What Governments are saying about Libra - the Facebook currency

The US regulators and politicians have expressed serious concerns close on the mid-2019 Libra announcement of Libra - the Facebook currency.

Maxine Waters, Chairperson of the United States House Committee on Financial Services Committee asked Facebook to halt the development and launch of Libra, citing a list of recent scandals and that "the cryptocurrency market currently lacks a clear regulatory framework". 

The U.S. House Committee on Financial Services Democrats sent a letter to Facebook asking the company to stop development of Libra, citing concerns of privacy, national security, trading, and monetary policy. 

Jerome Powell, chair of the Federal Reserve, testified before Congress on 10 July that the Fed had "serious concerns" as to how Libra would deal with "money laundering, consumer protection and financial stability.”  

Among the many international voices of condemnation, Bank of England’s governor Mark Carney, says something I find wise, that there is a need to keep an "open mind" about new technology for money transfers, but "anything that works in this world will become instantly systemic and will have to be subject to the highest standards of regulation."

[26]  Finance Watch puts it bluntly: "If created, Facebook’s Libra is predestined to become the next (and possibly the most difficult to regulate) too-big-to-fail financial institution. Imagine a global private entity managing a volume of assets potentially larger than many systemic banks combined, providing financial services to billions of people through a single click. The implications of creating such an institution are probably beyond any supervisory controls, and no one can tell in which world such “innovation” would take us.”

Will the governments effectively takeover the running of Facebook?

Will Facebook effectively become the new government?

Is the virtual world as real as the real world? 

If government takes control and breaks organisations up - is the free economy as we know it at risk? 

Jack Ma and Elon Musk - life, education , jobs, the future and AI

Just listened to a great pod with Jack Ma and Elon Musk talking AI 

life, Education , Jobs And the future of the planet 

Will /can machines control man?

Is it relevant that machines can solve algorithms faster than man ?

Are Humans merely just a biological bootloader for Intelligence or is AI just a toy and an aid that will be about helping humans being happier and healthier. 

Jack Ma 

• “The power of the human is that  we have a heart with feelings and  that we make mistakes and learn from them 
• Humans need to understand each other - be healthy - help earth to be better 
• Focus on picking up garbage from ocean - ai can help 
• Live healthier vs longer - disease caused by behaviour 
• Have dreams values and vision - Technology with dreams - Its dreams behind the technology that will change the world 
• Improve earth - focus on being happy, have  family - we need to trust human beings and young people
• It’s great that we make mistakes and learn from mistakes - it’s great to die 

Elon Musk 

“We are already a cyborg - we can’t do without our phones - if we don’t have our phone - it’s like losing a limb.

The rate of advancement on technology is insane !! 

Gaming and real world will be indistinguishable .

We’ve only been around 7,000 years - it’s a blip in the life of the universe . “

Interplanetary Investment 

Jack Ma

Why are we so curious about Mars ? Let’s rather focus on making life a better place on Earth . 

Elon 

We need to explore other planets ....and invest in actions to increase state of consciousness - Something might happen to earth  - via an external force or internal force - where earth 🌍 will be impaired 

We need to explore what else is beyond earth - light of consciousness

Jack Ma 

rather focus on the Future of Earth or the next 100 years - How can we make 7b people better off 

We only have 100 years - how can we enjoy better.

 We need to understand ourselves better

Jobs

• In every cultural period - average age 31
• Industrial  revolution  -70 years 
• Ai  - 120 years 

Humans living longer - good or bad ? 

Jack Ma - why do we need jobs that can be done by machines? 

People have been worried in every revolution 

Industrial revolution  - jobs created jobs

Why should we need jobs? 

People should only need to work 3days per week - 4 hours a day - 

Electricity gave us more time - we can do more things 

Ai - people will enable us to do even more 

We need Jobs to make people happier - experience life. 

