Name: How the digital revolution is opening up opportunity for entrepreneurs
Uploaded: 2023-11-07T16:42:58.941Z
Duration: 434.8
Description: Rapid advancements in technology are reshaping industries, offering new opportunities and challenges for businesses of all sizes. Farhan Lalji discusses the transformative impact of digital technology, including artificial intelligence, the internet of things, and blockchain, highlighting the importance of understanding customer needs and leveraging digital innovation to provide value.

How the digital revolution is opening up opportunity for entrepreneurs V3.mp4

How the digital revolution is opening up opportunity for entrepreneurs V3.vtt

English

{{00:00:00}}
I'm really excited to see not just A.

{{00:00:02}}
I.

{{00:00:02}}
As a silo, but how artificial
intelligence alongside the

{{00:00:06}}
Internet of Things works together.

{{00:00:18}}
I'm for Honolulji, and I'm the founder
and general partner of LTV Capital.

{{00:00:22}}
The digital economy has transformed
the landscape of entrepreneurship and

{{00:00:27}}
traditional industries by providing
innovation ability and by providing

{{00:00:33}}
new methodologies, new technologies
for companies large and small to

{{00:00:37}}
compete and to acquire customers.

{{00:00:39}}
It enables individuals to build companies
when we think about services like Amazon

{{00:00:45}}
Web Services or Google Cloud or even
Microsoft Azure, building a company on

{{00:00:50}}
top of cloud infrastructure is something
that's enabled small companies to get

{{00:00:54}}
started and address customers on day zero.

{{00:00:57}}
No longer do we have to invest
into infrastructure in order to

{{00:01:01}}
service multitudes of customers
with products and services.

{{00:01:04}}
It means that we can leverage off the
shelf tools and, you know, it goes

{{00:01:07}}
beyond cloud services and things like
Shopify and other tools and services

{{00:01:12}}
to enable companies to get started
right off the bat with services that

{{00:01:16}}
are competitive with larger industrial
players that have been around for

{{00:01:20}}
decades, if not more, when we think
about these larger companies, it also

{{00:01:24}}
enables them to be innovative as well.

{{00:01:27}}
Companies like Starbucks, for
example, and how they've innovated

{{00:01:30}}
with their rewards programs.

{{00:01:32}}
They've basically created a fintech,
you know, a coffee company that enables

{{00:01:36}}
people to, to get rewards off their
cards means that now they're actually

{{00:01:40}}
providing financial services and
providing their own balance sheets with

{{00:01:44}}
healthy amounts of capital as a result
of digital tools and digital services.

{{00:01:49}}
That's something that didn't
really exist 20 or 30 years ago.

{{00:01:52}}
But because of how far we've come from
technology and innovation, large companies

{{00:01:57}}
and small companies are able to innovate
and service customers in new ways.

{{00:02:10}}
Emerging technologies like artificial
intelligence or AI, the blockchain,

{{00:02:14}}
or even the Internet of Things or IoT,
really enable companies to service their

{{00:02:20}}
customers in new and meaningful ways.

{{00:02:23}}
And they're in, in a lot of different
industries, almost every industry, if

{{00:02:26}}
we think about everything from media to
financial services to things as robust as

{{00:02:31}}
deep tech or space exploration artificial
intelligence means that individuals from

{{00:02:39}}
a, for example, their credit history were
able to use artificial intelligence to

{{00:02:43}}
determine who are good credit risks at the
same time from an education perspective,

{{00:02:48}}
people can learn faster than ever before.

{{00:02:51}}
When we think about things like the
Internet of Things there's a really

{{00:02:55}}
famous analyst Benedict Evans, who's
talked a lot about how we've gone from

{{00:03:01}}
this world where we weren't sure how
many things in our homes had motors,

{{00:03:05}}
to how we're not sure how many things
in our homes have chips and in the

{{00:03:09}}
future, we won't be sure how many of our
household devices are connected devices.

{{00:03:14}}
This goes from, you know, kind of a
refrigerator having a chip to tell you

{{00:03:17}}
what temperature it is to a refrigerator,
being able to tell you that actually

{{00:03:21}}
you're pretty short on milk and maybe
you need to think about adding that

{{00:03:24}}
to your basket the next time you're
shopping and in the future, being able

{{00:03:28}}
to order that milk ahead of time for you.

{{00:03:31}}
When we think about these practical
experiences that individuals are going

{{00:03:34}}
to have, we can see that innovations like
artificial intelligence, like the Internet

{{00:03:38}}
of Things are having a robust impact.

{{00:03:41}}
Things like the block chain are
a little bit more further along.

{{00:03:44}}
And we've had some experiences with things
like cryptocurrency, but when it comes to

{{00:03:48}}
fundamentally changing the lives of most
individuals, some of these things are a

{{00:03:53}}
little bit more hype than actual, right?

