Categories
Innovation

Spotify’s success story

Spotify, a company founded in October 2006 in Sweden and launched in Europe in 2008, demonstrates how 14 years are enough to innovate, be disruptive, work with new technologies and be simple.

Spotify was created by: Daniel Ek and Martin Lorentzon, both Swedish businessmen. The application began to listen to streaming music and began to gain strength due to its  freemium model  in different countries around the world. Today with a presence in 79 countries and more than 200 million active users.

What is freemium:

The  freemium model  is the combination between  free  and  premium , this means that users are offered the possibility of enjoying a free basic service and in turn having advanced tools for paying users. One way to gain the trust of a user is to provide a service at no cost and, after learning about it and having a positive perception, start charging them for certain functions or privileges.

The platforms declared  freemium  must have a limited time for the use of the tool, a defined number of times to use it or defined users.

to which no one believed

A few years ago it was unimaginable to think that an application would have the official music of the artists available and that users could access it without resorting to piracy. Spotify is even considered to be an ally of the music industry because it allows revenue to return to the industry. The company has made high payments for music licenses and copyrights, which in many years did not allow it to make a profit; However, the company went public in 2018 and each time it is capitalized with the payment of user subscriptions, which grows at an exponential volume and the advertising that those who enjoy the free service listen to.

The success:

User experience : Spotify allows users to listen to music without internet, thanks to its download function. It also allows you to have playlists separated by genres or interests. Its multiplatform does not put any barriers to music-loving users, you can enjoy music on tablets, cell phones and computers.

Alliances : in a world where the collaborative economy increasingly demonstrates its strength and how good it is for business, the alliance that Spotify makes is designed to generate  commodities  for its users. Spotify makes alliances with telephone companies in the world so that the payment of users for the application is lower.

Social networks:  the social media strategy has been a fundamental ally for the expansion of Spotify, since users can create playlists and follow people with whom they share musical tastes. Thus, Spotify saves on advertising costs and its community or active users organically make the content go viral.

Spotify and artificial intelligence

La compañía usa la inteligencia artificial para beneficiar a los usuarios y a su vez a los artistas. A los usuarios entregándoles listas personalizadas por gustos, las canciones y artistas más escuchadas del año, entro otros y a los artistas, ofreciéndoles aplicaciones como “Spotify for artist” que les ofrece ingreso alos artistas a una analitica en la que pueden saber cómo sus fans interactúan con su música, incluso tiene otra herramienta que les permite encontrar los usuarios más activos o sus “fans” y así, entregarles ventajas diferenciadas como entradas a los conciertos, envío de información a sus correos, entre otros.

Si usted no tiene Spotify, es el momento de conocer y navegar la herramienta; si ya la tiene en su dispositivo, les recomendamos esta lista de podcast dirigida a empresarios y líderes:

  • BBVA Blink
  • TED Talk Daily
  • 13%
  • The Frye Show
Spotify tiene hoy más de 200 millones de usuarios activos en el mundo. Salió en la bolsa en abril del 2018 con una capitalización superior a los US $26.000 millones.

Categories
Innovation

CEO Habits and Disruptive Entrepreneurs

A lot of information is produced and shared around the practices of successful people. However, more than advice, it is even more relevant to know what habits managers have, those leaders who make a difference in the industry.

Some advice such as discipline, the need to be informed, the importance of being a leader and not a boss, are some of the frequent readings that we have at hand to remember what things the pioneers, the CEOs of the most important companies, do well. of the world.

At Staff we gather a series of habits and practices that promise to be prodigious for any manager.

obsession with passion

In the Netflix documentary “Bill Gates under the magnifying glass” a human and professional facet of the Microsoft co-founder is shown, however, that professional facet is not so “ideal”, on the contrary, the obsessive way of living a passion.

The hobby for programming for Bill Gates began at a very young age. While his schoolmates played, Gates programmed; That difference that made him different from his peers, he turned into a difference for the world, an idea, a business that keeps him on the Forbes List as one of the richest men on the planet for more than fifteen editions.