Elon say to figure out neurolink situation or we will be left behind - we don’t have much time to solve neurolink 

Education 

Jack ma on education 

Education systems  and the way we teach has been for industrial period - machines smarter

Human Beings are wiser than machines  - need to change our education system 

Computers are smarter - machines can calculate better tbe same way as cars can travel faster 

Education should be more  creative more constructive - we should focus more on teaching  kids in art, seeing dancing and being able to learn how to learn .

We should have confidence to try - failure is ok - mistakes hb make - that makes us learn 

Best resources on earth is the human brain - Humans have heart - it’s the heart where humans come from 

Machines are toys and tools for human beings to control 

Elon Musk on education 

believes we are just an evolvement of a better machine.  - We have evolved - but we are not last step on evolution 

We need to Learn as much as possible to predict or make the future - 

Education needs to be about predicting the future  with less error . We need to create and predict - close loop on being less wrong 

Education and Neurolink - will be like the matrix - just upload skill

Current Education is slow - lectures and lessons are the worsed - there needs to be a better way. 

If we are able to accurately to Predict future - we can then  adjust?

Birth rates and sustainability of the planet 

Both agree that there will be a Population collapse vs explosion 

Humans only have a 20 year boot sequence 

Humans will solve environmental sustainability 

Do neurolink or neurolace - age will not matter - you will be able to restore your state 

To increase human life you need Biological change - fruit fly - it will still have finite life 

Need to change DNA - is that ok ? 

Stop DNA clock - should we work on this - 

It’s good to eventually do 

Old physicist don’t change their  mind they just   die .

The future of travel that’s boring?

The 9 rules of innovation

Collaboration is the new competitive advantage 

Startups , Innovators and Technology Companies are under attack by the ATO and AusIndustry

I usually write and post about positive things and growth ..... this reticle is different - as I believe something needs to be done - soon.

The positive news - is that we have an innovation minister in Karen Andrews that seems to be listening and is looking to make a change.

The Bad News

Australia has slipped from 16th to 18th place, according to the World Economic Forum (WEF) - And is getting worse !

The top 7 places in the global digital competitiveness rankings are dominated by Singapore, China, northern Europe and the US. These countries lead the way in embedding and leveraging digital technologies. Critically, they are characterised by business and governments that embraces new digital technologies and innovations. 

Innovators , Startups and Technology companies start off as high risk ventures - going out on a limb to build new products, services and businesses . 

These businesses in Australia have recently been under attack and at risk for claiming R and D tax Concessions .

The rigid re-interpretation and tightening of the laws regarding the eligibility of software claims - has resulted in a clawback of $200 million in the 2018 financial year from companies that had made claims under the R&D Tax Incentive (RDTI) , and has effectively put all software developement and innovation at risk - resulting in a reduction in R&D support going where it is best deployed, at the cutting edge of Australian technology.

This is putting the survival of many SME and Startup companies focussed on Research and Development and innovation at risk - which will, in my view, is not in the best interests of the future of Australia.

AirTree Ventures co-founder Daniel Petre (former Innovation and Science Australia board member ) has call government’s treatment of tech companies “appalling”.

Small business ombudsman Kate Carnell has launched an investigation into this after receiving complaints from small business about unfair treatment by the ATO and AusIndustry in relation to R&D tax incentive claims.

“Of particular concern are audits going back several years, which have resulted in the ATO demanding businesses repay the R&D Tax Incentive, often with a severe penalty applied,” Ms Carnell said.

“Unfortunately some of these businesses have been told to pay back the tax benefit years after the R&D has been completed. This is well after they received the refund from the ATO and reinvested that money back into the business,” she said.

“Most of these businesses were genuine in their belief they were undertaking R&D and that their claims were totally justified.”

The Good News 

Industry Minister Karen Andrews has engaged with industry through a series of stakeholder roundtables since the election where the administration of the R&D tax incentive has been raised as an issue, particularly among startups.

I look forward to reporting a positive outcome for our Innovators , Startups and Technology Companies. 

