Category Archives: Leadership, Productivity, Competition, Human Capital, Health

How Top CEOs Set the Stage for Growth

NFX | Gigi Levy-Weiss | Jan 26, 2023

How elite CEOs really scale - How Top CEOs Set the Stage for GrowthAn overlooked key to growth: How well you transition from Founder to CEO determines how your company scales.

  • Seed stage Founders have a hand in everything: marketing, hiring, product, sales, everything. You have to early on.  But when your startup starts to grow you can’t – and shouldn’t – keep doing it all yourself.
    • Once you reach 30-50 people, your goal should be to build a team and mechanisms that will do “everything” so that you, the CEO, can focus on leading and managing.
  • The deceptively simple secret: Elite CEOs build systems.

Read:  Culture and Diversity Leadership: Tale of Two Doors

  • Hiring:  Before we dive into systems, let’s get this out of the way. Don’t worry about spending too much time on hiring. Take the time you need to surround yourself with the right people[, and don't be afraid to try people out'.
    • Wix CEO:  "I cycled for 22 people before I found Omer Shai, my CMO. I hired and moved people to different things. I fired people. It was around 22 people that they hired within about a year and a half…When I got to Omer after a few weeks, it was obvious he was on a different level. "
    • Testing: You can’t tell who is going to be a “super talent” in an interview.
    • Titles don't matter:  Wix lets employees set their own job titles.  That allows you to wait, see who performs the best, and give them that role later on.
    • Fix mistakes quickly:  My philosophy on this is that A players hire A players A+ players hire A+ players. B players hire C players. C players hire D players and D players hire F players, right?
  • Measurement systems:  Most Founders are good at measuring core KPIs, and bad at measuring support tasks. Here’s how we suggest you approach measurement:
    • If you can’t measure it, it didn’t happen.  Share measurements widely
    • Differentiate between Good Failure and Bad Failure:  Good failures happen when an underlying assumption is wrong. Sometimes you execute something well and it just doesn’t work. That’s okay. Now you know not to repeat this experiment.

See:  The Silent Mental Health Crisis: Leadership Burnout

  • Speed/productivity:
    • Every project has a clear owner
    • No waiting in line for resources
    • Kill useless meetings.  Redistribute responsibilities within projects to cut down on meetings.

Continue to the full article --> here


NCFA Jan 2018 resize - How Top CEOs Set the Stage for GrowthThe 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

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How Divestiture Can Create Corporate Value

Knowledge at Wharton | Angie Basiouny | Jan 17, 2023

Divesting - How Divestiture Can Create Corporate ValueA new book from Wharton management professor Emilie R. Feldman offers a comprehensive primer on divestitures, which can be a financial game-changer for companies that know how to execute them correctly.

  • Feldman, whose research focuses on corporate strategy and governance, spoke to Wharton Business Daily on SiriusXM about her book, “Divestitures: Creating Value Through Strategy, Structure, and Implementation,” which was released in December.
  • Opportunity cost: Often the idea of focus is overlooked by executives, and this is really the missed opportunity that could be pursued in the sense that divesting, removing assets and businesses that don’t fit and might be underperforming, could free up resources to pursue better opportunities in a more focused fashion after completion of those transactions.
    • “Managerial compensation is strongly correlated with market capitalization, so there’s a financial incentive not to divest because doing so reduces the executive’s bottom line.”

See:  Bill Gates Announces $20 Billion Donation and Obligation to Return His Resources to Society

  • 4 strategies:
    • resolving or exiting underperforming businesses;
    • improving focus;
    • reconfiguring and reshaping the corporate portfolio to move into more profitable opportunities; and
    • addressing regulatory requirements.
  • Types of divestitures:  Sales are the most common, but spinoffs and other transactions could be utilized in different circumstances. And finally [there’s] implementation, which has to do with the nuts-and-bolts execution of these strategies and how companies actually put them into practice.
  • Value:  if we look at value creation potential, the data show that, on average, divestitures create two to three times the shareholder value of M&As.
  • Culture:  Important misconception about divestiture and the stigma that is often associated with these transactions. Divestitures are seen as, “OK, we bought something and it didn’t work out, so now we’re getting rid of it.”
    • There’s a whole world of thinking about divesting more proactively. “What could we be doing that we’re not doing because we’re holding on to this business, not because it’s underperforming or failing but just because we could to better things with our money, our time, our attention, our resources, our people?”

