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FIFTH ISSUE

SEP - OCT 2023

AI Planet

Civil20 India Summit Keynote speaker talks AI. p4

Discover the journey of visionary TEDx speaker, ‘40 Under 40’ honoree, and CEO of AI Planet, in making AI accessible for all, and how his company stands among Belgium’s most innovative. p86

ENTREPRENEURSHIP

Istanbul Innovation Hub An entrepreneurial advantage. p12 Acquisition Lab Best-selling author on ETA. p24

INNOVATION

LEADERSHIP

Better Than Starting Your Own Company

CONT

Author & Mentor

Walker Deibel

AI Vanguard Global Connector

Tuan Nguyen

In this issue, we feature discuss capturing wisdom from executi entrepreneurs, investors, board bankers turned entrepreneurs, visionary founder of a generativ we sample the globe for unpara

References can be found on pag

An Incubator For Ideas Search Fund Investor

Joh Olson

The World In A City Academic

Search Fund Entrepreneurs

Deniz Tuncalp

Rafaell Caldas & Zach Krumholz

Seizing Opportunity In Emerging Markets

Search Fund Investor

Rob LeBlanc

Search For Success Academic, Investor

Success In Business And Friendship

Start-up Entrepreneurs

Simon Webster

Cyrus Johnson & Trey Scott 2

TENTS

Mindful Leadership Executive Coach

Emma Richmond

sions with global connectors, ive coaches, search fund d governance consultants, , peer group gurus, and the ve AI video startup. Join us as alleled business insight.

Illuminatory Altruist Artificial Intelligence

Chanukya Patnaik

ges 106 - 108.

Embracing Life’s Spectrum

Spiritual Coach

Julie Piatt

Embracing Failure & The Road To Success

Start-up Entrepreneurs

Soft Skills For Business Success

Finance

Shehryar Akhtar

Carlo Vivaldi

The True Essence Of Innovation

Innovation

Colin McWhinnie

Sustainable Future

100

Start-up Entrepreneurs

Warren Jonas

To Create A ‘Magic’ Board

Board Governance

Matt Fullbrook 3

Tuan Nguyen | Co-founder and CEO | Boston Global Forum

“We think about the world’s future with AI; we need to manage, govern and develop, and make a great world with wonderful peace and security.” 4

Global Connector

AI VANGUARD: THE GLOBAL INITIATIVE FOR POSITIVE CHANGE

magine watching the news, and all you

not leading an organization. For instance,

can see is positivity—no war, poverty,

he collaborates and partners with leaders

starvation, hunger, or discrimination

from various industries, warming them to his

reports. Imagine only knowing peace and

agenda of an AI-backed sustainable world.

laughter, a good climate, and quality lifestyles.

Today, Tuan’s contributions to positive global

Seems like a pipe dream, right? Well, for

change have been most felt in cybersecurity

Tuan Nguyen, there are endless possibilities

policy development and codes of conduct.

in AI. His entrepreneurial and professional

AI for a Positive Society: Spreading the Message

experience proves the right mix of knowledge and practicality can improve and sustain societal outcomes.

Tuan is passionate about creating awareness Tuan Nguyen is the co-founder and CEO

of AI and its positive application. However,

of Boston Global Forum, which focuses on

despite operating in India and Vietnam, he

integrating AI and other digital technology into

intends to grow his global audience and realize

impactful solutions for society. He is also the

a more significant global impact. For instance,

co-founder and CEO of VietNamNet, an online

Tuan co-authored “Remaking the World –

newspaper in Vietnam, and AI World Society

Toward an Age of Global Enlightenment” in

(AIWS), a platform that creates awareness

2020. The book provides vital insights about

and educates about AI to secure a sustainable

AI, initiatives for positive change, and new

global future. Tuan is among the executive

global enlightenment (it is a must-read for

members of the Michael Dukakis Institute

businesspersons and leaders).

for Leadership and Innovation (MDI), which focuses on global enlightenment using AI.

AI has endless applications that span various industries. First, AI technology can navigate

Tuan is part of the initiative that serves his

large data sets to fragments and less obvious

societal improvement objective when he is

connections that can inform problem-solving. 5

Second, AI’s ability to learn and capture critical

It was exciting because our AIWS initiative

information from large information sets gives

involved creating a model for the age of global

it leverage in innovation to channel crucial

enlightenment. Enlightenment and light are

findings into newer and more effective systems

the same thing.”

(Q.ai - Powering a Personal Wealth Movement, 2023). Such observations are already evident

Many leaders across the world and from

in healthcare, where AI picks patterns from

different industries attended the summit.

health info and safeguards access and storage.

The AIWS through the Boston Global

Therefore, AI presents endless possibilities

Forum, presented the global enlightenment

for healthcare, communication, education,

age model, a concept received with great

banking, retail, investment and manufacturing,

enthusiasm. The event provides a large

and other sectors.

and diverse audience that accelerates the

“We should think about AI as a society. It includes politics, economy, business, education, culture, and many others. We should create a society because a society for the future of the world is from us, from now, from every citizen, and every citizen can contribute, so that we try to attract new citizens, to join, contribute and work together.”

Civil 20 Summit

awareness of civil societal issues as they

The C20 Summit presented the perfect

to different regions. More importantly, the

opportunity for a debate on the use and

C20’s management and organization are

importance of AI in improving future society.

driven by the promotion of value through

For instance, attendees from civil society

quality public relations.

emerge and the countermeasures that apply

groups in various industries across the globe lasting solutions for economic and social

Mission

development. The C20 also doubles as an

According to Quinn & Thakor (2019), a good

engagement group for the G20 summit.

mission is not only grounded on generating

Therefore, the C20 summit doubles as a

finances but also on generating long-term

conduit for channelling civil society concerns

value for all stakeholders. It should be

into a more significant global forum

something that transcends personal interest

responsible for directing and supporting

and drives stakeholders to commit to a

international action.

benevolent end. Similarly, BGF aims to foster

voiced their concerns about developing

global partnerships and secure a sustainable “The motto of C20 was ‘you are the light.’

future as a unitary global society. For instance, 6

Partnerships

while the C20 summit devises different strategies to achieve ‘one earth, one family,

Tuan acknowledges the importance of having

one future,’ BGF leverages AI to reach similar

like-minded partners in reaching his objective.

objectives. For example, in Vietnam, BGF’s

Indian leaders’ fascination with BGF’s global

staff and journalists have been phenomenal

impact brought them onboard and they

in laying the foundation for an ongoing AI

have shown much dedication to the project

debate and bringing local and regional support

by sharing and seeking information. India’s

to the idea. The same principles have backed

focus is fostering societal betterment through

BGF’s success in the Indian market where AI

technology-backed economic value. Other

projects and other operations have taken

world leaders like Elizabeth, a French minister

shape, intending to deliver tranquility and

and high-level leader from the Western

security among civilians. In addition, open-

Global Forum and the Global Enlightenment

minded leaders in India have sparked public

Community, are also partnering with BGF,

debates on diverse AI concepts, improving

giving it more traction in Europe and other

knowledge sharing and debunking common

regions.

misconceptions. Such arguments have improved critical reasoning around AI. The

From the C20 summit, BGF got an

mission has gained traction in India because

understanding of the value and meaning

of the shared kindness, respect, and positive

it was bringing to the world. The response

attitudes toward the project. Therefore,

from the audience and the commitment

India’s uptake of such projects should be a

most leaders showed towards partnership

benchmark for other regions.

showed attendees’ shared dedication towards 7

contributing to the model. As if that was not enough, most were willing to partner for six years and wanted to offer their support and resources to realize the global enlightenment age.

AI for a Sustainable Future To achieve a sustainable future, society needs to understand the perks and risks AI usage presents. Today, a limited perspective makes most people view AI only as a tool for individuals and businesses. In addition, the limited scope makes most users blind to the greater societal applications, advantages, and disadvantages. They need to understand the scale of AI’s impact on society and life as we know it if put into practical use. Therefore, it is important to understand society’s role in

A positive uptake of the AIWS model is

making AI more advantageous to us. Only then

taking shape. However, additional resources

can people show a collective commitment to

and participation are necessary to reach

optimizing AI usage for an improved quality

its projected potential across the globe.

of life and a better world. Furthermore, such

Therefore, stakeholders in different regions

commitment means sharing knowledge and

and industries are all hands on deck.

resources across borders to develop optimal

Contributing diverse ideas, concepts, and

AI technology. Therefore, Tuan engages in

solutions and integrating them into well-

debates and secures partnerships to enhance

informed solutions is the prerequisite to

the flow of resources and knowledge into AI-

sustainable societal development. Such

backed projects.

partnerships and collaboration are what Tuan believes will help society navigate future

“With the AIWS model, we have

uncertainties.

already set up foundation values, standards, and the social

Agenda

contract for the NIH through

Tuan Nguyen’s focus is assessing current

which we seek to make the

AI solutions to identify future needs, create awareness and integrate technical expertise

world and everyone happy.”

and professional backgrounds into practical solutions. As a result, he aligns the agenda 8

Embracing New Perspectives BGF is attracting more organizations worldwide to expand its operations and get additional support. Horizon Search is among the latest organizations to partner with BGF as it works towards making AI more productive. Other groups and individuals are also working together with the team and get to participate in the global enlightenment community. As a result, they integrate AIWS benefits into operational improvements in their businesses. For example, BGF and AIWS partners have access to AI evaluation, effective data management, and strategic data integration tools to provide leaders with better return on investment (ROI) margins. Similarly, MIT research suggests that organizations that

with using advanced technology to develop

invest in AI explore data-driven cultures,

the ideal societal structures. Therefore, his

internal and external data management and

plan transcends the individual focus on

sharing, and career enhancement frameworks

issues concerning gender equality, suitability

that improve the business value they generate

development, and climate change and looks

from operations (Eastwood, 2023).

to provide AI-backed solutions that cut across similar societal issues.

Recommendations

Today, the BGF seeks to unite four key global economic players: Japan, the EU, the UK, and

From the benefits, partnering with BGF is

the US. In addition, it also seeks to secure

also a gateway to the AIWS’ world of endless

partnerships that will set the stage for its

possibilities. However, it is important to look

expansion in 10 more countries, including

at the roles the two organizations play before

Mexico, the Philippines, Brazil, New Zealand,

making a decision.

and Indonesia, among others. However, BGF’s current limitation is its inability to manage

The BGF is comprehensive, accommodating

and track AI abuse by organizations and

many topics and issues. The platform allows

governments. Nevertheless, the foundation is

individuals and organizations to form teams

confident it will build its resource base to help

and work together towards common goals.

channel adequate funding and skills toward

Being a global enlightenment community,

oversight in the following years.

it offers the opportunity to work with key 9

global economic players and significant global

MIT professors and business leaders provide a

events such as the C20 and G20. This makes

high standard of learning that can be useful.

the BGF more suitable because of its general

BGF promotes individual and societal

focus on multiple issues and the availability of

innovation. Most users develop a deeper

numerous tasks. The AIWS, on the other hand,

understanding of new AI concepts because

is focused on the future of the world using

the AIWS model teaches practical and familiar

AI. Therefore, partnering with BGF and AIWS

approaches that they can apply to their daily

means getting the most out of both worlds for

lives. As a result, these people can create

some companies.

new ideas, develop their businesses to tackle unique needs and create a balanced economic

“We need more resources, people, and

environment.

companies to join and contribute together.” The BGF develops an ecosystem that holds As a BGF partner, learning how to work

together different values, ideas, concerns, and

together, create awareness and educate

issues, integrating them to develop mutual

society will be of significant importance to the

values that benefit every member. Therefore,

global enlightenment education program. The

there is always room for fresh ideas in BGF,

contribution, integration of ideas, available

making it ideal for any entrepreneur or

knowledge, and resources from different parts

individual seeking to enhance or contribute to

of the world, and working with experts such as

a positive AI-driven society. 10

Conclusions

acknowledges the phrase ‘no man is an island’

Tuan Nguyen is the true definition of a

by showing appreciation to his family, work

goal-oriented, passionate professional and

staff and colleagues, and partners who have

entrepreneur. With skills and experiences from

offered immeasurable support throughout

leading numerous organizations, he focuses

his endeavours. Similarly, he also points out

on AI, AI safety, and AI benefits to individuals,

that diversity is critical in any project because

organizations, and society at large. He

of the fresh perspectives and ideas it offers,

provides a deeper view of AI’s place in societal

especially when developing unique and crucial

development. However, he also emphasizes

solutions.

the need for creating AI awareness, equal access, and an oversight environment for safe

It is possible to achieve a better world with

and productive use among individuals and

the use of AI. The global enlightenment

organizations. The world can only be better if

initiative focuses on creating awareness about

we put our differences aside and work towards

AI and its pros and cons to help properly

achieving a common development goal: a

manage, assess, and keep up with the trends.

world free of problems.

Therefore, BGF and the AIWS initiatives are effective places to start as we brace for an

For Tuan, having a vision does not suffice

AI-driven future in our businesses, work, and

if one lacks the support to realize it. He

society. 11

THE WORLD IN A CITY

Deniz Tunçalp General Manager 1773 İTÜ Teknopark

Academic

GLOBAL NEXUS: RENOWNED STARTUP MENTOR ADVOCATES FOR ISTANBUL AS THE ULTIMATE TESTING GROUND

Reach a diverse population

ot hundreds, but thousands. That’s how many startup businesses Deniz Tunçalp has mentored in the last

“In Türkiye, we can familiarize or connect

decade, and he has some great news to

with Eastern societies, African societies, Arab

share. Entrepreneurs looking for an excellent

societies, Russians, and Europeans. This in-

business opportunity need to drop everything

betweenness actually helps us understand,

and look at what’s going on in Türkiye. Its

maybe connect more easily, with other

startup ecosystem currently ranks 10th in

cultures,” Tunçalp, who has consistently

Eastern Europe and among the top 50 in the

made the list of top 10 leaders with the

world. There is a reason for that, but not one

highest impact on Türkiye’s entrepreneurship

many know.

ecosystem, said in an interview with Horizon Search.

The country is geographically located between Europe, the Middle East, North Africa and

While Ankara is the country’s capital, Istanbul

Central Asia. This is why multinational

is a vibrant global economic center. Startup

companies increasingly choose. A two-hour

Genome, a leading policy advisory and

drive within Türkiye itself would expose one

research organization in the United States,

to millions of people from various ethnic and

calls the city “a fertile ground to grow a

economic backgrounds. On the other hand, a

thriving startup ecosystem.” Its cultural and

two-hour flight from İstanbul may bring you to

economic diversity makes it a perfect place

great markets to scale.

for startups and companies of different sizes 13

to test their products or new business ideas

Europe for better employment and education

before launching them on a larger scale. Many

opportunities. Emigration from these countries

industries from all over Türkiye also choose to

has increased by 10 percent, leaving a fifth of

place their headquarters in this vibrant city.

their population currently residing abroad. This creates severe developmental challenges,

“Istanbul is a good test market because of

labour market distortions, skill shortages,

its size and easy access. Suppose you have a

and, in turn, challenges for potential investors

B2C (Business-to-Consumer company). In that

who are unable to find people with the skills

case, we have millions of people at different

they require. Tunçalp encourages Balkan

income levels and different cultural habits, so

startups to leverage the potential within their

you can test different countries in the same

home countries, fostering global business

city because of the income differences and

development through the vibrant gateway of

great diversity. This is not something pleasant,

Istanbul.

but we have it — millions of people with a very upscale lifestyle and a large, medium segment

Turkish legal framework for technology development: An international model and a gold mine for businesses

and a large lower-income segment with diverse socioeconomic consumption patterns, depending on where you are heading in the same country,” Tunçalp said. The same applies to B2B (Businessto-Business) companies, as Istanbul neighbourhoods host thousands of companies

This next advantage is one of the major

from different industries. Although the city

reasons why Türkiye is seen as a model for

hasn’t reached the same growth potential as

the business world. To put it in three parts:

New York, it allows businesses to develop their

availability of top-notch engineers, world-class

products in Technology Development Zones

engineering schools and tax exemptions for

with tax exemptions and other advantages.

developers at technology development zones

Entrepreneurs from different countries

on university campuses.

may open a development center at a very reasonable cost structure in Istanbul, test

“You might be an American or European

their products in the local market, and then

company; you may well position your R&D in

promote it globally from Istanbul as a major

Turkey having the same benefits as the other

airline hub.

Turkish companies, gaining great advantage in the world markets,” Tunçalp said.

This is especially useful for Balkan countries from Romania to Albania, Bosnia-Herzegovina

The country has what is called Technology

to North Macedonia and Greece, who

Development Zones (TDZ or Technoparks),

unfortunately lose their young population to

which are special technological zones exempt 14

from a number of taxes, including corporate

responsible for the country’s growth in

and income tax and VAT. These zones also

innovative software and for establishing good

have special incentives and support that

business models.

help businesses accelerate their return on investments and minimize upfront costs. This

“Türkiye has a great diversity. You may have a

is especially useful for companies carrying

problem; our people may come up with very

out R&D for tech-based products, especially

innovative, very out-of-the-box ideas. Due to

software, as they are exempt from almost all

complex and fast-changing market conditions,

taxes.

people are very accustomed to finding innovative solutions fast,” Tunçalp said.

