Tag: future

Talent Matters – COVID-19 series

Posted on by Steve Sammartino

Work hard at anything and you’ll get results. Work hard on things where you have natural talents and your results will be amazing. Here’s the good news: every single one of us has unique talents. Talents that when uncovered, worked on and combined can give us extraordinary outcomes.

But here’s the trick: we need to find a way to combine what seems like a normal human social gift or proclivity into economics. We need to mash up our gifts with something that has demand in the market place. This is possible for almost everything. I’m not talking about passions either – I’m talking about that thing that just comes a bit easier to you.It can be absolutely anything – communication, creativity, manners, eye for design, diligence, detail orientation, being funny, making people feel good about themselves, working creatively with your hands, organising things, planning, project management, selling the dream…literally anything.

For me, it was speaking – it was what I got in trouble for everyday at school! But once I combined my natural proclivity to share ideas verbally about technology and economics, the market rewarded me. Speaking of which (see what I did there?), here’s my latest effort with #SteveFeed episode 2. – I’d love it if you could leave a comment on Youtube and share it wide – I mean, it’s only the future of our entire species depending on it!

In times like these when things are tough and average just won’t do, we need to dig deep. We need to have the courage and patience to find what we know we are good at, extract our gifts and add them to the work we do. Once we do that, we can achieve much more than we ever thought possible.

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Keep Thinking,

Steve. 

Choose your own Adventure #2 – COVID-19 series

Posted on by Steve Sammartino

As we enter our second lockdown here in Melbourne, Australia, I thought I’d do my second Choose Your Own Adventure blog post. Here are five things:

(1) This week I was on Charlie Pickering’s The Weekly, interviewed by the hilarious Judith Lucy on All Things Future in crazy 2020. Many people have said it was the first time they’ve ever seen me lost for words. Click here to watch (4 min video)

(2) As you go into ‘iso’ hiding from the ‘rona’, get ‘woke’ with your future! On ABC radio this week I talked about how technology influences language and how quickly it is changing – and how changing the way you speak could drastically improve your future. Listen here (11 min audio)

(3) Wow, Tik Tok is so damn entertaining – it is seriously lots of fun. It’s also a terrific way for a foreign government to hoover up all manner of information about its users – much more than we think. For those who haven’t read the terms and conditions (and that’s nearly everyone!), I was interviewed on Channel 7 National News discussing security risks and the emerging Technology Cold War. Watch here (3 min video)

(4) One of my fave blog posts: 20 things in 20 years – lessons I’ve learned since school. 

(5) My fave ever chill out song. Give it a try if things are getting tough for you. Click here for secret reveal. 

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Keep thinking,

Steve. 

Mega Trends – COVID-19 series

Posted on by Steve Sammartino

This week you can watch my blog for 5 mins instead of reading it! In the first episode of #SteveFeed – Protein for the mind, I explore the #5 Mega Trends emerging from a Post Covid Economy. The five things every business, brand and individual needs to be aware of as we attempt to navigate our way out of this crisis.

In summary the trends are:

  1. Digital Sovereignty 
  2. Automation At Distance
  3. De-globalisation
  4. Essentialism
  5. Market Recalibration

Some ideas I’ve touched on in recent posts. I’d love for you to make a comment on Youtube and even subscribe to my YT channel here. Join another 10,000 peeps on the Sammatron wagon – safety in numbers I say. Get on it!

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Keep thinking,

Steve. 

The Currency of Language – COVID-19 series

Posted on by Steve Sammartino

Speaking more than one language is revered in society. I pride myself on speaking three, but in reality we all speak many languages. More accurately, we all speak many dialects and that has a much bigger impact on our future than we recognise.

Since COVID, a new set of jargon has emerged: iso haircut, Covidiot, Zoombombing, WFH and Blursday, to name a few. It’s a reminder of the importance of language.

Our Best Invention: Language is humanity’s killer app. It puts us firmly on top of the food chain. We are the only species who can spread ideas by passing them down generations, across geography and even through time. The sharing of our thoughts and discoveries allows every generation to build on top of what was known before. Unlike other species, we don’t have to start again every time we procreate. Verbal, written, video and computer code make this possible. All of it is based on language.

