Read our latest news, event top takeouts and announcements.
“I’ve missed more than 9,000 shots in my career.
I’ve lost almost 300 games.
26 times, I’ve been trusted to take the game winning shot and missed.
I’ve failed over and over and over again in my life.
And that is why I succeed”’
- Michael Jordan
It is said that only two things in life are certain: death and taxes.
We’d like to add a third to that list – failures - and it’s inevitable that come the end of another year, we all reflect on them.
So we put failures under the microscope to ask how we learn the lessons they have to offer, in order to find our feet and strive again. What we heard were some tips on how to deal with failure, how to grow from it, and the common culprits behind it.
Consider this your 2018 cheat sheet to failing upwards.
“Assumptions are the mother of all evil”, may be the mantra of 2018.
If you take only one piece of advice from this, it’s that most failures can be traced to an idea or assertion that hasn’t been tested or confirmed.
An assumption could be that your business partners share the same vision as you, that your target market will just ‘get’ your idea, or that suppliers will distribute your product. They are not always hiding grossly in plain sight, and in fact most are the result of miscommunication. Unpacking even the most commonly held truths, may help you to avoid future failure.
Passion, gut feelings and hard work are important - they drive your ideas to fruition and allow you to sacrifice for your end goal. One thing they don’t do is guarantee success, yet in the midst of time and financial pressures, it can be easy to rely on these and skip the sometimes painstaking, time-consuming, or expensive process of due diligence.
As well as being a useful tool for challenging the aforementioned assumptions, it can also uncover information that could change the direction of your idea, by informing it, or (unfortunately) revealing that there may be no market for it.
Objectivity + Honesty = Understanding
Anyone who has ever tried to create something commercial out of a passion knows that emotion is a crucial driver, but it can also be a barrier to uncovering why that something hasn’t worked.
It can stop you from shining an objective light on the process and decisions that led you to failure. It can stop you from asking questions of your colleagues and collaborators, and it can stop you from sharing your own thoughts or opinions.
Finding a way to remove emotion from the situation, to share your honest opinion, can lead to an understanding of, if not the root of the failure, at least it’s contributing factors. Understanding why and how something went wrong, is key to moving on from it.
Just as your emotional investment can stop you from critically investigating a failure, it can also stop you from identifying and accepting your individual role in it.
By applying an objective filter to your actions and decisions, you can identify your weaknesses, areas of inexperience or lack of expertise. Ask the right, hard questions of yourself and be prepared to listen to external feedback as well.
A person who can define and own their role in a failure is empowered to avoid their mistakes in the future, whereas someone who cannot is doomed to repeat them.
Understanding and dealing with a failure leaves one with a lot of knowledge and the only way to avoid the same mistakes again is to use that knowledge to learn and adapt.
Adapting can happen at an individual level and at a business level. You may have discovered that there is a skill-set you’re lacking that is preventing you from succeeding, or you may have gained a crucial insight from your market that changes the direction of your business.
To support change, you can:
Reach out to mentors for advice and guidance - it’s likely they’ve been there before
Seek inspiration from different industries
Learn new approaches or methodologies from different skillsets or professions
Reach out to your competitors - it’s likely you might both be facing the same challenges
Failure is, by definition, a lack of success, but this doesn’t have to be a permanent state, nor does it have to be the end of the story.
If you consider failure to be a pit stop on the way to success, then the knowledge and lessons you learn become opportunities. It may be corny, and it may be clichéd but there is one high-profile failure that illustrates this point well:
Announced in 2012, and launched in 2014 at the retail price of $1,500, Glass was one of the first products in wearable tech.
It has also been considered a rare commercial flop for Google.
Consumer feedback centered on two themes:
The glasses didn’t look good and;
Wearing them made people feel uneasy (wearers were called ‘glassholes’).
The product was withdrawn in 2015 and it would have been easy to relegate the unappealing eyewear to the archive of failed products (e.g. Vegemite’s iSnack).
