The concept of crypto-currencies is undoubtedly a revolution in the world of finance. However, there is something more than only currencies that qualifies for being revolutionary. The linchpin on which this edifice of digital currency rests is Blockchain. An open, distributed ledger that forms a chain of links. Everyone can see it, access it. There is no need for any third party. A can make a transfer to B any time without any “other” party being involved. Yes, like the reader I had a plethora of questions. Is this some form of financial rocket-science? What are the main pillars of this world? What is its use? How can if effect the world? How can it affect us? So on and so forth. Hence, in order to understand this new concept I decided to embark on this journey to comprehend the scope of Blockchain and subsequently, these currencies. One should not expect tips on trade and currency buying recommendation from the string of interviews that I plan to conduct. However, those who want to truly understand and realize the potential of Blockchain and crypto-currencies, may find these interviews insightful.
The first interview answers many questions but raises new ones too. Mr. Francesco and Mr. Luigi both were kind enough to give their time for the interview. Below is the introduction of both of the gentlemen.
Francesco Abbate – Finance Director at Procter & Gamble, co-founder of decrypto.biz (you’ll read more about this below), CEO at Swiss Crypto Advisors. With 15 years of high level Finance experience in a multinational environment, coupled with many years of study and interest first in Bitcoin and then in crypto-currencies he is not only an investor & trader but also an orator, public speaker in the world of crypto.
Luigi Matrone – Former global brand manager at Procter & Gamble, co-founder and CEO at E-Business Institute, a consulting firm that provide digital and e-business solution for companies. Investing in the crypto world since few years, also co-founder and CEO of Smarter-chains, a digital platform helping manufacturers drive margin improvement and customer centricity by leveraging new technological capabilities.
I tried to get out some tips. But I got much better than only tips.
How is the weather in Davos? Blockchain must have been a dominant part of the narrative at the recent WEF?
It is quite cold and it snowed a lot here, but the super-hot topic was undeniably blockchain, there were so many discussion panels on this, it is clearly one of the most debated area, with people interested in this from all industries. It shows that this is getting traction, although we are still at a very early stage.
Let’s begin with the value. Because in the end it is the ‘value’ that is going to determine the usage, prevalence and future of cryptos. What is the intrinsic value of Bitcoin/crypto? They are not backed up by gold like $ dollar or guaranteed by the government?
That is a very good point. Actually since 1973 Nixon abandoned the gold coverage of $ dollar so we entered into the fiat money era. We are personally the opposite of an anarchist and I like and value order and governments, although to be fair people in Argentina or Zimbabwe might have a different idea of what trust in the government means.
When it comes to intrinsic value it all depends on circumstances and what people are willing to use to transfer value. We started with barter deals, we went through gold, fiat money, credit cards…and credit card was a big revolution decades ago as people could not see the real money. In prisons often cigarettes are used as a mean of value transfer, so it is all relative and what matters is what people are willing to attribute value to, not always this might be what is guaranteed by a government.
So ultimately value is a matter of trust. But how can we believe in Bitcoin if it is not regulated? We often read of hacks and theft. I wouldn’t leave my money on the mercy of these cyber-crooks.
Very important point indeed. We get this question every day. Bitcoin in itself as a protocol and as a software is fully regulated, there are rules for everything, the code is open source and everyone can read it. You can see how new Bitcoin are created roughly every 10 minutes as rewards for mining, how transactions are signed and broadcasted, how the ledger is validated and maintained. You can’t change the rules without consensus; it is a “distributed democracy system”. And in itself the system is completely secure, not because we say so but because that is how it mathematically works, the block-chain itself practically immutable thanks to the amount of computational power necessary to add every block to the block-chain, it is just mathematically impossible to go back and change the content or orders of transaction, you can’t lose your Bitcoin or get stolen this way. What indeed happened and will continue to happen is hacks to personal accounts which are not protected, or to exchanges which are centralized. This has nothing to do with Bitcoin itself, it is either a personal fault (you are responsible for your security, like you would not give your credit card pin to strangers), or the result of a centralized player exchanging money for Bitcoin. If you leave your Bitcoin on exchanges and their central server gets hacked, then you can lose. Again, the point here is not to leave Bitcoin on exchanges and use basic security and safety procedures to be protected, we also take care of education and consultancy about this in www.decrypto.biz. As always, the users are the weakest point of the chain, but this can be minimized with specific knowledge, tools, and good practice.