In addition, the Turkish labour market is seen as one of the most skilled. Despite grappling

Türkiye has around 100 technoparks, which

with issues of inequality, Türkiye boasts a

facilitate the development of different

sizable educated population, often surpassing

technologies and support entrepreneurship.

that of many European nations. They are

Most of them were engaged with major 15

universities, while some partnered with NGOs — although they still act as independent entities. “It acts like an incubator, as well as an accelerator, and a consultant for your technology company, so it’s the kind of combination of those three,” Tunçalp said. Tunçalp has previously been the general manager and other top managerial positions of one the largest science parks of Türkiye, affiliated with Istanbul Technical University (ITU), for eight years. Tunçalp and his team are currently establishing the second technopark of ITU, targeting more profound technology developers, a more balanced targeting of strategic technology areas and higher integration with the university advantages. The technopark is named 1773 İTÜ Technopark, to call the historical foundation of the university. This university is one of the oldest technical universities globally, dating back to 250 years ago, making ITU the third oldest technical university in the world. “[The] university produces top-notch engineers and good professionals across different fields, and you may hire them in these technology

Game change for large enterprises and startups

development zones with great tax advantages,” Tunçalp said. He added, `All ITU departments have engineering and architecture education accreditation from the Accreditation Board

At present, Tunçalp is working as an

for Engineering and Technology (ABET) and

Associate Professor of Management and

National Architecture Accreditation Board

Entrepreneurship at ITU, where he teaches

(NAAB) in the USA. Therefore, we have more

management, entrepreneurship and

accredited programs than most, if not all,

organization theory. Among the different

universities in the USA. You name the field,

management trends he noticed was the

and we have its education on the ITU campus.

dissolution of large enterprises into smaller

Therefore, we welcome companies of any field

companies. Companies like the Chinese white

for developing their products and services.”

goods manufacturer Haier have already split 16

on, this wave was further fueled in 2021 due to the COVID-19 pandemic, which created fluctuations in the global market to varying degrees. By breaking down into smaller companies, businesses develop a newfound sense of flexibility and quick response times. In this way, large enterprises may work like startups at a higher speed and with greater flexibility. “The early experiments show very significant economic results. Instead of organizing people in large hierarchies, they become a platform of different startups, buying and selling to create the end product like a big enterprise. The Chinese call this new organizational form Rendanheyi, aligning employees’ values with the customers, essentially connecting everyone on the marketplace and internalizing market competition into organizations,” Tunçalp said. If this trend continues, Tunçalp predicts that jobs in large enterprises will become scarcer, which is why he finds it worthwhile to invest in establishing startups or developing skills and experience for working in a startup in the future. into countless smaller entities. The latter started way back in 2005 by creating a system

“Maybe you don’t like to have a startup, but

of small self-managed autonomous teams

you may be forced to work in a small company

operating as microenterprises with the right to

where you’re one of the shareholders in order

make decisions and hire talent. Haier now has

to show some economic activity,” Tunçalp

a platform of 4,500 self-managed businesses

warns. “Entrepreneurship is here to stay, and

that share resources in order to adjust to

it seems at some point, we all may become

changes in the market. These microenterprises

freelancers or work in entrepreneurial small

now account for $500 million in revenue and

companies. Business life is changing, so we

are annually doubling in size.

should adapt, learn and make it better for everyone.”

While companies like Haier started earlier 17

Academic & Search Fund Investor

BUILDING BUSINESS AND NAVIGATING UNCERTAINTY Simon Webster Guest Lecturer London Business School Cambridge University

imon’s career was off to an auspicious

investors on the idea of owning part of an

start. He was fortunate enough to land

operational venture, affording him the traction

a job at IBM, becoming the UK Account

he needed to deliver stakeholder value.

Manager for of six international banks. But he did not feel comfortable in a large organisation

Simon’s zeal for understanding the duality of

and he wanted to scratch his entrepreneurial

searching for, buying and then operating a

itch by joining a smaller company where he

business was nuanced by a tough 6-months

would see the result of his efforts more clearly.

of work raising money for the search and 3.5 years of searching to finalize the acquisition

To learn more about business he embarked

of a company before he was able to realise

on an MBA at the London Business School

his dream of becoming the CEO of his own

(LBS). At LBS he heard of a new concept,

company. Then followed a rapid and steep

“search funds”. He went on exchange to

learning curve as he became CEO of RSL

Columbia Business School he tracked down

(subsequently RSL Steeper.

some of the early search fund entrepreneurs or entrepreneurship through acquisition (ETA),

He was the CEO for 10 years, and as part of the

who piqued his interest in owning and running

sale, he stayed for an additional two years. In

business straight from an MBA programme.

that period, he grew the business by a factor of 10x, growing revenue from £3m to £30m and

The model was still at an early stage in the

employees from 40 to 450. Needless to say,

United States. Despite that, a few names like

he delivered great returns for his investors and

Irv Grousebeck (who is credited for developing

realised capital from his equity stake in the

the model), Rob Johnson (investor), Kirk

venture.

Reidinger, and Jamie Turner (entrepreneurs) were early adopters of the model, creating

Following the sale of RSL Steeper, Simon

awareness and testing its efficacy.

has used his learning to actively lead and contribute to the acquisitions and operations

Drawing on a case study of the pioneers and

of more than 25 companies. He has

the mentorship of Rob Johnson, Simon saw

mentored and invested in many search fund

an opportunity to pivot to entrepreneurship

entrepreneurs as they, too, have become

through acquisition, becoming only the fifth

CEO at a young age. His business acumen,

person in the world to undertake what is now

experience and fortitude through adversity

well-known as a traditional search fund.

have made him one of the most respected

Launching his search fund in the UK made

members of the ETA space.

it crystal clear that the general unfamiliarity was going to be perilous to garnering local

Much has changed since he took his leap of

investors. He was able to convince several

faith. The success of the model has led to 19

with an invitation and privilege of lecturing

formal teaching of ETA at business schools,

at the University of Cambridge’s Judge

and success stories have inspired young

Business School and the London Business

entrepreneurs and investors to move into ETA.

School. Simon is also a member of INSEAD’s

But, if being in the industry for that long had

entrepreneurship in residence cohort, where

taught him one thing, it is the unique nature

he mentors students who are considering an

and complex subtlety of ETA and the time and

ETA career.

patience it takes to become an adept ETA CEO and a successful ETA investor.

in the US and started to be taught at the

Entrepreneurship Through Acquisition

leading business schools. During this time,

The “search fund” was first mentioned in Irving

During the 1990s and 2000s, the model spread

in Europe, business schools taught only the

Grousbeck’s lecture at Harvard in the early

very basics of search funds, if they taught it at

‘80s (Dennis & Laseca, 2016). With the model

all. This had an impact on the low number of

came the possibility of owning an established

search funds undertaken in Europe. If students

business by simply buying it, revolutionizing

did not learn about search funds at business

ways of thinking about entrepreneurship and

school, they did not see it as a career option.

investment.

Similarly, investors could not invest if there were no entrepreneurs to invest in.

“I did my MBA between 89 and

Based on his knowledge of the growth in ETA

91. I learned about search funds

in the United States, he knew that there was an

from Rob Johnson while I was at

opportunity to expand search funds in Europe.

business school. And he said to

To fill that void, he honed his teaching and

me, have you ever considered

mentorship skills by engaging with business

buying a business? And I thought,

schools and especially the student clubs.

how on earth will I do that?”

This created awareness, and IESE, where Rob Johnson was teaching, engaged more fully and

Learning the fundamentals at that time

established the IESE Search Fund Centre.

meant Simon, serendipitously, was among As Simon continued to visit business

the very first to get a glimpse of the idea. He

schools, he arranged panel sessions with

has experienced both sides of the equation:

various successful proponents of the model.

the building and buying aspects of search

This led to more entrepreneurs choosing

companies. So, he delves into initiating

entrepreneurship through acquisition as

beginners to search, becoming the ultimate

a career. Thus, after ‘teaching’ informally

CEO, and the transition to investing and

for five years, his tenacity was rewarded

mentorship. 20

Initiating Beginners to ETA

maxmise their chances of success.

Simon’s business acumen sold him on the idea that “buying a venture” was a lower risk and

“I suspect a lot of successful

better suited to his talents than the traditional

search fund CEOs would say

entrepreneurship route of starting a business. But in the three years that he “searched,”

they’re not good searchers

he realized having knowledge of running a

because it’s a skill set separate

company and one’s industry was only part

from running a business. But

of the equation. Thus, it was not just about crunching numbers but being persuasive

when one meets vendors and

enough to close a deal.

does a deal, it’s the soft skills that determine success.”

Starting in ETA, individuals make mistakes that see them backtrack and re-strategize, and c 25% do not acquire a company. However, Simon points out that beginners can spend

In a study conducted on the Venture Capital

less time going back to the drawing board if,

(VC) segment, Gomper & Kovvali (2018)

from the onset, they develop a clear vision of

highlight that diversity not only shapes

their preferred industry/s and the business

innovation but also informs productive capital

characteristics that appeal to them; they will

management. Based on the same argument, 21

information sources, such as experienced

The Making of a CEO

local investors, industry reports, and potential

The succession problem is one of the most

vendors, to make more meaningful strategic

pertinent concerns in the “buying a business”

decisions, especially when starting their

model. When such acquisitions finalize,

investment journeys.

founding CEOs leave systems and people that

Simon calls on enthusiasts to explore several

they have developed or worked with over many years. It often becomes challenging for

“Diversity significantly improves

new CEOs to adapt, especially when they are unfamiliar with industry trends, the people

financial performance when

and the nature of a company’s business. The

one measures profitable

analogy often referred to is a new jockey

investments at the individual

taking the reins race.

portfolio-company level and From Simon’s experience, the greater the

overall fund returns.” (Gompers

knowledge of a company and sector will

& Kovvali, 2018)

help a new CEO integrate into a company’s culture with reduced turbulence. However,

it is imperative for them to anticipate and

Building a company takes an immense

expect adversity. Bad and unexpected events

amount of energy and commitment. When

are inevitable in a small business. How the

founders sell their ventures, they often have

entrepreneur responds is key. To tilt the scales

reservations about radical transformations

in the direction of both the entrepreneur and

that a new CEO will implement following

investor, a traditional search fund CEO will

an acquisition. In a traditional search fund,

select a company with defensive characteristics

one of the key criteria is for the business to

(profitable, growing and cash generative) and

be a profitable, cash-generative business.

be intelligent, well educated, and motivated

This reduces risk for a rooky CEO and their

but also have the humility to listen hard to

investors alike.

investors from a diverse geographical and business background in order to develop agile

A CEO’s highest calling Is mentoring

responses in the face of adversity.

subordinates and building leadership capacity among them. This nurtures the next wave

However, he encourages that with time, the

of leaders skilled in the fiscal as well as

new CEO will start to get a ‘feel’ of what is

the operational aspects of business. Thus

happening around them in the business and places where they are more meaningful.

Conclusions

Similarly, their impact on the business

supporting innovation, adaptability and

culture of the business they have acquired

performance.

will increase as their influence grows and the

With the only prerequisites being management

influence of the founding CEOs recedes.

skills, grit and determination, and the ability to

learn how to channel their contributions into

have or raise sufficient financial capital, young entrepreneur in their early 30s can be at the

“The organizational culture is

helm of a company. But being a CEO is no walk

an extension of the founding

in the park. Succession issues, poor cultural fit, underwhelming after-sale rewards, and waves

CEO’s style, personality, and

of uncertainty, just to name a few, are the

preferences. From the onset,

constant struggles that one must endure and

employees, customers, and

adapt to. Thus, as the world becomes more globally connected, it takes risk aversion, a

business partners identify

tenacious attitude, proactive learning, energy

start-ups with their founders,

and a tremendous amount of research, locally and internationally, to be a responsive CEO.

who take great pride in their founder-cum-CEO status.” (Wasserman, 2014)

BETTER THAN STARTING YOUR OWN COMPANY

alker Deibel realized that he was

in 2014. Just over a year later, the company

“a really bad entrepreneur” several

struggled with capital and generating enough

years ago. Imagine starting a

paying customers, initiating a downward spiral

company with a Microsoft executive as its

from that point onwards.

CEO, going through one of the world’s top 10 accelerator programs, and still failing as an

“Nine months of experience [...] led me to

entrepreneur. That’s what happened when

realize like, wait a minute, every time I start

Deibel co-founded a mobile software startup

a company, I fail,” Deibel, author of the 24

Author & Search Fund Coatch

survive their first year, and the average small business makes only $53,000 in revenue. The bottom line is that almost all entrepreneurs fail before they’re able to reach a sustainable size.

“... acquisition is equally as important as innovation, you guys are missing it, pay attention over here too.” Stuck in his steps, thinking about what to do next, he recalled an experience he hadn’t paid much attention to before. In 2004, while he was still an MBA student, Deibel decided to buy existing companies rather than start one himself. His initial attempts failed, but during his first couple of years as a fresh graduate in 2007, he bought a book printing company using a personally guaranteed loan. The first thing he did was form a board of directors

Walker Deibel

with relevant and successful people who were

Acquisition Entrepreneur Investor, Author and Advisor Acquisition Lab

much older than him, and paid each of them $1000. “I think I had three or four members, I paid them each $1000 a quarter, we had a morning

best-selling book Buy Then Build, said in an

meeting, [they] held me accountable, I did

interview with Horizon Search.

slideshows and all the rest of it reported, shared my financials, had my accounting

His failure was definitely not because he was

manager come in [...], and then I took everyone

incompetent but because he overlooked some

to lunch and we just kind of talked strategy.

key statistics that many aspiring entrepreneurs

That’s how I did it, and I think anyone can go

still don’t pay attention to; 90 percent of all

out in their community and recruit,” Deibel

startups fail. 10 percent of them don’t even

said. 25

This was around the time when ebooks were

innovation, you guys are missing it, pay

making headlines, bookstores and newspapers

attention over here too,” Diebel said.

were going out of business, and Apple released its iPad in the same month he bought the

Developing a team of trustworthy advisors

company. Not everyone would agree with the decision he made, but Deibel paid closer attention than many others. Digital book

Diebel learned a lot from trial and error, but

printing, a quicker and more cost-effective way

he definitely did not produce his best-selling

to produce books in smaller quantities, was

book, Buy Then Build, and launch Acquisition

growing at a rate of 30 percent year-over-year.

Lab, an acquisition accelerator he founded,

He used the cash flow from the book printing

without some guidance along the way.

company to build a digital book printing facility inside the building and sold it to existing

In one of his MBA classes, he noticed a

customers, which sparked conversations

trend. One by one, all his classmates started

with new ones as well. In just two years, his

acquiring businesses. Two of them came

company ranked among the top two percent

back to him with an opportunity that gave

of printing firms nationwide.

him the backing he needed to get to where he stands today — a highly influential

“If I were graduating with an MBA

entrepreneur, mentor and a best-selling author. It was around the time when Deibel

today, I can imagine no better

owned his first company that he listened to his

career path than trying to start a

friends and also joined the world-renowned

traditional search.”

Entrepreneurship Organization (EO), which consists of a network of entrepreneurs who help each other learn and grow. It offers

Looking back at his experience, running the

training programs, mentorship opportunities

book printing company for seven years led him

and a safe and confidential space for business

to realize where his energies truly belonged —

owners to discuss sensitive matters they

in acquisition entrepreneurship. So he went on

wouldn’t otherwise disclose in a public setting.

and bought another six companies and started

Currently, it has over 200 chapters in more

writing about his experience.

than 60 countries.

“It was through my frustration of lack of

“I think that EO is such a great place because it

materials that I then went and sort of figured

allows for business owners to come together

out how to buy a business, and then I ended

and sort of share privately and confidentially

up buying seven over the course of about a

the real challenges that they’re facing in

decade, spent about four years writing Buy

their business and in their home life, just the

Then Build to try to share with entrepreneurs,

different things and in a way that you can’t

hey, acquisition is equally as important as

necessarily share with other people,” Deibel 26

said.

such an exceptional accomplishment. As I

“I have to run payroll in two days and I don’t

wait, this is a lot more attainable than I actually

started to put those dots together, I was like realized,” Deibel explained.

have enough money in my account, what should I do?” is a good example of a sensitive

Having said that, not everyone who makes it

question people ask in this 16,000+ member

to EO ends up staying. According to Deibel’s

organization. As great as this sounds, it’s not

observation, some give it a try for a year and

an open-enrollment. There is a criteria for

leave because it’s not their cup of tea, while

joining such an elite group of forward-thinking

others benefit from the program and then

entrepreneurs. Only owners and founders of

leave after around five years of growing their

businesses making more than US$1 million

company or surpassing $10 million in revenue.

in annual revenue can join. Vern Harnish, the founder of EO, adheres to this rule despite

After four and a half years of participating in

acknowledging that 96 percent of small

almost every event that EO had to over, it was

businesses in the United States generate

time for him to leave as well.

under a million dollars in revenue. While this sounds demotivating, Deibel finds it quite practical for serious entrepreneurs.