{{00:03:55}}
Yes, we might all be holding
digital wallets and have some

{{00:03:58}}
cryptocurrency in those wallets.

{{00:03:59}}
But are they fundamentally changing
the way we live and the way we work?

{{00:04:03}}
Not quite yet.

{{00:04:12}}
Traditional frameworks can definitely
still be used in order to allow

{{00:04:16}}
companies to innovate and have success.

{{00:04:19}}
When we think about fundamentally
building a great business, it comes

{{00:04:23}}
down to thinking about your customer
and understanding your customer segment.

{{00:04:27}}
When we look at companies like,
for example, IKEA, IKEA saw that

{{00:04:31}}
a lot of their customers wanted
to have a sustainable impact.

{{00:04:35}}
And like what we're seeing in fast
fashion, this kind of danger was

{{00:04:38}}
appearing that we wouldn't necessarily
be able to build sustainable furniture.

{{00:04:42}}
And what Ikea was able to do was
build a service that allowed people

{{00:04:46}}
to resell their products and services.

{{00:04:48}}
And so for large institutions, you
can still use digital innovation, but

{{00:04:52}}
apply traditional frameworks in terms
of thinking about your customer, your

{{00:04:56}}
customer needs, your customer segments,
thinking about how to make your customers

{{00:05:00}}
lives easier, and then allowing digital
and new technology to enable you to

{{00:05:04}}
provide value to those customers.

{{00:05:15}}
There are a number of
strategies that innovators and

{{00:05:17}}
entrepreneurs can use to compete.

{{00:05:19}}
There's, there's a lot of examples
where, for example, companies like

{{00:05:22}}
Glossier, who started off by building
communities, by understanding what

{{00:05:26}}
their customers really needed and what
products were meeting the needs of their

{{00:05:30}}
customers and what products weren't.

{{00:05:31}}
Companies like Glossier were able
to innovate and launch new products

{{00:05:34}}
because they had a history of
communicating with their customers.

{{00:05:37}}
So I think large companies, small
companies, innovators, entrepreneurs

{{00:05:41}}
should be really focused on talking
to their customers, learning about

{{00:05:45}}
their customers needs, and then
producing products and services.

{{00:05:48}}
This also works for large companies and
small companies when they're thinking

{{00:05:51}}
about their own teams there's been a lot
of innovation in terms of everything from

{{00:05:56}}
life insurance policies, customer benefits
or employee benefits, rewards programs,

{{00:06:01}}
all of these things are traditional
in kind of the value they provide, but

{{00:06:05}}
what we're seeing is the execution of
these products and services has evolved.

{{00:06:09}}
So the things that really excite
me is how these technologies

{{00:06:12}}
are going to come together for
innovators and for larger companies.

{{00:06:16}}
I'm really excited to see not just
AI as a silo, but how artificial

{{00:06:20}}
intelligence alongside the
Internet of Things works together.

{{00:06:24}}
I'm really excited when I think
about the blockchain and coming

{{00:06:27}}
together with climate tech, right?

{{00:06:28}}
We're seeing these collisions of different
technologies and different innovations

{{00:06:32}}
being enabled by digital technologies and
the foundation that we've laid in order

{{00:06:36}}
to see lots of innovation coming down.

{{00:06:39}}
I don't think we've scratched the
surface when I think about 20, 30 years

{{00:06:42}}
ago, you know, we were all using Nokia
phones and then BlackBerry phones.

{{00:06:46}}
And now the smartphone has changed
the way we live and the way we work.

{{00:06:49}}
In fact, I'm being recorded
in part on a smartphone.

{{00:06:52}}
And that really was unheard
of a few, a few years ago.

{{00:06:55}}
But what I'm really interested to
see is where are we going to see this

{{00:06:58}}
innovation even progress even further?

{{00:07:00}}
Where does AI meets hardware meets climate
tech, all of these things combining and

{{00:07:05}}
colliding to provide new innovations
that we haven't even imagined yet.

As a silo, but how artificial
intelligence alongside the

I'm for Honolulji, and I'm the founder
and general partner of LTV Capital.

The digital economy has transformed
the landscape of entrepreneurship and

traditional industries by providing
innovation ability and by providing

new methodologies, new technologies
for companies large and small to

It enables individuals to build companies
when we think about services like Amazon

Web Services or Google Cloud or even
Microsoft Azure, building a company on

top of cloud infrastructure is something
that's enabled small companies to get

started and address customers on day zero.

No longer do we have to invest
into infrastructure in order to

service multitudes of customers
with products and services.