See:  CB Insights: FTX ‘Bagholders’ — Investments and M&A Portfolio Map

Emilie Feldman, Wharton Management Professor:

What divestitures can catalyze, especially in companies that are managing them well, is opportunities to rethink how resources are allocated within the company.

Continue to the full article --> here


NCFA Jan 2018 resize - How Divestiture Can Create Corporate ValueThe 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

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Will Open Banking Launch in Canada This Year?

Torys via Mondaq | Brigitte Goulard, Konata Lake, Marissa Daniels, Mohammed Muraj and Robin Asgari | Jan 25, 2023

Unsplash Tech Daily open banking 226x150 - Will Open Banking Launch in Canada This Year?

Image: Unsplash/Tech Daily

Although many were hoping for the launch of the first phase of open banking in January 2023, as initially promised in the final report of the advisory committee on open banking, this date no longer appears achievable. However, progress continues to be made on open banking, with the first phase expected to launch this year.

  • As the open banking steering committee and working groups continue their important work to create an open banking framework in Canada, the larger financial services community is preparing to integrate open banking for businesses and ultimately for consumers.

See:  Open Banking Interview with Canadian Lead Abraham Tachjian

  • Accreditation:  there was consensus that the Australian model is preferable. The Australian model allows participants to determine the adequacy of the insurance or comparable guarantee that they require by assessing factors such as the (1) nature of products or services to be provided; (2) nature of Consumer Data Right (CDR) likely to be managed; (3) volume of CDR data held; (4) financial resources; (5) scope; (6) policy limit; (7) persons covered; and (8) exclusions.
  • The liability working group focused on three themes: (1) liability as it pertains to consumers; (2) traceability and transparency; and (3) liability between participants.  However, in order to govern the legal relationship between participants, there was no agreement on whether the regime should prescribe a deemed contract under statute, as is the case in Australia, or to follow the non-legislative U.K. approach.
    • Discussed redress for consumers, with most agreeing that the redress process should begin at the complaints desk chosen by the consumer (either the data recipient or provider) and that the data recipient should be the automatic guarantor, who must pay out automatically to the consumer and then resolve compensation with the corresponding party through an alternative dispute mechanism.

See:  NCFA Open Banking Implementation Risks with Senator Colin Deacon and Mahi Sall

  • Privacy: There was consensus that revocation of consent will be deemed where the consumer closes their account or if the purpose for which the data was collected changes.
    • There was also general agreement that the consent approach should align with the existing financial services industry standards and that the disclosure approach found in the Bank Act consumer protection provisions provide a solid baseline for disclosure principles to be applied to open banking.
  • Security:  The working group is not responsible for developing the principles and technical standards of the API, which is a crucial piece of open banking that will facilitate the data exchange between financial services providers and open banking platforms.
    • A majority of the participants agreed that the National Institute of Standards and Technology (NIST) framework provided the best balance to serve as a baseline requirement to address data security risk, providing flexibility and prescriptive requirements.
  • Governance:  The one elephant in the room that has not been discussed is the "governance" of Canada's open banking initiative. Although the report recognized that "in all open banking approaches, effective governance of the system is central to success", it does not appear as if any decisions have been made as to how the government plans on tackling the governance of Canada's open banking framework.

See:  Canada’s Open Banking Journey: Interview with Abe Karar, Chief Product Officer, Fintech Galaxy

  • In addition to the open banking steering committee, other groups are also working to advance Canada's open banking framework. One such group is the CIO Strategy Council. In November 2022, the council published its national standard for consumer directed finance.
  • 2023 should yield pivotal developments in the implementation of open banking in Canada. This will provide clarity to industry members as to how open banking will impact their businesses and services.

Continue to the full article --> here


NCFA Jan 2018 resize - Will Open Banking Launch in Canada This Year?The 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

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Mahi Sall, Founder and CEO of FinXpair Joins the National Crowdfunding & Fintech Association of Canada’s Advisory Group

NCFA Canada | Craig Asano | January 25, 2023

Mahi Sall pic - Mahi Sall, Founder and CEO of FinXpair Joins the National Crowdfunding & Fintech Association of Canada’s Advisory Group

Mahi Sall, NCFA Advisor, Partnerships, Open Finance

TORONTO, JAN 25, 2023 – The National Crowdfunding & Fintech Association of Canada (NCFA) today announced that Mahi Sall, Founder and CEO of FinXpair, has joined the Association`s growing Advisory Group to advise on the areas of fintech-bank partnerships, payments and financial inclusivity.