Skipping the solo learning curve — no, you don’t have to be an MBA student to get it right

“It was through EO and Vern’s’ work that I realized that acquiring a business with $1 million in revenue, as an MBA student… that is so small. I was just like, what… this is ridiculously small, why would we pay

This “powerful experience” also had a great

attention? It’s such a small hurdle for being

influence on Acquisition Lab, where he 27

takes the role of a guru and guides other entrepreneurs to acquire their first company and grow from there without having to deal with the “messy challenges of founding a startup.” “It was such a powerful experience that I took a lot from it when we formed the Acquisition Lab as well. A lot of the confidentiality that is required to make real progress, in EO and in the forum, is the same thing that we implemented in Acquisition Lab because we’re talking about deals,” Deibel said. The way he sees Acquisition Lab is like an Ivy League level MBA class, except with the practical aspect of actually acquiring businesses in the process. Such a high-level class would need a high-level designer, so

One interesting insight Deibel mentioned

Deibel hired a curriculum designer and worked

is that if one percent of all MBA students

with a team to create the core curriculum.

go out and start a search fund, there would

Another similarity to EO is that people have

be more search funds than private equity

to apply to get in, and again, it’s not an open

firms. A search fund is an investment raised

enrollment.

by an entrepreneur to finance the search and acquire existing small to medium-sized

“I’ve joined masterminds and courses and all

businesses. This requires the Searcher to build

the rest of it, where they just put you in some

a lot of trust with potential investors. Search

kind of Facebook group with like 100 other

funds were around when Deibel graduated

people that aren’t actually going to be able

with an MBA in 2004, but it wasn’t as common

to execute. I hate that experience, and so it

as it is today. At the time the concept of

was really important to me that we only bring

investing in someone to search for a business

people in that are actually constructive team

to acquire was considered laughable.

players that are also able to actually execute on what it is they’re trying to do,” Deibel said.

“If I were graduating with an MBA today, I can imagine no better career path than trying

In the past 18 months, Acquisition Lab

to start a traditional search or even a single

members have acquired over 100 businesses

sponsor search,” said Deibel. “The pace in

and around $200 million in transaction value.

which search funds can be spooled up is so 28

of buyers for the number of companies that need to be passed on to another owner. Baby boomers (aged 57-75) own more companies than any other generation in history, which means that 48 percent of the entire US economy would have to change hands by the end of the decade as these folks retire. Another misconception is the idea that an academic forecast needs to be carried out in order to assess whether a particular business is worth investing in. “When my timing is right, and when that deal shows up, and it’s got the bones that I’m looking for, then I can make a decision very quickly, and I don’t have to sit around and worry about things like, ‘okay when I go in the first day, is everyone just gonna quit?’,” Deibel said. In his experience, lightweight and easy and kind of solo effort

very rarely do employees quit if they’re

for the most part that like if they actually got

assured that their pay and other benefits won’t

financing and the traditional search fund

change.

method, they would outrank private equity.” The real challenge for first-time buyers, Many companies with great potential are

according to Deibel, is taking a leap of faith. It’s

overlooked by traditional private equity

not even necessary to be an MBA graduate to

acquirers as eight percent of them are seen as

start a search fund. Experienced entrepreneurs

too small to even consider.

actually have a greater advantage as they’re able to identify opportunities that people

“The opportunity for search funds and for

coming out of educational institutions usually

small business acquisition is so much larger,

can’t. Where many see risks, experienced

both by volume and opportunity, than even

entrepreneurs often see opportunity.

the entire private capital markets as they exist “If search funds can somehow figure out how

today,” Deibel said.

to embrace things that look like more risk, One of the obstacles that prevent people

then I think that it’ll get a lot more expansive,”

from acquiring companies is that there’s too

Deibel said.

much competition. Deibel holds a different reality, which is that there is in fact a shortage 29

AN INCUBATOR FOR IDEAS

Joh Olson COO/CEO/Advisor, Health Care M&A | TIGER21 Chair

Who Is Joh Olson, and Why Are Peer Groups So Influential?

eer groups are a surprisingly unknown resource that can

substantially impact

personal and professional

others. At every junction, Joh

development. Joh Olson

asks himself, “What does the

openly shares peer groups’

team need from me?”

immense impact on his career, personal life, and the societal void they fill. The pattern that emerges throughout Joh’s professional and personal history is that he builds his wealth synergistically with 30

Filling the Societal Void with Peer Groups Despite initial perceptions of peer groups as elite conclaves,

Search Fund Investor

S learning.

Following the pandemic, virtual working arrangements

However, there is a peer group

have become increasingly

for everyone.

popular, exacerbating the effects. By their very nature,

All professionals need to

peer groups directly oppose

develop trusting relationships,

these deleterious effects by

build dependable places to

encouraging input.

bring ideas, and find spaces where we can foster a sense of belonging. Peer groups fill this massive void in society by creating incubators for ideas. In addition to the obvious negative impact of the pandemic, the loss of authentic leadership was a subtle yet significant loss for many organizations. Authentic leadership combines many factors that make up an individual’s experiences. Due to COVID, authentic leadership decreased they are accessible and

significantly because many

valuable to everyone. They

of the necessary factors

have bridged gaps, especially

were non-existent in a virtual

in a post-pandemic world

environment, according to

where authentic leadership

Chen and Sriphon (2021). The

was compromised due to

lack of authentic leadership

virtual constraints. Peer

created by the pandemic

groups counteract these

limits multi-source feedback,

effects by fostering rich

which inhibits leaders’ self-

interactions and shared

awareness. 31

Path to Peer Groups: Joh’s Journey Joh’s diverse background began in healthcare, transitioning from an operating room nurse to leading procedural teams at Stanford Healthcare. His healthcare career culminated in two monumental projects— aiding the construction of two new hospitals—a feat many might deem the pinnacle of a successful career. However, for Joh, this merely marked the inauguration of his entrepreneurial voyage. Championing the American Dream, Joh perceives the pursuit of this dream not as a media-inflated ideal but as a testament to bravery. For him, the very journey toward

success epitomizes courage, especially when underpinned by the freedoms of the corporate framework. Entrepreneurial ventures emerged when Joh and his wife pioneered an e-commerce business. Initially envisioned as a supplementary venture, it swiftly evolved into a primary enterprise, leading Joh to assume the role of COO. Capitalizing on the venture’s success, the duo ventured into the challenging Bay Area real estate market, albeit with mixed results. Venture capitalism beckoned as Joh collaborated with Mighty Capital and Alix VC. Leveraging his healthcare expertise, Joh invested in a

Never Be the Smartest Person in the Room Joh debunks a myth: wealth doesn’t guarantee success. Instead, real success lies in sustainable, generational wealth. Within TIGER 21, it’s evident that it isn’t merely about financial acumen. It’s about the relentless pursuit of knowledge, the shared curiosity, and the determination to constantly grow. Their collective wisdom and collaboration shone through when they shielded one member from a potentially hazardous real estate investment, thanks to insights from another member who was privy to a looming Bay Area lawsuit.

healthcare-centric software

sharing current, experiencebased narratives, ensuring that guidance resonates with contemporary challenges. Think of these groups as “tribal leaders gathered around the campfire to distill the day’s stories into lessons for tomorrow” (Groysberg and Halperin, 2022). Such an approach offers insights that emphasize intentions, actions, and outcomes, aligning with a modern perception of risk and reward. Peer groups can more accurately be compared to “tribal leaders gathered around the campfire to distill the day’s stories into lessons for tomorrow” (Groysberg and Halperin, 2022). Advice is rooted in the giver’s experience and their limited

The Advice Fallacy

understanding of the situation.

growth and revelling in the impactful difference it made.

In today’s rapidly changing

experience-based storytelling,

landscape, generalized advice

expressing intentions, actions,

The transformative power of

can often miss the mark. While

and results. This approach is

family became evident when

colleagues might offer insights,

more beneficial than advice

Joh’s first son was born. This

these are frequently based

because it lends itself to the

pivotal moment redirected his

on time past and applied to

structure of peer groups.

ambitions towards crafting

an unknown path. Instead,

Regardless of how you

multi-generational wealth—a

professionals should consider

got there, the other group

vision where peer groups

specialized peer groups.

members are in a similar

emerged as invaluable assets.

These communities excel in

situation with a comparable

company, assisting in its

Peer groups emphasize

most in this environment, that means the rewards dwarf the dues.

Joining a Peer Group If peer groups pique your interest, Joh can provide some insights into the process of joining, which is not as simple as finding a group with the same job title but more like building an RFP. There are several complex steps, multiple verification rounds, a standardized vetting process, and an in-depth proposal on creating value. It is your responsibility to set parameters and decide which group best fits those by “being a student of your options,” perception of risk and reward.

real estate. A property’s value

as Joh puts it. Despite the

can depreciate, appreciate, or

surface-level exclusivity of

Blind Spots Are the Biggest Threat

stay the same. Unfortunately,

peer groups, Joh emphasizes

infinite confounding factors

that groups that limit access

can cause one of the three

to information are a red flag.

outcomes. In his group, all

All peer groups, regardless of

You may have contemplated

available information was

their level, provide enough

every possible outcome,

available to make informed

access before the membership

but business isn’t a game of

business decisions.

vetting process for you to make an informed decision.

chance, even if it seems that way; realistic and theoretical

The return on the considerable

Remember that you are an

probability is different.

investment is directly

asset to the group just as the

proportional to the honesty

group is a resource for you.

One example Joh provided

and effort each member pours

You provide value to the very

was based on Vistage’s roots in

into the collective whole. For

system which benefits you.

Search Fund Investor

BRIDGING WORLDS THROUGH ‘GLOCAL’ SEARCH FUND ENTREPRENEURSHIP Rob LeBlanc Co-Founder and Managing Partner ambit partners

Committed Voyager

and developing markets, Rob has had a taste of the Middle

long with his co-

East, Southeast Asia, Latin

founders Andrew

America, and Africa in his

Locke and Niel Wyma,

personal life and professional

based on the far side of the

career.

into traditional private equity.

world in Cape Town, Rob

During his time at Harvard

LeBlanc is ushering in search

Born and raised in Vancouver,

Business School, where he

funds to new and emerging

Canada, Rob initially

earned his MBA, he discovered

international markets—all

anticipated venturing farther

the concept of search funds:

from his hometown in

from home with each new

an innovative mode of

Vancouver. Co-founder and

country he called his own. He

ETA that allows young and

Managing Partner of ambit

completed his undergraduate

ambitious entrepreneurs

partners, a global search fund

studies in Montréal, ventured

to raise capital to acquire,

investor focused on enabling

into management consulting

nurture, and divest companies

entrepreneurship through

at a competitive Toronto-

as a CEO, with invaluable

acquisition (ETA) in traditional

based firm, and then delved

support from investors and

using ETA principles to aid older business owners in transitioning their enterprises to younger successors. Years later, he initiated personal investments in search funds in North America before his path unexpectedly veered towards new searches in uncharted territories, particularly emerging markets. His extensive background of working and residing across Africa, the Middle East, Southeast Asia, and Latin America influenced this shift. Eventually, Rob had ventured so far into the Eastern Hemisphere that he found himself back home in Vancouver, where he has been working with his American and South African business partners, both as well travelled mentors throughout the journey. Armed with the knowledge and awareness of emerging market venture capital,

and ambitious as himself.

“That was the germination of what became ambit: seeing

Glocal Entrepreneurship Rob’s unique journey encompasses both living in Canada and working across the globe, embracing a “glocal” approach to search fund investing. He experiences domestic life in his hometown while his professional spirit traverses such countries as Israel, South Korea, New Zealand, Poland, and Brazil, where he speaks to searchers thousands of miles from home. However, re-integrating with his hometown after years spent abroad has given him interesting insights into the identity he created away from home. Rob describes how his time outside of Canada led him to adopt a “hyper Canadian” identity, condensing all of Canada, familiar and unfamiliar terrain, into digestible chunks of cultural quirk. But being among his fellow Canadians

private equity, and social

search becoming more

impact investing, Rob began a

and more relevant,

nuances of difference between

professional journey that led

more and more

him and ten provinces and

him to South Africa. There, he immersed himself in an

applicable in new

impact private equity platform,

places.”

again reminded him of the

three territories. International experience, however, contributes tremendously

to Rob’s and his partners’

“Doing it more times,

work, as they export a highly

at least for us, has

relevant business model cultivated in North America

bred less confidence

and adeptly apply it with

that we know what’s

local nuance, making their

going on and more

approach even more impactful on the global stage.

“I’ve always enjoyed the

humility to slow

sides of the fence and appreciating what’s beautiful and valuable on each side, or what’s tough or not good on either side.”

endeavours. Dressed in perfectly tailored meaning, the name could not have been a better fit for the company. The partnership has invested across nearly 30 countries

down, listen, and

and is one of the pioneering

ask.”

international search fund investors in emerging markets. Search funds are slowly

fluidity and privilege of standing on both

while embracing ambitious

International Search Fund Investing

emerging internationally, with a record new 44 search funds formed in 2021, with 211 searchers spread

For a few cleverly interlocking

across 34 countries on five

reasons, Rob and his

continents (IESE Business

partners also settled on

School, 2023). However, less

the word “ambit” for their

than half of those funds have

firm’s name. The choice

seen successful exits, mainly

stems from a harmonious

because they are still in

blend of “ambition” and

their early stages. Entering a

Living in a new country can be

“gambit,” both central to

brand-new space as an early

an enlightening experience—

their work. “Ambition”

adopter presents a pivotal

living in multiple can be an

represents the driving

choice between exploration

overwhelming one. Rob has

force of entrepreneurship,

and exploitation—whether to

learned to follow an itinerary

while “gambit” signifies a

venture onward or establish

of newness and adjustment

strategic move that involves

a solid presence. Rob’s

while settling in an unfamiliar

making a substantial initial

perspective is that a country’s

space, involving identifying

sacrifice for long-term gains.

first dozen search funds have

challenges, inquiring about

Together, these words create

ample room for remarkable

them, pinpointing blind

a compelling image of creative

success. However, he also

spots, and, most crucially,

strategy and ambition. Finally,

anticipates that the search

anticipating the unpredictable.

“ambit” stands as a word on

fund model may eventually

Instead of assuming he has

its own, signifying scope or

saturate the international

all the answers, Rob has

boundaries. It encapsulates

landscape. As a result, he

recognized the significance of

their foundational principle

currently finds contentment

uncovering what he doesn’t

of operating within their

in being an explorer in this

yet know.

specific areas of expertise

dawning phase of search and

plans to switch to building a

“We think the searcher who dares to do it early

more established presence

is stitched from a slightly different DNA than

as opportunities dictate. And

someone who wants to run on a well-paved track

a distinct advantage of being a pioneer as an investor is

in a more established market. So we think we get

meeting pioneer searchers,

the behavioural profile that looks a little like the

who are just as willing to

pioneering founders present very early in the search

explore and cultivate new experiences.

world in North America.” successful North American

unique as search fund

Rob also discusses other

search outcomes can be

investing in emerging

benefits of investing in

applied, and experienced

international markets, three

emerging markets through

individuals from the search

business partners can mean

the search fund model.

community can provide

diverging opinions. But Rob

Better buying opportunities

valuable insights into

and his business partners’

are created by fewer buyers

emerging markets. Despite

decisions are neither

in these markets, less

acknowledging risks like poor

adversarial nor polite—he and

competition, faster growth,

infrastructure and political

his team intentionally build

and potential for early exits.

instability, Rob sees significant

debate into their investment

Additionally, he mentions the

market opportunities.

process. Whenever a decision

concept of idea arbitrage,

When it comes to decision-

has to be made, there is

where strategies from

making in something as

always a deal lead who works

closest with the searcher and the transaction. The other two partners challenge the deal lead, who defends their position, until they’ve (hope to have) found all the potential strengths and weaknesses of the decision. Research suggests that appointing a devil’s advocate can significantly improve a decision’s quality and outcome (Harvard Business Review, 2020). Additionally, these roles can switch within a single investment committee meeting to maintain intellectual honesty and avoid bias towards a particular deal.