Instead Google’s Alphabet X began interrogating the product against the market data and an opportunity emerged - production. Glass Enterprise Edition (EE) is now being used by workers in factories for companies such as Boeing, DHL, and Volkswagon to improve productivity and safety.
Cyber security: everyone from Medicare to Uber has been hacked of late and there is not only an opportunity to improve cyber security technology, but an absolute need for it to improve.
Jawbone: while it went into liquidation in July, don’t be surprised if we see more from the talent behind the tech that at its peak was valued at $4.2b. A leader in bluetooth and wearable technology, Jawbone paved the way for companies like FitBit.
Tesla: it’s not technically a failure yet, but it does seem as though production will be unable to meet the output required to be commercially viable. Though, as with Jawbone, we may find the success lies in the technology transforming and progressing the industry at large, and the talent goes on to something bigger.
Would you like a piece of a $13 trillion pie? That’s how much an expected, world-wide, $6 billion investment in IoT solutions will generate by the year 2025.
The predictions and statistics around IoT are numerous and impressive. We can experience it in our homes, and have watched as disruptors reshape industries, or create new ones, with businesses built around it. But there is more to IoT than big numbers and high profile companies - it’s giving businesses of all sizes, in a broad range of sectors, more visibility and control over their operations than ever before.
What an IoT solution involves, and the business case for implementation
The industries and businesses implementing IoT
The benefits and impact of an IoT solution on business models
Legal and security issues associated with data collection, storage and exchange
Anat Efron, Ecosystems Director ANZ - Thinxtra
Matt Sinclair, Senior Technology Specialist - Telstra
Travis Crothers, CEO & Cofounder - Creator Global
Patrick Duffy, CEO - E Agri
IoT consists of three layers – physical (device hardware), network (that transmits data collected at the physical layer to other connected devices) and application (protocols and interfaces used to identify connected devices and facilitate communication).
Benefit of IoT is it enables the exchange of copious volumes of data and real time analytics, shining a light on systems, processes, or behaviours that may have previously been obscured.
IoT also enables businesses to have greater control over their activities through continuous, remote monitoring.
IoT applications fall into two categories - Information and analysis (i.e tracking behaviour) and automation and control (i.e. process optimisation).
Before embarking on IoT develop a problem statement that has buy-in from all stakeholders and define what success looks like.
Keep stakeholders engaged and educated.
Consider maintenance capabilities and security. The latter should be a priority, discussed from the outset. Reset default passwords for devices!
Be aware that IoT solutions have a domino effect. The deployment of the solution often requires a digital transformation, which can lead to an evaluation of existing systems and processes.
IoT provides great opportunity for SMEs. Being nimble often means it’s easier to adapt to the impacts of an IoT solution, particularly one that is incremental, which can also allow for manageable costs. Consider yourself a testing ground for IoT providers.
Don’t underestimate the transition involved for embarking on IOT - it's an organisational wide commitment, but one that comes with tangible benefits if executed well.
This week has been a busy week for Australian FinTech thanks to the Intersekt Festivaland Collab Collide Summit.
Some of the key themes being discussed at the Summit included:
Here’s key take-outs from the sessions The Churchill Club attended…
INDUSTRY WARNING – "Superannuation is at Ground Zero… they should learn from the mistakes their colleagues in banking made 4-5 years ago."
Bec Kempster attended the Collab Collide Summit 2017, as a guest of the Intersekt Festival.
We have identified that Victoria needs a voice that represents all players in emerging technologies – regardless of their business size or structure, or the industry they operate in.
There’s a number of shared challenges that those in emerging tech that repeatedly come up in our panel discussions at The Churchill Club including:
Our role moving forward will be to assist those in emerging technologies – whether they be researching or developing, implementing into business, funding or regulating them.
We recognise we need to be an impartial and transparent organisation, that’s not driven by commercial imperative, to assist in advancing emerging technologies and accelerating industries here in Victoria. Incorporating as a not-for-profit will assist us in realising this purpose.