For laymen like me, how would you explain the concept of Blockchain and thereof, Bitcoin (other currencies)? Can you explain to the readers how does Bitcoin actually works?
Another important question.It is critical to divide Bitcoin and Blockchain and do not confuse them. In simple terms, the Blockchain is a public ledger of transaction, like we all know in accounting or in any database. The critical difference is that it is decentralized, i.e. there are no central copies and it is distributed on a number of nodes (computers) in the network, and it is mathematically protected so that its content and order can never be altered of forged. Hence this has huge applications in every business where the transmission of data is important, as everything about this can be done in a better, cheaper, faster and more secure way on a Block-chain. Imagine things like insurances, notaries, auditing just to mention a few.
Once we understand this, we better get why Bitcoin is on a Block-chain. To use a simplified metaphor, Bitcoin is an application of a technology (Block-chain). Bitcoin is actually just a digital file that lists accounts and money like a ledger, simply this ledger is in a Block-chain. Hence it is decentralized, transparent, auditable, resistant to outages, permission-less, censorship resistant, and most importantly there is no trust required. No one has to trust anyone as the mathematics behind Bitcoin makes it possible to do transactions without any central authorizations like you need for a bank wire.
So when do you see yourself becoming a multimillionaire? Long term prospects of investing in crypto-currencies?
Let’s just say that we think we are only at the beginning of the journey, the adoption rate for Bitcoin is still well below 1%, so imagine what the price might be once this is broadly adopted and with a much higher number of transactions processed per second. Most importantly, we are of the view that there is a huge potential for some coins beyond Bitcoin, and we are still very much on time to enter. We think there is a lot of money to be made if you invest wisely, manage trading emotions, and study the fundamentals of what you are trading with, this is when you can have sizeablereturns, and this is what we want to study and analyze.
Personally, we are in crypto for the long term, we believe some of the projects behind the coins are here to stay and transform many industries, everything which is about transmission of data is going to be hugely affected by this, it is a revolution that will catch many by surprise and unprepared. While short term we will continue to see high volatility and market turmoil as on January 16th, this is nothing new in the financial markets and we consider it a normal phase in a general adoption journey, we have gone through 7 drops higher than 30% just in last 12 months, we never sold in panic but always carefully analyzed the set up and bought when we believed the panic was about to be over. We will not manage our funds personally in the future; will have them managed by a trusted specialized fund.
What is Decrypto? What is your plan for future?
Decrypto.biz exists to democratize access to crypto-currencies. Our goal is to educate people while giving them analysis on crypto-currencies so that we can all understand what’s happening in this new economical era of decentralization and drive ecosystem adoption while making new investments and profits.
We are here because The Block-chain technology is at an early stage of development and crypto-currency adoption is still relatively limited.
As a result, the education offer currently available is either very complex or technically designed for insiders (programmers, nerds…) or shamefully rudimentary (YouTube Do-it-Yourself). Information is asymmetric and Web is flooded with myriads of news and countless data across thousands of sites, blogs and social media. Lots of people are interested in investing in crypto-currencies, but they don’t know (or don’t have the time to learn) what are the key steps to start. And the technical knowledge to operate safely, properly and profitably.
For this reason we offer a comprehensive educational program for people who are eager to understand the world of crypto-currency but don’t necessarily need or have the time to understanding all what’s behind. We developed ways to find important news before others do. We issue a crisp newsletter to recap the key news of the day. We use a private Telegram channel for the breakthrough news which may require short term actions. We share the insights gathered through technical and fundamental analysis. To make them actionable we provide a simple guide on how to start trading in 10 steps and regular market update.
Personal predictions? Do you have any? Would you like to share?
In this world you hear anyone claiming to be an expert and going into predictions of specific prices by coin. We will try to make a different prediction: that the long term bullish trend will stay intact for major coins having a real tangible user case (Ethereum, Zcash, Bitcoin, Monero, Litecoin among the top) and they will all significantly increase in value. I also think that volatility will stay very high; we will keep having very steep declines followed by super bullish rally through the full 2018. Lastly, we predict that 2018 is the year when big investors’ money will significantly enter the game, both Goldman Sachs and Mike Novogratz for example admitted to be working on building crypto trading desks and hedge funds, it will be interesting.