Scaling and Scarcity

of the target company. But

level of scrutiny in deal

will an increase in searchers

selection. Saturation could

One of the foundational

promise an increase in

lead to lower-quality deals,

aspects of the search fund

directors to coach and direct

attributed to less capable

model that puts it in a more

entrepreneurial talent through

and ambitious mentors

appealing position than more

the process? Rob articulated

or directors, ultimately

traditional venture capital or

a concerning trend after

resulting in more instances

private equity opportunities is

collaborating on a research

of underperformance that

the mentorship and guidance

paper with A.J. Wasserstein

dilute the median returns

it offers for such daunting

from Yale University. While

for the entire community.

tasks as buying a company

thousands of director seats

The scarcity of director talent

and taking it over as CEO.

are currently available, the

presents a significant and valid

Directors play a crucial role in

pool of willing and capable

concern for the search fund

the success of search funds.

director numbers is merely

community.

They provide mentorship,

in the hundreds, and this

strategic guidance, and

disparity is growing wider over

At the moment, however, Rob

industry expertise, helping

time. Rob’s foresight suggests

has the luxury of choosing

searchers make informed

that as the number of search

strong group members he

decisions during the

funds continues to rise,

can rely on as he embarks on

acquisition and operation

there may be a diminishing

his search fund adventures.

“We think active, conscientious, hands-on directors help. But over time, it might prove not so much the case. Until proven otherwise, we’d love to have more good directors with values aligned entering the game.”

“I think for anyone else pioneering, just

mind, so do entrepreneurs

combining a global investment

experiencing new ventures—

mandate with deep SME

but in that time, home could

transacting and operating

have changed just as much as

experience to support a

they did.

portfolio of exceptional searchers.

Conclusion

As entrepreneurship through

Co-founder and Managing

in North America and

pioneering, that where

Partner of ambit partners,

internationally, Rob predicts

you left is different.”

Rob LeBlanc is committing

their appealing mentorship

to true exploration by not

aspect will face risk as the

only immersing himself in

number of search funds

He acknowledges that this

the maturing space of search

exceeds capable and willing

entrepreneurial venture

funds but also investing

directors to mentor the

offers a considerable fear

in emerging international

searchers. However, Rob’s

of failure, but encourages

markets. When choosing

narrative is an enduring

curious explorers to try it out.

between startups and search

source of inspiration for

Even if no concrete gains are

funds, few choose search

those ready to embark on

made, the lessons learned

funds, and fewer choose to

entrepreneurial odysseys

and connections made can be

invest in them internationally.

while rediscovering the value

valuable. And as every traveler

But Rob and his partners have

concealed within glocal

returns home with a broader

invested across 30 countries,

experiences.

be prepared for when you come back from

acquisition proliferates

Search Fund Entrepreneur

SEARCH FUND ENTREPRENEURS Rafaell Caldas and Zach Krumholz Long Horizon Partners

Zach Krumholz and Rafa Caldas proudly carry

“My grandfather immigrated to

forward their family’s entrepreneurial legacy

the United States and started a

as they embark on a journey driven by search funds. Co-founders of Long Horizon Partners

multifamily real estate business.

and business ownership enthusiasts, Zach and

My father is a doctor who started

Rafa’s partnership leverages their expertise

a private practice, and my older

in consulting and engineering to acquire and

brothers both worked in finance

steer a firm toward lasting success. Growing up in Southern Florida as the second

before starting their business,

youngest of six, Zach dreamed of starting

Delight Restaurant Group. And

and running his own organization. He went

so I thought getting an MBA and

on to study economics at Yale University and ventured into investment banking at the

going to business school would

reputed Goldman Sachs, where he learned

be a great path to that.”

the nuts and bolts of finance and investment and honed his financial acumen. After further enriching his skills at Crestview Partners,

Meanwhile, Rafa’s upbringing in Rio, Brazil,

a New York private equity firm, and being

amidst a family of five, kindled his passion

inspired by his family’s entrepreneurial paths,

for engineering. After studying mechanical

he set out to earn an MBA at the Columbia

engineering at the Federal University of Rio

Business School. 40

Kindred Spirits Zach and Rafa’s serendipitous pairing occurred within Columbia’s esteemed halls. They were placed in the same learning team, which is a close-knit group of five students who work on all core assignments together throughout their degree. As they spent the next few months working together, they discovered an alignment of interests, interests, values, levels of diligence, and a shared pursuit of excellence and ambitious career goals. There was great potential in a business partnership. In their time together, the duo has experienced fulfilment in the trinity of work, academia, and friendship.

de Janeiro, he established a successful career in business development at Boeing and later

Rafa strongly believes their diverse cultural

became a petroleum engineer at Shell plc,

perspectives, woven from their Brazilian

where he focused on complex engineering

and American backgrounds, offer a global

calculations and procedures for large offshore

advantage. Having moved from Brazil to the

oil fields. Eager to fuse the technical and

U.S., he notes that, unlike in Brazil, American

commercial worlds, Rafa transitioned into

partnerships don’t need to stem from

management consulting at Bain & Company

friendships, and such global insights could

before seeking new frontiers through an MBA

make the pair more affable and inclusive

at the Columbia School of Business.

leaders to people from various backgrounds. Moreover, Rafa envisions the power of their international mindsets as potent contributors

“I came from a large family—I’m

to their future firm’s bottom line, propelling

one of five. And I had a lot of

them to venture into untapped markets and harness a multinational workforce. Even as an

examples of entrepreneurs in

individual native to the U.S., Zach has noticed

my family. My brother started a

a world of difference between the suburban

real estate brokerage firm. My

Palm Beach County in South Florida and the

godfather started a restaurant.”

bustling New York City, and he appreciates both ways of living. 41

“That’s what fits well into this

What differentiates Long Horizon Partners

traditional search fund model:

from traditional private equity firms is Zach and Rafa’s long-term dedication to the

Rafa and I are both completely

acquired establishment and a decades-long

ready to move anywhere in

commitment to its growth, which includes

the United States or North

relocation to the SME’s region. Unlike most private equity firms, which sell their portfolio

America to find this great

companies after five to seven years, Zach

business we can grow and

and Rafa would love to stay with their entity and build it for decades to become a market

run. That’s what we’re really

leader. They are wholeheartedly committed to

excited about.”

manifesting their lifelong dreams.

Another unique factor contributing to Zach

Insights from an extensive survey conducted

and Rafa’s partnership was their childhoods

by Harvard Business Review, encompassing

spent under small enterprises, which not only

87 companies, also highlight co-CEOs’

brought them together—but also brought

prowess in generating higher average annual

them into search funds.

shareholder returns. Beyond financial gains, collaborative leadership also ushers diverse

Taking the Search Fund Route

perspectives, backgrounds, and skill sets,

Growing up, Zach and Rafa noticed how

innovative thinking (Feigen et al., 2022). Zach

enriching the company’s culture and driving and Rafa’s partnership uniquely positions

small to medium-sized enterprises (SMEs)

them to capitalize on these proven advantages,

perennially contributed to the economy and

amplifying the potential for a successful firm

significantly impacted the community around

through collaboration.

them. Keen on continuing SMEs’ influence, they’re not stopping at successful execution; they’re striving for excellence by actively

The Search for a Perfect Business

wearing multiple hats to build a thriving, impactful organization they can be proud of. To them, it feels like a perfect career fit

Having secured the funds to find a business,

with the best use of their time and skills. To

Zach and Rafa are now in the most pivotal

them, this makes search funds the fastest and

stage of their journey: the search itself.

most efficient path to achieving the dream of

Zach and Rafa are searching for a business

running a company. Looking ahead, they’re

within a growing industry with high barriers

thrilled at the opportunity to lead a team, take

to entry and a degree of fragmentation

the company culture to new heights, empower

to pursue inorganic growth opportunities

employees, and build lasting customer

post-acquisition. They’re specifically looking

relationships.

for a resilient organization that can survive 42

challenging economic circumstances. Within

Zach and Rafa care about most is how they can

this industry, they seek to align with a stable

genuinely benefit the business through their

establishment with recurring revenue, efficient

leadership.

cost management, and a strong track record of generating profits and free cash flow. The

“What matters to us is

ideal company would have a favourable return on invested capital, indicating its ability to

finding a company that we’re

provide a good return. It would also have a

extremely passionate about

strong management team and technology and

and believe we can drive

processes with a competitive advantage.

substantial long-term growth.

Throughout the transition phase, the duo is

It matters to us that we’re set

set on embodying a sense of responsibility

up for success.”

and preserving the efficient components of the firm. To balance innovation and cultural consistency, they’re ready to collaborate with

Using Past Experience for Future Operation

the existing business owner and encourage them to stay present until the pair can comfortably manage the entity as co-CEOs. They’re also flexible in the partnership

Zach and Rafa’s entrepreneurship experience

structure and are open to the current owner’s

will be valuable when the time comes to

continued involvement if preferred—what

operate their acquired company. Rafa’s 43

illustrious career, spanning design engineering

As a strategy consultant at Bain & Company,

and strategic consulting at White Martins in

Rafa worked closely with CEOs and guided

Brazil and Shell and Bain & Company, has

them through complex critical decisions.

granted him some vital transferable skills. His

One vivid memory was assisting a CEO

time designing cryogenic equipment at White

with integrating a larger company with a

Martins instilled in him a deep appreciation

smaller one, involving the adoption of sales

of the intricacies of implementation and

processes and cultural aspects. Would they

the amount of skill and effort that goes into

adopt the agility of the smaller company or

implementing an idea. Understanding the

the structured approach of the established

process allowed him to consider the execution

one? Would the globally situated sales team

of a design realistically. As a Reservoir Engineer

be relocated to the headquarters? Rafa

at Shell, Rafa built upon that skill when he

assisted the CEO with these questions. They

learned to keep pragmatism and simplicity

considered each option’s pros and cons and

at the back of his mind to run an operation

considered the company’s long-term goals

seamlessly. He also practiced transparency,

and how they fit with each decision. They

proactiveness, and communicativeness and

also laid out the key drivers of their strategy,

relentlessly focused on simplicity.

navigated the firm’s politics and its people’s interests, and ultimately, Rafa increased his client’s confidence in their decided outcome. Rafa aims to equip his leadership toolbox with these management and decision-making skills to lead with precision and poise as a future CEO. Zach’s professional experience as an investment banking associate at Goldman Sachs will also be critical in the acquisition process. As a CEO, he plans on using distinct childhood experiences to practice leadership and grow their business. The second youngest of six siblings, Zach had plenty of role model figures to look up to and be inspired by, and he brought his siblings’ role model examples into his role as captain of the varsity tennis team at Yale. The role meant a lot to him, as it was bestowed on him by his teammates and ensured his team’s confidence in his leadership. On the company growth side, Zach is confident his skillset will be beneficial for 44

“Nobody wants to wake up every morning and go to work if it’s not fun or if they don’t feel like they’re fulfilling a bigger mission. So, we believe that work needs to be fun, and we want to make the work culture fun. We want to promote that.”

management.

inorganic growth through acquisition. During his tenure at Goldman Sachs and Crestview, he immersed himself in financial analysis and

Zach and Rafa were lucky to assimilate the

investing, which he hopes will assist him in

finest elements from the cultures of world-

finding compelling acquisition opportunities

class organizations where they previously

that the duo can tactically bring into their

worked, laying a solid foundation for their

acquired company to grow and create

search fund venture. Rafa underscores four

significant value for shareholders.

pivotal leadership traits essential for shaping a thriving company culture. First, employees should be able to speak their minds without

Leadership Goals

fear of hierarchy-related repercussions. Second, their contributions should be valued

Creating a new culture within an established

without concerns of job security or well-being

organization is an intricate task. It takes

within a meritocratic culture that rewards

intuition and experience to decide which

good performance and celebrates success.

cultural aspects of an entity to keep and

Third, a culture that promotes learning and

which to modify without changing its essence.

development is crucial, as employees have an

Zach and Rafa recognize this challenge and

opportunity to learn and are empowered to

are prepared to address it. With a grounded

take on increasingly meaningful challenges,

approach, they intend to assimilate with the

allowing both personal and professional

existing company culture by acknowledging

growth. Finally, the duo highly prioritizes

it, adapting to it, and gradually infusing

gratification and enjoyment.

their contributions through demonstrative 45

The compassionate and inclusive leadership

“I feel extremely proud, and

demonstrated by Sanofi, a global healthcare and pharmaceutical company, epitomizes the

it’s a sense of purpose that

values that Zach and Rafa aspire to embody,

you’re helping people grow

particularly during a challenging time like the

into leaders as well. And

Covid-19 pandemic (Sanofi CEO Paul Hudson on Company Culture in a Distributed Office

that’s what’s most exciting to

2021). During the strict lockdown phase in

me about being one.”

Vietnam, where the multinational company has headquarters, citizens were forbidden to leave their homes for any purpose. To

Zach wholeheartedly agrees with Rafa’s

manage this regulation, 300-400 dedicated

sentiment and adds that he can’t wait to spend

employees selflessly volunteered to stay at

the next few decades doing the same with

the manufacturing site, sleeping in tents to

their company, investing time, energy, and

ensure the continuous production of essential

passion into it and watching it dominate the

medicines for patients throughout the

market. He hopes to build a culture they’re

pandemic. The head of the site went above

proud of, create an amazing team, grow

and beyond to support the employees' well-

tremendously, and look back at their success

being, installing Wi-Fi routers to keep them

with well-earned pride.

connected with their families and arranging for

Zach and Rafa are eager to get in touch

hair-cutting services during their six-week stay.

with business owners looking to retire or

They recognized the employees as people and

for a succession plan or can refer one and

rewarded the ones who stepped up to help.

encourage them to leave their email addresses

Creating an environment for innovation and

at longhorizonpartners.com.

diversity of open expression is the kind that Sanofi CEO Paul Hudson states is the future of leadership.

Conclusion

As forward-thinking influencers, Zach and

Growing up, Zach Krumholz and Rafa Caldas

Rafa look forward to inspiring others to reach

were inspired by their entrepreneurial families

new heights. For Rafa, the true excitement of

and dreamed of owning a business. It was

leadership lies in watching the time and effort

no surprise that they decided to join forces

invested in his team members bear fruit as

at Columbia Business School to pursue

they exceed their potential and break barriers.

search funds as Co-Founders of Long Horizon

He has loved seeing former team members

Partners, combining their investment banking

gain autonomy, take on bigger challenges, and

and engineering backgrounds to set the stage

develop more impressive ideas than his own.

for a collaborative search, acquisition, and 46

management journey. Fueled by a passion for

blend of Brazilian and American backgrounds,

leadership and united by shared values, they

Zach and Rafa’s influential leadership

search for a firm with recurring revenue, cost

complements their partnership as two

efficiency, and a history of profitability.

passionate entrepreneurs who dare to fulfill

Rooted in a genuine passion for

their childhood dreams. The future is bright

entrepreneurship and equipped with

for these two trailblazers as they pave the way

exceptional leadership tools, Zach and Rafa

for a new era of business ownership—and it

promise a decades-long commitment to

wouldn’t be possible for either partner without

nurturing their SME for the long haul. With a

the other.

FASHIONING SUCCESS IN BUSINESS AND FRIENDSHIP

Cyrus Johnson and Trey Scott

Should you mix friendship and business? Most people might think it's a bad idea. Yet, with the current examples of successful friend-run businesses like Airbnb, Ben & Jerry, and Thrillist, one wonders if this idea of not mixing the two together is relevant anymore or if it ever really was. Trey Scott and Cyrus Johnson of Johnson & Scott have been friends since middle school, and their journey into the world of business and fashion has been both fulfilling and fruitful.

Complementing Collaboration

as business partners because they both had

abilities that complemented each other.

immense respect for each other’s abilities.

side of things. Cyrus always had the ambition

Both of them also have totally different

to start his own business and a knack for

personalities and deal with different sides of

handling the analytical and logistical side of

the business. Their collaboration took root in

things. So, after years of talking and sharing

high school when they enrolled together in

their dreams about fashion and starting a

an entrepreneurship class. This class is where

business, they decided to get together and

they discovered they would gel well together

start their own clothing line.

ne of the reasons why their business has worked is because of the close

Trey, who was dabbling in graphic design at

friendship they have. They both have

the time, was always focused on the creative

Start-up Entrepreneur

Creative Synergy

first took root, and both friends really got to

The entrepreneurship class they took together

their lives. When the project was presented

in high school in their hometown, Columbia,

and appreciated in the class, they realized it

Missouri, was a pivotal point in their own

had the potential to be a real business. It was

entrepreneurial story. In this class, they were

an idea that combined both Cyrus’ passion for

paired together as a team, and that’s where

starting his own business and Trey’s passion

they discovered their creative synergy. Each

for fashion. They both began to put a plan

team was expected to come up with a detailed

together to launch their brand as soon as one

business plan that would include details about

of them graduated college.

thinking about what they wanted to do with

their business idea, product, location, and

Starting Early

target market. This is where the idea for Johnson and Scott

So as soon as Cyrus graduated from business school in 2022, they launched their unisex clothing brand online. Trey is still in the final year of his Textile and Apparel Management degree at the University of Missouri and is applying everything he learns at college about retail, manufacturing, and sales to his own business. Now that they are both doing so well in the business, the only regret they have is not starting out sooner.

