Global Entrepreneurship Congress | Daily Round Up | 29 March 2022

Welcome to today’s daily round up, with everything you need to know about the Global Entrepreneurship Congress.
Kathryn
Forrest
29 Mar 2022

Speaking today with GEN Chair, Jeff Hoffman, Marc Randolph inspired the crowd with stories of how he came across his biggest ideas. He also outlined how businesses need to value staff as their scarcest resource, and that to keep talent companies should ditch ideas like “Kombucha on tap”, “a fireman pole”, or “beanbags” to motivate staff and trust them to use good judgement instead.

Randolph said: “[Trusting people to have good judgement] that’s what freedom and responsibility means. And it’s easy to say, it is hard to put into practice, but it’s an incredibly powerful tool.

“It’s way more powerful than, believe it or not how much you pay someone. It’s way better than putting in a fireman pole; or Kombucha on tap; or bean bag chairs; or nap pods; or any of the other things that companies seem to think it takes to attract and retain great talent.”

He also warned of the need for companies to make hard choices to keep going. He said that big companies can be too “scared” to take tough decisions to disrupt themselves, will be disrupted by others, particularly young entrepreneurs.

Commenting on the success of Netflix, Randolph said: “So there’s a key thing which Netflix does which other companies do, but what big companies largely fail to do, is be willing to walk away from your present, in order to do what’s right for the future.”

Key highlights for today 

You can watch back today’s events in the main room here.

Melbourne, Australia Selected as Next Host City for the Global Entrepreneurship Congress

The Global Entrepreneurship Congress is coming to Melbourne, Australia in March 2023. Co-hosted by the Global Entrepreneurship Network, GEN Australia, and MCI Australia, GEC 2023 will bring together entrepreneurs, investors, ecosystem builders, policymakers and community leaders from 200 countries to share and strengthen innovative approaches to empowering entrepreneurs. 

“As one of the top 25 cities in the world for global connectedness and startup talent, Melbourne is a rapidly expanding hub for innovation and entrepreneurship,” said Jonathan Ortmans, President of the Global Entrepreneurship Network. “It is a fitting backdrop to connect and collaborate to bring ideas to life, drive economic growth and expand human welfare in the post-pandemic economy.” 

With an entrepreneurship ecosystem valued at USD 7.6 billion, Melbourne is a hotspot for startups and a destination for investment. The city is home to more than 2,100 startups, nearly 500 investors and almost 50 accelerators. It is among the top two cities for entrepreneurship in Oceania, according to the Global Startup Ecosystem Report

Read the announcement

The Future of E-Commerce

A Fireside Chat discussion with Faraz Khalid, CEO, Noon and Omar Christidis, Founder, ArabNet, covering Noon as company leading the e-commerce revolution and the future of E-commerce in the region. Faraz discusses the importance of building trust amongst consumers and sellers, as well as the barriers to growth, including payments and logistics. 

Faraz Khalid, CEO, Noon said: Noon is there to enable micro entrepreneurs to run their storefronts on our platform. That's our holy grail, that's what we are super focused on. How can we create trust for sellers and how can we create trust for a small business to really focus on our marketplace to think about our customers and serve them through our platform? When that seller side trust is generated and we have enough traction, you will see that ecommerce penetration will boom.

Fashion Disrupted

The discussion hosted by Manuel Arnaut, Editor-In-Chief of Vogue Arabia focused on how the pandemic had impacted the fashion industry.

The fashion industry has changed significantly over the course of the pandemic, there has been the first ever metaverse fashion show, AI is beginning to play a bigger role, there has been a shift in consciousness amongst the young towards a more circular economy.

One of the expert panel, Sophia Swire an awarding winning social entrepreneur, said “We need to engage women in the digital economy, we need to engage women in tech. You cannot rely on 48% of the world’s population to save the world and make it a more sustainable place”

 

 

Kathryn Forrest

Manager for Communications | Global Entrepreneurship Network

Kathryn is the Manager for Communications at the Global Entrepreneurship Network (GEN), where she is responsible for telling and amplifying its … More