This very thought that in case the currencies go up and people realize their profits, gives this whole scenario a shade of skepticism. Do you really think that the masses can become rich? All of them? This is what everyone is expecting, isn’t it?
We think it is important to first understand what these currencies really do and are, and the most important thing is to understand that just few of them are real currencies (Bitcoin, Litecoin, Bitcoin cash), many of them are simply tokens of equity of a company. In simple words, people are buying companies at a very early stage hoping that their Block-chain based business model can disrupt a specific industry (finance, banking, insurance, gaming, gambling, auditing, etc). Once you understand this, then you can make sound business decisions based on their product, their business model, their team, their go to market plan. Hence, if you make money it is because you saw very early a profitable business model ahead, this is what we try to do as well at Decrypto, we analyze markets and companies to try and understand if they are undervalued and has potential to grow. If you only start trading in this world because you think things will increase we think you are doing something fundamentally wrong, this is where you end up buying at the top, panic selling few weeks later, or maybe you could even win short term some money, but that is like playing roulette, we don’t do that.
Some people make money because of their understanding of the market and have the ability to trade it; others lose them because they are just moved by greed and emotions. With decrypto.biz we want to show people that there is a learn what’s happening with this new technology,understanding why certain coins (companies) have a potential, and provide education and analysis material to interested people.
What is an ICO? Are they as lucrative as these coins?
ICO in simple terms is a way for innovative and Block-chain based companies to raise funds for their developments. You don’t have to go to banks or VC firms, you split your companies in small pieces called tokens, you assign a value to each one expressed typically in Bitcoin or Ethereum, and you ask people to contribute with Bitcoin and Ethereum if they want to buy a part of your company. We would say it is an evolved form of crowd-funding. Like everywhere in this world of cryptos we can have amazing opportunities and epic scam. In 2016 up to mid-2017 almost every ICO went well, and people just made money without great level of analysis, many of them returned more than 1000x to date (NXT, Iota, Ethereum, Stratis, and many others). Things changed, regulations are more stringent, cases of very poor business models and fraudsmultiplied, we think there are still some of them who can revolutionize specific industries but it is getting more and more complex and you should be extremely scrupulous in your analysis, this requires a high level of technical, financial, and business knowledge
What happens today is that people have a very partial view of this, and vast majority just invest in specific coins “because it is going up” or “everyone talks about it”. That to us is a recipe for failure, and not the reason why we have faith in the Block-chain and crypto-currency world. What we do, and what we try to communicate on decrypto.biz is analyzing the fundamentals of the companies behind these coins, what is their business model, who is on the team, what’s their business plan, their revenue forecast, when they will have their prototype in the market, etc. There are amazing companies which are just born and in next months can revolutionize the way we think about notary, real estate, gambling, ticketing, digital identity, and much more… The new Amazons are here, but you don’t find them by chance, our motto at Decrypto is that “success is no accident”
Before we conclude the interview and ask for your final verdict. A piece of advice for the readers? Also, few tips (just kidding!)
There are always 3 things we tell everyone who asks us for tips on a daily basis on this market
Study, understand what you are doing. If you do not have time nor knowledge, don’t do it or find an expert advisor. This is how we started decrypto.biz, getting access and knowledge is complex and we do want to educate people and democratize access to the crypto world.
Don’t put more money than you are willing to lose, don’t sell your house for this!
Don’t start if you can’t handle emotions, this will remain volatile, again either you are able to manage this or you’d better have someone doing this for you, like a hedge fund.
I hope you enjoyed reading the interview! But as I said in the starting, my curiosity has increased now. We’ll try to dig deep into this technology and currencies.
Let me know in the comments if you have any questions. I will send them to both the gentlemen.
Explainer: African Leaders Should Accelerate Industrialization Without Short-Haircut Processes
At the end of their four-day deliberations, African leaders and participants have issued a joint statement relating to the future of economic diversification and industrialization in Africa. The summit provided the opportunity to take stock of the progress made during the year on the drive towards industrialization, it also provided a policy dialogue platform to firmly recommit to accelerating structural transformation.