It means that we can leverage off the
shelf tools and, you know, it goes

beyond cloud services and things like
Shopify and other tools and services

to enable companies to get started
right off the bat with services that

are competitive with larger industrial
players that have been around for

decades, if not more, when we think
about these larger companies, it also

Companies like Starbucks, for
example, and how they've innovated

They've basically created a fintech,
you know, a coffee company that enables

people to, to get rewards off their
cards means that now they're actually

providing financial services and
providing their own balance sheets with

healthy amounts of capital as a result
of digital tools and digital services.

That's something that didn't
really exist 20 or 30 years ago.

But because of how far we've come from
technology and innovation, large companies

and small companies are able to innovate
and service customers in new ways.

Emerging technologies like artificial
intelligence or AI, the blockchain,

or even the Internet of Things or IoT,
really enable companies to service their

And they're in, in a lot of different
industries, almost every industry, if

we think about everything from media to
financial services to things as robust as

deep tech or space exploration artificial
intelligence means that individuals from

a, for example, their credit history were
able to use artificial intelligence to

determine who are good credit risks at the
same time from an education perspective,

people can learn faster than ever before.

When we think about things like the
Internet of Things there's a really

famous analyst Benedict Evans, who's
talked a lot about how we've gone from

this world where we weren't sure how
many things in our homes had motors,

to how we're not sure how many things
in our homes have chips and in the

future, we won't be sure how many of our
household devices are connected devices.

This goes from, you know, kind of a
refrigerator having a chip to tell you

what temperature it is to a refrigerator,
being able to tell you that actually

you're pretty short on milk and maybe
you need to think about adding that

to your basket the next time you're
shopping and in the future, being able

to order that milk ahead of time for you.

When we think about these practical
experiences that individuals are going

to have, we can see that innovations like
artificial intelligence, like the Internet

Things like the block chain are
a little bit more further along.

And we've had some experiences with things
like cryptocurrency, but when it comes to

fundamentally changing the lives of most
individuals, some of these things are a

Yes, we might all be holding
digital wallets and have some

But are they fundamentally changing
the way we live and the way we work?

Traditional frameworks can definitely
still be used in order to allow

When we think about fundamentally
building a great business, it comes

down to thinking about your customer
and understanding your customer segment.

When we look at companies like,
for example, IKEA, IKEA saw that

a lot of their customers wanted
to have a sustainable impact.

And like what we're seeing in fast
fashion, this kind of danger was

appearing that we wouldn't necessarily
be able to build sustainable furniture.

And what Ikea was able to do was
build a service that allowed people

And so for large institutions, you
can still use digital innovation, but

apply traditional frameworks in terms
of thinking about your customer, your

customer needs, your customer segments,
thinking about how to make your customers

lives easier, and then allowing digital
and new technology to enable you to

There are a number of
strategies that innovators and

There's, there's a lot of examples
where, for example, companies like

Glossier, who started off by building
communities, by understanding what

their customers really needed and what
products were meeting the needs of their

Companies like Glossier were able
to innovate and launch new products

because they had a history of
communicating with their customers.

So I think large companies, small
companies, innovators, entrepreneurs

should be really focused on talking
to their customers, learning about

their customers needs, and then
producing products and services.

This also works for large companies and
small companies when they're thinking

about their own teams there's been a lot
of innovation in terms of everything from

life insurance policies, customer benefits
or employee benefits, rewards programs,

all of these things are traditional
in kind of the value they provide, but

what we're seeing is the execution of
these products and services has evolved.

So the things that really excite
me is how these technologies

are going to come together for
innovators and for larger companies.

I'm really excited to see not just
AI as a silo, but how artificial

intelligence alongside the
Internet of Things works together.

I'm really excited when I think
about the blockchain and coming

We're seeing these collisions of different
technologies and different innovations

being enabled by digital technologies and
the foundation that we've laid in order

Expert Insight

Rapid advancements in technology are reshaping industries, offering new opportunities and challenges for businesses of all sizes.

Farhan Lalji discusses the transformative impact of digital technology, including artificial intelligence, the internet of things, and blockchain, highlighting the importance of understanding customer needs and leveraging digital innovation to provide value. 

Blockchain

Digital Technology

Small Business

medium_farhan lalji.jpg

small_farhan lalji.jpg

thumbnail_farhan lalji.jpg

xsmall_farhan lalji.jpg

farhan lalji.jpg

Farhan Lalji

Founder, General Partner

Lalji discusses the digital economy's transformative impact, fostering innovation and levelling the playing field for businesses large and small.

Business transformation in the digital economy

Lalji discusses the transformative potential of emerging technologies in various industries, looking specifically at how the increasing connectivity of household devices and IoT is evolving.

How emerging technologies are changing the future

Here Laji shares the value of traditional business frameworks in the context of digital innovation. He discusses how businesses can still use traditional approaches to understand their customer base and their needs

The role of traditional frameworks 

Laji provides strategies for innovators and entrepreneurs to compete effectively and expresses curiosity about where future innovations will lead.