Wisdom from the Wiser on Emerging Tech

TL;DR

Rick Hackstep, creator of the wiser newsletter, discusses the importance of knowledge and understanding in the rapidly changing world of emerging technologies, as well as the rise of embedded finance, NFT strategies by consumer brands, and the potential of decentralized social media platforms.

Transcript

foreign [Applause] and today I have the pleasure to connect with an old colleague Rick hackstep who now is the creator of wiser wiser is a newsletter and and he will tell us more about it that is focused on emerging Technologies and it goes by the Mantra that knowledge is power and understanding is is everything and I kind of argue with that I'm in... Read More

Key Insights

• 👶 Exposure to technology startups can challenge conventional knowledge in an industry and provide new insights and perspectives.
• 🤨 Embedded finance, specifically in the buy now pay later space, has expanded dramatically, and Apple's entry into this market raises questions about their intentions.
• 👶 NFT strategies are being explored by consumer brands as a means to strengthen loyalty, enter new markets, and improve operational efficiency.
• 🔉 Decentralized social media platforms like Mastodon provide an alternative to the algorithm-driven, advertising-focused models of centralized platforms like Twitter.

Questions & Answers

Q: How did Rick Hackstep's exposure to technology startups change his perspective on innovation in the insurance industry?

Rick Hackstep was initially confident in his knowledge of innovation in insurance through his corporate sales career. However, his involvement with startups and technology founders opened his eyes to the cutting-edge ideas and possibilities in the industry. He realized that his previous knowledge was limited to what his team could research, and he decided to leave corporate life to explore technology innovation and share his insights through various platforms.

Q: What is the focus of Rick Hackstep's wiser newsletter?

Rick Hackstep's wiser newsletter focuses on emerging technologies and provides insights on the latest developments and trends. He aims to help his audience understand the clues in today's world to anticipate future changes and opportunities. Through his blogs, podcasts, videos, and storytelling approach, he shares his knowledge and engages with people who are interested in technology and its impact on various industries.

Q: What is embedded finance, and why is it of interest to Rick Hackstep?

Embedded finance refers to the integration of financial services into non-financial platforms, such as e-commerce, retail, or travel. Rick Hackstep is particularly interested in the cashless payments space and the buy now pay later trend. He highlights the growth of the buy now pay later space, accelerated by the pandemic, and its potential to ease financial burdens for consumers. He also discusses Apple's entry into this space and their focus on owning the customer rather than becoming a traditional bank.

Q: How are consumer brands utilizing NFT strategies, according to Rick Hackstep?

Rick Hackstep has researched over 250 consumer brands leveraging NFT strategies. He emphasizes that many brands are exploring this technology beyond the speculation surrounding cryptocurrency. Brands like Nike, Starbucks, and Accenture are testing use cases that aim to strengthen customer loyalty, enter new markets, and streamline operations. For example, Nike acquired Artifact, a company specializing in blockchain and NFTs, to protect the ownership and provenance of their cultivated plants. Starbucks utilizes NFTs to enhance their loyalty membership benefits, while Accenture employs virtual reality onboarding processes through the metaverse.

Q: How does Rick Hackstep view the future of social media and the role of decentralized platforms like Mastodon?

Rick Hackstep believes that the current social media landscape dominated by centralized platforms like Twitter and Facebook has its downsides, such as polarization, misinformation, and the chasing of viral content. He sees the potential of decentralized social media platforms like Mastodon to address these issues. Decentralized social media allows for non-profit, algorithm-free content sharing, fostering conversations based on merit and respecting different perspectives. He envisions a future with decentralized communities that integrate payments and e-commerce, offering a cleaner and more value-driven experience.

Summary & Key Takeaways

• Rick Hackstep, former corporate sales professional turned startup mentor, discusses the importance of learning and understanding emerging technologies, particularly in the insurance industry.

• He highlights the rapid growth of embedded finance, with a focus on the buy now pay later space and Apple's entry into the market.

• He also explores the use of NFTs by consumer brands, ranging from fashion to car manufacturers, as a way to strengthen customer loyalty and improve operational efficiency.

• Additionally, he shares his insights on the future of social media, discussing the drawbacks of centralized platforms like Twitter and the potential benefits of decentralized platforms like Mastodon.