Convening in Niamey, Niger, the Extraordinary Summit on Economic Diversification and Industrialization, the ministers and participants collectively, in a the report, suggested that the key policies and regional integration issues should be drastically addressed to support industrialization in Africa, reminding further that Africa is widely seen as a future investment and development frontier given its extraordinary economic potential in Africa.
It was, however, acknowledged that it was held at the backdrop of a completely uncertain global landscape owing to the prolonged effects of the coronavirus pandemic, the pressing challenges posed by climate change and the Russia-Ukraine conflict that have disrupted the global supply chains with huge consequences globally and more fundamentally on African economies.
According to the summit reports these circumstances have revealed the extreme fragility of African economies against external shocks and reinforced the need for structural changes necessary for the acceleration of productive transformation through a determined shift towards sustainable and resilient industrialization in the years and decades ahead, the statement says.
The summit highlighted the role governments and other non-government actors play in addressing the constraints to industrial development, strategies for countries to re-invigorate the role of development finance institutions to promote industrial financing while drawing lessons from existing challenges, strategies for the countries to deal with global issues such as climate change in their efforts to industrialize, and reflected on the experience on industrial policy, design, implementation and monitoring its new industrial strategies.
Ms. Aissata Tall Sall, Minister of Foreign Affairs and Senegalese Abroad and the current Chairperson the Executive Council, underscored the critical role of the private sector in supporting innovation in high-potential areas such as agriculture, agro-industry, health, education, infrastructure, and especially energy, which remains a crucial issue in advancing industrialization.
She observed that “this decision has a high strategic significance because the aim of the industrialization and productive transformation process in our countries is to improve their capacity to take advantage of the many human and natural resources that the continent has to offer. Indeed, the industrialization of Africa can unlock the continent’s potential for inclusive growth by expanding access to the economic opportunities thus created to all segments of the population, especially women and youth. In addition to these challenges, all of which are important, there is the issue of mobilizing domestic resources to finance our economies, as well as the fight against illicit financial flows that encourage tax evasion and corruption.”
Massoudou Hassoumi, Niger’s Minister of Foreign Affairs and Cooperation emphasized on the urgency for inclusive industrialization that harness the demographic divide of the youth, which he noted would also sustainably address issues of irregular migration, manipulation and recruitment into outlawed groups.
He added that “industrialization and economic diversification are therefore a lasting economic legacy that we must leave to the younger generation, because it is a solution to the challenges of the moment, especially those related to insecurity. In this regard, it is important to reiterate the African position for a fair and equitable transition to defend the right of our countries to exploit their available resources such as gas, alongside their efforts to develop the energy mix.”
To accelerate the progress made in operationalizing the African Continental Free Trade Area, Moussa Faki Mahamat, Chairperson of the African Union Commission restated the need to conclusively address the structural challenges that hinder the optimal functioning of the common market.
“The major challenge here is to be able to strengthen trade between African countries that are more open to the outside world through agreements that have already been signed and that manage the bulk of their trade. It is therefore a matter of developing the capacity to successfully transform our productive structures with a view to increasing the complementarity of intra-African trade. It would also be necessary to ensure convergence by reducing the major gaps between Member States and between the Regional Economic Communities in terms of development and level of integration. The AU Commission’s State of Integration in Africa 2022 report has highlighted the reality of such gaps,” according to Moussa Faki Mahamat.
Africa possesses 60% solar irradiation in the world, 70% of cobalt global production and significant reserves of other battery minerals, world class carbon sink assets in our forests and peatlands, huge green hydrogen potential, which Antonio Pedro, UNECA Acting Executive Secretary noted can position the continent to become a powerhouse and a globally competitive investment destination for multi-sectoral investments combining climate action, job creation and industrialization.
“As we drive industrialization, we also need to realize that industrialization is not an event, but it is a process, and a long one at that. And, of course, we should be mindful that industrialization is not the business of Ministries of Industry alone. Instead, the implementation of true industrial policy requires a whole of government and beyond approach and action. It requires aligning industrial, trade and other sectoral policies and putting science technology and innovation at the centre to ensure that we remain globally competitive beyond our initial endowments and comparative advantages,” noted Antonio Pedro.
