“Nearly everything you think you know about strategy and innovation is wrong” – the opening sentence for an article from Accenture five years ago. The main argument was that information technology or digitisation was driving down costs so innovators needed to build beloved products to command a premium price.
In our journey with DIFC Fintech Hive 2018 cohort we are meeting interesting people and leaders in financial institutions. It is striking listening to one global Accenture director as he spoke about the growth of their innovation hubs in London, New York and Hong Kong. Dubai, where we are, is one of the latest Accenture legs to this global ecosystem. I’m hearing suggestions that the rules that have defined strategy planning for the past few decades are out of the window.
What we are learning that to win in financial technology you need to create a love or buzz for your innovation and consider unusual models to be more dynamic. And importantly have a single, simple goal that strips things back to one gem.
Our simple goal is to give risk-averse investors access to an institutional asset previously out of reach.
Reading pieces on the growth of the Accenture fintech network it is interesting that an article five years ago encouraged an undisciplined strategy and just fail-fast to build a beloved product.
It resonates with us to be encouraged to not watch what others are doing and focus on the simple customer need.