Should obsession be a habit that is exposed as something positive? Obsession has always been shown as a not-so-kind practice, but for Bill Gates, his obsession with his passion was and is a trait that sets him apart and determines his history. Gates spent more than 14 hours doing the same, his experience was based on perfecting his expertise.

Outliers,  a book written by Malcolm Gladwell, defines success in a particular and different way. In this edition, the author dares to propose and recount with examples of successful people through uncommon merits and outliers, how they achieved success. Next, we exalt some of them with real situations:

The experience

One of them is  the experience , in which he proposes that people achieve success when they are experts in a subject. “Practice is not what you do when you are good. It is what one does to become good.”  Her concept is based on doing a task 10 thousand hours; after spending this time repeating the same activity, you can become an expert. This highlights the success of Thomas Alba Edison, Bill Gates, Mozart, among other famous public figures.

Criterion

The second concept developed by  Malcolm Gladwell  is  the criterion . He cites examples of how very intelligent people who are afraid to speak to authority or defend their ideas in public end up being common in their professions, but like others who may not be so “great” with clear criteria, convinced of what they want that is, they achieve success in their professional life. Arguing, defending one’s own ideas, not being afraid of the hierarchy, speaking to a manager as one speaks to a peer, is, according to Gladwell, essential to achieve success.

To procrastinate

Siempre se ha dicho que procrastinar está mal, que los millennials pierden tiempo valioso procrastinando y así, poco a poco, este término toma una “mala” fama; sin embargo, Adam Grant en su charla de TED: Los sorprendentes hábitos de los pensadores originales, expone cómo procrastinar en un punto de la curva asociada con el tiempo, es positivo.

Explica que cuando se inicia una tarea, y se deja abierta, las ideas giran en torno a este problema por resolver que dejamos en nuestra mente, y el cerebro se obliga a formular posibles soluciones; pues asegura que en estos lapsos llegan las ideas divergentes y muchas veces las ideas disruptivas.

Simplicidad

Perhaps, when talking about simplicity, for many, the Apple company immediately appears as a benchmark, or at least those who have had a product from this company know that its differential is this; but if Apple equals simplicity, it’s because Steve Jobs made it happen.

When Jobs returned to run the company from which he had been fired, one of the main things he did was:  simplify its product offering . This in order to have fewer products, which were the best: focus the brand’s message on a differentiated identity.

Jobs defended that it was not necessary to have so many products by segments; he defended the fact of focusing the company on compelling objectives, on having less variety, and yes, more quality. Thus, his collaborators were more focused and marketing was better optimized. In the words of Steve Jobs: “ Simplicity is the ultimate sophistication”.

“The culture to which we belong and the heritage of our ancestors shape the pattern of our achievements in ways that we cannot begin to imagine.” Malcolm Gladwell

Categories
Innovation

Nequi, financial experience at a tap

A blank post-it  , a brainstorm and the desire for a bank to respond to the needs of young people, that’s how Nequi began, the 100% digital startup  of Grupo Bancolombia that today is a reality. This is his story of him.

In Colombia, banking access is around 28 million users, this represents 81.4%, a figure that does not stop growing. However, when deepening the context, it is evident that the product portfolio and the frequency of use of these is light, in other words, the majority of banked people in Colombia are banked because they need to receive their payroll or salary, and this is limits this financial relationship.

Knowing this scenario, a Bancolombia team made up of people from the organization (60%) and allies (40%), including professionals from different sectors, developed an idea that began as an innovative project that sought to respond to the needs of a generation. . that preferred to go to the dentist rather than to a financial institution.

conquer a user

To win over a user, the first thing is not to start with the obvious. The team knew that if the tool started with a credit system, it would not be attractive enough to its target audience. For this reason, for three years they “lived” in a university to get to know and understand the audience, listen to their potential users and interact with them to present them with a tool that did fit their needs.

