I don’t like being called a geek, but being thrilled to attend the Toronto Tech Summit where I was titillated by the frontiers of new technology is pretty geeky, isn’t it?
Friday’s event (April 8, 2106) was a well organized and thought out conference, with high quality speakers and good breadth to the program. The event claims a focus on customer experience or ‘crafting experiences through technology’¹. Not too long into the first session, it hit me:
Tech² is growing up. Leaving that awkward teenage phrase of ‘no, I’m totally different’, to resemble a young adult who want to make good in the world, but have their own ideas about how to achieve it.
One of the speakers³ asked ‘how do we business in Canada?’. Business as a verb. Yes. The conference was about the business made possible by technology, not how to turn technology into business.
Maybe everything I see looks like a business strategy lesson right now, but I was blown away how each talk could illustrate a concept from a quintessential strategic management textbook.
Tech has grown into an enabling component of every product and service, so it’s not surprising that I imagined writing a different chapter of a strategy manual with each presentation at the Tech Summit. All the better because every story was about a cutting edge business. How exciting… tech is no longer separate, it’s integral. Not renegade and unruly, but maverick and enlightened. Less Sex Pistols and more U2.
Here are the business lessons I took from some of the presentations at the Toronto Tech Summit:
No business conference is complete without a presentation about the Internet of Things. Sachin Mahajan from Telus eloquently laid out evidence that this is an industry entering the growth phase following its introduction. Large companies, like Google, IBM and Apple are investing heavily in the area, as are venture capitalists. The business is nascent, so there are few industry standards – another hallmark of an early growth stage industry, as is knowing little about the verticals that will serve the industry.
FreshBooks – a general audience pause while we all roll our eyes because its accounting software – is in a more mature industry – enterprise software. Avrum Laurie described their process for agile design. Process innovation, the textbook says, is a hallmark of a maturing industry. Yup, integrating real-time design innovation and customer feedback may be new tech, but process innovation, to decrease waste and remain competitive, is old school, cost-focused strategy.
Classic diversification strategy was presented by Bowie Cheung of UberEats. Lots of great strategic moves here. Uber’s mission is to deliver everything to people – I’m paraphrasing and may not have got the words exactly right but clearly she was talking about new business units. What does a company do to grow? Build on its existing knowledge base. Use what it knows in new ways. In Uber’s case, deliver food to people instead of giving them a ride using essentially the same driver and car base they’ve established. Makes sense, so far. But delivering food from restaurants isn’t a new thing. Can Uber make it better? The roster of restaurants is UberEats’ differentiating factor, allowing them to realize economies of scale in making their dishes for a wider customer base, with distribution enabled by the Uber app and quick delivery. I particularly liked the idea of being able to track delivery through the app. How many times have you paced, ravenous, wondering where the heck your pizza was? Uber answers. This could be a key success factor.
The customer experience/care panel asked traditional questions about client demographics. I had to wonder when the talk turned to the use of chatbots in retail. The essence of the concept was that instead of lifting a finger to click on opinions or pull down menus, the AI would ask which option the customer preferred. Could we all become so lazy? But I can see it being the new normal or industry standard.
Other delicious morsels of business strategy I heard:
- The requirement for organizational structure, especially as a startup grows, was attest to by Paul Grey of KiK. KiK is a social media platform used by a particular demographic.
- Differences in new entry costs between hardware and software was a theme from Wesley Yun from GroPro.
- Diversity in all businesses has value for the organization and is not just good corporate social responsibility, said Nada Basir from the U of Waterloo business school.
- Another example of cost focus strategy from the mature business of online auctions, methods to reduce costs by changing currency offering.
- And the importance of corporate culture for delivering anything in business.
As an old person, always excited about new technology, I felt right at home with the new generation. Because they’re practicing business just the way we did when I was young.
²I’ve always defined technology as inclusively as possible, encompassing software, hardware and the combination, and newly engineered physical and biological things. I was glad to hear one of the speakers say the same.
³here http://www.torontotechsummit.com is the list of speakers. apologies in advance if I don’t attribute every phrase I heard correctly.