To rally the support of the private sector, Dr. Amany Asfour, started the commitment by the AfroChampions Initiative to mobilize the private sector to enhance the public-private partnership as the continent moves from commitment to action on industrialization and trade. Empowering the private sector through market-based solutions and resolving finance barriers remains critical.
Among the recommendations of the minsters of the appointment of the African Union Champion for Sustainable Industrialization and Productive Transformation to provide political leadership, awareness and ensure effective implementation of Africa’s industrial development. And further considering endemic factors that have stifled the Africa’s economic transformation, it is important to reassess the continent’s capabilities in the face of external shocks.
In this regard, it is important for the African Union members to set up innovative and inclusive institutions capable of designing and implementing effective industrial policies and processes that will advance socio-economic transformation, as stipulated in global and continental frameworks such as the African Union Agenda 2063, the United Nations Sustainable Development Goals and the Third Industrial Development Decade for Africa.
Bregret Reigns Britain: Blaming Brexit over Economic Exigency?
Sometimes I blunder that the UK is still a part of the European Union (EU). Whether when discussing a unified policy stance on sanctions targeting Russia or a common polity on sustainable energy strategies for a resilient future of Europe. Brexit may be a figment of the recent past, but its tremors are certainly not bygone. And the European cohesion, which should’ve been envied at a time when Russia is wreaking havoc on its energy security, seems ephemeral as Britain’s vexed relationship with the EU refuses to recede. However, amid the boiling economic crisis in Britain and the rest of Europe, public sentiments betray an inherent admission: Britain’s exit from the Union might have been a mistake. But the connotation of this public rhetoric is just as awry as the Brexit chatter leading up to the 2016 referendum.
The opinion of Britons has been notoriously fickle throughout history. But the outcome of the Brexit referendum was razor-thin at inception. Now, a stagnant economy; a revolving-door political leadership; and decades-high inflation are turning the tide against the championed narrative of the Conservatives. According to a recent opinion poll by YouGov – a leading market research and data analytics firm headquartered in Britain – 56% of the Britons surveyed concurred that leaving the EU had been a mistake. Only 32% believed that Brexit was a good idea. However, while many Brexit critics would jump onto this opportunity to bash the Tories, this perception is misguided, a product of frustration of an irate populace looking to blame something for their woes. And Brexit has been a notable feature of the ruling government.
Britain installed its fourth prime minister since 2016 last month. But the damage was already done a few months back. Britons were already reeling from soaring energy prices and acute food shortages. The economic slowdown was heralding an unfamiliar era of high-interest rates and unemployment. Then entered Liz Truss, the former prime minister who eschewed economic orthodoxy with her trickle-down tax-cut plans. Her disastrous stint in office – that barely lasted 50 days – tipped the pound into a free fall, sparked a liquidity crisis for pension funds, and sent government borrowing costs spiraling to harrowing levels. While the incumbent Prime Minister Rishi Sunak has managed to calm the turbulent economy, the wreckage is still visible in the mortgage market.
Earlier this year, mortgage rates in Britain typically remained below 2.5%. Since October, however, the average two-year fixed rate mortgage is hovering around 6.25% – slightly down from the peak of 6.65% on Oct. 20. The lowest two and three-year fixed rates are still above the 5% mark, according to Moneyfacts Group, a financial information company. Unlike the United States, British mortgages run for shorter terms. For instance, about 2 million mortgages in Britain would reach the end of their fixed terms by the end of next year, pushing many Britons to refinance at rates more than double their initial settlements. An estimated 1.6 million borrowers in Britain have variable mortgages, which track the central bank’s policy rate. Thus, as inflation keeps running ablaze, no respite seems on the cards.
The annual rate of inflation in Britain has reached a multi-decade high of 11.1%. And at its last policy meeting, the Bank of England (BoE) – the central bank of Great Britain – hiked its interest rates by 75 basis points, taking the policy rate to 3% – the highest level since the financial crisis of 2008. Andrew Bailey – governor of the Bank of England – doubled down on his commitment to raising interest rates higher to deter double-digit inflation fuelled by pandemic-induced supply chain logjams and the mercurial energy prices triggered by the Russian retaliation against Western sanctions. While the logistics backlogs seem to be improving, the Russian dilemma shows no sign of resolution. And as the Western coalition prepares to implement a price cap on Russian energy supplies, economic difficulties would only worsen for the British citizenry.
