Mashable's latest #BizChatsTwitter chat, sponsored by HP Matter discussed how tech innovation is disrupting industries and the ways business owners can embrace these changes.
[seealso slug="innovation-business-ideas-bizchats"]
Over the course of an hour, @MashBusiness covered an array of topics, from industries with the biggest need for change, to how technology can transform the creation and execution of a business idea.
Several influencers took part in this compelling conversation: Erica Kochi, co-founder & co-leader of UNICEF’s Innovation Unit; Halle Tecco, founder & managing director of Rock Health; Jessica Richman, co-founder of uBiome; Jessica Scorpio, founder of Getaround.com; Mike Karnjanaprakorn, CEO of Skillshare; Paul Menta, co-founder of Dock to Dish; Peter Gerard, director of audience development & content operations at Vimeo; and Susan Feldman, co-founder of One King's Lane.
Check out highlights from our chat in the Storify, below:
[View the story "#BizChats: How technology is changing business" on Storify]#BizChats: How technology is changing businessMashable hosted a Twitter chat to discuss how professionals can adapt their business in an evolving digital marketplace. Storified by Mashable· Thu, Jul 30 2015 18:20:20
The Idea Economy.
Not many professionals or business leaders are aware of what it is, despite the fact that it's perpetuating almost every aspect of business. As a result, the Idea Economy has helped produce some of the most successful startups and business' to date. In an ever-changing world that's developing and embracing new technologies faster than we can keep up, it's crucial for business owners to break out of the mold of "traditionalism", and jump on board the Idea Economy train, that will catapult you to make bold choices, calculated risks and rewarding experiences.
@mashbusiness and several tech experts and entrepreneurs participated a #BizChats Twitter chat, sponsored by HP Matter, to discuss how businesses in danger of becoming outdated can prosper in a tech-friendly market. Welcome to #BizChats, sponsored by @HPMatter! Today we're discussing how innovation impacts business ideas. Please introduce yourselves!Mashable BusinessA wam welcome to our #BizChats influencers: @accme, @chefdistilled, @ericakochi, @halletecco, @jessicarichman, @jessicascorpio (cont.)Mashable BusinessAnd a warm welcome to: @mikekarnj and Susan Feldman from @onekingslane! #BizChatsMashable Business#BizChats tip: Be sure to number your answers according to the question you're answering. (ie., Q1.-->A1., Q2. --> A2., Q3. --> A3.)Mashable BusinessQuestion 1:Q1. What industry do you think has the biggest need for a change in the status quo? #BizChatsMashable BusinessA1: Transportation. I love seeing so much progress with carsharing and ridesharing in recent years! #BizChatsJessica ScorpioA1. The film and TV industry still needs more disruption and fewer geographic barriers on release schedules. Fans are global! #BizChatsPeter GerardQ1- Food industry, all the imported fish and shrimp that enter the USA are full of bad things #BizChatsPaul MentaQ1- People are treated horribly overseas with working conditions; we should not support this look at what we can do to help #bizchatsPaul MentaA1: Education must evolve. It's failing children worldwide. No single system delivers quality learning at low cost & at scale #BizChatsErica KochiA1 Too much bureaucracy in the healthcare system -- There's a big opportunity for improvement and of course help to those in need! #bizchatsOne Kings LaneA1: Healthcare! It represents 18% of GDP (and growing). This balkanized, archaic industry is dying for innovation (pun intended) #BizChatsHalle TeccoA1. Music b/c it's so centralized and not fair to artists. I talked about it a little here: http://t.co/UUhubigDN1 #BizChatsMike Karnjanaprakorn@mashbusiness A1: Financial Services. To many fees and too many regulations for these small companies to expand and help. #BizChatsMichael Estabrooks@mashbusiness Education especially financial literacy. We have to learn how to handle what we make. #bizchatsDebbi KingQuestion 2:Q2. What big idea has transformed the state of your market? #BizChatsMashable BusinessA2: Drop-shipping has been HUGE! It allows our sellers to have greater offerings b/c they no longer need to invest in inventory #bizchatsOne Kings LaneA2: BASIC mobile tech, which 65% of ppl in Africa can access, lets us use realtime data, empower youth & create access to info #BizChatsErica KochiA2: In transportation, connected-cars and smartphones have made a huge impact. #BizChatsJessica ScorpioA2: The smartphone. It’s always on and always with you, just like healthcare. #BizChats #mHealthHalle TeccoA2. Network Effects. In the past, the more students in a class, the worse the learning experience. Today, it's the opposite online #BizChatsMike KarnjanaprakornA2: Using the microbiome to better understand human health. Huge change since @hmpdacc. #BizChatsJessica RichmanA2: for some context - more cell phones than toilets in the world #BizChatsErica KochiQ2-Not being afraid to fail with ideas, adjust the idea to market feedback #BizChatsPaul MentaA2. Online video streaming has completely transformed the film business #BizChatsPeter Gerard@mashbusiness A2. Car-sharing/ Peer-to-Peer taxi probably most transformational in last 1-2 years. New types of transport up next! #BizChatsCraig Weich.