Category Archives: Entrepreneurs, Start-ups, Small Businesses

Further Delays in Canada’s Real-Time Rail System Spark Industry Frustration and Regulatory Challenges

Payments Canada | Jun 13, 2023

Freepik, Postponed

Image: Freepik

Payments Canada has announced a further delay to the launch of the Real-Time Rail (RTR) payment system, causing industry frustration and concerns. This marks the second delay of the RTR launch, which was initially promised in 2022 before being rescheduled to mid-2023.

The current delay is attributed to "current delivery delays, unrelated to the exchange technology components," and Payments Canada will conduct a review to understand and mitigate any future delays in the program​​.

  • This further delay in the RTR system, described as "frustrating" and "disappointing" by industry participants, is said to impact not only the launch of the infrastructure but also the banks and other providers that have to make the technology available to their clients.
    • The current delay is attributed to "current delivery delays, unrelated to the exchange technology components," and Payments Canada will conduct a review to understand and mitigate any future delays in the program​​.
    • The delay will provide additional time to validate and test the components and end-to-end integration of the RTR system. Despite the industry's frustration, some experts argue that a cautious and methodical approach could lead to a better end result, especially to prevent potential issues such as payment outages, increased fraud, or misdirected payments​​.
    • In parallel, Payments Canada is making strides in other aspects of the country's plans to overhaul its payment systems, such as introducing the ISO 20022 financial messaging standard to the Lynx system in less than two months, indicating that the country's payment systems modernization effort continues despite the RTR delay​​

See:  ISED Launches Competition Act Review: Consultation on the Future of Competition Policy in Canada

  • Impact on the Industry:
    • The delays could have significant repercussions on the financial industry. Banks and other providers need to know when the system will go live to plan for the technological developments, testing, and product development. The current uncertainty might cause a slowdown in these processes, thereby potentially affecting the overall readiness of the industry for the new payment infrastructure​​.
  • Payments Canada is also considering expanding its membership eligibility to payment service providers (PSPs) as part of the review of the Canadian Payments Act, a move that could face resistance from larger banks who fund the new system and may not want to see their competitors benefit from it.
    • The potential expansion of Payments Canada's membership to include PSPs could have significant regulatory implications and may result in a shift in the competitive dynamics of the Canadian financial sector. It could potentially lead to conflicts between larger incumbent banks and the government, which is pushing for wider participation in the payment system​​.

View Payments Canada Real-Time Rail (RTR) update --> here


NCFA Jan 2018 resizeThe National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

NCFA Financial Innovation MapNCFA Innovation Opportunity BriefsNCFA Fintech Insights
NCFA Fintech WhispererNCFA Fintech Fridays PodcastNCFA Weekly Newsletter

 

Boosting Inclusion: Canada’s Groundbreaking $25M LGBTQ Entrepreneurship Program

CBC News | Brett Bundale | Jun 8, 2023

Unsplash – Tim Bieler, Pride flag

Image: Unsplash/Tim Bieler

The Canadian government has pledged $25M to launch the nation's first-ever LGBTQ entrepreneurship program, deemed a "game-changer" by proponents. This initiative, the first of its kind globally, is aimed at fostering a more inclusive economy and society.

  • Administered by the CGLCC, the program will include a business scale-up program, an ecosystem fund, and a knowledge hub. These components are designed to address the unique challenges faced by LGBTQ entrepreneurs, such as discrimination and difficulty in accessing funding.
    • The federal Economic Development Department reports that there are over 100,000 LGBTQ-owned businesses in Canada, contributing significantly to the economy but still facing unique barriers.

See:  The Rise of Impact Investing in Tech Startups: Aligning Profit with Purpose

  • The program has been applauded by LGBTQ entrepreneurs, who anticipate it will provide much-needed resources, networks, and mentorship for greater inclusion and success in the economy. Verification of LGBTQ status for the program will be managed by the CGLCC, reinforcing the community-driven nature of this initiative.