The Many Languages We Speak: If you pay attention to how you communicate, you’ll notice you use different dialects when speaking with different people. We speak a certain way with our family – our own special shorthand. When communicating with young children, we often modify our words and simplify our ideas. With friends, we use another dialect and particularly with childhood friends, the language has an historical context to it – the language is retrofitted. I grew up in a working class suburb and I learned to adapt my vocabulary and speech so I could grow in my career. This wasn’t an accident and it didn’t happen by osmosis. The language I employed was contextual, as just having the qualifications wasn’t going to be enough.

It’s obvious in hindsight that these dialects are far more important than we imagine.

Language Evolves: We also need to remember that language is a living organism. It changes its shape over time. Words come and go, meanings shift, spelling changes and what was acceptable parlance yesterday may be offensive tomorrow. Language is the living representation of our culture and its evolution. We can see this in pop culture, where keeping up with the lingua franca of teenagers is a full time job for outsiders. Commenting on someone’s headwear as ‘that’s the biggest cap ever’ may now earn you a WTF? as ‘that’s the biggest cap ever’, now means ‘the biggest lie ever’.

It is also evident in the socio political arena. As society becomes more progressive and inclusive, sentiment isn’t enough. Today we all need to be vigilant as the onus is on the communicator not cause offence. In an era of callout culture, we all need to pay attention to the language we use.

Language and Your Career: Now let’s take this idea to the context of work, technology and your own future. Assuming most people in your firm or industry are competent, then what elevates you to the top will be your mastery of contextual languages and dialects. It’s a process that requires us to change gears all day long depending on the context. We need to know our industry jargon. Increasingly, we also need to understand the verbiage emerging from the technology sector as it permeates every industry. Knowing this dialect increases our relevance.

When you meet someone new, always pay attention to their vernacular and tone, so you can start speaking in their dialect. All of a sudden, they see you as one of them – you’re an insider and you’ve immediately overcome the biggest hurdle in any new relationship.

I unashamedly use this technique everywhere I go. I speak very differently when I’m on the ABC to when I’m on more commercial media channels. When I’m in the boardroom of a large corporation, I use financial speak: PE ratios, market caps, RPU, et al. When I hang with tech nerds, I double down on geek speak. Not only does it work, it’s fun and you only improve when you start paying attention to it. The cool thing is that it helps everyone go forward. We are far more confident about doing anything new when surrounded by people who also speak our ‘language’.

If we become more proficient in a range of dialects, we can become a translator of sorts and someone who can comfortably bridge two different cohorts. An example might be cultivating a cultural link between a startup and a large corporate. Translators are among our most valuable resources in times of rapid change like today.

Not only is language our killer app, it’s something we should be constantly hacking and paying attention to. If we evolve with it, we can be sure that we are in tune with society and invent a future for ourselves beyond our own expectations.

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Keep thinking,

Steve. 

Houses of the Future – COVID-19 series

Posted on by Steve Sammartino

If you’re like me, you’re probably thrilled to start seeing something other than the four walls of your own home. The Covid-19 crisis will be a long overdue start to influencing changes to the buildings we spend our time in.

The Merger – Now that information work has finally reached its mobility phase, houses and offices will start to change shape. The major change is that spaces for work and living will start to replicate each other, with differences in size and scale. We can already see it in the home. Technology that used to solely reside in offices has begun to spring up in our homes. The technology we now have in the home is usually as good and often better than what we have at work. Offices are starting to look less like cubicle farms with the arrival of lounge spaces, entertainment zones, eating areas – somewhat replicating what we see in boutique hotels. What’s ironic is that this is how things used to be pre-industrialisation. We lived where we worked. Craftsmen had workshops out the back of houses. Bakers lived on top of their shop front. Now that many of us are becoming modern day digital craftspeople, we are going back to that model.

The first part of the process was the delineation of working and leisure hours evaporated. Now it’s about to happen to our spaces and they’re starting to replicate each other.

