“An engineer, a doctor, a lawyer and an economist start a company GO1 …”A $3 billion juggernaut

“An engineer, a doctor, a lawyer and an economist start a company …” what a joke !!

Brisbane Schoolmates Andrew Barnes ,  Vu Tran and Chris Eigeland founded Go1 in 2015 and is now a $3-billion edtech juggernaut! 

 They have just acquired Blinkist - the for around $100m 

• Eigeland studied law, 
• Vu trained as a medical doctor and became a general practitioner and 
• Barnes did economics, then a masters in educational technology at Oxford as a Rhodes scholar. 

Barnes met Go1’s fourth co-founder, 

• tech guru Chris Hood  

The growth 

They started collaborating with their software business, which over the course of the next few years grew to employ 50 people.

Surviving on personal credit cards, the growth was thrilling. “It was exciting to see 100 users on the platform ,” says Hood. 
 “Then it would be 1000 and then 10,000.” The company has maintained astonishing growth rates, doubling year on year since founding. 

The pain 

All of them realised how difficult it was to access materials and all the different platforms you had to traverse to get them. 

The Painkiller 

How do you create a platform to unify educational content for businesses to upskill their staff?

How GO2 started 

Barnes applied to  Y Combinator – the accelerator that gave birth to Stripe, Airbnb, and Dropbox – It involved three months living on site at Mountain View, California, doing business building and workshops. Y Combinator took 7% equity for US$120,000 seed money. 

The magic bullet 

The magic bullet or secret sauce  they learnt 

 ‘Build something that people want and do  it really well.

“We’d go talk to companies: ‘Would you like to buy our offering of content?’ How many courses do you have?’ ‘Eight.’ They were not particularly excited to talk to us. Then Barnes and Vu would sell features they didn’t have and it would fall to Chris Hood -in charge of the software - to deliver. 
“So, you’d scramble to build it,” recalls Hood. “It’s how we learnt what people wanted.” 

The Vision 

About a year in, Barnes set the target of “a billion learners” and a mission statement of unlocking positive potential in people through a love of learning. 
 So out of four friends, why is Barnes the boss? (although he is co-CEO with Eigeland.)  
 
“Barne’s  the one that drove us to do the Y Combinator application.  His ambition has been the rate-determining factor for how big this thing could be. The second part is that we’ve always been friends first, founders second.” Says Vu
If the partners disagree - the CEO has the final say! 
 
Capital Raise Journey 

• $30 million in 2019, 

• $61 million in 2020, 

• $272 million in 2021 as online learning surged during the Covid pandemic.

Vu believes they got the billion-dollar valuation, from the goal  of a billion learners.

Transnational cybersecurity certification program in partnership with Cyberpeace and BSI Learning, Australia.

Excited to launch our first initiative in the coming months as part of BSI Learning Group's new strategy with the incredible CyberPeace Foundation - The program is the first from an amazing new international partnership lead by our talented Kala Philip (MAICD, GAICD) to deliver international certifications in Cyber - supporting future skills development in this critical discipline. #cybereducation #skillstraining #india #australia #globalpartnerships #g20india 

#CyberPeace☮️ is thrilled to announce our first transnational cybersecurity certification program in partnership with BSI Learning, Australia.

Mark your calendars for September 21, 2023 – the International Day of Peace – as we set the stage for a high-profile summit on #Cybersecurity Governance & Skills in #NewDelhi, featuring top tech industry leaders, alongside the esteemed Australian Trade and Investment Commission (Austrade) Trade and Investment Commissioner for South Asia, Leo Bremanis. 

Thank you Kala Philip, CEO, BSI Learning and Scott Wesley for enabling the synergy to globally recognised #cybersecurity education and skill development and Vipul Rastogi, Austrade for facilitating the partnership. 

Simon Dewar Arushi Gaur Ivan Kaye Scott Henderson Dylan Chan Craig Saphin Tony Surtees @Michael Lynch 

Stay tuned as we pave the way for a safer digital world.

#CyberSecurityProgram #CyberEducation #India #Australia #GlobalSynergy #GlobalPartnerships #EducationPrograms #CyberSecurityCourse #G20India #InternationalDayofPeace

Failure Fail and innovate and focus on Customer Experience can be Fatal

It’s crazy to think that 88% of the Fortune 500 firms that existed in 1955 are gone. 

Most of these companies are unrecognizable, forgotten companies today. 

The question is… which companies will recognize (and adapt to) transformative and disruptive moments, and which ones won’t? How relevant is your company today. How relevant is your competition?

WHY

Failure to innovate?

Natural lifecycle?

Retirement if leader?

Lack of customer focus?

Fear to change? 

Here are some famous companies that failed to innovate, resulting in business failure.

BLOCKBUSTER (1985 – 2010)

Home movie and video game rental services giant, Blockbuster Video, was founded in 1985 and arguably one of the most iconic brands in the video rental space.  At its peak in 2004, Blockbuster employed 84,300 people worldwide and had 9,094 stores. Unable to transition towards a digital model, Blockbuster filed for bankruptcy in 2010.