@mashbusiness A2 Big Idea? Insurance industry waiting for a big idea, to power access to insurance for all. Tech companies? #BizChatsIdeonA2: The internet has completely changed the landscape of print marketing, you've got to adapt! #bizchatsD3, Inc.Question 3:Q3. In what ways can technology transform how a business idea is created and executed? #BizChatsMashable BusinessA3: smartphones + ease of making websites + crowdsourcing (investing + prototyping + funding + etc.) = innovation #BizChatsJessica RichmanA3: Tools that streamline backend business functions (eg @zenefits @scoutrfp) so entrepreneurs can focus on what they do best #BizChatsHalle TeccoA3: Tech connects. It dissolves barriers & obstacles created by time, distance & cost. In @UNICEF's world, tech can save lives. #BizChatsErica KochiA3. Technology allows businesses to be instantly international in terms of teams and customers #BizChatsPeter GerardA3: Technology changes everything. Smartphones are the perfect example, the world is a different place. #BizChatsJessica Scorpio@mashbusiness A3: WordPress has changed the game for easy website creation and content management Anyone can start anything online #BizChatsMichael EstabrooksQ3-realtime communications between the workers, owners and customers. #BizChatsPaul MentaQ3-Employees might have a better idea than anyone, let them run with all the tech #BizChatsPaul MentaA3 (cont.) It's something we strive for in packaging up sales materials. Keep it simple so no one is overwhelmed @mashbusiness #BizChatsPointDrive#bizchats A3: #cloud collaboration platforms to manage work flow, ideation, testing etc. can cut major time & streamline info @mashbusinessDanielle SmithA3: Technology can change everything, from the way a business is conceived to how we track success to how we market and grow #BizChatsPaysavvyA3 Velocity. Tech has shortened every aspect of the customer experience with a brand. It allows us to now have real-time dialogue! #bizchatsOne Kings LaneA3 (cont) and recognized new opportunities for our business faster. #bizchatsOne Kings LaneA3. In the world we live in we need technology to help plan for the future. It's also easy to track ROI on a technology investment #bizchatsMatt NollmanA3. @Drake has more power than record labels to break artists through his Soundcloud account - amazing http://t.co/3xEJa4bzre #BizChatsMike KarnjanaprakornA3 #Technology gives companies access to #socialmedia so they can converse with customers more efficiently #BizChatsCMO Institute A3 The pace of innovation, the expectations in terms of communication and brand ambassadors that can share your content. :-) #BizChatsDenis LessardQuestion 4:Q4. What technology is crucial for an entrepreneur to utilize when translating an idea into a business? #BizChatsMashable BusinessA4. Slack for constant communication with the team, Evernote for creative ideas, and Asana for action steps / checklist #BizChatsMike Karnjanaprakorn@mashbusiness Q4- an open forum for the discussion and exchange of ideas and useful feedback is a very important tool in any business.Lance Librorania@mashbusiness A4: mobile mobile mobile. If you aren't adapting your product to a mobile responsive platform, you aren't adapting fast enoughWilliam VingiA4: So many! Outsource everything that isn't a core competency. @zenpayroll @zenefits @15five @meldium @sketchdeck @awscloud etc. #BizChatsJessica Richman@mashbusiness A4. Networking & Collaboration tools key, social media + Slack/ Trello/ Evernote/ Dropbox… #BizChatsCraig Weich@mashbusiness A4b. Also Kindle + iPad so can travel w/ library of books/ newspapers/ magazines and have any hope of keeping up ;-) #RKChatCraig Weich@mashbusiness A4: An analytics platform that allows you to measure competition, users and trends to inform future decisions.Washingtonian CM@mashbusiness A4: idea is best if mobile, but best way is look into idea on social media. See if people are needing the solution #BizChatsMichael EstabrooksA4 Human-generated feedback and human-actionable metrics. Business is about people! #BizChatsDenis Lessard@mashbusiness An engagement