One of the things they identified is that young people are afraid of being tied to a bank and the fact of having to cancel a product puts a barrier on them. One of the challenges was to win “the most valuable square centimeter: the space of a millennial’s cell phone.”

What did you do? They were shown a way to organize themselves financially, replicating a simple and common exercise that people do when they have cash: separate it into envelopes for different items, such as fixed expenses, outings, vacations, etc.

Nequi: always in beta version

The Nequi team ensures that  it is permanently in beta version  because since the day it came out, in November 2016, they make constant changes and iterations to improve the user experience.

Andrés Vásquez, CEO of the  startup , acknowledges that naming it as an application in beta version is  declaring that they can make changes, modify practices, quickly correct errors, listen to the user and co-create with them.

A good example of this premise was the launch of loans. It all started with a  button  that said “credits” on the application screen and when clicked it displayed the question What are you hoping to find here? Users were encouraged to answer what their expectations were with this function and the result was more than 4,000 people interacting; This is how this function was developed, tailored to users.

Currently, more than 6,000 people have used this service that provides between 100,000 and 500,000 pesos and gives users a period of 30 days.

Lesson: alliances do pay

For the brand, created by Grupo Bancolombia, alliances are necessary. An example is the  connection it made with PayPal  at the end of 2018, which, in addition to attracting new users and representing eight million dollars in the first five months,  generated a very positive scenario in terms of its reputation and positioning.  This alliance allows Paypal users to use, save and organize their money in Colombia through Nequi and do it 100% digitally.

According to Vásquez, currently more than 23,000 people receive money through Paypal and this alliance makes life easier for freelancers such as journalists, designers and web developers who work for companies in other countries and have to pay very high commissions to banks. to get your money. Today, in less than a minute, without lines, with lower commissions and with greater security, they can make these transactions.

This is the Nequi team

Currently, the team is made up of 85 people, between internal and external with different disciplines. His commandment is: focus on the user; having it at the center allows them to develop functions they need and makes their lives easier.  This group is not afraid of making mistakes and making corrections quickly, they are challenged by the possibility of launching functions that add value and reach more and more users every day.

Nequi has it and no one else

In the Colombian market,  Nequi has the first biometrics solution incorporated into the process , which allows quick authentication to know the customer and to facilitate processes. Reading the fingerprint, having facial and voice recognition are solutions that guarantee the safety of the users and, in turn, make their interaction with the application more friendly and agile.

more is more

With only three years in the market and with 75,000 new users each month,  Nequi is the first neobank in Colombia and one of the most important in Latin America . In April 2019, it won the Celent Model Bank award in the Best Digital Bank category. This award has been granted for more than a decade by Celent, a New York firm that belongs to the Marsh & McLennan consortium and is dedicated to research, advice and consulting on issues related to technology and financial services. Nequi competed with 140 initiatives from around the world and was the winner for differentiating itself in the digital experience it offers its users.

Categories
Innovation

Spin-off: the industrial revolution from academia

Companies find in universities an ally to innovate and renew their portfolios. Learn about five key aspects for the development and future of the  Spin-off  in Colombia.

1

From the classroom to social transformation:  thanks to the  spin-off,  ideas from academia such as Instagram, WhatsApp, YouTube and Netflix went from being shelf projects at Stanford University to forms of communication and entertainment that changed the lives of millions of people .

2

From startups to  spin-offs :  unlike  startups  that are born from innovative ideas,  spin-offs  are created within a company, academic center or research institute that has its intellectual property rights protected.

“Spin-offs are an opportunity for companies to create and find new utility models and identify a differential value in intellectual property, the opportunity to renew themselves and consolidate an innovative organizational culture.”

Gustavo Buitrago Hurtado,
National Director of Extension and Intellectual Property of the National University of Colombia.
3

From paper to action:  to increase the opportunities for these ventures and regulate aspects such as the delivery of incentives for the exploitation of intellectual creations, Law 1837 of 2017 was created in Colombia, which defines some categories and favors the inclusion of employees and public institutions in its constitution. “They are also an opportunity for companies to create, find different utility models and identify a differential value in intellectual property, the opportunity to renew and consolidate an innovative organizational culture,” explains Gustavo Buitrago Hurtado, National Director of Extension and Intellectual Property from the National University of Colombia.