Caves with Widgets – We’ve been living in caves for a very long time, albeit these days they come with modern day comforts. It is valuable to remind ourselves of how we got to now by looking at how long some of the current technologies in our homes have been around:

  • Letterboxes – Mail services started encouraging their installation in houses for deliveries in the mid-1800s.
  • Indoor plumbing – In the 1860s, only 5% of American houses had running water. Flush toilets were still uncommon until the mid 1900s.
  • Driveways – Only became a standard inclusion fewer than 80 years old ago.
  • Electricity – Uncommon in suburban homes until the 1930s.
  • White goods (electricity needed) – Rare in modern economies until post WWII.
  • Televisions – In 1956 in Australia
  • VCRs – Early 1980s
  • Home Computers – Mid-1980s
  • Internet – Mid-1990s

So what’s coming?

Zero Energy Buildings: The ZEB movement is a system where a building generates all of the energy it requires. In the near future, the walls and roof of every new or retrofitted building will be capable of generating power. This will be primarily through solar and micro wind turbines, as well as piezoelectric technology that converts kinetic energy generated by raindrops hitting a building to electricity – yes, this already exists. The energy rating of buildings in the future won’t just be about efficient use of energy – it will be about creating an excess, more than it needs. It will become the new normal.

Houses that Change Shape: Walls will be moveable in most apartments to maximise space usage across different hours of the day, like hotels often do in its meeting spaces. They’ll become modular. Houses of the future will be designed with non-permanent room sizes, allowing us to get more from less. Kitchens and eating spaces will be able to expand and converted back into lounge rooms or even cinema rooms.

Delivery Boxes Replace Letterboxes: The letterbox is sorely in need of an upgrade. Our houses now are the recipients of packages, not letters. You’d think e-commerce hadn’t happened yet! In the future, letterboxes will have three sections: dry, fridge and frozen, so it could take all kinds of deliveries. Letterboxes will likely be as big as a fridge and possibly underground, with a button for the courier to press, so it could rise up to take the delivery. When a delivery arrives, the recipient is notified and can view live video footage, to verify the delivery person’s identity. Using a smartphone, the recipient could open the delivery unit and check that the delivery is as ordered, using near field communication readers (RFID) and image recognition cameras. The delivery unit would be secure as a safe for delivery of high value items and be powered under a ZEB doctrine.

Upgraded Home Office and Virtual Reality Room: We can expect the home office to receive a massive upgrade. High-end home offices will be as common as gourmet kitchens, given their importance in generating income for many households. We’ll have virtual reality meeting rooms with travelator floors to make us feel that we are in the same room as someone else on the other side of the world. These spaces will lead us to question why we need to go to the office at all. These video studios will be capable of creating content to make even the most advanced YouTuber salivate. We’ll also use our VR rig, including haptic gloves and suits, to shop online for things we want to touch and experience before purchasing. We’ll also use it to exercise and browse holiday accommodation and experiences, using a treadmill to keep us stationary while we seemingly explore other places.

A.I. Enabled: Automation utilising voice and gesturing will replace traditional interactions and buttons to manage re-ordering of household items. We’ll literally be talking to the walls! This is a battleground Amazon, Google and Apple are already deeply ensconced in. Convenience will be high, but privacy and security concerns will need to be overcome for mass adoption.

Drone delivery and landing pads: Our growing parcel deliveries need to land somewhere. Apartment buildings are already being designed with landing pads on rooftops and your house will be no different. Maybe it will have an automatic opening lid that closes over after the drop off has been made or the package might go straight into a delivery box. We can also expect new houses to have rooftop landing pads for Vertical Take Off and Landing (VTOL) vehicles that will become common within 20 years. In fact, ‘flying cars’ have a high probability of beating autonomous vehicles to deep market penetration, given they don’t have to work around existing infrastructure and pedestrian safety issues.

Smart Toilet: I’ve written about this before. We can expect it to be our health partner in life and since Alphabet had a patent approved on the smart bathroom last year, this is one of those realities which will surprise with its speed of arrival.

Smart shower: One that takes a photo of you every day… not to invade your privacy, but to ensure it knows you have a dangerous sun spot long before you do.