Darrell Schuurman, co-founder and CEO of the CGLCC:

"All entrepreneurs have had their share of struggles but this program recognizes that there are additional unique challenges and barriers faced by diverse-owned businesses and 2SLGBTQI+ entrepreneurs.  Some businesses have actually lost contracts because of their ownership. People are sometimes hiding who they are and not fully bringing their true selves to their business and it has a negative impact on the growth of their business and, ultimately, on the economy."

Keywords: Canada, LGBTQ entrepreneurship program, $25M, inclusion, economy, society, CGLCC, business scale-up, ecosystem fund, knowledge hub, LGBTQ-owned businesses, discrimination, funding, resources, networks, mentorship, verification.

Continue to the full article --> here


NCFA Jan 2018 resizeThe National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

NCFA Financial Innovation MapNCFA Innovation Opportunity BriefsNCFA Fintech Insights
NCFA Fintech WhispererNCFA Fintech Fridays PodcastNCFA Weekly Newsletter

 

Breaking Down the Steps to Achieving Full Business Ownership in a Foreign Market

Jun 16, 2023

Pexels – RDNE, reviewing paperwork

Image: Pexels, RDNE

Entering a foreign market can be an exhilarating journey filled with opportunities and challenges. It's like embarking on a new adventure, where you're eager to explore uncharted territories while at the same time cautiously navigating through unfamiliar landscapes.

As you consider expanding your business into foreign markets, you must take calculated steps to ensure success in this exciting venture.

You must first understand its unique nuances and intricacies to thrive in a new market. Conducting comprehensive market research is essential for identifying potential opportunities and obstacles that may lie ahead.

Once armed with this knowledge, you must develop a well-crafted market entry strategy that accounts for your target region's cultural and regulatory landscape.

Establishing a local presence will also be key to cultivating consumer trust and building strong community partnerships.

Finally, assembling a capable local team will be vital, as they will serve as your eyes and ears on the ground, helping you navigate through any unforeseen challenges that may arise along the way.

Conducting comprehensive market research

Diving headfirst into a foreign market can be thrilling, but you'll want to ensure you've done your homework by conducting comprehensive market research before taking the plunge. This involves analyzing the target country's economic climate, understanding its cultural nuances, and identifying potential customers and competitors.

By gaining in-depth knowledge of those aspects, you'll be better equipped to make informed decisions about how and where to launch your business.

When it comes to how to set up a company in Saudi Arabia & obtain 100% business ownership, conducting thorough market research is a crucial step. This entails examining key economic indicators of the target country, such as the GDP growth rate, inflation rate, currency exchange rate stability, and unemployment rates.

By analyzing these factors, you can gain insights into the economic climate and make informed decisions regarding your business venture. Furthermore, it is essential to investigate local industry trends and assess the demand for your product or service within the Saudi Arabian market.

This comprehensive approach to market research will equip you with the necessary knowledge to navigate setting up a company in Saudi Arabia and securing full business ownership.

Additionally, familiarize yourself with local customs and regulations to ensure your business practices are culturally sensitive and compliant with legal requirements.

Don't forget to study the existing competition; knowing who they are and what they offer will help you differentiate yourself from them.

As part of your research process, consider engaging with locals or partnering with an in-country expert who can provide valuable insights into consumer preferences and behavior patterns specific to that region.

Remember that consumers' needs vary significantly across different cultures; hence, adapting your marketing messages accordingly can make all the difference in successfully entering a foreign market.

Once you've gathered sufficient information through extensive market research, it's time to use this knowledge to develop a tailored market entry strategy that caters to your target audience's unique needs and expectations.

Developing a Market Entry Strategy

To succeed in a new market, you must craft a well-thought-out market entry strategy that considers local customs, regulations, and competition. This entails selecting the most appropriate entry mode, such as direct exporting, licensing, franchising, or establishing a joint venture with a local partner.

It is crucial to carefully assess the advantages and disadvantages of each option relative to your specific goals and resources. In addition, make sure to adapt your product or service offering to meet unique cultural preferences and needs while maintaining the essence of your brand.