According to the Office for Budget Responsibility (OBR), a fiscal watchdog group in Britain, inflation-adjusted disposable income is projected to slump by circa 7% over the next two years under the government’s new budget plan. Introduced as the “autumn statement,” the 55 billion pound ($65.4 billion) budget virtually reversed every plan by Ms. Truss. Mr. Jeremy Hunt – the new chancellor of the Exchequer – has frozen the annual taxable income threshold until April 2028 rather than having those bands adjust to the inflation rate. Consequently, the top tax rate of 45% would now be applicable on earnings starting from £125,140 instead of the current level of £150,000. The government has also raised the windfall tax rate on energy firms from 25% to 35% until March 2028. Hence, economists believe that aggressive rate hikes coupled with such steep tax increments could trigger a brutal recession – perhaps the most debilitating since the 1930s.
So blaming Brexit for the economic turmoil battering Britain is not an accurate depiction of the public sentiment regarding Brexit. And it is chiefly because the throes of the British economy are tricky to quantify under a defining rubric.
True, the UK is struggling with labor shortages. But this issue is not entirely driven by Britain’s inability to replace workers from Europe, who left after Brexit. A substantial portion of workers are Britons, who left during the pandemic and never returned to the labor force. Many started their own businesses; some settled into the groove of remote work.
Admittedly, Britain’s sluggish growth further worsened when investments diverted to other epicenters of commerce in Europe after Brexit. Britain is the only member of the Group of Seven (G-7) advanced economies with an economy smaller than its pre-pandemic level. Recently, India replaced Britain as the world’s fifth-largest economy; Paris supplanted London as Europe’s highest-valued stock market, according to data published by Bloomberg. But Britain’s productivity has been in decline since 2009; public funding has been in the dumps ever since austerity policies were implemented in the aftermath of the 2007 financial collapse. High-interest rates are visibly hurting the domestic outlook of the British economy. But it is mainly because people were so conditioned to the ultra-low interest rates over the past decade that their perspective is dovishly askew.
Nonetheless, the British government has the incentive to structure a trade mechanism with the EU. While the hardliner Conservative MPs who voted Sunak into the office would definitely resent (and veto) an intimate relationship – like that enjoyed by Switzerland and Norway – with the single market, a settlement of disputes revolving around the hybrid trade status of Northern Ireland is imperative to Britain’s economic revival. Yet, if the Labour Party manages to topple the Tories in the next general elections, a closer alignment with Brussels should be in the vanguard. Because while Britain’s economic debacle might not be entirely Brexit’s unraveling, the UK cannot resurface without improving relations with Europe in an openly hostile neighborhood with a bleak future.
Global Recovery: Mobilize SME, Digitize Economies and Commercialize Exportability
Like an open book, all such deployment ideas are already available for last many years to allow immediate mobilization of any national small medium business economy. On the world stage, as a recovery, nations can digitize on fast tracks any selected sectors of economies and get ready to dance on global digital platforms. Nations can become examples on creating superior exportable goods and services while commercializing innovative ideas on the global stage. There are no secrets on how to achieve all this, but there are huge secrets why it is still not being done despite all the economical struggles?
How to capture opportunity losses; the biggest tragedy of any disconnected economic progress is watching the world ‘continuously’ advancing, consuming and growing, while nations ‘persistently’ despite extraordinary resources abandoned, talented citizenry only herded and left as spectators, trade associations, chambers and government agencies remain disconnected. Therefore, needed are precise world-class goals, as national symbols of unity, diversity and tolerance. So, what are the top missing rules to mobilize a nation on economic development fronts and what is stopping?
How to grow economic development? The fastest way is via right meaningful collaborations, alliances and brokering of deals, the fears of communications must be eliminated, the trepidations of opening global markets is just a mindset issue but not having bold open dialogue on fast track vibrant programs is a killer. Establish, define and articulate a long term agenda and drive like a formula car.