4

From the idea to the business solution:  for  Spin-offs  to be viable, the relevance, feasibility and sustainable projection in the short, medium and long term must be considered. And then other aspects such as commercial survival and profit sharing that encourage the establishment of new R&D funds. Intellectual property rights, for their part, must be considered from the outset because they are part of the business model. “Each case is specific and must be resolved with regard to the product or service, the relationship between the partners and the investment during the planning and execution of the project,” says Adriana García, director of Innovation at Eafit University.

5

From investment to business benefits:  What do companies gain from  spin-offs ?:

  • Benefit from innovative and high value-added entrepreneurship.
  • Have the academic, scientific support, prestige, trust, security and solidity of researchers, laboratories and certified institutions.
  • Optimize costs and expedite the renewal of the business portfolio.
  • Reduce the risk of investing in new products or services.
  • Receive royalties for intellectual property licensing.

5 successful spin-offs in Colombia

  • HolaDr,  telehealth care model for pediatric consultations (Intergrupo, CES and Seguros Sura).
  • LiiB,  bioinput to control the fungus that causes sigatoka (Eafit and Augura).
  • Bit Data,  data processing through artificial intelligence (Technological University of Pereira).
  • Siotics,  automation and control through the internet of things (Catholic University of Manizales).
  • Faktor Bureau,  services and products focused on financial risk (Universidad de Medellín).
 

Categories
Innovation

The lessons learned after the success of Wikipedia

Jimmy Wales was one of the creators of the world’s largest online encyclopedia. He learns the lessons of this free and collaborative knowledge model that companies can apply.

Wikipedia is a “giant organized by volunteers”,  which integrates a long-term vision and a simple and innovative operation that  challenges traditional collaborative work systems, says  Jimmy Wales,  its co-founder, promoter and president emeritus of the non-profit foundation. for-profit  Wikimedia .

At 50 years old, this character has been considered by Time magazine among the 100 most influential people in the world, in the category of Scientists and Thinkers. According to his own website, he “received his bachelor’s degree in finance from Auburn University and entered the University of Alabama Finance PhD funding program.” He was a university professor and constantly declares his urge for learning and objectivism.

His open policy vision turned readers into contributors and contributors into evangelists for a philosophy of open access to knowledge. In 2015, he was awarded the Princess of Asturias Award for International Cooperation in Spain for “being an example of international, democratic, open and participatory cooperation, in which thousands of people of all nationalities selflessly collaborate, which he has managed to make available to everyone.” universal knowledge in the world in a similar vein to that achieved by the encyclopedic spirit of the eighteenth century”.

 
 
 

Four lessons from Wikipedia for the business world

1

Quality control
For Jimmy Wales, the world’s largest encyclopedia should not take sides on issues. Report neutrally with what reputable sources have said about it. “The interesting thing is that there are many people talking and debating until the last word of a sentence so that it is perfect. It is because of things like this that we managed to maintain a neutral gaze, ”he says.

2

Agility in important decisions
“Wikipedia’s governance model is a very confusing mix of consensus that allows you to work on something democratic,” says Wales. However, sometimes it behaves like a monarchy when relevant decisions have to be made. As a visionary and co-founder, Jimmy Wales spends not as much time as he would like to edit articles, but rather to define editorial policies and other far-reaching strategic projects.

3

Wikipedia is a tool for understanding the facts
“It is a historic moment to learn together. The fundamental vision of Wikipedia is to say that we have an incredible tool that unites people, that shares knowledge and that makes us understand each other.

4

Timely information at your fingertips  It is estimated that in the coming years more than one billion people in the world will be connected to the Internet through their mobile devices, which means for people to have all the knowledge in their pockets within easy reach. her hands from her. “Now we have to encourage students to go further, to analyze the data. Wikipedia is a place of questions, not answers,” she explains.

