Ankur Shah: The power of harnessing hyperconnectivity

Summary

Incacha, founder of 'My Hobbies,' discusses how the hyper-connected world allows businesses to reach global consumers in real time. She highlights the power of data, such as discovering an underserved demand for slippers via Google Trends, which led to a successful multi-billion-dollar industry. Incacha emphasizes the importance of leveraging data to chase demand rather than supply and the ease of connecting with customers through platforms like Facebook and Google. Her key advice is to focus on finding early customers and using real-time engagement to grow a business efficiently.

Takeaways

• 🌍 Hyperconnectivity allows real-time global connections, opening up new opportunities for businesses and consumers alike.
• 🛍️ Consumers benefit from hyperconnectivity by gaining access to high-quality goods at the lowest prices from small craft makers around the world.
• 📈 Businesses can now reach billions of people globally, thanks to the ease of online connections.
• 💡 IBM's data shows that the world is generating 2.5 quintillion bytes of data daily, creating new business opportunities.
• 👟 In 'My Hobbies,' data showed that searches for slippers were 60% higher than for flip-flops, uncovering an underserved multi-billion-dollar industry.
• 📊 Data is now more accessible, allowing businesses to find new markets and customer demand in real-time.
• 🍞 Personalization in modern business is similar to how local stores knew their customers' preferences, but now it's scalable on a global level.
• 🏃‍♂️ Entrepreneurs should focus on chasing demand, not supply, to build successful businesses.
• 🔎 Google Trends can help identify emerging market opportunities by analyzing consumer search patterns.
• 🎯 Platforms like Facebook, Google, and YouTube make it easy to target and engage with potential customers, allowing businesses to learn and grow.

Q & A

What is 'My Hobbies' and who founded it?

'My Hobbies' is a business that focuses on creating slippers. It was founded by Incacha in 2014.

What does 'hyper-connected' mean in the context of the script?

'Hyper-connected' refers to the ability for people around the world to connect in real time, which enables consumers to access high-quality goods at competitive prices and allows small-scale artisans to reach a global market.

How does hyper-connectivity benefit consumers and makers?

It benefits consumers by providing access to the best quality products at lower prices globally. For makers, it allows them to sell their products directly to billions of potential customers, expanding their market reach.

What significant data point did Incacha discover about slippers?

Incacha discovered that people were searching for slippers 60% more than for flip-flops, indicating a high demand for slippers that was not being fully met in the market.

How does the abundance of data impact businesses today?

The vast amount of data available today opens up many opportunities for businesses, allowing them to understand market demands and trends better, helping them tailor their products or services more effectively.

What analogy is used to describe the personalization possible with modern data?

The analogy compares modern data-driven personalization to a village bakery, where the baker knows exactly the type of bread a customer wants. This level of personalized service is now achievable at a global scale using data.

What is a key business tip that Incacha shares based on his experience?

Incacha advises entrepreneurs to 'chase demand, not supply,' meaning they should focus on meeting existing customer needs rather than creating products for which there might not yet be demand.

How did Incacha identify the demand for slippers when starting his business?

Incacha used tools like Google Trends to analyze search data and identify that there was significant demand for slippers, which guided the focus of his business.

What role do platforms like Facebook, Google, and YouTube play for new businesses according to the script?

These platforms allow new businesses to easily target potential customers through advertisements, helping them reach their initial audience and learn from their interactions.

Why does Incacha emphasize the importance of finding initial customers?

Incacha believes that finding initial customers is crucial because they help shape the direction of a business by providing valuable feedback and helping to refine the product or service offering.