We will be hosting a pre-incorporation meeting on Thursday 26 October 2017 for Churchill Club members to agree to this proposed transition.
We encourage you to become a financial member of the Churchill Club to support us in making this possible.
By becoming a member you will have a say in the running of the organisation, including the ability to vote at our upcoming Pre-Incorporation Meeting, along with a host of other member benefits.
Above all you will be advocating for the advancement of emerging technologies that provide the most optimal solutions for us all.
Personalisation emerged as the key theme of October’s panel discussion, Applying Data to Improve the Customer Experience. It has toppled segmentation as the go-to marketing model for defining audiences, and is derived from the increasing amount of consumer data available to businesses.
Personalisation is also challenging business - and agency - self-perceptions of customer centricity, exposing pitfalls in established processes and supplier relationships that constrain a truly customer-first approach.
The differences between segmentation and personalisation, and the influence of data in this transition
What it truly means to be customer-centric and how to obtain meaningful insights • Established structures and beliefs that may be holding businesses and agencies back
The role of technology
The ethics of personalisation - the use and application of individual data
The future of the workforce - what skills will be relevant? What should we be upskilling in now?
Edward Crouch, General Manager - Lavender
Nigel Dalton, Chief Inventor - REA Group
Mark Chatterton, Cofounder - inGenious AI
Talk to people. You don’t need to use high tech methods to capture customer data – just a room and video camera or audio recorder.
When collecting customer data, do so with both purpose and empathy.
Break the culture of justifying change because someone says “I think”. Empirical evidence should drive all decisions.
Acquisition is no longer the focus. Customer engagement and retention is far more important.
Chatbots can streamline your customer service function, freeing up your customer service team members to focus on the more difficult questions.
Surprisingly, in some scenarios like health, customers will feel more comfortable confiding in a bot that won’t judge them, rather than a fellow human.
Always be honest and transparent with customers if you’re using a chatbot. Never pretend it’s a human.
In the Future of Work we’re going to need more Analysts to correctly identify and define problems; Data scientists and; Communicators to get buy in on new solutions from stakeholders.
Don’t be creepy. Just because you have the data, doesn’t mean you need to use it.
And remember… Customer research is a lot cheaper than software development!
It’s a subject that has sparked thousands of sci-fi novels and movies. It has divided academics like Noam Chomsky and Paul Saffo, and brought Tech Superstars Elon Musk and Mark Zuckerberg to (Twitter) blows. The Churchill Club’s panel, ‘Implementing an AI solution - what you need to know’ was a much needed reality check on the practicalities, applications, benefits, and limitations of AI solutions at present and in the near future.
The spectrum of AI subsets and applications is influencing processes and interactions across industries - from banking to healthcare. As the technology evolves, businesses are scrambling to catch up in skills, understanding and approach.
What is AI? And why can that be a tricky question to answer?
Where can we see AI being used now and what results is it yielding?
Where is AI headed in the future?
Should you build your own AI solutions or buy ‘out of the box’?
Is Australia ready and skilled-up for the AI revolution?
Jonathan Chang - Managing Director, Silverpond
Karin Verspoor - Professor, School of Computing and Information Systems, University of Melbourne
Soon-Ee Cheah - Data Scientist, Zendesk
Mark Moloney - General Manager, Big Data Analytics, Telstra
An ‘altruistic algorithm’ is the ultimate objective, where planning and purpose meet to understand and achieve goals.
Deep Learning is inspired by the brain, but at a superficial level and while algorithms are becoming increasingly sophisticated it is debatable as to whether they truly understand, or simply mimic.
While solutions such as Watson have made AI more accessible, a data specialist can apply specificity to ensure the solution is tailored to your market.
Not all data is created equal and boxed solutions are created with a specific customer and industry in mind. A data scientist can direct the use and labelling of data, and appropriate tools based on the business’ need.
Without the added value of a business’ own data and domain knowledge, you can undermine the solution and miss the opportunity to leverage your unique insights.
