No. 181: 3 Thoughts: Cashless| Amazon|Masayoshi Son

Smaller institutions should embrace, not oppose, fintechs

I’ve been increasingly bothered by the specter of establishments going cashless. We’ve all had opportunities to give some cash to folks who don’t have money at the time for their next meal. Where do they use that cash in a world where it’s not just SweetGreen or ShakeShack going cashless, but it’s also Starbucks, 7-Eleven, and the mom-and-pop corner store going cashless?

While Nathaniel Hoopes’ piece focuses on fintech lenders and how smaller banks shouldn’t be fighting them, it brought to mind community banks and credit unions as potential good partners for fintechs in solving the access problem for folks without resources to get the tools they’ll need to navigate that world. A couple solutions that could work are debit card dispensary kiosks or Lifeline phones to have near field communications. Here’s to not boxing folks further out of society than they already are.

What is Amazon?

Fascinating piece that crystallizes one of the four or so defining companies of this technological era. The piece starts with Wal-Mart which perfected the art of putting the bounds around its marketplaces aka Wal-Mart stores and optimized everything inside of them. With the onset of the internet, Amazon didn’t need to make that optimization. It rather optimized for eliminating bottlenecks to satisfying the customer. Now, it’s gotten so big that has a growing problem of optimizing for sellers who don’t have the same incentives Amazon has internally to be hyper-focused on the customer. This is a must-read if you think about platforms and/or customers.

My job is to work with government agencies in elevating the voice of their customers into their decision-making so I did take some umbrage with Kanter’s assertion that the DMV would remain in stasis, at best. With Deloitte’s new customer strategy & applied design offering in the mix, that’s not a foregone conclusion. **Steps down from soap box**

SoftBank’s Masa Son: We’ve already invested $70B in Vision Fund

Masayoshi Son has carved out a space to shape the future of technology and it’s worth spending time understanding his worldview. This interview is helpful in that effort, though David Faber tosses a wiffle ball soft question on the Vision Fund’s relationship with the Saudi Arabian government.

One worldview I think needs examining is what the world looks like when the Singularity arrives. More than a few technological optimists including people like Kai-Fu Lee argue that the onset of mature artificial technology will enable us to focus on art or work that requires caring like nursing. I don’t see historical proof of this. With broad onset of new technologies, more often than not, policy has had to come into play to ensure folks were well taken care of. What makes us think artificial intelligence will foster all of this benevolence?

No. 25: Infrastructure in Africa: Go Big

In 2009, The World Bank estimated that it would take $93B annually over the next 10 years to bring Africa’s infrastructure to a healthy level. Four years later, how much of the $372B needed has actually been invested on the continent?

Watching Eddie Obeng give this TED Talk left me pondering on how we can think big in solving Africa’s infrastructure challenges. Big thinking like the Cape to Cairo road and Bright Simons looking for ways to leapfrog infrastructure technology is what it’s going to take for African infrastructure to be globally competitive.

I will come back with numbers on where we are with African infrastructure in a later post.

No. 18: Not a Protectionist, But David Cameron’s Interest in Africa Makes Me Nervous

While reading an article on David Cameron’s visit to Africa, I just couldn’t help but see an image of British ships exploring the new world, landing on the African continent and thinking – “we’ve got free labor”.

Source: Slavery in America

The author follows Prime Minister Cameron on his trip to South Africa and Nigeria, highlighted by the fact that the Prime Minister brought with him the heads of several heavy hitters already doing business on the African continent – Vodacom, Barclays, and Diageo to name a few. Mr. Cameron’s theme throughout the trip was that Britain sees Africa in a new light – a trading partner, not just an aid recipient. Business leaders touted the economic opportunities on the continent, and expressed their wishlists of improved regulations to enable business to thrive.

The African continent’s countries are really making moves in growing their economies and improving governance. Those improvements are drawing increasing attention from Asia and the West, and it is increasingly important that African countries protect their interests. My recent trip to Uganda revealed the downside of China’s investment on the continent – socks that had holes after a week of wear. Again, it is increasingly important that African countries protect their interests.

Source: The Economist

Those of us in the Diaspora have an incredible opportunity to seize in serving our countries. Tons of us have studied the way the Asian, European, and American players work the markets, run governments, etc. We can work with Africans on the continent in serving as gatekeepers to ensure that non-African penetration of African countries is healthy.

Source: Marvel Comics

I look forward to working with you in some fashion. I’m sitting here with goosebumps as I watch childhood daydreams morph into reality.