSTEM: Strong interactions and mobility across company boundaries. Culture with willingness to experiment and tolerate risks. Wide talent pool with a unique openness and highly skilled, motivated and multicultural founders.
- 17. AND THEN ACROSS TO THE OTHER SIDE OF THE PACIFIC
- 18. Nearly half of the startups in China are based in Beijing. 800+ startups are situated in Beijing... including Xiaomi, Baidu, China Unicom, ATA, Sohu.com, UTStarcom, JD.com, MIUI, Qunar.com, LeTV, Ku6, 36Kr, and Didi Chuxing. 13,000+ angels investing in Beijing. Beijing
- 19. JD.com is an ecommerce company that aims to drive users to its platforms by offering online to offline commerce, where consumers use their smartphones to order offline services, from takeaway food to entertainment. That’s why it has, for example, invested in supermarket chain Yonghui Superstores ($700 million). Beijing
- 20. Didi Chuxing provides any class of urban transport, from a taxi to a chauffeur-driven vehicle and shared rides without owning a fleet itself. Users submit a request via its app. Beijing
- 21. LeEco Group’s businesses span from internet TV, smart gadgets, ecommerce, eco-agriculture and internet-linked electric cars to film production. Now it is building Le Ecosystem, an online platform with content, devices and applications. Beijing
- 22. Beijing WHAT DO THESE COMPANIES HAVE IN COMMON?
- 23. Beijing THEY ALL EXPLOIT THE SPECIAL FEATURES OF THE BEIJING ECOSYSTEM: Biggest market with little competition from incumbents. The authorities channel government money to technology districts, since regional competition for new businesses is fierce. Real-estate firms foster startups by creating shared office spaces with flexible leasing periods.
- 24. SO SHOULD WE EVEN TRY TO COMPETE WITH THEM?
- 25. YES, WE SHOULD In the last 10 years, Nordic-based start- ups have accounted for almost 10% of the biggest startup exits in the world. In other words, we have the highest ratio of over $1 billion exits to GDP.
- 26. YES, WE SHOULD In just Q1 of 2016, $1.36 billion was invested in Nordic startups through 156 investments. Excluding Spotify ($1 billion debt round), Finland raised the most investment funding in Q1 of 2016 ($112.5 million).
- 27. Statoil Nordea Møller-Maersk Volvo Ericsson DNB SEB Handelsbanken TeliaSonera Telenor Fortum Novo Nordisk H&M Danske Bank Sampo Group Norsk Hydro Atlas Copco Carlsberg Group Nokia How many of the over $1 billion startups do you think were bought by the biggest companies in the Nordics?
- 28. How many of the over $1 billion startups do you think were bought by the biggest companies in the Nordics? NONE Statoil Nordea Møller-Maersk Volvo Ericsson DNB SEB Handelsbanken TeliaSonera Telenor Fortum Novo Nordisk H&M Danske Bank Sampo Group Norsk Hydro Atlas Copco Carlsberg Group Nokia
- 29. ON THE BRIGHT SIDE… Statoil Nordea Møller-Maersk Volvo Ericsson DNB SEB Handelsbanken TeliaSonera Telenor Fortum Novo Nordisk H&M Danske Bank Sampo Group Norsk Hydro Atlas Copco Carlsberg Group Nokia Established Nordic companies do acquire Nordic solutions. In May 2015, Amer Sports announced the acquisition of Sports Tracker, a Finland-based digital sports application and online service. In June 2015, Tieto acquired Norwegian company Software Innovation for €66 million.
- 30. BUT...
- 32. Nordic countries lead the world in their use and readyness for digitalisation. However, many business leaders and managers do not fully understand how to grasp the opportunities in front of them. We are lacking an ecosystem that fosters growth for the hyperconnected era.
- 34. Companies no longer simply launch products and services. They launch services on platforms and products within product architectures. Companies operate in ecosystems.
- 35. SO, HOW SHOULD THE NORDIC ECOSYSTEM BE CREATED FOR IT TO BE SUCCESSFUL BY 2030?