Glass = Screen: If you’ve always wanted a house with a view, it’s about to become a lot cheaper than anyone expects. All the glass in our homes will become web-enabled screens. The resolution of our windows will be indistinguishable from an actual view into the real world. All of a sudden, anyone can have a real-time harbour view that changes perspective on different windows in the house to deliver a very lifelike experience. Maybe owners of actual harbour mansions will monetise their views via a live feed cam? Or maybe nimble entrepreneurs can set up HD webcams in places of great beauty? Live feeds of idyllic vineyards in the Loire Valley, anyone?

Charging Stations in All Driveways: Our driving future is all electric, as is our entire economy. Expect that every place cars stop will have a charging facility on hand. If they ever stop – I’ll probably send mine out to work for me when I’m not using it.

So, if you are wondering how buildings will change, wonder no more. The exciting part is that there’s many more changes we could add to this list. In a changing world, this is where tomorrow’s jobs and industries will emerge. The opportunities created are equal for existing companies and startups. The technology for all of these ideas already exists. It’s not a question of if – it’s a matter of who and when.

I had a fun radio interview on this topic you can listen to here.

– – –

Keep thinking.

Steve. 

Perception and Your Career – COVID-19 series

Posted on by Steve Sammartino

Perception is a powerful thing: What we do, where we live, which school we went to, which company we work for and who our clients are paint a picture of where we belong in people’s minds. Rightly or wrongly, perception is reality. Perception also informs finance.

A thought experiment: You meet someone at a function and ask the obligatory question of what they do for a living. You get the following answers:

  • I work for a large warehousing and logistics firm
  • I work in the energy industry, primarily focused on electricity
  • I work in consumer electronics sales
  • I work for a large taxi services firm
  • I work at a very large information indexing firm.

Some people (not us) nod politely and move onto the next conversation. But of course, the above statements could also read like this:

  • I work at Amazon
  • I work for Tesla
  • I work at Apple
  • I work at Uber
  • I work for Google.

Same job, different description, entirely different perception.

If someone works at a ‘hot’ company, surely they must be smarter, better, more competent. A possibility few people consider is that they might just be lucky to have ‘a seat on a rocket ship’ – simply riding the success of what happened before they got there. Maybe the more competent person is working damn hard and smart in a failing firm with fewer resources and a worse brand perception. Reality is rarely as it seems.

The economics of perception: Perception doesn’t only change minds – it also influences the economic value we assign to something. People, careers and especially corporations. If a firm seems ‘futuristic’ enough, the market can be incredibly irrational. Uber has lost $38 billion since 2013 and yet still has a market valuation of around $60 billion. As I discussed on The World on ABC News, I don’t believe Uber will ever recoup investors’ money and I still stand by this. But the reason Uber is valued so highly has little to do with reality and more to do with perception. In the short run, perception is more profitable than reality.

Now let’s compare Tesla with its closest competitors. The figures below represent the market capitalisation of the biggest car companies in the world, divided by how many cars they sell per year.

– Tesla $ valuation per car sold = $302k
– GM $ valuation per car = $5k
– Ford $ valuation per car sold = $17k
– Toyota $ valuation per car sold = $15k

Even though Tesla makes terrific cars (and has a wider portfolio) – its valuation is seriously inflated. Tesla plans to make 500,000 cars this year, while Toyota will ship around 10 million. Even if Tesla sold 5 million cars (10 times more than it does today), it would then have a valuation of $30,000 per car sold, which is still double that of Toyota. It just doesn’t add up. We must also remember that Tesla’s advantage in electric cars is quickly being eroded. You don’t have to be a maths major to understand that the economics of this will eventually drag their share price down. Likewise, it’s a lesson in the importance of brands, and being seen as technologically competent and future-centric. It’s one of the things our economy values most highly today.

Here’s the kicker – this isn’t just important for companies, it’s vital for you.

The Economic Perception of You: Being seen as future-focused and technologically literate in your career is a bankable asset. In uncertain times, people want to back those who have a handle on the future. It gives them confidence in you and gives you outsized opportunities. Being good at what you do today isn’t enough. People need to believe you’ll be good at whatever they’ll need tomorrow. This is a perception game – a matter of personal brand. How ‘Elon Musk’ are you? Our work lives used be based on qualifications, experience and competence. Increasingly, having a personal brand is becoming a core competence for everyone.