Bias has been a well-publicised flaw of AI and demonstrate the influence humans have over AI, as the unconscious bias of data scientists present themselves in the solutions they develop
Manage expectations - it will take longer than you imagine, particularly for data collection and labelling
Ensure you have a good team - tech is one piece of the puzzle, but you need a good team to execute it
AI does not occur in a vacuum - investors and key business stakeholders need to understand and trust the process
Packaging and testing are crucial to confirm that the solution operates effectively within the context it was intended for.
Thanks to our venue partner, Zendesk for hosting the evening.
When Gattaca was released in 1997, it was fantastical sci-fi fiction or - at best - a future that seemed beyond our lifetime. Twenty years later genome sequencing might not allow us to design individuals, but it does give us unprecedented understanding of our genetic profile. It goes a step beyond genetic testing to understand the whole cells - their structure, sequence and impact - that determine so much of who we are and, increasingly, how we live our lives.
This technology is becoming more available at more accessible price points, raising questions around the management of this data - how it impacts individuals and society, the value of the insights it provides, and at what cost.
What genome sequencing is, and how it differs from genetic tests
How genome sequencing is already being used in research and health care, and how this is translating in clinical practice
The information that can be understood from profiles and how it can be used to alter the health and lifestyles of individuals
The implications of this technology for the privacy of individuals, including the burden of disclosure
How this technology impacts the future of health and life insurance
Dr Ingrid Winship, Executive Director Research, Melbourne Health
Paul Beaver (PhD), Co-founder and Chief Scientific Officer, FitGenes
Alex Tighe, Commercial Lawyer, Holding Redlich
Genomics studies your complete DNA – or the big picture, as opposed to genetics which studies individual genes
Genomics research is challenging the one-size-fits-all approach to medical conditions and being translated into personalised health plans that guide diet and lifestyle so you might prevent diseases or conditions from manifesting
Genome sequencing and profiling seeks to identify the driver that may lead to future conditions or diseases
Profiling or sequencing should be undertaken in conjunction with the guidance of health practitioners
Be aware of the burden of disclosure. Life insurers can currently require you to disclose data from any genetic profile or test you’ve undertaken.
In future we may see health insurers playing a role in providing testing in order to offer preventative treatments to members that reduce their risk profile
If considering undergoing sequencing or profiling, consult your GP or Melbourne Genomics Health Alliance.
Beware online overseas profile providers of direct-to-consumer testing which may not provide context or counselling along with the data
Who you are and how you determine yourself is much more than the sum of your genes
Your genes aren’t your destiny. These tests provide knowledge, and knowledge is both power and a reason for optimism
The full report is available for download by members or by contacting us directly.
We’re a land abundant in food. In fact, we produce enough food today to feed around 60 million people. But that state of abundance can quickly diminish due to the very real threats of climate change and environmental factors, resource constraints and supply chain interruptions or contamination and disease.
Global food demand is forecast to increase 60% by 2060 and as the seventh largest global exporter of food we play a critical role in contributing to global food security. Massive innovation within the sector is required to deliver on this demand, a huge component of which will come from AgTech.
In this event we explored:
Andrew Gregor - AWB Strategy & Business Development Manager, Cargill Australia
J. Matthew Pryor - CTO, Observant
Sarah Last - CTO and Cofounder, MimicTec
Dr Markandeya Jois - Senior Lecturer at Latrobe University
The full report is available for download by members or by contacting us directly.
Last Wednesday evening I was fortunate enough to attend the 19th Annual Churchill Club (USA) Top Tech Trends event at the Hyatt Regency in sunny Santa Clara. With an impressive turnout of over 500 guests the panel certainly didn't disappoint as they debated their predictions of tech developments that will be realised in the next 5 years.
