#8 The GLEe Model: Combining Vision and Innovation with NFTs in the Hospitality Industry

8 The GLEe Model: Combining Vision and Innovation with NFTs in the Hospitality Industry

In today's rapidly evolving world, product leaders face numerous challenges in developing successful and groundbreaking products. One model that aims to address these challenges is the GLEe model. This model encourages product teams to think big, think long-term, and adopt a phased approach to build products that have the potential to "dent the universe." By fostering an optimistic and long-term mindset, the GLEe model enables product leaders to invent the future and embrace the idea that anything is possible.

The GLEe model emphasizes the importance of long-term thinking, with a focus on a 3-5 year timeframe. Within this timeframe, most things are possible, and product leaders are encouraged to think beyond the immediate future. However, the true power of the GLEe model lies in its insistence on thinking even further ahead - 10-15 years into the future. By envisioning the next wave of innovation and development, product leaders can position their products and companies as leaders in their respective industries.

Netflix serves as a prime example of the GLEe model in action. By 2012, Netflix had established a hard-to-copy network effect through its device ecosystem. The company's success can be attributed, in part, to its ability to think long-term and continuously ask the question, "What's next?" As Netflix expanded globally, it leveraged personalization to connect members with movies they loved, transcending national boundaries. This high-level product strategy supported multiple phases of Netflix's growth, providing the company with a significant and difficult-to-replicate advantage.

However, the GLEe model also recognizes that product leaders don't have to do everything at once. Instead, they should focus on identifying the initial product that enables the company to "Get Big" over the first 3-5 years of its existence. This initial product sets the stage for future growth and lays the foundation for the company's long-term success. By strategically choosing the right product to lead with, product leaders can set themselves up for continued expansion and innovation.

Now, let's shift our focus to an exciting development in the hospitality industry - the incorporation of non-fungible tokens (NFTs). NFTs, which are unique digital assets that can represent ownership or proof of authenticity, have recently gained significant attention. They have found applications in various industries, including art, music, and now, even the culinary world.

Imagine attending a dinner where your ticket is an NFT. That's exactly what happened in Slovenia, where the first dinner using NFT tickets took place. The verification of these NFT tickets was made possible through a solution called Rarepass, developed by a community member. Attendees downloaded an app that recognized the NFTs in their wallets, serving as their digital tickets for the event. This innovative use of NFTs not only added a unique touch to the dining experience but also showcased the potential of new technologies in the hospitality industry.

This groundbreaking dinner exemplifies the intersection of vision and innovation. By incorporating NFTs into the event, the organizers not only demonstrated their forward-thinking mindset but also opened up new possibilities for the industry. While the dinner itself was a memorable experience, it also served as an important step in exploring the opportunities that emerging technologies like NFTs bring to the hospitality sector.

In conclusion, the GLEe model and the incorporation of NFTs in the hospitality industry share common points that highlight the importance of visionary thinking and innovation. Both concepts encourage product leaders to think beyond the immediate future and consider the long-term potential of their products or services. They emphasize the need to identify the initial product or service that can drive growth and establish a leadership position. Furthermore, they both highlight the value of continuous expansion and evolution to stay ahead of the curve.

To take action based on these insights, here are three pieces of actionable advice:

1. Embrace the GLEe model: Adopt a long-term mindset and think beyond immediate goals. Encourage your product teams to ask, "What's next?" and envision the future waves of innovation that your product or company can ride.

2. Explore the potential of emerging technologies: Keep an eye on new technologies like NFTs and their applications in your industry. Consider how they can add value to your products or services and create unique experiences for your customers.

3. Foster a culture of innovation: Encourage experimentation and risk-taking within your organization. Embrace new ideas and foster an environment where team members feel empowered to think creatively and propose innovative solutions.

By combining the principles of the GLEe model with the possibilities offered by emerging technologies like NFTs, product leaders can create groundbreaking products that not only "dent the universe" but also revolutionize their respective industries. The future is full of opportunities, and by embracing visionary thinking and innovation, you can position your company as a leader in the ever-evolving landscape of business and technology.