In 2000, Netflix approached Blockbuster with an offer to sell their company to Blockbuster for US$50 million. The Blockbuster CEO, was not interested in the offer because he thought it was a "very small niche business" and it was losing money at the time. As of July 2017, Netflix had 103.95 million subscribers worldwide and a revenue of US$8.8bn.

Why did Netflix succeed and Blockbuster fail?

2 things

• Customer experience

And

• Innovation 

2. POLAROID (1937 – 2001)

In the 50s, 60s, and 70s, Polaroid was the coolest tech company on earth. Led by visionary founder Edwin Land, it grew from a 1937 garage startup into a billion-dollar phenomenon - no wonder Steve Jobs saw him as a personal hero and an inspiration for Apple. 

Polaroid had the tech for digital cameras but shelved it as it was going to impact its historically successful film business .

Polaroid neglected the need to explore new territory and enhance their long-term viability.

The original Polaroid Corporation was declared bankrupt in 2001 and its brand and assets were sold off.

Why did Apple succeed and polaroid fail?

2 things

• Customer experience

And

• Innovation 

3.TOYS R US (1948 – 2017)

Amidst the rising tides of e-commerce, the business world going global and games converting to online, Toys R Us failed to adjust and adapt 

Toys “R” Us filed  for bankruptcy in September 2017 under pressure from its debt of US$1bn and fierce online retail competition.

Amazon is now one of the most valuable companies on the planet 

Why did Amazon  succeed and Toys R Us fail?

2 things

• Customer experience

And

• Innovation 

5. BORDERS (1971 – 2011)

Borders was an international book and music retailer was unable to transition to the new business environment of digital and online books. 

Its missteps included holding too much debt, opening too many stores as well as jumping into the e-reader business to late.

Sadly, Borders closed all of its retail locations and sold off its customer loyalty list, comprising millions of names, to competitor Barnes & Noble for US$13.9 million. Borders' locations have since been purchased and repurposed by other large retailers.

Why did Kindle  succeed and Borders fail?

2 things

• Customer experience

And

• Innovation‍

7. TOWER RECORDS (1960 – 2004) vs IPHONE

A pioneer in its time, Tower Records was the first to create the concept of the retail music mega-store. 

Founded by Russell Solomon in 1960, Tower Records sold CDs, cassette tapes, DVDs, electronic gadgets, video games, accessories and toys.

Ahead of its time for a fleeting moment, Tower.com launched in 1995, making it one of the first retailers to move online. 

Its huge exposure to  debt  led to  its bankruptcy in 2004. 

Tower Records could not keep up with digital disruptions such as music piracy, iTunes and streaming businesses such as Spotify and Pandora. 

KODAK (1889-2012)‘

At one time the world’s biggest film company, Kodak could not keep up with the digital revolution, for fear of cannibalizing its strongest product lines. 

The leader of design, production and marketing of photographic equipment hesitated  to fully embrace the transition to digital led to its demise. 

For example, Kodak invested  billions of dollars into developing technology for taking pictures using mobile phones and other digital devices. However, it held back from developing digital cameras for the mass market for fear of eradicating its all-important film business.

 Kodak filed for bankruptcy in 2012

https://www.collectivecampus.io/blog/10-companies-that-were-too-slow-to-respond-to-change

http://bsivc.blogspot.com/2013/08/if-you-want-to-succeed-dont-be-afraid.html?m=1

How do you make innovation become part of your DNA ?

 Some that come to my mind are:-

• To encourage individuality ,
• being different ,
• empowering thought .
• Embracing failure and risk taking

A cool story about failure!

It’s one of my favourite stories, all the better for being true.

 A young chemist had been working for some time at developing a new bonding agent, a glue. Eventually the work was complete. He tried it out. It didn’t stick. What’s the use of a glue that doesn’t stick? A failure. Time wasted. Effort spent in vain. Back to the laboratory to try again. So, ninety-nine out of a hundred people would have concluded. The young chemist was the one in a hundred who thought differently.

Instead of deciding that his work was a failure, he asked, “What if it’s a success? What if I’ve discovered a solution? The only thing left to do is to find the problem.” He refused to give up. He kept asking himself, What’s the use of a glue that doesn’t stick? Eventually he found it. It became a huge commercial success. I use it all the time. It’s used for notes you can attach and detach at will. 

That’s how the “Post-it” pad was born.

 

I think of that story every time I hear someone write off their own or other people’s efforts as a failure. That is not just negative thinking. It’s destructive – of confidence, morale, self-respect. More importantly, it’s not true, or at least, not the best way of seeing things.

Creation, by its very nature, involves taking risks – the experiment that fails, the attempt that doesn’t quite come off. Each is part of the process that leads to discovery. Each is a learning experience. Analysing why something fails is often one of the most instructive exercises we can undertake. 

Creativity without failure is like being lifted to the top of a mountain without the climb. It’s fun. But it isn’t an achievement.

 “According to the effort,” said the sages, “is the reward.”

A few other failures that were the biggest successes!