One key aspect of developing an effective market entry strategy is conducting a thorough competitor analysis. Identify the major players in your target industry and evaluate their strengths and weaknesses concerning market share, pricing strategies, distribution channels, marketing tactics, customer segments served, and reputations among target customers.

Gaining insights into how competitors have succeeded (or failed) in this foreign market can help you identify potential opportunities for differentiation or areas where you may face challenges.

Another critical component is understanding the nuances of business in a foreign country, from negotiating contracts to building relationships with suppliers and distributors.

Familiarize yourself with local business etiquette and best practices to navigate complex negotiations effectively without inadvertently causing offense or miscommunication.

Additionally, consider working with a reputable local consultant specializing in assisting foreign companies entering the market; they can provide invaluable guidance on cultural norms and regulatory requirements specific to your industry sector.

Armed with this knowledge about your chosen foreign market's competitive landscape and business environment, you will be in good stead for successfully navigating the regulatory requirements that come next on your journey toward full ownership there.

Navigating Regulatory Requirements

Navigating regulatory requirements can feel like maneuvering through a maze, but it's essential to understand and comply with them while expanding your business into new markets. Each country has its own set of rules and regulations that govern businesses operating within its borders.

This means you'll need to familiarize yourself with the specific requirements for the market you're entering, which may include obtaining permits, registering your company, paying taxes, and adhering to local labor laws.

Some key aspects to consider when navigating regulatory requirements in a foreign market include the following:

  • Licensing and permits: Depending on the industry you're operating in, the law may require licenses or permits.
  • Import/export restrictions: Be aware of any trade restrictions or tariffs that might impact your ability to import or export goods.
  • Employment laws: Understand local labor laws governing wages, benefits, working hours, and other employee rights.
  • Tax obligations: Determine tax liabilities for both your company and employees in the foreign market.

You should also seek guidance from professionals with experience dealing with these regulations. Local legal experts can help ensure compliance with relevant legislation while minimizing the potential risks of non-compliance.

Sometimes partnering with a domestic firm already doing business in that market can provide valuable insights into navigating the regulatory environment.

Conduct thorough research on the necessary steps for meeting these requirements to prepare you to establish a successful operation abroad without encountering legal setbacks.

As you become more comfortable navigating these unfamiliar waters, it's time to focus on establishing a local presence that will allow your business to thrive in this new territory.

Establishing a Local Presence

Planting your company's flag in a new market can seem like conquering uncharted territory, but with the right strategy and local support, you'll soon become a welcome community member.

Picture yourself as an explorer on undiscovered land; just as they sought out local guides to help them navigate unfamiliar terrain, you should also seek partnerships with domestic firms or professionals who can provide valuable insights into cultural norms and business practices.

Building strong relationships with key stakeholders and adapting your approach to suit the local environment pave the way for long-term success in this brave new world.

Unsplash – AbsolutVision, Compas

Image: Unsplash/AbsolutVision

Conduct thorough market research to understand consumer preferences and existing competition in your target industry to establish a solid local presence. This will enable you to tailor your products or services accordingly while also identifying potential niches that may be underserved.

Additionally, familiarize yourself with any regulations specific to foreign companies operating within this market—this knowledge will be crucial when it comes time to register your business locally and ensure compliance with all legal requirements.

As you start gaining traction in your chosen market, remember that maintaining a positive reputation is essential for sustained growth. Engage actively with customers through social media channels and other marketing efforts that resonate with the local audience.

Seek customer feedback and continually improve your offerings and the customer service experience. As trust in your brand solidifies within the community, it becomes increasingly important to focus on recruiting talented individuals who share a deep understanding of local culture and expertise in their respective fields—the perfect segue into building a strong local team.

Building a Strong Local Team

As you forge ahead in this new market, you must surround yourself with a skilled local team that can help you navigate the complex cultural landscape and drive your business toward success.

Building a strong local team involves recruiting individuals with the necessary technical skills and a deep understanding of the regional culture, language, and customs. This will ensure your company is well-equipped to address any challenges or opportunities.