Here’s hoping that we can once again bring Australia to the forefront of Global Innovation - and encourage innovators to take risk, innovate , and do research and development - with the blessing and support of Government 

If you are innovating or are interested in being a part of our innovation community , join us at our bbg innovation forum 

https://www.eventbrite.com.au/e/bsi-innovation-forum-powered-by-bbg-tickets-50474711220

Is your organisation ready for the tsunami of change from digital disruption?

“If the rate of change on the outside is greater than the rate of change on the inside – the end Is near” Allen Pathmarajah quotes Jack Welch – Former CEO General Electric

We are undergoing massive technological change. Is your organisation ready for the inevitable change?

Monika Graham shared with me the results of a survey of 900 business, transformation and change leaders and consultants in industries from banking and finance, manufacturing, technology, consulting, government, academia and health was undertaken on the effects of digital disruption  by the Australian Transformation and Turnaround Association (AusTTA)  last year with some interesting insights . 

These were some of the issues identified

Boards and C-suite leaders are well aware that digital disruption is happenning - creating new competitors and making existing processes redundant (for better or worse!) but 42pc of those surveyed identified the resistance of boards and senior management to change.

16pc identified the lack of expertise in how to meet today and tomorrow’s challenges as an issue and 17pc  listed increased competition. 

Interestingly, technology was not considered a major challenge

Strategies to address these issues 

• Obtaining information and continuous learning on  how to transform needs to be a major focus 
• Revisit the value proposition, embracing change, and accelerating innovation and transformation.
• People are key – the best ideas for transformation come from their own people – they have the first-hand experience of what works, what does not and what customers want.
• Leaders have to bring their people on the journey with them. Management and staff are open to change if provided with the tools, leadership vision and empowerment to make a difference. - cost-cutting in favour of technology is the antithesis of this.

We have a choice  on how to embrace this tsunami of change. With excitement and optimism or fear! 

One thing is for certain - our organisations cannot leave our future in the hands of consultants, government or anybody else . 

We as leaders and individuals need to equip ourselves with the knowledge and surround ourselves with most experienced people around us - and embrace the concept of continuous learning - to survive and thrive in today’s changing environment and its myriad of challenges and opportunities. 

• How are you going to take advantage of the tidal wave of technology, machine learning, AI and blockchain, using your existing untapped potential of your workforce.
• How are you going to embrace this change and in fact be part of this innovation and change that promises to take your organisation to a new level of productivity, growth,profitability and sustainability?
• Is your organisation’s operating system too rigid and lacking in novelty that comes with different perspectives and world views?

An organisation is not a machine based on algorithms that can be disposed of by a used by date. It is a complex mass of humans with people on the fringe and exceptions to the ordinary – brimming with potential, ideas, innovation and improvements wanting to be released.

How can your organisation release this potential?

We need to embrace diversity as the portal to innovation and antifragility.

Staying the same, maintaining the status quo and doing the same thing as you’ve done before – doesn’t cut the mustard – you will go backwards into oblivion. - Ivan Kaye - BSI 

How can we get the humans in your organisation to feel safe and share their ideas and innovations? (#psychologicalsafety)

How can we get them to have a voice?

How can you feel comfortable in your organisation, to contribute and embrace the inevitable change?

Here is a survey for you to fill out for the 2019 survey https://www.surveymonkey.com/r/AusTTA2019Survey

People who fill out the survey will be invited as my guest to a food for thought panel in October with leaders in the space of Transformational Change. 

How do Companies gain , retain and maintain talent

Great Insights from George Giamdakis - https://www.linkedin.com/in/ggiamadakis

Companies want to attract and retain great talent, especially millennials and Gen Zs

To achieve this millennials and Gen Zs look for and seek evidence of:

👍a clear and motivational vision (not motherhood statements) 

👍the genuine approach of giving back to a community cause (not just token actions)

👍an inclusive sharing culture that shares the same values and beliefs (not just a poster at front reception) and

👍leadership with empathy (not managing from a distance with no real interest in people’s lives and what makes them tick)

👉Q How clear and motivational is your vision?

👉Q How do you live profit for good?

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#millennials #recruitment #peopleandculture #business #motivation #genz #talent