The World Just Got Flatter: Twitter, Facebook and other large technology firms have just announced their staff can work from home ‘forever’. Once we start to work from home, employers can hire staff from anywhere globally. It’ll be harder to build relationships, so having a personal brand will be even more vital. What we know from consumer culture and technology is that the most impressive brands command the highest price, not the most functional ones. This means that the marketing we do for ourselves might even be more important than the marketing do we do for an employer.

Keep thinking,

Steve. 

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P.S – My Post-Covid-Economics briefing is getting rave reviews. I’ve now done with Fortune 50 firms and Governments in the USA, India, China, Singapore & the UK. I have a few corporate slots left for the month of June. Details here.

What the Fork? Strategy for 2020 – COVID-19 series

Posted on by Steve Sammartino

Never has business been so open-minded to change. While humans are the most innovative species on earth, we’re inconsistent. If things are cruising along nicely in life – then don’t expect much change. We’re creatures of habit and naturally risk averse. Currently it is riskier to not change, hence the embrace of change.

I’ve never had as many large corporations and government bodies contact me as they have over the past two months. What’s refreshing is the desire not just to understand possibilities, but their willingness to implement – immediately. A timely reminder of how quickly we can mobilise when needed.

While I have been doing many post-COVID economic briefings, the strategic template I’ve offered is not just for large institutions, but also for startups and individual careers. Most COVID-related shifts are falling into 2 specific patterns: Acceleration and Forks.

Acceleration: These are the trends that were already happening, but slowly. They are long-term trajectories. However with COVID, they got on the fast track – accelerated. Things that might normally take years are transformed in mere months. This list under this shift is long, but here are some examples:

  • Work From Anywhere (WFA)
  • Biometric Surveillance of Citizens
  • Tele-Labour and Telemedicine
  • Transition to Ecommerce
  • Dominance of Technology in our social and work lives
  • Nationalism – re-localisation of core supply chain

Forks: These are changes in direction that would not have occurred without COVID. Sometimes they are additional requirements that need to be added to a process and sometimes they entirely replace how we used to do things. In this list we could include the following:

  • COVID-safe supply chains
  • Social Distancing in retail / entertainment environs
  • Travel restrictions – reduced human mobility
  • Exo-labour
  • Off-campus education

A key task today is to make a list of the relevant accelerants and forks in your business and personal life.  Some will be the same for everyone and some are industry specific. Categorise the changes that have impacted you into either Accelerant and Fork buckets, you’ve got a strategic template of how to go forward and build tactics for implementation.

Though fortunately not all of us have been affected physically by the virus, it’s likely we all have been affected in other ways. Personally, I’ve had to pivot. I practice what I preach and I’m happy to share my forks and accelerations.

A big chunk of my non-passive income came from keynote speaking and consulting. This involves being in front of large audiences, in closed rooms or prolonged face-to-face contact with clients, as well as interstate and overseas travel. That all went to zero. I’d also been working on some longer lead projects – the Future House, a new TV show and a new book – these have been my accelerants. Lately I’ve focused on writing (doing around 2,000 words a day) – scripts and segments for the new TV show, articles and more media interviews, as well as some post-COVID strategy briefings. Luckily, this can be done online.

I haven’t tried to replace lost income through doing cheaper online versions, simply because the value of my advice is not determined by how it is delivered. So, rather than offer discounts, I’ve decided to design a cathedral. When the sky clears, I’ll come out and share it. This is a core principal for freelancers. We have to be very careful not to cheapen our brands and discount them, because it can be very difficult later on to reclaim the true value.

The truth is the change has been really refreshing for my mind – I’ve never felt so prolific and stimulated exploring new possibilities and new ideas.

We should all remember this: the openness to innovation will only survive as long as the instability does. Stability usually results in stasis for the large majority. So take your chances now while the world is open to it, when everyone’s plans are kiboshed and their budgets are blown. We might just have a chance to invent something new.

– – –

Keep Thinking.

Steve.