We want to know your opinion about Wikipedia. Tell us what you think about this free and collaborative knowledge tool.

 

Categories
Innovation

A record corporate strategy

Companies must define a strategy based on their unique skills, executable, measurable and focused. Get to know the formula of the great athlete Usain Bolt, replicate it in his company and go from vision and vision to the way of playing.

Usain Bolt, winner of eleven world titles and eight Olympic titles, made a radical bet that established him as the fastest athlete in the world. After his repeated victories in long competitions of 400 and 200 m, he decided to focus on 100 m races until become the best of the best.

As it did?

His first task was to detect his unique abilities, perfect them, polish his shortcomings, gain experience and beat his own records until he became the best.

His strengths are clear and he has consistently implemented them.

How to replicate Bolt’s methodology in your corporate strategy?

“The definitions of mission, vision and strategic objectives are not understood or executable by 80% by company collaborators and they tend to have a large gap between aspirations and reality.”

How to create a winning, understandable and executable strategy?

1

Define the set of unique capabilities of the company: that is, business skills that are in line with the way of doing things, with early challenges, with success stories. Tools that are not easily available and have a lot to do with day-to-day life and very little to do with having a great human team, good assets, a robust portfolio, cutting-edge technology and other elements that can be contracted, bought, incorporated and that are on the market. For example, the ability to make operations profitable, develop customized products in a short time or at a very low cost, leadership in a niche. “There must be between three and six engines that allow the company to reliably and consistently deliver a specific and relevant result in a market,” explains Óscar Prada, Strategy and Consulting Leader at Price Waterhouse Coopers.

“The only proven and sustainable way to create true competitive advantage is to put differentiating capabilities at the heart of your strategy.”

Oscar Prada,
Strategy and Consulting Leader at Price Waterhouse Coopers.
2

Establish a way of playing in the market:  it is the way in which value is going to be generated for customers and for the sector in which the company operates. There are standardized ways to do it, the most common are being a  Category Leader , like Coca-Cola, Intel, General Electric, which have the largest market share in their category; Aggregator , such as Amazon or Apple, that bring together multiple providers into a single experience; Consolidator , such as Cementos Argos and Cisco Systems, that dominate an industry or a market through acquisitions; Player of Reputation , such as Natura, Johnson and Johnson and Bayer, which positioned themselves as reliable suppliers; Low cost, such as Ikea, Ryanair, which offer the cheapest prices with a quality comparable to that of the market; Experience provider , such as Lego and Starbucks that are strong in creating experiences and are viable in all price segments; among other ways such as being  a multi-platform Provider, Solver, Risk Absorber, Challenger, Follower or Niche Specialist,  among others.

3

Create an offer of products and services with focus and value:  part of the hypothesis that to conquer a market you have to earn a place and be the best doing what really matters to customers. Therefore, products and services must reveal strategy and demonstrate capabilities. The portfolio must be aligned with the strategy and not the other way around. For this reason, the Megas are increasingly relevant to the vision, because they allow defining a clear objective and measuring the strategy based on the generation of income.

And after the strategy what?

1

Make decisions based on challenges:  make acquisitions, modify the portfolio, divest, integrate production units, etc.

2

Align costs and investments:  make budgets with a zero base, not with a rear view mirror. Cut expenses where it is due and invest in the new challenges: people who support the challenges, development of potentials, technology, process improvements as planned.

3

Unify the culture:  The people and atmosphere in the halls of the company must reflect the strategy. For that to happen, you must have where you are going, why, with what tools, with what challenges per position and evaluate and make decisions on those definitions.

4

Refocus talent:  Hire and train people to power new processes.

So you have to forget about the mission and vision?

Not necessarily, but the important thing is not to define the statement to realize that it is not achievable, but to do it the other way around, what do I know how to do well and like nobody else, what opportunities does that quality give me in the market, how am I going to play, how am I going to market and show my value to clients and what challenges do I impose on myself in the face of the new challenge.