Mahi Sall is the CEO & Founder of FinXpair, a Berlin-based strategic advisory boutique firm focusing on fintech-bank partnerships and open banking/open finance, and an authorized financial investment broker.

Leading NCFA Canada’s ongoing thought leadership series on open banking, Mahi has interviewed over the past 9 months 14 globally renowned open banking/finance expert practitioners from around the globe aggregating international and domestic perspectives to advance Canada’s open banking journey.

Fluent in fintech-bank partnerships, he previously championed the multi-corporate fintech innovation platform Fintech Europe at Germany’s largest bank, and in 2021 contributed alongside 280+ CEOs & leaders at global financial institutions to an eBook on “Fast-tracking fintech innovation in a legacy ecosystem”.

As part of building a view around fintech, he spoke about “Open Innovation” at the 2020 Frankfurt Digital Finance Conference, “The State & Disruption of Fintech in 2020” at the AsiaBerlin Summit in Berlin, “Fintech-Bank Partnerships: Why it matters” at the 2022 Angola Innovation Summit, and at numerous other venues.

Mahi is affiliated to various fintech ecosystem hubs and organizations globally as an advisor, ambassador, and mentor.

"It is an exciting time to join NCFA Canada’s advisory group and work with fellow advisors to elevate the Canadian fintech ecosystem. With open banking launching in 2023 across the country, financial technology innovation is expected to enter a new phase of its dynamic development requiring even more support from NCFA Canada. I am honored to be contributing to that endeavor.”  -- Mahi Sall, Founder and CEO, FinXpair

 

“We’re excited to appoint Mahi to the NCFA advisory group to further expand the association’s global reach and partnership network in the areas of Open Finance.  Mahi has been fantastic to collaborate with, professional, and we look forward to further advancing our mandate together as fintech prepares for its next evolution.” – Craig Asano, Founder and CEO, NCFA

# # #

About National Crowdfunding & Fintech Association of Canada

NCFA Canada is a non-profit 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.  For more information, please visit:  www.ncfacanada.org

 

MEDIA CONTACTS:
Craig Asano
Founder and CEO

NCFA Canada
416 618 0254
casano@ncfacanada.org


NCFA Jan 2018 resize - Mahi Sall, Founder and CEO of FinXpair Joins the National Crowdfunding & Fintech Association of Canada’s Advisory GroupThe 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

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Fintech Revolut Hires Behavioural Team to Improve Criticized Corporate Culture

The Guardian | Kalyeena Makortoff  | Jan 16, 2023

Unsplash Sophie Dupau revolut - Fintech Revolut Hires Behavioural Team to Improve Criticized Corporate Culture

Image: Unsplash/Sophie Dupau

Britain’s most valuable fintech company, Revolut, is assembling a team to track whether staff are being “approachable” and “respectful”, as it tries to address criticism about an aggressive corporate culture and secure a UK banking licence.

  • No UK license (yet): While the crypto trading to payments company is valued at $33bn (£27bn) and boasts 25 million customers and 6,000 staff in offices stretching from London to Tokyo to São Paulo, it has so far lacked a UK licence that would bring the firm within regulated customer protection schemes.
  • In a company-wide town-hall meeting led by its joint founder and chief executive, the former Lehman Brothers banker Nik Storonsky, employees will be told they need to be “inclusive, approachable” and “respectful at all times”, and to use the “the best tone of voice, time and situation to provide feedback”.

See: 

Revolut Chief Nikolai Storonsky Renounces Russian Citizenship, Condeming Ukraine Invasion

Revolut executive resigns amid growing tensions with the FCA over banking license

  • Problem culture: The move comes after a string of controversies over Revolut’s working environment in recent years, with some former staff claiming they were set unachievable targets in the name of the startup’s growth, forced to do unpaid work and put under severe pressure to the point where they eventually quit their jobs.
    • widely reported issues around Revolut’s corporate culture, as well as its high staff-turnover, are understood to have been raised with Storonsky by board members who have been trying to convince the Financial Conduct Authority to approve the company’s UK banking licence application since early 2021.

Hannah Francis, the head of people experience at Revolut:

I wouldn’t say this is a straight reaction from regulatory discussions … This is more linked to our growth and how we’re changing and the feedback we were getting from our people. We really needed to shift and change.