“Don’t hesitate. I don’t believe in failure. I believe in learning experiences. So don’t let the idea of failing stop you from what you want to do.” – Cyrus Johnson.

They both believe that they could have started this business way back in high school. They had a solid idea. They even had the designs ready, but the only thing stopping them was their own hesitation. So when asked what message they want to give out to other young entrepreneurs who are starting out, it is to start as early as possible and “just jump into it.”

“I would just say start earlier, just jump into it. Take small steps and get a feel for what you want to do.” – Trey Scott. enough creative freedom to conceptualize his designs and realize his creative vision. They both know how to stay in their lanes, so there’s

Cultivating Trust

hardly any disagreement between the two.

Starting your own business can be a daunting task, but it can become easier if you have a

Starting Up

trusted partner by your side. Trey’s passion for fashion and design complemented Cyrus’s desire to start his own business. What started

Both Cyrus Johnson and Trey Scott are young

as a classroom project eventually evolved into

entrepreneurs who are living their creative and

a full-fledged business.

entrepreneurial dreams after starting their company and seeing a fair amount of success

They say their biggest strength is in the trust

so early on in their careers. Cyrus is also

they have cultivated with each other over years

consulting with other businesses for strategic

of discussions and throwing ideas at each

planning and management, and he brings this

other. They also think a big reason behind

experience and learning from diverse fields

their success is how they give each other the

into his own business with Trey. For example,

space necessary to fuel creativity and business

when Cyrus works with an accounting firm,

acumen. On the one hand, Trey trusts Cyrus to

he brings that knowledge back into Johnson

handle the marketing and management side

& Scott to improve the financial management

of things. On the other hand, Cyrus gives Trey

and bookkeeping at his own start-up. Trey 50

Online or In-Store

also draws from his professors and mentors within the fashion industry to solve some of

An interesting question to ponder when

the challenges they face as new and young

you’re starting your own business, specifically

business owners.

in a post-COVID era, is whether to keep your business online or in-store. Johnson &

The biggest issue that Johnson and Scott

Scott launched their brand online first, but

currently faces as a clothing brand and

their dream is to do both. They also started

start-up is that of inventory. They sell out

collaborating with local events, stores, and

quickly at events where they have pop-ups

clubs that now showcase their pieces. They get

and then have to go back to get more pieces

the crowd in for these events and clubs with

manufactured for all the other events they

their brand’s popularity while they also find

signed up for. Sometimes they can’t get the

new customers at these spots. This strategy

inventory in time so they lose out on a lot of

works well for them because the clubs or

potential sales. This is a problem they are now

stores they go to have the same target market

in the middle of solving with the help of the

as them, so people would buy the clothes and

profits they are making as well as the investors’

wear them on the spot, in the club, or at an

funding and advice that they can rely on and

event.

draw inspiration from.

Currently, they are in the process of opening their first store in Columbia, Missouri. They also have plans to scale their business to other cities like New York and San Francisco, where they can really get involved in the fashion scene and start putting out their collections on runways. For now, they travel around to different cities like Dallas and Kansas, where there’s a huge market for their clothes and where they usually sell out within a day.

Expanding Worldwide With their business model primarily running online, they recently opened up online orders worldwide and discovered a large amount of customers throughout Asia and Europe with Thailand and Germany showing the most demand for their clothes. So their long-term 51

goals now include expanding into these international markets with in-store purchases and local manufacturing. Another expansion plan for the business is something Trey has always wanted to do. He wants to start his own sneaker line under Johnson & Scott and market it at global events like Sneaker Con. They say that the designs are ready, and the plan is in motion for their business to go to this next level and establish their brand as a serious contender in the field of Sports, especially Basketball.

Positive Messaging Cyrus and Trey are most proud of the positive vibes they sound out to the world with their clothes. Whether it’s their signature flower head sweatshirts or motivational messages like, “Love yourself as much as I love you” on their hoods, they really want to send out a message of love and peace into the world. They say people walk up to them and tell them how good it makes them feel to wear those clothes or see someone wear them. Trey believes his designs are interactive and give room for customers to talk with one another while giving out good energy and positivity. Both business partners are also passionate about supporting local talent and artists. They collaborate with street artists and other underground talent throughout the United States. They incorporate some of the designs they like from local artists into their collection and share the proceedings from each of those sales with the artists, giving them another venue to get some side income. 52

Conclusion One piece of advice from Cyrus Johnson and Trey Scott is to pick your investors carefully. They suggest you pick investors who will also act as mentors. To make sure they bring value and expertise along with their funding. Trey and Cyrus strongly believe a mentor’s advice can change the entire scope of the business and can really help new business owners overcome their blind spots. Trey and Cyrus might be very different from each other, but one thing both of them have in common is an invariably optimistic attitude. It helps them tackle their business problems head-on. It also helps that they both respect each other’s opinions and trust in each other’s abilities. As Johnson & Scott keeps cranking out fresh designs and venturing into new markets, they want to remind you that it’s not just about the product you have but also the people you roll with and the amount of passion you bring to the table.

THE GOOD, THE BAD, AND THE UGLY OF GENERATIVE AI

Shehryar Akhtar Founder & CEO | Prontopia

"Human creativity is very unique. That's because whatever humans do, there's an emotion in there, and you end up communicating that emotion. AI cannot have that emotion, so left on its own, it can appear cold and without emotion. So human

warmth and ingenuity is important."

Start-up Entrepreneur

ith over 20 years of experience in the tech world, Sherry Akhtar spent most of this time building countless applications for tech giants across the globe. However, Sherry always dreamed of experiencing the start-up world by bringing his own product into the market. A dream he has now accomplished. He co-founded two successful tech companies, both running on AI technology.

How Can Generative AI Be Used to Augment Human Creativity?

Sherry founded Cloutel in 2014 as an AI-focused cloud, data, and information security solution provider for Fortune 500 clients. In 2020, he co-founded Prontopia with his wife, Ash Shehryar, and his long-time business partner, Will Feldman. Sherry also serves as the CEO of Prontopia, a no-app artificial intelligence technology company that leverages AI tech to make quick videos for its users.

For example, if you’re reading something and

Even though both his companies use generative AI technology, Sherry is still a big proponent of human creativity. He believes AI technology can be used to augment and aid human creativity but can never truly substitute it. The big reason behind this, according to Sherry, is human emotion. Which is something AI technology simply cannot experience.

something isn’t sitting right with you, chances are a machine wrote it. That one thing you can’t quite put your finger on while comparing content written by humans versus Chat GPT is most likely the human element of creativity fueled by emotion. So, AI-generated content cannot replace human communication because, so far, it does not resonate with other humans the same way as actual human writing does. Sherry believes emotions are at the center of everything humans do. 55

Should Educational Institutes Adapt to AI Technology?

According to him, AI technology will never be able to replace humans, but humans with AI can benefit way more in the future than humans without AI. Generative AI technology like Prontopia can help reduce the strenuous

According to Bill Gates, Generative AI models

hours it would take a skilled videographer to

are the most important innovation and

make a 5-minute video for a client and do it

technology advancement since the personal

for him in less than 15 minutes. Technology

computer. Since the personal computer has

like Prontopia does most of the work on the

become an essential part of our academic

backend.

lives, it is not too far-fetched to believe that language models will have the same fate soon.

For example, a videographer will not have to put hours of monotonous work into finding

Sherry had a very interesting take when asked

suitable clips, syncing the audio, or editing

what he thought about using generative AI

the color palette to create the video. All he

like Chat GPT in classrooms and schools. He

has to do is conceive the idea and give the

believes that educational institutions need

right direction to the AI video technology he is

to come to terms with the use of AI quickly

leveraging. The videographer will eventually

and cater to the changing needs of the world

benefit as he ends up with free time to work

and the young generations they’re trying to

on other projects that require his attention,

educate. Classrooms must adapt to innovation

creativity, and direction. Small businesses and

and technology faster than before to stay

enterprises using such technology can leverage

relevant.

it to take on more clients and projects than they previously had the capacity for.

“A lot of people think AI is going to take their jobs. The reality is the person who understands how to leverage AI is the one who is going to take their job. So if you want to keep your job in the near future, you have to learn it, know how to use it, and become an expert.”

Sherry points out that technology has always

Some of the ethical concerns presented

been slow to be accepted within the confines

by Generative AI technology may include

of the classroom. He says calculators weren’t

allowed in classes at first because teachers

fakes, and manipulation. Other problems

thought they would hinder actual learning, but

like data privacy, false information, bias, and

in reality, they only helped augment it. Similar

discrimination also raise ethical concerns.

examples can be found in terms of allowing

These issues caused by Generative AI

laptops and phones into classes, to now when

technology demand immediate attention

it’s almost become impossible to get anything

from the global tech giants, human rights

done without them. Sherry thinks generative

organizations, and governments to be tackled

AI Models like Chat GPT are also inevitable

globally.

technologies that will eventually be allowed

Sherry believes humans must evolve from

into the classrooms.

reacting to problems and become more proactive in dealing with predicted problems.

What are the Ethical Concerns Surrounding Generative AI?

One of the most critical issues looming over our heads as we delve deeper into generative AI and machine learning is finding the right balance and ethical grounds when it comes to 57

developing such technology. AI is an enabler

step in the future of Generative AI is Artificial

that’s incapable of doing much right now

General Intelligence (AGI).

without a human guiding it. It’s essential to create global ethical boundaries around

So far, Artificial General Intelligence has

developing AI technology.

been conceptualized as a type of humanlike intelligence adapted into technology, such as software and applications. It is an artificial intelligence with human-like cognitive

“The problem is not with AI. The

abilities, including problem-solving, logic, and

problem is the creators of AI. We

reasoning. Generative AI can already read,

humans are not perfect. We are

process, learn, and write, so it’s only about

the ones who will groom AI for

time before AGI can start performing more intellectually challenging tasks.

bad reasons, so the responsibility will always lie with the humans.”

However, he also believes that we need to stay on top of these developments and think five steps ahead to ensure such powerful technology is only leveraged for the

According to Sherry, just like the internet and

betterment of the world. He says humans

social media have a dark side, AI can too. The

are flawed. So, we must put conscientious

reason behind this dark side is, again, human

guardrails around such technology before

nature and psychology. We are just as capable

losing control.

of destruction as we are of creativity. Sherry suggests global legislation around pressing

Sherry believes if AGI is done right, it has the

issues like deep fakes, voice manipulation, and

potential to make the world a better place to

live in for all. Humans might finally be able to give their rational minds a rest and focus on their emotional and spiritual well-being

What is the Future of Generative AI?

instead of tirelessly working like machines. Sherry says technology should be used to stay human instead of becoming a substitute for humanity.

Generative AI is a beautiful tool and a stepping stone toward the future of technology. It’s always learning from its mistakes and improving as it interacts with more humans. AI needs to collaborate with humans to get better. Sherry Akhtar and many other tech leaders believe that the next 58

SUSTAINABLE FUTURE: ECO-INNOVATION AND PURPOSE-DRIVEN PROFIT

Warren Jonas CEO & Co-Founder Wild & Stone Limited www.Jonasconsultancy.com 60

Start-up Entrepreneur

Creating a Sustainable World from a Sustainable Business

“We were in the bathroom brushing our kids’ teeth, and we were like, you know, there was a lot going on in the world. The weather was crazy. And we were looking at each other

n today’s world, where

thinking, do you know what, plastic in the

environmental concerns

home is such a problem, and we’re part of the

are more pressing than

ever, ecopreneurs who

problem.”

take the initiative to create positive change hold a special

toothbrushes to household

spread into the environment.

place. One such ecopreneur

items, these products have

These microplastics can travel

is Warren Jonas, a former

found a global audience

long distances and even be

corporate professional who

of people embracing a

found in the marine life and

decided to move into the

greener lifestyle. For those

mammals we eat (Nicole).

world of entrepreneurship to

concerned about climate

Through this environmental

address the problem of single-

change, Wild & Stone provides

spread, which makes its

use plastics. To address this

sustainable alternatives that

way up the food chain,

problem, he developed Wild &

empower individuals to make

microplastics end up in almost

Stone, a company that makes

environmentally conscious

all of our bodies.

quality eco-friendly products.

choices.

Jonas’ simple vision to reduce

In an age of fast-paced

the environmental impact

Over 300 million tons of plastic

consumerism that has led

of single-use plastics has

are produced every year,

to the creation of so many

made an impact on the

half of which are single-use

single-use products, Warren

world. With a steadfast focus

plastics that are thrown away,

Jonas takes a refreshingly slow

on organic materials and

like the toothbrushes that

and meticulous approach

eco-friendly manufacturing,

inspired Jonas to start Wild &

to product development.

Wild & Stone now offers an

Stone (Environmental Center).

Each product goes through

impressive collection of over

These plastics don’t harmlessly

several stages, from the initial

100 sustainable products

dissolve into the environment;

idea and concept to design,

manufactured with organic

they recursively break down

prototyping, manufacturing,

materials. From the original

into smaller pieces that

logistics, and finally, entry into

the market. This dedication to quality ensures that every product that bears

With options to choose from,

that failures are an integral

Jonas found one that aligned

part of the learning process.

with his eco-friendly values. Now, with his local partners,

Instead of dwelling on

they were able to expand their

short-term losses, he

functionality.

product range, enabling them

embraces setbacks as

to produce different offerings

valuable opportunities

“We connected to a group that

at high speed.

to evolve his business

the Wild & Stone name is a testament to sustainability and

helps us work with different factories so we can have a longer chain. We can diversify manufacturing if required. And then, we went through multiple suppliers within the Indian market ... We found a really amazing supplier who has the right eco-credentials, ethos, and sustainability elements that we feel are

strategies. Failures are an “We wanted to be known as

uncomfortable reminder

an eco-lux provider that gave

that our mental model of the

customers choice. And so we

world is inaccurate; rather

really wanted to broaden the

than stubbornly refusing to

options for consumers. And

adapt, Jonas accepts these

so we would walk around the

opportunities to refine his

house saying, can we find a better solution to all the different products that we use on a day-to-day basis?”

important.” Jonas highly values local expertise, as they are key to maintaining flexibility and

A Journey of Collaborative Growth

achieving higher standards.

In addition to founding

On his quest to produce a

Wild & Stone, he leads two

unique coffee cup, Jonas’

other businesses, a property

initial manufacturer copied

management group and a

a competitor’s design. As

consultancy business. This

uniqueness and quality was

diverse range of ventures

a core value, a half-baked

allows him to not only

product would not do. That

contribute to environmental

product was crossed off, and

sustainability but also to

the team went to work on

explore different avenues for

identifying the next single-use

growth and innovation. Like

item in the home that could be

any successful entrepreneur,

replaced with an eco-lux item.

Warren Jonas acknowledges 62

“Don’t fear asking for help. Don’t fear asking for someone for a perspective, because I think actually you might have plan A, someone else have plan B, and then when you merge them together, you just get a much better plan or thought pattern of what to do. So actively seek advice and criticism to help you.” ideas and approaches. In a

ideas, which may become

world that often promotes

more efficient and well-

individual innovation,

rounded solutions. As much

sometimes people must

as consulting is teaching

learn to accept other’s

others, Jonas opens himself

advice. Collaborating with

to learn from these different

others unlocks the capacity

experiences. This growth

to synthesize different

mindset and wide range

of experiences has been instrumental in steering Wild & Stone toward continuous improvement and success. “Gambo is Gandhi and Rambo together, Gambo in the middle. I’m more Gambo nowadays than I think I would have been known as Rambo back in the past.” Young entrepreneurs are often willing to make more aggressive business

Yan Krukau/Pexels

maneuvers, which usually fades as people age. As Jonas develops his businesses, he still embraces this rambunctious attitude, but has balanced his life sustainably. This long-term stability is created from a property business, which acts as retirement funds, and his family, which likely guides his decisions. His other two businesses, Wild & Stone and his consulting business are targeted at helping the posterity of the world. 63

Needless to say, the reusable

to combat single-use plastics,

advice, learning from failures,

products contribute to a more

his willingness to seek advice

and collaborating with like-

sustainable and pleasant

and different viewpoints will

minded partners, Warren’s

world. On the other hand, the

lead to the development

impact reaches far beyond the

consulting business is more

of more impactful and

boundaries of his business,

personal to him, acting as a

thoughtful products. Each

inspiring a global movement

fulfilling cycle of helping others

product designed with

towards a more sustainable

and dealing with complex

organic materials and

and prosperous world for all.

experiences.

manufactured with a focus

As more people embrace the

on eco-friendliness leaves

eco-conscious choices offered

Conclusion

a smaller environmental

by Wild & Stone, they actively

footprint, contributing to the

contribute to the preservation

As Warren Jonas expands his

preservation of our planet

of the planet and ensure a

eco-friendly business and

for future generations. With

brighter, greener future for

makes strides in his efforts

his dedication to seeking

generations to come.

