We are seeing a paradigm shift in our society from scarcity - predominantly what our businesses have been based on, to abundance. A scarcity mindset employs the ''not enough" mindset, whether it be pertaining to time, money, energy, or resources. This mindset frames challenges around what it believes it's lacking. In consequence, these businesses focus on preservation as opposed to growth. An abundance mindset is premised on believing there are is more beyond the current - more opportunities, more possibilities. This mentality asserts the philosophy that vision takes precedence over what is reasonable and/or comfortable. Businesses are now adopting models to cater to this abundance mindset, however, not without disruption to their traditional businesses.
The Impact of Regulation on Fintech with Gary Gensler at the MIT Fintech Conference
There is a buzz in the industry that about 2000 ICO's have been out, collectively raising roughly $6B USD (+ growing), however, 46% of them have failed by this time. Why is that? Primarily a result of non-compliance with regulatory bodies in the current jurisdiction and beyond. Too many companies are quick to assume the role of a trail blazer and hope that their business will be the unique business that will adjust regulations. However, the secret to sustainable growth and long term success, is to comply and work with regulatory bodies to help them understand your business, the nuances, and how certain regulations can be used to apply / comply with your business in a manner that will be successful for all stakeholders involved.
Entrepreneurship in Fintech with Kevin O'Leary at the MIT Fintech Conference
Kevin O'Leary brought forth an example of a company by the name of Wicked Good Cupcakes to help the audience understand investment in the new era and the secret sauce entrepreneurs must concoct to be successful.