To build an effective local team, consider these factors:

  • Seek out local talent with relevant industry experience. Look for potential employees who've worked in similar industries or positions and understand the specific requirements of your business.
  • Prioritize cultural fit: Ensure candidates align with your company values and can adapt to the unique aspects of doing business in this new market.
  • Invest in training and development: Offer ongoing education for your employees so they continue growing their skill set and staying updated on industry trends.
  • Establish clear communication channels. Encourage open dialogue between team members regardless of location; this fosters collaboration and helps prevent misunderstandings caused by cultural differences.
  • Promote diversity within your organization. A diverse workforce brings varied perspectives, fostering creativity and innovation while demonstrating respect for different cultures.

Remember that nurturing a strong local team requires constant effort. Commit to regularly evaluating your staff's performance, providing constructive feedback, and encouraging personal growth.

By investing time and energy into developing an exceptional group of people committed to both their success and that of the company, you'll be better positioned to expand into foreign markets while maintaining long-term profitability.

Conclusion

Don't let the challenges of breaking into a foreign market intimidate you. By conducting thorough research, developing a strategy, and understanding regulations, you're already on the right path to success.

See:  Research: Ownership of Top 10 Web3 DAOs is Surprisingly Concentrated

Establishing a strong local presence and team will ensure your business thrives in its new environment. Embrace cultural differences and use them as an opportunity for growth.


NCFA Jan 2018 resizeThe National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

NCFA Financial Innovation MapNCFA Innovation Opportunity BriefsNCFA Fintech Insights
NCFA Fintech WhispererNCFA Fintech Fridays PodcastNCFA Weekly Newsletter

 

Firm Size and Innovation: A Double-Edged Sword

New Things Under the Sun | Matt Clancy | Jun 2, 2023

Unsplash – Kaleidico, innovation

Image: Unsplash/Kaleidico

Recent studies highlight that as firms grow in size, their R&D expenditures rise proportionally with sales, but they tend to produce fewer groundbreaking innovations per R&D dollar spent.

  • Large firms, often termed "superfirms", are more focused on incremental innovations, primarily aimed at improving existing products and services.

Read:  To Support Disruptive Technologies, Take Bigness Seriously

Implications:

  1. For Investors:
    • Opt for a balanced portfolio, including stocks from both small firms, which might produce high-impact innovations, and large firms, which offer stability through incremental innovations.
    • Monitor R&D efficiency; a larger R&D budget doesn’t always translate to groundbreaking innovation.
  2. For Startups:
    • Leverage agility and small size for high-impact innovations, which can be an edge over large competitors.
    • Consider partnerships or alliances with large firms to access resources without compromising the innovative culture.
  3. For Government Policy Makers:
    • Incentivize small and medium enterprises (SMEs) through subsidies, tax reliefs or grants to foster high-impact innovation.
    • Encourage collaboration between large firms and SMEs for a synergetic effect on innovation.
    • Establish frameworks for intellectual property rights that protect smaller players without stifling innovation.

View the source --> here

#InnovationEfficiency, #FirmSize, #RnDExpenditure, #IncrementalInnovation, #Superfirms, #InvestmentStrategy, #GovernmentPolicies, #Startups, #HighImpactInnovation, #Collaboration, #IntellectualProperty


NCFA Jan 2018 resizeThe National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

NCFA Financial Innovation MapNCFA Innovation Opportunity BriefsNCFA Fintech Insights
NCFA Fintech WhispererNCFA Fintech Fridays PodcastNCFA Weekly Newsletter

 

Here’s What’s Sizzling in Fintech: Money 20/20 Amsterdam Highlights

CNBC | Ryan Browne, Arjun Kharpal, MacKenzie Sigalos  | Jun 10, 2023

Image MacKenzie Sigalos

Image: MacKenzie Sigalos

The Money 20/20 conference in Amsterdam was the fintech hotspot, bringing trends and insights to the forefront. Here's what’s hot – and what’s not – in fintech right now