Executive Coaching

MINDFUL LEADERSHIP Emma Richmond | TEC Canada Chair

Career Trajectory

Marketing for over 20

leader, more appreciative of

years, working in the UK

stable human resources.

mma Richmond has

and, eventually, Canada.

been in business

Over the two decades,

leadership positions

she handled projects for

for more than two decades.

multinationals, strengthening

Her deep business

her leadership foundation

knowledge stems from

and cultural intelligence.

years of experience working

Thus, she developed a unique

in different markets and

perspective of corporate

operating a successful

culture that considered

company. In addition, working

collaboration and knowledge-

and interacting with industry

sharing as performance and

leaders has heightened her

growth imperatives.

awareness of leadership

“I spent most of my time problem-solving.” When she joined TEC Canada as a Chair of a peer advisory group, its offerings checked her values and business needs. TEC Canada brings together CEOs and business leaders from a local area into a mentorship group where they receive support, share

challenges and potential.

After she moved to Canada

Therefore, she looks to build

in 2004, she co-founded a

leadership and business

marketing research business

capacity by sharing tried and

known as The Sound

verified interventions with

Research. The new venture

interactions have kept her

members of her TEC Canada

drove her out of her comfort

abreast of trends in leadership

CEO Group.

zone. Her new endeavour

and the changing nature of

became a learning experience

work, especially after the

that made her evolve into a

Covid-19 pandemic.

Emma had been in PR

knowledge and ideas, and recognize their business and professional innovations. Such

The Role of TEC In TEC Canada, Emma ‘s approach as a Chair focuses on helping members reach their potential. The organization offers a platform with more than 1,900 members nationwide who aim for business growth. It is made up of different peer groups that align with categories of business leaders, their unique growth and learning needs. However, when joining a group, developmental needs, organizational size, and market specifications are taken into consideration.

"People are the essence of every business.”

members. A key element is

them and make the most of

trust and the relationships

their unique situations.

that develop are remarkable because of the sharing,

Offering support

support and trust in the

Most leaders and business

group. She envisions flexible

owners lack a support system

and resilient organizations,

they can turn to for advice.

and she has been critical in

Emma, as a TEC Chair, offers

building adaptive decisionmaking and leadership capacity. Her responsibilities include:

critical support: advice and pointers that guide effective decision-making across industries.

Promoting personal and professional development

“From every

Starting, growing, or exiting

interaction, there are

a company poses challenges

things that I learn;

for business leaders in Canada and worldwide. TEC

having the peer support

Canada provides leaders

and sharing can be very

at every growth stage with

acknowledging and

a chance to enhance their

validating.”

personal and professional skills while managing multiple

Emma has a transformational role in TEC Canada as a

responsibilities.

Develop leaders’ flexibility to change

Fostering accountability

As a skilled expert, Emma

advisory group. She has

Emma helps leaders

helps her members navigate

expert business knowledge

embrace their personal and

change by developing broader

and works to understand her

professional diversity to

perspectives on leadership

members and their businesses

determine their development

that integrate insights from

in depth. For that reason, she

needs. She helps nurture

skilled individuals and global

conducts one-on-one coaching

the appropriate leadership

markets. As a result, the

and facilitates the monthly

mindsets through one-to-one

global perspectives help

meetings which operate as

coaching sessions that help

them navigate change as they

something similar to a private

members identify problems

integrate proven interventions

board of directors for her

with their leadership, tackle

in business, their careers and

Chair of her growing peer

personal lives.

all employees, including

hierarchical structures have

subordinates, can come

become the most preferred

Developing better decision-

up with solutions. But, in

systems despite having a

making

hierarchical structures,

higher strain on leaders

The TEC Canada membership

differences in power distances

than flat organizations. This

experience centers around

mean leaders have the

structure affords leaders the

the private peer advisory

additional responsibility of

autonomy and empowerment

group, which meets

devising solutions with great

to explore their unique

monthly. In this group, 12-16

business impact. Nevertheless,

knowledge and creativity.

exceptional executives from non-competing businesses gather to tackle challenges and identify opportunities. These peers offer unique perspectives that your employees cannot provide, helping you to evaluate solutions effectively. As a TEC Chair, Emma guides her group members to build their decision-making confidence and overcome obstacles.

Effective Leadership Regardless of organizational structure, every organization has its fair share of challenges. However, when a challenge emerges, businesses tend to respond according to their organizational structures. For example, for a flat organization, equal power distribution means 69

They also have the advantage of exercising authority on a wider range, especially in evolving workplaces with interdependent departments (Foss & Klein, 2023). Therefore, organizations that use the hierarchical structure can facilitate positive

foster mutual trust. However,

to put more effort for no

a lack of boundaries carries

rewards while others have

professional and ethical

minimum input and still get to

risks for a leader. For

enjoy the benefits. Therefore,

example, oversharing is

understanding group

counterproductive to a culture

dynamics is a performance

of respect. It additionally

imperative when integrating

places an emotional burden

peer group models in

on subordinates, coercing

operations.

organizational psychology

them, to a leader’s benefit.

as managerial duties are

“Boundaries bring

delegated to numerous departmental leaders,

a sense of honesty,

Promoting Cohesion TEC Canada members enjoy a

therefore reducing the burden

collaboration,

on the CEO.

inclusion, and trust

access to expert speakers who

in an organization.”

inject group meetings with

Research proves that showing vulnerability humanizes leaders. When people display their true feelings at work,

unique advantage — exclusive

the latest thought leadership.

Peer advisory groups

Gain MBA-caliber knowledge

can facilitate positive

that translates into immediate

organizational psychology.

action. TEC Canada’s speakers

they can explore new ideas,

However, leaders need

bring the industry’s finest

share their perspectives,

to know the challenges of

experts to the table, providing

and develop important

peer advisory groups to

additional insights that foster

solutions, moves that

make them more effective.

the exchange of ideas and

are only acceptable in an

Effective peer advisory

information among peers.

inclusive and diverse work

groups foster productivity

With a wealth of data at your

environment. Hence, leaders

and job satisfaction. In the

fingertips, a multitude of

must build work environments

current business world, they

strategic options emerges

that embrace error and

can only work well if leaders

across various domains,

vulnerability for individual

put more intentionality

enhancing innovation and

improvement.

into ensuring everyone

creativity within peer groups.

contributes effectively and is Even though leaders benefit

well rewarded. According to

In the realm of leadership,

from being vulnerable, they

Baym & Hardley (2023), there

fostering an environment

would benefit further when

is increasing concern over

steeped in knowledge-sharing

they set clear boundaries.

inequalities in contribution to

becomes a cornerstone of

Vulnerability is known to

peer groups, causing some

successful operations. This

“Moving away from the bad habits and towards the good ones, making changes, and making it possible to follow those changes can be beneficial to you. Positiveness is much more powerful and keeping an open mind is impactful and beneficial to all of us.” environment harmonizes

respect and appropriateness.

BC, and as a partner in her

diverse ideas, feedback, and

This framework encourages

assessment business. Her

concerns into a tapestry of

the fluid dissemination of

extensive experience as a

operational excellence. It’s

information, empowering

business leader, coupled

a delicate equilibrium that

its efficient utilization while

with her learnings from her

nurtures both mutual respect

steadfastly adhering to ethical

master’s program, enable her

and open correspondence

boundaries. As knowledge

to apply valuable lessons to

between colleagues and

flows freely, it nurtures

her work. She believes that

leaders alike. Leaders must

growth, fuels collaboration,

employees play a crucial role

embrace the art of offering

and propels organizations

in detecting and reacting to

and receiving feedback with

toward enduring success.

change within an organization.

grace, thereby unlocking

Hence, investing in personal

Conclusions

and professional development

In this landscape, information isn’t just exchanged; it’s

Emma Richmond is excelling

capacity to create innovative

meticulously integrated into

as the TEC Chair of a TEC

solutions when they are most

a system that thrives on

CEO group in Vancouver,

critical to business.

untapped business value.

is essential to building the

Spiritual Coatch

EMBRACING LIFE’S SPECTRUM Julie Piatt | Founder, CEO, Spiritual Guide SriMu | Water Tiger | Pilgrimage Retreat

Reminiscent of Renaissance Italy and France, the art she lives and breathes allowed her to express herself as a fashion designer, chef, author, painter, healer, spiritual guide, and most recently, an entrepreneur. But exceedingly, knowledge of the metaphysical has marshalled her experiences and actions, aligning them with her divine identity: a mother and SriMati. Julie had gone to different shamans, learning various doctrines and cultures. Craving a more profound sense of purpose that had persisted throughout her life, a simple act of ticking a box on a sign-up form led to a shaman bestowing upon her the name Sri Mati, which embodies beauty, love and bliss in all manifestations. The shaman tasked her with embracing this name as a daily charge, a noble ideal to personify in every aspect of her life. With vivid memories of wastage in the fashion industry, transitioning to the business sector came with considerable hesitation. But in SriMu, a new opportunity emerged, diverging from the skepticism about the authentic taste of plant-based “not cheeses.” Adopting a production model that avoids excesses and respects all aspects of nature, Julie was inspired to launch her company, carving out a niche in the vegan lifestyle market. 73

Embrace your Unique Journey

that the concept of pain is often a growth

Many fall hook, line and sinker for the fallacy

expecting this blissful experience, oblivious

that growth means positivity in all aspects of

to the supernatural. And in that naivety, they

the experiences in life. But life happens, crisis

are often blind to the existence of competing

strikes and anything that deviates from this

forces of light and dark. In pain and darkness,

imagination sticks out like a sore thumb.

Julie explains, lies a life-changing moment

opportunity.People journey through life

which, when approached with clarity, will unleash one’s higher self.

Julie felt a deep connection with ‘all nature,’ a bond that seemed at odds with her father’s

Turning Poison into Wine

role as a hunter. The nuanced similarities between her affinity for nature and her father’s

Overlapping with human life are the competing

work as a civil engineer and builder, serving

forces of positivity and uncertainty, curating

the community and showcasing artistry for the

a far-reaching cosmic balance in the physical

Association of Indigenous Alaskans, initially

and spiritual realms. Embracing the innate

eluded her. Learning to appreciate the person

potential of human beings, SriMati emphasizes

that he was, his final moments only amplified

that sculpting your personal journey requires

the bond they already shared as father and

fully utilizing the trials, pains and actions you

daughter. What was to become a tumultuous

encounter to overcome adversities. Thus, living

period for her family transformed into:

your best life isn’t merely about welcoming positive experiences but about achieving a

“...a celebration of the most

state of grace and presence, allowing time for

cherished moments of his

what truly matters as you naturally navigate the currents of life.

devotion and presence, and resoundingly, preparing

“Being an alchemist means

him for a continuation of

utilizing everything without

his spiritual journey into the

letting any of it go to

other-worldly realm.”

waste, whether it is the life experiences, emotions,

From embracing the painful reality that it was

events, and really turning

time for her father’s departure, they found transcendence, making every second count

the poison from your unique

in his final days. Distraught and panicky,

experiences into wine.”

many wallow in painful experiences, straying from their divine path, but SriMati divulges 74

into new bodies across time, people lose

“Pain is a crumbling of what

some of that talent and energy, to name a

we think is reality in our

few, they had in previous lifetimes across

journeys as spiritual beings.

Millenia. But simultaneously, the planet also has ‘acupuncture points’ where one can

But it is in the crumbling that

commune with forgotten memories and parts

we evolve and awaken to the

of themselves, restoring the ultimate balance

everlasting aspects of being

between what they were and that which

spiritual or multidimensional

they needed to be, living in the world’s raw splendor.

and having different experiences.”

Power Spots “There is considerable evidence that individuals use both natural and supernatural explanations to interpret the origin of species, illness, and death. Further, the supernatural explanations often increase rather than decrease with age, supporting the proposal that the mystical phenomena are integral and enduring aspects of human cognition (Legare et al., 2012).” ‘The Great Chain of Being,’ despite its profound influence on most historical Western theology, has been a sacred part of different cultures and religious texts from around the world. The extramundane perspective is wrapped in the diversity of ideas surrounding the greater cosmic order, from which humans possess unimaginable potential. For SriMati, humans have always

“There’s only one of you in the omniverse. Embrace your unique journey.”

had a flair for creation. Reincarnated 75

“Egypt is a powerful vortex and connected to the ancestry of all races around the world. The closest civilization to Atlantis when we were still active in our divinity.” Egypt, the last bastion of ancient civilization, is one of the ‘power spots’ where people have the potential to reclaim the wisdom they have carried through history. Connecting with the frequency of vibrational space allows the soul to draw upon ancient knowledge, amplifying the experience of a place. Fortuitously, through pilgrimages, SriMati guides individuals along a spiritual path, fostering a synergy with their ancestry and reinforcing a connection with the thoughts and insights of predecessors.

Tapping into the Power Spot Within

of their personal paths to enlightenment.

“The awakening on the

traditions of mantra, SriMati’s words hold a

planet’s power spots also

potent resonance, a power that numerous

Drawing from lifetimes steeped in the

participants have found to be transformative

happens inside each one of us

in their spiritual journeys. Unlike traditional

in the most potent power spot

community-based programs, the Water Tiger

there is, the human body.”

mentorship operates on a unique model. Subscribers gain exclusive access to a wealth of tools without the typical community

Going deeper into SriMati’s spiritual offerings,

interactions. Every month, SriMati provides a

the Water Tiger mentorship emerges as

two-hour spiritual discourse, addressing both

a transformative experience for many. It

the prevailing planetary shifts and responses

embodies a ‘way to no way’ philosophy, serving

to individual queries. It’s a holistic experience,

as a living sphere of techniques that empower

tailor-made for those eager to engage with

individuals to craft and take ownership

their spiritual selves on a deeper level. 76

When Julie’s husband, Rich Roll, an ultra-

In Roll’s story, as it is in Julie’s, unlocking

endurance athlete, author, vegan and wellness

the potential of the mind and body affords

advocate, and host of the famous Rich Roll

one an unparalleled awakening. Based on

podcast, was contesting in the ‘double Iron

her experience, embracing a lifestyle that

Man races,’ she was sure she wanted to help.

resonates with a ‘higher life’ and eliminates

Whether she was hosting ‘2 or 50,’ cooking

excesses can unleash one’s inner alchemist.

was effortless for her, so she supported him

This approach transcends lesser aspects

by preparing revitalizing plant-based recipes,

of one’s health and life, transforming them

rekindling the energy he already had moving

through the nurturing force of the planet,

into the competitions.

often referred to as ‘plant power, ‘all while honoring the life and sanctity of animals.

Rich Roll moved from a counterproductive lifestyle in his 40s to making the purposeful decision to consume plants and lead a

Finding Growth in Challenging Times

conscious life. Demonstrating the potent synergy of mind and body, he rose to the top in competitions within just two years, cultivating a robust following drawn to his

In the realms of spirituality and culinary arts,

fervent advocacy for fitness and a healthy

Julie discovered her true strength, pouring

vegan lifestyle.

the richness of her passion into creating

over 300 plant-based recipes and authoring

from crafting culinary delights, she has

books on the subject. She advocates viewing

penned recipe books published by Avery

both the joyful and challenging moments in

Random House and created three albums:

life as opportunities to steer oneself towards

SriYa, Mother of Mine, and Jai Home. She has

improved health, positivity, or adept crisis

also authored titles such as “This Cheese is

management. For SriMati, what seemed like

Nuts” and “The Plant Power Way” series with

an ‘incurable condition’ actually set her firmly

her husband. For those interested in further

on a path of healing. She believes that in

immersing themselves in the richness of the

everyone’s journey lies a vast world of endless

physical world, SriMati will be guiding the

possibilities, where they can master the art of

Water Tiger Pilgrimage in Egypt, offering two

transforming pain into something profoundly

sessions from October 29th to November 9th

nourishing, akin to ‘turning poison into wine.’

and November 11th to November 22nd. For more information, visit her website.

Conclusion The intricate intertwining of the spiritual and physical realms is truly astonishing, a testament to the remarkable capacity of the human body to heal itself and the spirit’s ability to carve out unique pathways in its ongoing multidimensional voyage. Amidst a wealth of knowledge often lost or overlooked, individuals bear the higher duty to delve into the fragments of history to uncover insights into themselves, the interconnectedness of ‘all nature’ and their ultimate purpose in existence. Yet, as Arthur Lovejoy once noted, highlighting the fragility inherent in the ‘great chain of being,’ it is essential to maintain a sense of humility and awareness of our limited understanding. In this vast cosmic machinery, one can, at best, consider oneself a perpetual student, ever eager to learn and explore realms beyond the known. Looking to foster a deeper bond with the Earth? SriMu embodies the planet’s vibrations, transforming them into delightful flavors and nourishing sustenance that is scalable yet gentle on nature. Apart 78

MATERIALIZING MAGIC Colin McWhinnie CEO/Co-Founder Canada StartUp Co-Founder Sales Primer

Innovation

“Many people think innovation is about idea generation. True innovation is an idea that is implemented and provides value.”