- 36. To create successful business ecosystems in the Nordics, two aspects are more important than others: PLATFORMS and FOUNDERS.
- 37. The platform economy is driven by the transformative qualities of cloud, smart and connected products, and the internet. It fundamentally changes the way we do business.
- 38. Founders and founding conditions have a significant impact on entrepreneurial firms. Without founders, we cannot react to the changing business environment.
- 39. THE ROLE OF PLATFORMS “For traditional firms, the writing is on the wall: learn the new rules of strategy for a platform world, or begin planning your exit.” -Harvard Business Review
- 40. Platforms refer to “information technology systems upon which different actors – that is, users, service providers and other stakeholders across organisational boundaries – can carry out value- adding activities in a multi-sided market environment governed by agreed boundary resources.”
- 41. Platforms change a company’s strategy completely: from controlling to orchestrating resources from optimising internal processes to facilitating external interactions from increasing customer value to maximising the value of the ecosystem For the platform owner, the platform strategy requires an external ecosystem to generate innovations and to increase the value within the platform.
- 42. Platforms provide modular components for product development and a mutually beneficial lock-in between different parties on the platform. Innovations happen and they are evaluated by customers as part of an ecosystem of complementary, competing and supporting products.
- 43. When the network effects within business communities become large enough, as they now have in many markets, increasing interplay will result in a better return than optimising one’s own business. Platforms are the natural model of the hyper- connected business.
- 44. SUCCESSFUL PLATFORMS Most large companies are already moving fast in the right direction by increasing their porousness or permeability. By increasing the interaction with their close collaborators, start-ups and research organisations, and letting information flow both in and out of the company borders, they enable the creation of an evolutionary platform.
- 45. Big corporations should take in and let out teams to create founders and agility. For that, they need to be permeable.
- 46. Newspaper:. “Let’s reinvent. the wheel - the most. successful transportation. company CEO leaving. to join a seed-level. mobility start-up”
- 47. In the coming years, the platform economy will open up possibilities for new entrants into the market. Founders create entrepreneurial firms that contribute heavily to new ecosystems.
- 48. THE ROLE OF FOUNDERS To create a successful ecosystem, we need skilled founders in the Nordic hyperconnected ecosystem.
- 49. WHERE DO THE FOUNDERS COME FROM?
- 50. Entrepreneurship is not an occupation but a passion and identity for the entrepreneur, research says. Prior experience in entrepreneurship and a particular target industry are not essential. While overconfidence by a founder leads to the excessive creation of firms, under- confidence results in missed opportunities. The transition into entrepreneurship is shaped by peer influence.
- 51. NORDIC FOUNDERS The Nordic culture tends to value humbleness more than confidence. Confidence is built in childhood, which underlines the role of parents, childcare experts and teachers. Also, very practical training on how to deliver a pitch and crystallise a message may be helpful as success in communicating can increase confidence.
- 52. NORDIC FOUNDERS Taking advantage of the Nordic values of trust, equality, respect and collaboration can improve the founding environment significantly. This means supporting spaces and practices that enable information sharing, collaboration and mutual respect. And to support founders and agility, big corporations and universities should take in and let out teams.
- 54. Entrepreneurship is not a profession or a characteristic one is born with. It is a skill and an attitude. Entrepreneurship is not a profession or a characteristic one is born with. It is a skill and an attitude. You’ll learn how to. run a startup by. running it.
- 55. In the IoT world, offerings can succeed when they create new platforms or link to existing ones. In the IoT world, offerings can succeed when they create new platforms or link to existing ones. You’ll succeed. only by creating. and linking. to.platforms..
- 56. Currently, large Nordic corporations are neither connecting nor collaborating with the most successful start- ups in the region. Currently, large Nordic corporations are neither connecting nor collaborating with the most successful start- ups in the region. But they should.
- 57. Start-up innovators, large companies, investors and universities can together strengthen the culture of founding. Start-up innovators, large companies, investors and universities can together strengthen the culture of founding. Spin-offs are the best way. to learn. Allow them!