At this Fireside Chat session — now available on demand with a premium subscription to Acceleration Economy — podcaster, author, and CMO Christopher Lochhead and business advisor Christian Anschuetz speak with Cloud Wars founder Bob Evans on “native digitals,” the future of the S&P 500, cultural disconnects, digital transformation, and prioritizing time with customers.
Highlights From Christoper Lochhead, Christian Anschuetz and What You Will Learn:
- How native digitals (age 35 or under) and their experience with everything in life is digital first. Native analogs (over 35) have experiences that are 180 degrees different. For native digitals, anything that’s taking place in an analog context is “interrupting their primary life,” such as their smartphones, Lochhead said. “You’re integrated into smartphones and the cloud,” he said. “It’s your primary experience.”
- How the increasing size, and importance, of native digitals, presents a massive opportunity for innovation and startups, Lochhead said. “This is the greatest opportunity for startup innovation in history.”
- By 2025, millennials will be 75% of the workforce, while today the average age of an S&P 500 CEO is 58, with only two of those CEOs under 40. Everything native analogs know about how to recruit, train, develop, create culture, do marketing, do sales and support, is 180 degrees off the mindset and life experiences of native digitals.
- Lochhead says, “Ignorance of how different native digitals are is going to be the largest creator of market cap destruction in the S&P 500 over the next decade,” he predicted.
- One major benefit of digital for tech users: Digital products scale in ways that analog products do not, as evidenced by the increasing returns of software. A developer can create digital technology, invest in it, and distribute it digitally. And, its scalability is infinity.
- One of the reasons such a high percentage (65% to 80%) of digital transformation projects fail, according to Anschuetz, is that larger firms (think the S&P 500) can’t navigate them — navigating change is still a human activity. The notion of digital transformation is at odds with how startups think, Lochhead said. They think: I don’t reimagine the present; I reject it and I create the future.