Innovation Expert

oming out of university, Colin McWhinnie’s worst fear was leading

a professionally monotonous life. In 2008, he became the Founder and CEO of Canada StartUp and has been bringing relief, satisfaction, and thrill into the world for 15 years, one startup at a time. Canada

need help figuring out what to

the market for testing and

do after they come up with a

feedback so that they’re

great idea.

one step closer to delivering meaningful value. In addition

Innovation is not merely

to seeing product ideas

imagination—it is also

executed practically, Colin

implementation. In Colin’s

finds the confidence and

extensive experience, idea

communication skills that this

generation is the easier half of

intense journey equips the

the process. Most innovators

founders with to be extremely

like incubating their product

rewarding.

StartUp is a business and

ideas, keeping them safe from

consulting firm that has

external criticism until they are

Colin is also the co-founder of

guided over 500 companies

perfect. Bringing the concept

Sales Primer, a professional

across the invisible bridge

out of the warm womb of

training and coaching

separating idea and profit.

potential and into the variable-

business that teaches

Colin enjoys working with

strewn real world is the step

business founders and sales

founders to push them out of

most entrepreneurs find it

leaders how to grow their

their comfort zone and give

difficult to take. But Colin

revenues. In addition to that,

their product ideas a broader

knows that entrepreneurship

he extends his expertise as

impact. At the heart of every

is a verb. It requires doing.

an entrepreneur in residence

startup is innovation. But after

And he plays a huge part

to several accelerators that

working with innovative ideas

in pulling founders out of

support startups. Colin’s post-

for nearly two decades, Colin

a brainstorming paralysis

graduation nightmare didn’t

has noticed that most people

and bringing products into

come close to being true.

Worldly Impact

society and the environment.

seemingly formidable task of

A memorable case he recalls is

transforming an organization’s

When it comes to innovation,

that of the Snug Vest, invented

culture?

by Lisa Fraser. Her inflatable

According to Colin, it all starts

Colin has seen it all—from the dot com era to the artificial intelligence paradigm shift. His strategy for transforming innovative ideas into successful businesses has been to support entrepreneurs through practical tools and mentoring support. This includes taking the idea to the minimum viable product (MVP) stage, presenting it to potential customers, communicating

vest provides deep-pressure therapy for children with autism, sensory processing disorder, or anxiety. When Colin and Lisa started

Shifting Company Culture

talking to parents during the

with the individual. Over time,

customer discovery process,

education, social pressure,

which involves fine-tuning a

and society’s aversion to

product based on customer

change beat the creativity out

feedback, Colin was struck

of a person. The crucial first

by how innovation can affect

step is making people realize

various stakeholders. Not only

they’re holding themselves

was Lisa easing the troubles of

back, suppressing their

with them and receiving candid feedback about the product’s perceived value, and assisting them with the modification or pivoting process if necessary. The highs and lows of this journey can be stomach-churning, especially if you’re attached to your product idea and are

“It strikes you, right, that story? You want to roll up your sleeves and give extra effort supporting that solution having a real impact on people’s lives, rather than one solely about making more money for everybody.”

new to entrepreneurship. Colin, therefore, plays

the children, but she was also

creative potential. Once

an indispensable role in

adding relief to their families.

this self-imposed barrier is

mentoring and supporting

Inventive breakthroughs call

identified, it’s possible to tap

his clients as they bring their

for comfort in the realm of

into their latent creativity by

products to market.

creativity. This can only be

highlighting their integral

fostered if the entrepreneur’s

role within a more extensive

Colin finds profound

team is receptive to fresh

network. Individuals

satisfaction in partnering

ideas and perspectives. The

need to comprehend the

with entrepreneurs who are

question then arises: how

impact of their day-to-day

driven to positively impact

does one accomplish the

responsibilities on their peers,

“It's incredible what happens. One organization said, ‘The winds of change are blowing through our department now.’ And I love to hear that because you can feel it walking into a workplace…you can hear a buzz, unlike everybody working in their little silo.”

customers, stakeholders, and

Another insight that unlocks

individuals grasp this, they’re

the overall organization. They

a person’s capacity for

free from the perceived

are more than just an isolated

meaningful participation is

obligation to produce the next

entity working at a desk; they

the understanding that not

revolutionary idea. Instead,

are part of a larger whole.

all innovation must result in

they acknowledge their

This realization can empower

a monumental change. Many

realistic ability to contribute

people to develop creative

groundbreaking innovations

to an idea. As they grow

ways to further contribute to

come in the form of minor

comfortable with the extent of

the company, opening up new

yet beneficial modifications

their impact, that’s when the

avenues for innovation and,

that can be implemented

true transformation begins.

ultimately, revolutionizing the

swiftly. These are the minor

Measurable indicators of the

entire organizational culture.

but impactful tweaks that

idea’s success also help lay a

Colin has witnessed this

significantly streamline

strategic, purpose-driven path.

directly.

the broader system. Once 83

The Evolution of Innovation

In the pursuit of bringing

Colin has noted a rising trend

transformative product ideas

among these entities: the

to life, Colin advocates for

embrace of transformational

an incremental approach.

leadership and the formation

Having observed the ever-

He suggests starting with

of internal innovation

changing trends in today’s

a product that demands

hubs—these vibrant teams

entrepreneurial landscape,

less commitment from the

function beyond bureaucratic

Colin notes a shift toward the

customer. You can introduce

restrictions, nurturing a space

understanding that innovation

more substantial innovations

where ingenuity thrives.

and communication go hand

once your company has

Canada StartUp cultivates

in hand. Entrepreneurs

gained a firm footing. This

this innovative mindset

are now keen on gauging

strategy avoids overwhelming

by teaching staff to weave

consumer interest before

the customer with drastic

creativity into their daily work.

investing significant resources

changes all at once, something

The organization cultivates

into product development.

most customers dislike.

a more intrapreneurial

Although it can be appealing

environment by fostering

to develop a groundbreaking

a culture that regularly

idea to fill a market void, it’s crucial to recognize that even potentially transformative ideas can falter if they’re

Intrapreneurship and Surviving the Paradigm Shift

too far ahead of their

celebrates innovation. The rate of change today is accelerating at an unprecedented pace, and

time. Furthermore, Colin

Aside from collaborating

having witnessed the trends of

underscores the enduring

with nascent businesses,

recent decades, Colin observes

importance of hard work in

Canada StartUp also engages

that the newest landslide of

entrepreneurship. Cutting

in substantial partnerships

change, artificial intelligence,

corners can jeopardize

with public organizations and

is a paradigm shift. He has

the solid foundation that’s

municipalities, paving the way

noticed it being used by

pivotal for business success.

for collective transformation.

almost all of Canada StartUp’s

“One of the most difficult things in the world is understanding that even though your product might be better than what is in current use, if the market isn’t ready for it or does not have the incentive to change, you’re going to have a long road ahead of you.”

“The thinking was, ‘Well, I can solve many of their problems. Why don’t I put everything in front of them and suggest we do it all at once? Why wouldn’t they want that?’ The problem is a big change and a bigger price tag. And you’re often pushing the customer away because it’s too big of a decision to make, especially if they haven’t worked with you before.”

clients to some degree,

Colin’s compelling perspective,

phase. Colin, a seasoned

either for internal use or by

the fulcrum of innovation

expert in innovation and

adapting their technology.

lies in empowering company

entrepreneurship with

AI’s formidable role in

founders and enabling front-

over 500 startups under

driving innovation is evident,

line teams to breathe life into

his guidance, emphasizes

especially in data analysis, with

new ideas. In essence, the

the significance of each

the COVID pandemic vaccine

democratization of innovation

individual’s impact within an

development being a prime

within the organization

organization as a catalyst for

example.

emerges as a fundamental

cultivating an internal culture

driver of success.

of innovation. He espouses

“I think that the hype is

the view that innovation isn’t

real. And I think when you

Because what is innovation if

just about fleeting flashes

start seeing the heads of

not implemented ideation?

of genius but necessitates a

organizations leading AI technology development come out and say, ‘We need to be very careful here,’—I think we have to listen to that.”

comprehensive organizational

Conclusion

culture shift. Organizations can tap into a rich reservoir of innovative potential by

In the dynamic world of

making employees conscious

modern business, the term

of their integral role and

In today’s business landscape,

‘innovation’ is often reduced to

the far-reaching effects of

survival hinges on being lean,

a buzzword linked with simple

their contributions. As such,

agile, consistently reliable, and

idea generation. However,

Colin’s work has brought

swiftly reactive. The recent

Colin McWhinnie, Founder

startups’ visions to fruition and

pandemic served as a stress

and CEO of Canada StartUp,

nurtured his passion for the

test, revealing companies’

urges us to broaden this

dynamism and unpredictability

ability to pivot promptly and

perspective and appreciate

of the business landscape.

seize opportunities from

the often-neglected aspect

shifting customer needs. In

of innovation: the execution 85

ILLUMINATORY ALTRUIST

“We don't just want people to acquire certain skills. We want them to utilize those skills to solve a meaningful problem, use them to find a job, or do anything else.”

Chanukya Patnaik | Founder & CEO | AI Planet 86

Artificial intelligence

Innovative Humanitarian

serving as Head of Marketing at CodeChef. He recently solidified his commitment to

rowing up, Chanukya Patnaik

revolutionizing education by delivering an

experienced the necessity of education

eloquent TEDx Talk about unveiling the

through his mother’s struggles. Now,

transformative power of AI in learning. His

he is directly affecting lives through free

versatility suggests excellence is a side effect of

education as the virtuous leader of the artificial

meteorite-sized goals.

intelligence awareness movement. At the solver, and data scientist is a deep and

The Emergence of AI Planet

profound passion for accessible education and

Chanukya’s journey into data science and AI

a powerful desire to elevate humanity. As the

began in 2016 with self learning and fintech

Founder and CEO of AI Planet (formerly DPhi),

consulting. After mastering its nuances,

Chanukya’s mission is to empower individuals

he soon was part of the founding team at

and businesses with practical training and

Complidata, a company that offers anti-money

tools, equipping them for an era where AI

laundering AI solutions to financial institutions.

utilization is indispensable in every industry

While working for these entities at Complidata,

for survival and success. Chanukya’s online

Chanukya noticed something troublesome.

platform is a global ecosystem that offers

On the one hand, massive investments were

free AI education and a community-driven AI

being made in AI. On the other, less than 10-

marketplace, aiming to solve key challenges

15% of a financial institution’s projects went to

across various sectors and shape a better

production, leaving the rest to be discarded—

future for humanity.

along with the time, effort, and investment

nexus of his role as an entrepreneur, problem

spent on them. Chanukya had noticed a Before the inception of AI Planet, Chanukya

genuine problem in the state of operation and

was a Data Scientist and Founding Team

was always looking for meaningful ones to

Member of Complidata, a fintech startup

solve. He had a legitimate idea that could be

dedicated to combating financial crime

realized.

through AI within the banking industry. Before that, he was a consultant at CodeChef, a

Always vigilant for issues to address,

renowned competitive programming platform

Chanukya had identified a pressing problem

based in India. Chanukya has also dabbled

in the current operations, sparking a feasible

in marketing and community engagement,

solution. 87

And so, he created AI Planet.

as he could. Since its launch in 2020, AI Planet has helped over 300,000 individuals from

Chanukya aimed to use the company to

more than 150 countries with free data science

tackle two main issues: the lack of awareness

and AI education. Its community members

about AI and its potential, and the challenge

have earned employment opportunities,

of effectively applying AI to solve meaningful

solved industry problems, participated in

business and social problems. AI Planet offers

and won competitions, and some have even

a solution to both by educating the public

raised funds for their own startups. But

on artificial intelligence, swiftly updating

when Chanukya first created the community

its repository, and creating a community

platform and took all the steps to build it, he

marketplace for plug-and-play AI models with

had no idea it would expand to this size and

data privacy and security first approach.

have such an impact. Now that the platform’s wheels are in motion,

“And then it hit me. The entire purpose of me diving into this field was to drive some tangible impact or start something of my own that would drive it.”

there’s nothing stopping it and its purpose. What separates AI Planet from other platforms is the lightning speed at which it offers expert sessions on the newest technologies, thanks to strong connections with prominent networks. The platform keeps up with the latest advancements in the field, including cuttingedge generative AI models like LangChain, LlamaIndex, and Stable Diffusion. The platform hosts a variety of AI challenges in different

AI Planet’s Novel Influence

industries, which allow users to sharpen their skills through real-world issues such

It all began with a data science bootcamp.

as earthquake prediction and safeguarding

AI Planet then called as DPhi collaborated

NFTs. These resources are free and address

with more than 20 seasoned data scientists

the latest developments from the beginning,

to offer interested individuals five weeks of

providing users with up-to-date and accessible

data science training. Chanukya expected

content.

a few hundred people to sign up—and the fewer numbers would mean more attention

Past Influence and Future Plans

spent on quality instruction—instead, around 4,000 people signed up—during the peak of COVID-19 of all times. The world was already

Chanukya’s passion for free education dates

going through a lot at that time, which drove

back to his childhood with his mother, a single

Chanukya to offer as much meaningful support

parent and resilient individual. 88

“You don’t do all these things upfront, thinking, ‘Okay, this will happen in this way.’ Once you start doing it, you start seeing the success, and it just pulls you in, and you continue doing whatever you’re doing.”

Lacking formal education herself and teaching

three decades of teaching, so it’s no surprise

mathematics to make ends meet, she worked

that her son has woven the fabric of his

tirelessly and fought her circumstances to

impressive platform with such compassionate

give her children a better life. Consequently,

threads.

Chanukya was instilled with the belief that education doesn’t just transform individuals—

“I think I was three years old when my father

it revolutionizes the communities around

left, and then at that time, her only ambition

them. The value of education will always

was to get her kids educated so they could do

outlast the value of material assets, and

something meaningful.”

unlike objects, education cannot be stolen. Chanukya’s mother holds two degrees and has

AI Planet’s success is also credited to the

influenced thousands of students over nearly

founding team’s resilience, as they faced 89

“These are some of the school of thoughts I was brought up with, and that’s one of the many reasons why we never saw education as a commodity—but as a means for a better future.”

a multitude of challenges, including the departure of a co-founder for personal reasons and a consistently difficult terrain of obstacles. The team didn’t abandon hope, however, and expressed its faith by voicing reasons why the platform was going to outlive its own legacies. AI Planet has also been backed by government innovation agencies from Luxembourg, ecosystems. They have the opportunity to

Advice for AI Aficionados

push more AI awareness in schools and

Embarking on a journey of data science and

universities, and this power motivates them

AI as an entrepreneur, learner, or both can

even more to positively benefit the areas

be exciting and challenging. With a focus on

supporting them. AI Planet’s impact on the

continuous learning, understanding the power

generative AI community has been deep

of data, and embracing entrepreneurship,

and wide, but Chanukya still has bigger

Chanukya offers a roadmap for aspiring

goals to accomplish. The aim for the future

individuals to thrive in the AI era. He bears the

is to double down on their marketplace and

good news that now is the best time to learn

continue focusing strongly on education. More

about anything, especially with generative

concrete plans are to equip a few thousand

AI such as ChatGPT at their disposal. They

small to medium-sized businesses (SMEs)

can request a topic to be explained in a way

with advanced AI models and bring 5 million

that makes the most sense to them, cutting

people into the existing pool of their global AI

through cognitive learning barriers and gaining

community.

an intuitive understanding of the concept.

Chile, and Belgium to create value in their

“If they are a big fan of Roger Federer or tennis, they can ask ChatGPT to explain the concept of regression with intuitive examples of tennis.”

are solving real-world problems, receiving employment opportunities, and raising funds for meaningful initiatives, all because of Chanukya’s fervour for positively impacting society and creating a bright future. He credits his team’s collective resilience and candidness for the success of AI Planet’s creation and growth and his mother’s striking determination

Chanukya also explains that data science is

as a single parent for his purpose-driven goals.

all about scientifically applying data to make

As an entrepreneur, Chanukya advises orbiting

meaningful decisions, which can be leveraged

around the core principles of being yourself

through AI automation. He believes that

and always being open to learning. As an AI

data-driven decisions will become increasingly

expert, he also asserts the power of generative

rapid and remain the primary solution for a

AI to learn complex topics in a way that makes

long time, so AI and data literacy are critical to

the most sense to you—be it tennis analogies

staying relevant in this era.

or pop culture universes.

For entrepreneurs, Chanukya advises being themselves and constantly learning. He states that entrepreneurship is about seeing opportunities even in the most challenging times and working with people who can see past current obstacles. Seeing the opportunity in adversity for meaningful impact will bring you far. These core qualities will equip them with the ability to solve any problems in their path.