NCFA Jan 2018 resize - Fintech Revolut Hires Behavioural Team to Improve Criticized Corporate CultureThe 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

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How Corporations Can Innovate Like Startups

Forbes | Jodie Cook | Jan 23, 2023

Unsplash Riccardo Annandale innovation - How Corporations Can Innovate Like Startups

Image: Unsplash/Riccardo Annandale

If you aren’t an innovator, but instead run a traditionally structured business you can learn a lot from successful startups and the innovative entrepreneurs who run them. 

  • “Most companies suck at innovation because they are not thinking and acting like a startup,” Stemple said. “To avoid falling into this trap, business leaders should focus on talent, embrace audacious ideas, prioritize performance over process and package their offerings in an appealing, dynamic way.”

See:  Updated Benchmark: Incumbent Bank vs Fintech Progrss (after 900 days)

  • Hire lots of innovators:  Startups and entrepreneurs know that innovative people are the heart of any business. Corporations must learn to prioritize hiring innovators. Luckily, at its core, innovation is 100 percent psychological, and because it is dominated by psychology, it's accessible to anyone.
    • Just hiring innovators is not enough. Corporations must also make sure their culture supports innovation. If a company creates a culture of fear, even inadvertently, it will be impossible to create the kinds of ideas that will change the world.
  • Embrace visionary ideas: Waiting is not an effective strategy for dealing with evolution. The corporate culture wants to wait until a problem fully develops, and then find a solution. A more effective approach is to do what innovators do, staying ahead of the curve and seeking out the opportunities revealed by the changing environment. Then, work early on to create solutions.
  • Prioritize performance (over processes):  The devotion to established processes is one of the reasons why innovation is absent in some large businesses. They treat their processes as law. If they have a lot of inefficient rules or processes, especially when it comes to innovation, those rules act as a tax, cutting into the possibility of successful innovations and future profit.
    • By remaining fluid and forgiving, startups create agile processes that are finely tuned to the project that they are trying to build and the customer they serve.

Read:  a16z: Big Fintech Ideas to Tackle in 2023

  • Storytelling: The unknown can be fearful, but it's also exciting. The best stories, and the best innovations, tap into the excitement associated with the unknown. Like storytellers, it's the innovator’s job to build a path to and through the unknown. All innovation is a story, and an innovator must build upon the story and make it clearer as it goes.

Continue to the full article --> here


NCFA Jan 2018 resize - How Corporations Can Innovate Like StartupsThe 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

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Updated Benchmark: Incumbent Bank vs Fintech Progress (after 900 days)

Built for Mars | Peter Ramsey | Jan 17, 2023

Real cost of sending 100 quid to a US bank 2023 - Updated Benchmark:  Incumbent Bank vs Fintech Progress (after 900 days)

Credit: Built for Mars

More than 900 days ago, I published a series of case studies called the UX of Banking. These benchmarked and compared the user experience of 12 banks in the UK.

  • It was a forensic process: logging, timing and cataloging everything on their mobile apps.  Those 6 chapters from 2020 demonstrated how far ahead the challengers (Monzo, Starling and Revolut) really were, compared to most of the high street banks.  Has the gap widened? Which of the legacy banks are actually chipping away at the deficit? And ultimately, which are stale experiences that consumers should avoid?
  • Fixing Issues:  Over time people demand better user experiences from mainstream apps. Having a great UX is no longer a unique selling point—in most industries it's a necessity.
    • [data] suggests that the narrative of the 'legacy banks catching up', is largely false.
    • On average, the challenger banks deploy updates 4.6x more frequently than the incumbents.

See: 

McKinsey: Reshaping Retail Banks for the Digital Battlefield

Blockdata: State of Crypto Banks in 2022

Should the age of Nubank’s customer base worry incumbents?

  • Core experience:  Monzo, Starling and Revolut boot up nearly 4x faster than the Santander app, and typically twice as fast as most incumbent banks.  The apps that load faster, seem to perform better in these independent broad satisfaction surveys.
  • Fees:  despite the rise of crypto, new (and cheaper) ways to send money abroad and the popularity of challenger banks, the incumbents aren't budging.
    • In 2023, your bank may still be charging you more than £28, to send £100 abroad.
    • Another factor to consider is how late into the payment process the user has to be, before they learn about these costs. The trend is clear: the more expensive the fees, the later into the process you'll learn about them.
    • The banks that charge the most, are generally less transparent, and are leaving their experiences to stagnate.

Continue to the full article --> here


NCFA Jan 2018 resize - Updated Benchmark:  Incumbent Bank vs Fintech Progress (after 900 days)The 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

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