  • B2B Fintech Takes Center Stage:
    • Business-to-business (B2B) fintechs like Airwallex, Payoneer, and ClearBank eclipsed consumer-centric apps. There's a pivot towards enterprise sales due to better unit economics.
    • Richard Davies, CEO of Allica Bank, remarked, “B2B is definitely in good shape — both SME and enterprise SaaS — providing you can demonstrate your products and services, have proven customer demand, and good unit economics.”
  • Embracing Generative AI:
    • Artificial Intelligence, especially Generative AI, was the biggest show-stopper. ChatGPT from OpenAI wowed attendees, with fintech companies exploring its potentials.
    • Callan Carvey from Cleo spoke about how their AI connects to customer's bank account for personalized financial advice and said, “It powers our transaction understanding and that deeply personalized financial advice."
  • Improved Checkout Tools for Revenue Boost:
    • Enhancing online checkout tools is one hot area, with Stripe's newer checkout surfaces increasing customer revenue by 10.5%.
    • David Singleton, CTO of Stripe, commented, “There are not a lot of things you can do in a business that increase your revenue by 10%.”

See:  10 Fintech Trends that Will Shape the Financial Industry in 2023

  • Skepticism Surrounds Cryptocurrency:
    • Cryptocurrency-related services experienced reduced interest. Fintechs were wary of entering the crypto space amid regulatory uncertainties and lack of customer demand.
    • Jack Zhang, CEO of Airwallex, expressed caution, stating, "It's very important for us to maintain the high standard of compliance and regulation … it is a real challenge right now to deal with crypto, especially with these global banks."
  • Blockchain Buzz Diminishes:
    • Blockchain, once a buzzword, received scarce attention. JPMorgan continues its blockchain endeavors, but with a focus on practical applications.
    • Basak Toprak of JPMorgan emphasized, “I think we've seen a lot of POCs, proof of concepts, which are great at doing what it says on the tin, proving the concept. But I think, what we need to do is make sure we create commercially viable products for solving specific problems, sustain customer confidence, solving issues, and then launching a product or a way of doing things that is commercially viable, and working with the regulators.”

Continue to the full article --> here

Tags: Fintech, Money 20/20, B2B, Artificial Intelligence, Generative AI, Embedded Finance, Crypto, Blockchain, Enterprise Sales, SaaS


NCFA Jan 2018 resizeThe National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

NCFA Financial Innovation MapNCFA Innovation Opportunity BriefsNCFA Fintech Insights
NCFA Fintech WhispererNCFA Fintech Fridays PodcastNCFA Weekly Newsletter

 

Considerations for Building the Next Fintech x AI Opportunity

Jun 8, 2023

Unsplash – Google DeepMind, AI decisioning

Building the next fintech unicorn requires a combination of the right AI technologies, tapping into the right sector, having a solid data strategy, and putting together a team that can execute with precision and adaptability.

  • Sector, model, and team:
    • Look for untapped markets where AI can be revolutionary. According to the article, there are significant opportunities in taxes, personal finance, and compliance. Additionally, consider sectors where emotional and human-like interactions matter, such as wealth advisory and customer service.
    • Building a successful fintech platform requires a combination of generative AI for front-end user experiences and predictive AI for backend processes. For instance, predictive AI can be used for fraud detection, risk modeling, and quantitative analysis, while generative AI can be utilized for chatbots, document automation, and investing research tools.
    • Having a team with a deep understanding of the problem space combined with a strong technical profile is critical. This would enable the startup to have a quick go-to-market strategy.