Conclusion Chanukya Patnaik is making ripples within humanity through free education. Founder and CEO of AI Planet and an entrepreneur, data scientist, and problem solver, Chanukya uses his brilliance and ingenuity to prepare the world for AI disruption by equipping his users with invaluable practical skills. The community members of the platform 91

“You need to be lucky in your career, but you need to be able to perform well...not only for you but for others.”

Carlo Vivaldi |Founder, Chairman | Rossor Country Club

Finance

FROM TELLER TO TITAN: THE SOFT SKILLS BEHIND BUSINESS SUCCESS

Career Trajectory

sports, he needed more

merged four smaller banks in

connections at work.

the same period, offering even more growth opportunities.

he bank was the last place Carlo could see

His new job in banking

himself working in his

presented the challenge of

Carlo’s determination and

teenage years. However, after

learning to communicate

people-centeredness did not

a little convincing, his mum

and connect in an unfamiliar

go without notice. His passion

made him apply for a job as

environment. Communicating

for motivating people and

a teller in the Cassamarca

at a deeper level created

transformation was necessary

Bank in Motta Di Livenza,

meaningful relationships

in managing crises. His track

Treviso, Italy. His move set the

around his work that made

record ultimately earned him

backdrop for an impressive

growth much easier. This

a senior planning role in one

30-year career in banking.

made him stay at Cassamarca

of the banks. In the years

for nearly 2 years, and in 1993,

that followed, he ascended

Carlo’s passion for people and

he stood out as a potential

to the Head of Planning of

transformations drew him

candidate for a Planner role in

Central Eastern Europe before

to team sports, particularly

the same company. In 1999,

becoming the CFO of the

basketball and tennis. He

his interest in change was

UniCredit-owned Yapi Kredi in

learned to embrace change

piqued when an interesting

Turkey 3 years later. He later

with an open mind and use

job opportunity opened at

moved to Austria to serve as

it to his team’s advantage

UniCredit in Milan. He bade

CFO and board member in

at work or on the court. He

his team farewell, and as

2007 and back to Turkey as

realized that just like team

luck would have it, UniCredit

the Deputy CEO and Deputy

Board Chairman in 2011.

that amplified individual

Rossor Country Club, where

skills, creating a more diverse

he continues to build resilient

At the peak of his career,

team. Considering Italy was

teams.

Carlo was Senior Executive

among the worst hit during

Vice President (SEVP). First, he

COVID-19, the performance

served as SEVP Division CEO of

of Carlo’s team during the

The Secret Formula

10 UniCredit banks in Central

pandemic demonstrated

Starting from a small-town

Eastern Europe from 2015.

his resourcefulness and

bank teller to an executive

His regional responsibilities

resoundingly validated his

position in a transnational

saw him manage teams

leadership. Now, having

Starting from a small-town

across different territories

capably led teams through

bank teller to an executive

and cultures. Constant

the Lehman collapse and the

position in a transnational

travels across Central Eastern

pandemic and with nowhere

bank’s global division, anyone

Europe made him learn and

left to climb, his passion called

would be curious about Carlo’s

understand different cultures, their values, and what it took to interweave them with company goals. Eventually, he created a relationship of trust and respect that drove performance in Central Eastern Europe, earning him the SEVP Chief Operating

“...I became CEO of the Central Eastern Europe division. So, it was a total of ten banks. And in this period, of course, I had to travel a lot. So, I was flying 160 times per year.”

Officer role in UniCredit’s global division.

for his first love, that of sport. However, being in a UNESCO

On the flip side, the COVID-19

World Heritage site, seeking

pandemic started unravelling,

building permits for a private

and Carlo was the global Chief

tennis court was pointless. His

Operating Officer. Taking the

architect joked that owning

role meant overseeing crisis

the Vittorio Veneto Country

management at the global

Club was the only way he

level. Therefore, with the

could get past the red tape. He

help of his staff, Carlo had to

did his research and realized

devise ways to improve how

the untapped potential of

they worked while staying

the exclusive country club

safe. They developed an

business in Italy. Now, he is

interactive learning program

the founder and Chairman of 94

secret to success. However, from his experience, the answer is much simpler than you would expect. Success in a person’s business or career is the product of living in alignment with their unique abilities, fostering self-sustaining cultures, and a supportive environment coupled with a little luck. But, from experience, luck and serendipity are unlikely to find idle hands.

Soft Skills

careers. For instance, Forbes

intelligence is the most

highlighted the importance

critical skill for businesses

Often, when one mentions

of communication skills

and careers. Emotional

skills, the immediate thought

in securing top-tier tech

intelligence (EQ) affords you

is of the technical abilities

positions in 2023 (Marr, 2022).

better communication, crisis

required to manage a

Even with AI reshaping the

management, presentation,

business or execute a task.

job landscape, the unique

and negotiation skills.

Yet, according to Carlo, the

“human touch” will remain

Therefore, improving

most pivotal skills in any job or

invaluable in the evolving

your career or business

business are those accessible

work ecosystem. Humans

performance will be much

to all for learning. Success

bring to the table unparalleled

simpler because of the

hinges on the seamless

emotional intelligence,

influence you have on the

transferability of these soft

strategic foresight, and

people around you. But

skills from one individual

creativity—traits largely

what exactly is emotional

to another. It’s evident that

unmatched by automated

intelligence?

interpersonal competencies

systems. Daniel Goleman’s bestseller

are the linchpins of thriving businesses and illustrious

According to Carlo, emotional 95

Emotional Intelligence: Why

“Soft skills...in fact, the most important things you should develop are exactly those...you should learn how to deal with people... how to deal with stressful situations, how to present, how to negotiate... all these things everybody can learn. It’s not the IQ that you have, or you don’t have, but... the EQ can be developed.”

it can matter more than IQ

From Carlo’s story, emotional

in creating rapport with

defines emotional intelligence

intelligence emerges as a

colleagues. So, what are self-

as the sum of neural activity

tool enabling individuals

sustaining engines, and how

that triggers “self-awareness

to break cultural barriers

do they maintain success in

and management, social

in business and careers.

work and in business?

awareness and relationship

At work, emotional cues

management. The four

can include a colleague’s

domains describe the brain

tone when they talk about

functions that show one’s

what they like doing, their

level of emotional intelligence.

background, or their beliefs.

Self-Sustaining Cultures or Engines

However, the book also

Therefore, emotionally

A self-sustaining engine

offers a simpler definition

intelligent people can pick

combines the business

of emotional intelligence.

up such cues as they interact

owner, leader, and employee

First, emotional intelligence

with their customers or

efforts that ensure specific

is the measure of a person’s

colleagues and communicate

standards are met with

emotional self-awareness

in more respectful, inspiring,

almost clinical precision. Carlo

and sense of achievement,

or comforting ways. It is only

describes the self-sustaining

adaptability, positivity, and

then that you can break the

engine as a product of the

emotional balance during

cultural barriers that exist

business owner or leader’s

such awareness. Second, it

in business and in most

effective communication and

also measures how effective

professions. Therefore,

relationship management. For

you are in detecting and

emotional intelligence creates

instance, when emotionally

understanding the emotional

self-sustaining engines

intelligent leaders create a

cues that float around your

that maintain performance

culture of open sharing and

social environment and

as employees continue

learning, trust and respect in

reacting in ways that make

communicating workplace

the workplace motivate them

the relationships around

values among themselves.

to contribute with or without

you productive for specific

For individuals, emotional

supervision. As a result, the

purposes.

intelligence is essential

trust they have that their

manager or organization has

Carlo admits that his team

model from Spotify came

their best interests at heart

was pivotal to his professional

up as the simplest yet most

will motivate them to perform

success in the 3 decades he

effective at the time.

tasks to the best of their

has worked in the banking

abilities. Similarly, individuals

industry. For example, the

Research conducted on

can create engines around

team helped in brainstorming

participants in operative

them that constantly feed

and strategy development

games suggested that team

their teams and development.

during crises. Carlo fondly

effort directly influenced

That being the case, their

remembers meeting team

organizational success

significance in maintaining the

members to develop a model

(Askari et al., 2020). The

quality of work explains why

that could support skill

teams’ overall performance

teams are crucial in business

development and operation

improved gradually over time.

and professions.

standards. An interactive

In practice, team sizes differ,

“I like to create these engines, and I’m proud of creating the best practice sharing platform with KPIs. Spotify had a very good explanation. In 20 minutes, you could have learned the operating model of Spotify as if you had been there for six months...”

but the need for an open

Everyone believes a little luck

synergy is the cornerstone of

system that enables personal

will go a long way in their

lasting excellence. Cultivating

growth is universal. It is only

career journeys. Similarly,

positive relationships with

with such “engines” that

Carlo relates his career

diverse colleagues accelerates

companies and employees

success and the idea of his

shared learning and

can adapt to the changes they

current venture to a little luck

adaptability, turning teams

face in their business and

along the way. He admits that

into agile, responsive engines.

work. While most people’s

some of the most significant

In the face of challenges,

teams will not be decision-

opportunities came to him by

a shift in perspective can

makers for a large bank, the

chance, and they pretty much

transform crises into

same principles hold true

carved his path to professional

opportunities. Robust

regardless. The people around

success. But what do luck or

communication frameworks,

you can either enable you to

happy accidents contribute

bolstered by these

transform with the changes

to one’s success? The simple

“dynamic engines,” allow

that come with your work or

answer is hardly anything.

for swift identification and

business, or they will limit

With Europe being one of

improvement of weaknesses.

your responsiveness. From

the worst-hit regions, it was

Embracing feedback

team sports to business and

not through luck but team

throughout one’s career

to careers, success depends

effort and planning that he

fosters growth, making an

on how openly people around

fostered performance. With

individual more appealing to

you can support your personal

an actualized team pulling in

employers and colleagues

and business growth.

the same direction, there is no

alike.

problem insurmountable.

Luck? What does it have to do with anything?

Conclusions More than just individual soft skills, a competent team’s 98

Board Governance

TO CREATE A ‘MAGIC’ BOARD

Sweeping away conventional board governance

he entire system is broken. That’s what decades of experience and studies on corporate governance brought Matt Fullbrook to conclude. By the time people in the field

of board governance get to a point where they finally understand the grave mistakes made in a typical board meeting, it’s too late. Fullbrook, however, has the rare advantage of likely being the only one in Canada with 20 years of direct hands-on experience in this field, and at least 20 more years left ahead of him. He got involved with analyzing the characteristics of an effective board of directors right in the wake of the Enron, WorldCom, Parmaat, Nortel, and Tyco corporations scandals. At the time,

At the start of Fullbrook’s

he didn’t think anyone would care much about corporate

career in 2003, he served

governance, and just casually got himself involved in some

as a manager of the

projects in this field. To his surprise, that was exactly when public

Clarkson Centre for Board

interest in this industry spiked.

Effectiveness at the University of Toronto’s Rotman School

According to a 2019 study by the Diligent Institute, 70 percent

of Management for 16 years,

of all investor demands over the past decade have focused on

where he oversaw all of its

governance. MSCI also reports that “governance-related risks

board governance projects.

may have had a more immediate impact on equity prices than social issues or environmental issues.”

Ever since then, he has 100

Matt Fullbrook Corporate governance advisor researcher, and educator Ground-Up Governance Fullbrook Board Effectiveness

consistently attended

opportunity to embrace a lot of conventional thinking, question it

conferences, taught courses

and let go of it, and still have lots of time to keep going,” he said

on effective board structures,

in an interview with Horizon Search.

practices and policies, and now has his own consulting

While boards are a necessary component of every corporation,

company, podcast and

there is great flexibility in what that can look like. What Fullbrook

newsletter. Throughout his

finds strange, however, is that certain elements of uniformity

20-year career, Fullbrook has

exist among all of them.

advised over 250 boardrooms. “They (boards) can look and feel like a lot of different things, […] “It gave me the time and the

the fact that they look and feel most of the same everywhere is 101

strategy. According to a survey of over 2000 directors and senior executives in 46 countries, conducted by one of the world’s largest professional services firms, KPMG, a critical priority of boards is to align boardroom talent with company strategy. A majority of the board of directors who responded also saw a need for improvement in “the board’s overall ability to challenge management and help steer the company pretty strange,” he said.

through uncertainty.”

Even on an operational level, Fullbrook says that 90 percent of

“The problem is, they don’t

what happens in any given boardroom is optional, but they still follow the same cooperative model and expect to have different

know what being strategic feels like to them,” Fullbrook

results.

said. Without a clear measure

In a way, they are helpless.

means, boards will always

Consulting with a hundred organizations about what changes

strategy.

of what being “strategic” really want to spend more time on

boards could implement would have very little impact on board performance in the long term as no one would admit that the entire system is flawed. “The real spirit of what I’m hoping to do is help people realize it’s optional,” Fullbrook said. “By trying to convince organizations to try these things, my hope is that they’ll realize, ‘Oh, that wasn’t

What strategic board management looks like

very hard, what else can we try?’ Instead of just continuing to do

Fulbrook is now working to

the same stuff that they and everybody else have done.”

design his classes to help different types of directors

Another trend he noticed, is that in most board governance

identify what being “strategic”

surveys, a majority of boards want to spend more time on

really means.

102

“We can say at the end of

What usually comes in the minds of these board directors is

a 15-minute exercise, on a

creating pre-reads and what should be on the agendas. Things

scale of one being deeply

that seem trivial, but evidently influence decision-making, are

operational to 10 being highly

often easily neglected. A simple example of this can be providing

strategic, where did that feel?

coffee in the room, or adjusting the lighting, temperature and

And they’ll say eight or nine,

room layout.

and I’ll say, great, steal that. Do that instead of doing the

To be clear, such decisions should be made based on scientific

stuff that you usually do,” he

research. For example, according to a University of Toronto

further explained.

Scarborough study, in certain situations, dimming the lights can help people make more rational decisions and settle negotiations

Fullbrook doesn’t believe in

more easily.

a one-size-fits-all approach, as every corporation has

“Let’s ask ourselves, okay, what result do we actually want

different requirements. What

from this meeting, and how can we be intentional about the

he advocates for instead is for

conditions, both physical and psychological, and so on, to feed

corporate governance to be

into the decision in a way that’s going to serve us best,” Fullbrook

“intentional about cultivating

said. “We’re gonna get it wrong, but we want it to be better than

effective conditions for making

being completely accidental.”

decisions.”

103

Many corporations also admit that they need more creativity in their approach, but when Fullbrook asks directors what they’re doing to access that creativity, the answer he gets is “that’s not what we do.” “We’ve got boards, or a group of people, senior executives and directors who’ve wished things were different, but don’t realize that that difference or the change is at hand. All they need to do is try, but they don’t really see that as part of the work they’re supposed to be doing,” said Fullbrook. The conventional understanding of good governance for many years has been that boards serve as “catastrophe-avoiding” and “compliance” machines. “It took me a really long time to realize that it’s the entire conventional system working against them (board of directors),” said Fullbrook.

executive is brought in with a

“In a board room, that magic should be funnelled into action, but usually, we’re not even looking for the magic in the first place.” Part of the challenge in making this happen is the lack of peaceful cooperation among the directors. Boards consist of people from different skill sets, expertise, experience and personalities, so naturally, there would be some level of disagreement among them.

lot of hope for improvement in a company, CEOs are often the first to rant about their relationship issues. According to a PwC survey on board effectiveness, 89% of executives say one or more directors on their board should be replaced.

Fullbrook believes that it is impossible to satisfy everyone in every manner, so either everyone would have to be equally unhappy throughout the entire meeting, or there could be an active effort to “try and understand what it takes to activate each of these people individually and try to give everybody their time to shine.”

In fact, it’s one of the most common problems that Fullbrooks is approached with. CEOs become frustrated when the board frequently delves into operational matters and seldom engages in strategic

Communication barriers to good governance

discussions. Again, when

“Most boards that I meet, take neither path and instead choose

tried to make it better, their

to just sort of show up and hope that things go okay,” Fullbrook

response goes something like

said. Communication is severely lacking. Even when a senior

“I’ve tried nothing, and I’m all

104

he asks them what they’ve

things, and I swear, the most important one is corporate governance,” Fullbrook said. “Go out and read 20 articles on corporate governance, especially good governance, and try to find two definitions that are the same, you can’t.” Through his newsletter, Fullbrook hopes to break down corporate governance jargon in a way that is easy to understand. out of ideas.”

of a shared understanding of the vocabulary we’re using.

“I think everybody thinks it’s

Without us realizing that that’s

everybody else’s job to show

the problem, we think we

up better,” Fullbrook said. This

disagree more fundamentally,

is where he urges people to

but really, we’re just using the

communicate expectations

same word to mean different

clearly. Another communication issue that Fullbrook has identified is in the corporate jargon. The fundamental inspiration for his Groud-Up Governance newsletter was a realization that there wasn’t enough effort made to ensure that all jargon holds the same meaning. “I see very frequently in boardrooms, disagreements that materialize around a lack 105

“What I want is to spark a universal movement where everybody changes as a result,” he said.

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