Mike Abbott, Partner at Kleiner Perkins Caufield & Byers
Steve Jurvetson, Partner at DFJ
Rebecca Lynn, Cofounder & General Partner at Canvas Ventures
Sarah Tavel, Partner at Benchmark
Hans Tung, General Partner at GGV Capital
Quentin Hardy, Head of Editorial at Google Cloud
Mike Perlis, CEO at Forbes Media
Redefining Education from the How to the What
The ability to consume educational content via different channels will both stretch both how children learn and how our children will learn. Through the mental teleportation via VR, classroom experience will shift towards democratising access to virtual travel, global historical sites and novel experiences. Traditional classrooms to will focus on community and team oriented projects. Traditional intellectual endeavors (IQ) will happen virtually and online, while the importance of emotional intelligence (EQ) will be the primary focus of development through physical interaction.
[Mike Abbott, Kleiner Perkins Caufield & Byers]
The Revival of Voice
The multitouch screen UI finally cracked the code for smartphones. Major breakthroughs in voice will vastly broaden the compute fabric of the world.
[Steve Jurvetson, DFJ]
Preventing the Plague
Last year, 2 million people in the US were infected with antibiotic-resistant bacteria. In the next 5 years, we will see a rise in microbiome engineering to create therapies to fight antibiotic resistance and save lives.
[Rebecca Lynn, Canvas Ventures]
A Startup With IPO Prospects Will Start as an ICO
Initial Coin Offerings are like the next Kickstarter – an emerging ecosystem that becomes the springboard of a new wave of startups. In the next five years, we’ll see a startup whose initial capital was funded entirely by an ICO heralded as the first ICO to IPO.[Sarah Tavel, Benchmark]
Food Production will be Revolutionised Globally
With 7 billion people on the planet and the high cost of certain foods like beef, Indoor Farming, new plant based foods are emerging. Scalability not adoption is the key 5-yr test.
[Hans Tung, GGV Capital]
Rise of DNA Applications (DA) Due to Low Cost Sequence
The radical decrease of the cost of genomic sequencing will enable superior diagnostic tools that will trigger a dramatic shift to proactive from reactive medical treatments improving patient care and reducing health care costs. Cancer detection will be detected at the initial cancer cell development vs tumour development. Discoveries with our microbiome will revolutionise medicine as we shift from deploying a WMD, to our gut, to gardening our intestinal flora. Rise of the smart toilet! As people live longer due to the discovery of how we can maintain our telomere length, more services and advancements will be focused on enabling robust and thriving lifestyles. From novel social networks to simulated human connections in VR, ageing will be redefined.
[Mike Abbott, Kleiner Perkins Caufield & Byers]
The Deep Edge: The Embedding of Inference Engines / Neural Nets / Tiny Brains in Everything
Couple some local intelligence to each sensor and the internet of things becomes the sensory cortex of the planet.
[Steve Jurvetson, DFJ]
Breaking Up is Hard to Do
Trump will bring antitrust suits against Amazon, which will lead to a significant weakening of online megastores and a rise of direct-to-consumer companies. And Trump won’t stop at Amazon…
[Rebecca Lynn, Canvas Ventures]
A Billion-Dollar Outcome will be Built on Understanding Our Microbiome
We have millions of organisms living in and on our bodies that we’re only now starting to understand. In the next five years, a startup will emerge that will not only help us understand our own unique ecosystems, but also how to optimise it. The company that does will have a billion-dollar+ outcome.
[Sarah Tavel, Benchmark]
Retail Stores Will Become Showrooms and VR Experiences
Offline retail will continue its steady decline as more customers move to online and toward brands with mass market appeal. Malls will become community service centers offering everything from day care to tax services.
[Hans Tung, GGV Capital]
You can watch the event in it's entirety on YouTube.
There are 4 key stages in any business, no matter what the size, that need to be strategised and executed correctly to reach full potential. These stages are Launch, Grow, Sustain and Scale. Too often businesses confuse Growth vs Scale and consequently pay the price in the short and long run.
In this session with Mihir Thaker of The Missing Link we explored:
View Growth vs Scaling in Business key slides
The ClusterLevel 17, 31 Queen StreetMelbourne, Victoria