How to be successful in the hyperconnected world? A look at several strategies that the Nordic Countries can use. Let's build a Nordic Digital Ecosystem.
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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.
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.
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
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.
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).
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.
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.
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.
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!