See:  Foresight Lab: Embracing Uncertainty and Connecting Dots to the Future

  • Focus on data, reliability, adaptability:
    • Since financial data is mostly commoditized, you need to find ways to incorporate proprietary customer data into your AI models. This will not only enhance the value proposition but also build a competitive moat around your business. Ensuring data security is crucial, as any compromise can cause irreparable damage.
    • In fintech, accuracy is paramount, especially for applications like accounting and compliance. Fintech startups must invest in data science and robust back-office infrastructures to ensure high-quality data labeling and QA processes. Generative AI can sometimes generate outputs that are not entirely accurate, so it's essential to maintain a balance and understand where generative AI is appropriate and where it's not.
    • The fintech space is evolving rapidly. Being adaptable to market changes and customer feedback while staying true to the core vision and first-principles thinking is vital for long-term success.
  • User Acquisition and Growth:
    • The AI systems benefit from more data and usage. A rapid user acquisition strategy is vital for success. Understanding the user pain points and building an AI-driven solution that addresses these issues can help in rapid user acquisition. Also, consider the global market, not just the local, as fintech solutions can often be scaled internationally.
    • Have a clear vision for your end game. Understand how you will make money. Will it be a B2B or B2C? Will you go for IPO, or are you building for acquisition? Or is it a long-term cash flow business? Each requires different strategies.
    • Sometimes it's not about competing but collaborating. See if there are potential partnerships with existing financial institutions or other fintechs which can help you scale faster or provide you with additional data or market access.

Read:  HuggingGPT: Enables ChatGPT to Use Pre-Trained Models to Solve NLP Tasks

  • Regulatory Compliance: Do not overlook the regulatory aspects. Financial services are highly regulated, and you must ensure that your product or service complies with the regulations in the markets you operate in.  AI regulatory challenges in particular is a moving target that is widely being discussed.

Building the next fintech unicorn requires a combination of the right AI technologies, tapping into the right sector, having a solid data strategy, and putting together a team that can execute with precision and adaptability.


NCFA Jan 2018 resizeThe National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

NCFA Financial Innovation MapNCFA Innovation Opportunity BriefsNCFA Fintech Insights
NCFA Fintech WhispererNCFA Fintech Fridays PodcastNCFA Weekly Newsletter

 

Debunking the Work/Life Balance Myth with Scott Galloway

Raconteur | Sam Forsdick | May 26, 2023

Scott Galloway

For Galloway, the solution is clear: young people, particularly young men, should embrace returning to the office. His justification? The need for in-person mentorship and a robust learning environment that is often absent in remote working situations.

  • Galloway posits that the office provides an invaluable context for honing skills that are critical for success, including planning, decision-making, and self-control. Without the benefit of direct, interpersonal guidance, Galloway cautions that a generation of employees may be left lacking the vital skills necessary for career advancement.
  • Galloway isn’t shy about stating the consequences of working from home. "The amount of time you spend at home is inversely correlated to your success, professionally and romantically," he claims. The implication is that personal and professional growth is largely contingent on stepping outside the confines of one's home.
  • When it comes to the debate around work/life balance, Galloway dismisses it as a "myth". He suggests that those aspiring to achieve economic prosperity need to be prepared for a work-centric lifestyle. Drawing on his personal experience, he emphasizes the necessity of committing to years of consistent hard work for attaining financial success. "You can have it all, you just can't have it all at once," he insists.

See:  11 C’s of Soft Leadership and Emotional Intelligence

  • Despite his advocacy for hard work, Galloway is critical of the modern hustle culture, which he sees as a flawed approach to professional development.
    • For him, the most efficient way to utilize additional effort is not by juggling multiple projects, but by fully committing to a single 'main hustle'. He believes in the idea of concentrating energy in one area, to truly excel, rather than spreading oneself thin across multiple ventures.
  • In sum, Galloway's message can be distilled to this: success requires total commitment, and that commitment is most efficiently actualized within an office environment that provides mentoring, social interaction, and opportunities for personal growth. He invites young people to reject the false promise of work/life balance and to reframe their perception of what it means to truly dedicate oneself to a career.

“To be successful now it takes 110% effort,” he added. “It’s not enough to be good, you have to be great.”

Continue to the full article --> here


NCFA Jan 2018 resizeThe National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

NCFA Financial Innovation MapNCFA Innovation Opportunity BriefsNCFA Fintech Insights
NCFA Fintech WhispererNCFA Fintech Fridays PodcastNCFA Weekly Newsletter