Moses Maimonides 

Nor are we, here, now, in a position to judge success. I think of Moses Maimonides, the great Jewish thinker of the Middle Ages. Late in life he wrote a book. It was, he tells us in one of his letters, written for a single disciple who had doubts about his faith. It took a long time. Maimonides was in those days a physician as well the leader of his community, and the hours were hard to find. Eventually he completed it and sent it to the young man. From his reply it’s clear that it didn’t work. Perhaps he didn’t understand it. At any rate it didn’t answer his questions. 

A failure in Maimonides’ lifetime. 

The name of the book? “The Guide for the Perplexed”, the greatest work of Jewish philosophy ever written.

Moses

I think, too, of the first Moses. What would his obituary have been like, written by a contemporary? The evidence is there throughout the books that bear his name. When he intervened on behalf of his people, they complained. He hadn’t made things better; he’d made them worse. In Egypt, their burdens were made heavier. Leaving Egypt, they came up against the Red Sea. Crossing the sea, they found a desert. First there was no water. Then there was no food. Then the people complained there was no meat. Having given the Israelites the Ten Commandments they made a Golden Calf. Sending spies to prepare their entry into the land, they came back and said, it’s impossible. Every effort he made to form a free and holy people collapsed. Nor was he privileged to set foot in the land to which he had spent forty years travelling. Can a life of failures be a success? Sometimes it can be the greatest life there is.

As we journey through Elul and look back over our year, we must remind ourselves of an important lesson: you have to make a blessing over failures too.

– Rabbi Sacks (Ellul 5779 / September 2019)

What are examples of organisations who failed because they didn’t innovate?  

https://australianinnovation.blogspot.com/2023/08/its-crazy-to-think-that-of-fortune-500.html

Cyber Careers and Qualifications - Lifelong Learning

2023 National Skills Week 21- 27 Aug:

VET Impact #6 - BSI Learning and BSI Digital Learning currently conduct research & industry consultations to design, develop & deliver blended VET programs in emerging technologies and industries.

One such field is Cybersecurity and Cybergovernance - skilling up Australia is part of the roadmap for us to be the most secure nation by 2030. 

The Australian Qualifications Framework is recognised in 21 countries at various levels of participation, including Norway, Sweden, France, UK and Japan.

 “Being part of the Global Convention will boost international recognition of Australia’s world-class, vocational education and training graduates who are equipped with skills ready for the jobs of the 21st Century.” 

Says Simon Dewar BSI Digital Learning CEO 

"This benefits students, including international students, wanting to work and further their education in other countries." 

CyberPeace Foundation Savin Sam Vineet Kumar (he/him)

#VETforCyber

#NationalSkillsWeek

#ChangingLivesthroughLearning 

#cyberresilience 

#cyberpeace 

Australia as a top global study destination. 🌎

The QS Best Student City Ranking 2024 is out! 

 

This year, five Australian cities are ranked among the top 30 student cities globally: Melbourne, Sydney, Brisbane, Adelaide and Canberra. 

High university rankings, a diverse student mix, high desirability, a vibrant jobs market, affordability and a positive student voice have all combined to continue to position Australia as a top global study destination. 🌎 

Read more: https://lnkd.in/es_bRqW8 

KPMG to invest $2B with Microsoft to develop AI for firm

KPMG announces a multi-billion-dollar investment in Microsoft’s generative AI and cloud services that will accelerate the use and development of generative AI for KPMG’s audit, tax and advisory clients and its 265,000 people globally. KPMG CEO Paul Knopp joins Caroline Hyde to discuss on "Bloomberg Technology." (Source: Bloomberg)

Ark CEO Cathie Wood speaks to KPMG CEO Paul Knopf - who shares that the firm  is to invest $2B in generative AI and Cyber and cloud solutions in partnership with Microsoft for its audit, tax and advisory clients - and expect it to return in excess of $12B for the firm!

There has been many disruptions in the accounting profession over the years- from ledgers to PCs to accounting software such as MYOB and XERO. These disruptions did not replace jobs but generated economic activity allowing business  to grow.

Paul believed that we are in an era  of the greatest technology disruption that he has seen in many decades - and believes the workforce will grow over the years - with generative AI - employing more  Cyber Professionals, Data Scientists,

Analysts and Auditors - letting AI do more mundane tasks and enabling people to be upskilled to do more interesting things !

 The firm looks forward to partnering with Microsoft to embrace this technology!

Workers will need to be lifelong learners - says Simon Dewar of BSI E’learning and is looking forward to be partnering with Kala Philip, CEO of BSI Learning Institute and Cassandra Parton, CEO of Microsoft training Partner, NEXTTECH Learning, with a view  to help upskill and reskill these humans in areas such as Generative AI, IT and Cybersecurity.

Security , governance and architecture is key for organisations to build and run their businesses. Ongoing training and a mindset of lifelong learning is key to the future of work - says NEXTTECH Director , Craig Saphin

https://www.bloomberg.com/news/videos/2023-07-12/microsoft-s-2-billion-ai-partnership-with-kpmg-video