National mobilization of SME entrepreneurialism is a step by step methodology, if there is still no progress after a decade, which only raises serious questions about available skills to lead such a charge. Similarly, 50% mobilization of the qualified SME if allowed to dance on global digital platforms creates productivity, performance and profitability and therefore brings foreign exchange to improve national grassroots prosperity. If local economic development teams do not openly engage, adapt and utilize available blueprints and related mobilization expertise little or nothing will happen.
This is not about good or bad management; this is about core competency to move national economies towards pragmatic progress, particularly, when national mobilization of entrepreneurialism is already an entrepreneurial movement. This is far apart from the traditional bureaucratic procedural paperwork and especially in most cases not necessarily new funding dependent rather execution hungry and deployment starved. In most cases, the lack of knowledge on the global age demands and transformation of digital platforms, that leaves the SME behind. Study more why will population-rich-nations lead knowledge-rich-nations?
Matter of choice: Unless immediately exercised the required departmental tests and measure capabilities matching right mindset and speedy execution requirements, just piling up degree-holders and highly preferred staffing without precision is in reality what is destroying economic development. So, choose economic progress or choose bad HR, the economic recovery has no time to waste. Explore new options on how to acquire mastery on such affairs. What level of efficiency is required to become a productive nation to cope with the consumption hungry world?
Furthermore, to play in global commerce, the global age speed of communication acts as a power of progress rate. There is no room for departmental responses to take days, weeks and months, but must face global age demands as a thriving 24x7x365 living world waiting for immediate response. What will it take to create a LIVE economic development recovery program of highly integrated departments? What levels of expertise are required to start deployments of such thinking? Better understand how other nations are doing, study a new world of G20 and national mobilization of small medium business economies
Capitalism is not failing; it is economic development. Unless mandated differently, the circus will go on. The skills gaps are not about lack of degrees; rather, global age experiences to understand how the pyramid of global consumption works, how to open new markets and how to produce real value to stand up to the global age of competitiveness. Skills are not about degrees, but now translated into global age skills as art of communication, presentation and global age level understanding of diversity, tolerance and entrepreneurial mindsets.
Why blind leading blinds; why high priced and fancy studies on SME always select ‘access to finance’ as the mother lode problem but they critically lack centricity of entrepreneurialism as such studies are academic driven. Hence the biggest disconnect, SME founders are not interested in loans but sales. Sales are more about value creation and globally accepted production standards to cope with global age competitiveness, where they do not require consultants rather developed skills to become better executives and better producers. They need help but not the loans, they need skills and knowledge and not the procedural and conflict resolution compliances. They know too well what to do but need to know how to do it better. Cookie cutter complex forms and rubber stamping will never do the trick, they need entrepreneurial dialogue, but not from academia but real entrepreneurs. They strive for meritocracy and not bureaucracies.
No, this is not an academic study but an entrepreneurial response to grand economic failures by the majority of nations on up-skilling SME and re-skilling manufacturers at national digitized levels. Furthermore, failing to understand the difference between the job seeker and job creator mindsets is the first step to get eliminated from any serious dialogue on the subject of SME economic recovery. Failing to articulate on the national mobilization of entrepreneurialism is the second step to get eliminated from any economic development activity as a whole. Study more on Google.
Proof is mandatory; when it takes 10 days to debate, strategies and finalize a national mobilization programs, and when it takes 100 days or organize digital platforms to deploy 10% to 50% selected SME on digital platforms and 1000 days to turn around small medium business economies so why still there is no show after last 5 or 10 years. If there is nothing wrong, why are the restless citizens marching in protest? Why are economies openly collapsing and what is stopping them to correct the course and how much it has to do with core competencies at the source of economic development? Is it possibly now a time for the first industrial revolution of the mind
Next key steps: What can current teams learn and what can they deploy within 90 days in any sector or any national economic realignment. How can they be framed as a customized national mobilization of entrepreneurialism model? How can they select and identify 5K to 50K SME and get them ready for a digital platform? How can they start intense programs to up skill and re-skill all layers of the economic departments to become a global age expert and start thinking of future applications and methodologies of economic growth? What does it take to acquire mastery on national mobilization of entrepreneurialism within a specific SME sector or across the nation? The rest is easy.
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