Thursday, October 30, 2014

Session Two: You Don’t Want To Be At The Airport When Your Ship Comes In by Howard Tullman, CEO of 1871

Session Two: You Don’t Want To Be At The Airport When Your Ship Comes In by Howard Tullman, CEO of 1871

Now, this is what made the event. Howard is incredibly smart and has no problem sharing all his knowledge. I have heard him speak before. It was about 4-5 years ago when he was the CEO of Tribeca Flashpoint Academy. He spoke on social media. Back then he blew my mind. This time around he did not disappoint.
Howard focused his talk on a mixture of the technology industry, social media and the startup world. There was so much information, that I literally was taking picture after picture with my phone of the slides to try to capture everything, all while taking notes.
Here are the key takeaways along with a good majority of the slides:
  • The world of business as we know it is shifting – and drastically
  • We must keep up with the evolution or risk being left out in the cold
  • The new era of giving customers what they want, when they want it, where they want it, is here
  • Pricing is complex – no longer is it the norm to create the prices
    • Consumers will pay what they consider the value to be
    • Some might value it at $0.99 and others at $99
    • You need to be able to adjust
  • It’s not about quality anymore, as it is about how fast you can get it to them
  • You need to understand the data; the power lies in the data
    • Credit card companies can predict divorces based on purchase behaviors
    • Amazon is sending items to warehouses near you before you even purchase based on your past purchase behavior
    • Disney’s Magic Band lets Goofy know your kid’s name and where you are from, in a screen in the costume
  • The shift in the market is trending upwards for the Free-Agents in the market
    • Because of that, we are becoming life-long learners out of necessity to survive
    • We are outsourcing more jobs
  • It’s becoming a sharing economy, and Divy is an example
  • That’s what the generations coming up are used to and want; they don’t want to have to pay $200+ for a bike, when they can buy a membership for $75/year

That’s not all of it, but it’s a lot it. Mr. Tullman is an animal when it comes to this information. He will blow your mind in his talks. With him at the helm of 1871, the incubator is in very good hands. Here are some slides from the presentation.
The New Internet Trifecta
Niches Are The Name of The Game
Free Agent Market
Marriage on the Rocks
As a business owner you need to consider some of the points he makes:
  1. Your business must adjust to the what they want, when they want it, where they want it economy mentality
  2. Data rules everything now
  3. It’s not about quality, as much as it is about how fast people can get it
  4. The shift to the free agent market
  5. Keep in mind the generations coming up, that will affect your business
  6. Pricing is becoming even more complex
Understanding these points, you will be able to weather the storm and adjust your business model accordingly so you don’t become an obsolete business.

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