tech, a management tech, & a measurement tool for all those afore mentioned activities #bizchatsShereese MaynardQ4-blogs, search engines, chat rooms #BizChatsPaul MentaQuestion 5:Q5. How has technology disrupted your industry? #BizChatsMashable BusinessA5(1): Tech=access. @UNICEF's U-Report, a free SMS tool, lets anyone anywhere speak out on issues in their country @UReportGlobal #BizChatsErica KochiA5(2): Tech=action. Real-time data improves @UNICEF's response. We can know what ppl need in minutes vs. months, saving time & $$ #BizChatsErica KochiA5: By making transportation on-demand, affordable and widely accessible. #BizChatsJessica ScorpioA5. I'm in #BigData - technology made my industry #bizchatsMatt NollmanA5. It allows everything to be connected. Without technology, we wouldn't all be here having this chat #bizchatsMatt NollmanA5. Streaming brought piracy, social media spread it. Now we meet customer desires by serving content as they want to view it #BizChatsPeter GerardA5: Companies like @OmadaHealth @KurboHealth @MangoHealth are building health tools to empower consumers #BizChatsHalle TeccoApps and realtime communications let us speak
to fishermen, and customers live to keep everyone in market ready to buy #BizChatsPaul MentaA5: Technologies disrupt industry by blurring the lines between consumer and producer #bizchatsMariya GinzburgA5: Technology has transformed human capital management from paper-based to online, and made it a more service-oriented industry #BizChatsPaysavvy@mashbusiness A5 created more fraud through online commerce / CardNotPresent transactions. Chip tech will create exponential probs #BizChatsMichael EstabrooksA5 Technology has democratized access to product previously not available to the public. It's allowed us to offer new pieces daily #bizchatsOne Kings LaneQuestion 6:Q6: Where do you see opportunities for disruption in the future? #BizChatsMashable BusinessA6: I see lots of potential in auto / transportation. People will always need to get around and with tech we can make big changes. #BizChatsJessica ScorpioA6: We’ve underinvested in women’s health. If men got pregnant, I think we’d be a lot farther in fertility/pregnancy innovation! #BizChatsHalle TeccoA6 SO much potential for improvement in gov't industries - Imagine real-time technology applied to voting! #bizchatsOne Kings LaneQ6: Healthcare industry transformed through understanding of the #microbiome! #BizChatsJessica RichmanA6. FOOD. The cost, delivery & accessibility of healthy options. No reason why a cheeseburger should cost 10x less than a salad. #BizChatsMike KarnjanaprakornA6. I am excited by disruptive technologies that are improving quality of life in developing countries #BizChatsPeter Gerard.@mashbusiness A6 Time to disrupt Agriculture, Cosmetics, Department Stores, Education, HealthCare, Insurance, Publishing + Sports #BizChatsIdeonA6: Anywhere there's a middleman, tech will continue to disrupt and push them out. We must all adapt and evolve! #bizchatsNBP@mashbusiness A6. Future disruption from democratization of energy. renewable sources, low cost high-capacity batteries #BizChatsCraig WeichA6: It's a buyer's market now and that's where the disruption lies: predicting consumer choices using data transparently. #BizChatsWashingtonian CMA6: Tech will enable increasingly unique & awesome company cultures as talent pool expands and online tools automate mundane tasks #BizChatsPaysavvyA6 With the sharing economy becoming bigger and bigger,it should bring more competition and a more decentralized way of doing biz. #BizChatsDenis LessardA6b We can already see the disruption brought by services like Uber that bring new ways of doing to the table. Good for customers #BizChatsDenis LessardQuestion 7:Q7. What’s the best piece of innovative business advice you’ve received? #BizChatsMashable BusinessA7: "As you embrace change, never forget that people are your most valuable resource. Businesses don't create value; people do." #BizChatsPaysavvyA7: "When everything seems to be going against you, remember that the airplane takes off against the wind, not with it." Henry FordHalle TeccoA7: From @ycombinator: Do unscalable things before you can scale. Make something people want. #BizChatsJessica RichmanA7 Think INSIDE the box..assess what you know, what you have and innovate where you understand you can have the greatest impact. #bizchatsOne Kings LaneA7: Aim to impact one billion people. If you think big, you can have a huge impact. #BizChatsJessica ScorpioA7. Disrupt yourself. Don't get too comfortable, because business and tech are constantly changing. Yesterday's new is today's old #BizChatsPeter GerardQ7- Don’t be afraid to take a risk, if someone’s talking about it in the world