Cathal Furey
Kelli Richards
April 16, 2014
Listen to the entire podcast here: https://allaccessradio.libsyn.com/kelli-richards-interviews-cathal-furey
Is a Joint Venture Right for Me?
Kelli Richards
April 14, 2014
Once you’ve embraced collaboration as a means to achieve your highest potential in your project or venture, at some point you might start to see potential for more formal partnership.
Entering into a Join Venture is not something to undertake lightly. It is a major decision and requires careful consideration. Here are some of the basics of how Joint Ventures work and some key points to keep in mind when considering whether or not it’s the right move for your business.
The ultimate goal of embarking on a JV is to expand your business, whether by developing new products or moving into new markets. JV’s are particularly relevant for those hoping to expand their business overseas.
No matter the size of your business, Joint Ventures can be utilized to strengthen long-term relationships or to collaborate on short-term projects. A joint venture enables you to share risks and benefits with a partner and can supply you with access to established markets and distribution channels, more resources, greater capacity, or increased technical expertise.
Entering into this type of collaboration with another business is complex; building the right relationship takes time and effort. If you do not have a clear understanding of the goals and the way value will be shared moving forward, a Joint Venture can burn you in the long run. (Just ask IBM when it partnered with Microsoft in the early 1980’s.) Success in a JV depends on the right relationship, a clear and thorough understanding of the goals, and effective communication of the business plan. Here are a few things that could be deadly to your Joint Venture:
> Goals are not 100% clear
> Different objectives among respective partners
> Friction and poor cooperation due to different management styles
> Insufficient leadership and support in the early stages
> An imbalance in levels of investment, assets or expertise brought in by respective partners
Flexibility is at the heart of what makes a JV such an attractive option. For example, a JV can cover only part of what you do and have a limited life span, therefore limiting the commitment and exposure for both parties; or alternatively, you might decide to set up a new company altogether to handle a particular contract.
To help you decide what form of JV would best serve you, ask yourself how involved you want to be in managing it, and consider what could happen if the venture fails.
Understanding how much risk you are prepared to accept is a key element of choosing the right JV approach. Take the time to develop clarity around this central question and you will thank yourself down the road!
Until next time, Kelli Richards
CEO of The All Access Group, LLC
PS: The right mentor will also have the right CONNECTIONS to move any effort forward. Be sure to ask who they think they can bring to the table around advisorship, possible collaboration and even funding.
Want to Take Your Project to the Next Level? Collaborate!
Kelli Richards
April 7, 2014
Although our culture tends to celebrate the idea of the “lone creative genius,” the truth is that a look behind the scenes of any success story will very often reveal the work of a stellar team; a group of passionate people who worked together to challenge and motivate one another. Steve Jobs famously promoted collaboration to increase productivity and creativity at Apple. It was one of the benchmarks of all the work that went on during my years there, and it continues to be a best practice of the corporation, and the alum that worked there.
How does this apply to you? Here’s the truth: If you want to take your creative project to the next level, it’s time to give the focus on individual productivity a break and shift toward harnessing the amazing power of effective collaboration.
Remember this rule as you go forward: A team is more than just a group of individuals. Creating a cohesive team unit depends on a variety of factors that, if properly understood, can help you optimize your team selection and work habits. Here are a few facts to get you started:
1. The mere presence of others can boost your performance.
Ever wonder why so many creatives seem to enjoy working in a crowded café, surrounded by strangers? Evidence suggests that the energy of other people can act as a surrogate team, even if we’re working solo. In a 1920 experiment by social psychologist Floyd Allport, a group of people working individually at the same table performed better on a whole range of tasks even though they weren’t cooperating or competing, This is now known as the “social facilitation” effect – the way the mere presence of other people engaged in the same task as us can boost our motivation.
2. Team effectiveness depends on social sensitivity.
The ability of teams to perform well across a range of challenges is referred to as “collective intelligence,” and interestingly it is not based on the average IQ of individual team members. Rather, the collective intelligence of a team is derived from the way team members take turns during conversations – and this often correlates positively with the proportion of women in the group. Which brings us to number 3…
3. Teams perform better when they include both men and women.
A 2012 analysis of nearly 2,400 international companies found that those with at least one woman on their boards tended to be the strongest performers, and the benefits were especially apparent in tougher operating conditions. According to a 2011 experiment by European researchers, the optimum gender balance is 50-50.
4. A good team needs a balance of extroverts and introverts.
Our culture tends to idolize the extrovert, but evidence suggests that the perceived value of introverts in a team setting increases as time goes on, whereas the perceived value of extroverts actually falls – as demonstrated in a recent study by UCLA. While extroverts tend to grab our attention and introverts tend to take longer to showcase their abilities, often it is a balance of complementary personalities that makes for the most effective mix.
The Grand Takeaway? The best teams are built from diverse perspectives and abilities. When creating your dream team, seek out people with different specialties, personalities, and problem-solving styles. If there is friction, don’t give up; instead, train them in better communication.
If you’re building a team to move your best projects forward, remember that the music to making it all work is your mentor. A powerful mentor should be an ally who sees your vision, a leader who brings the very best people and advisors, and a clear picture of how to get from starting point to end game. If you’re looking for that, I’d love to have a conversation with you.
Until next time,
Kelli Richards
CEO of The All Access Group, LLC
PS: The right mentor will also have the right CONNECTIONS to move any effort forward. Be sure to ask who they think they can bring to the table around advisorship, possible collaboration and even funding.
The Who What Where When & Why of Startups
Kelli Richards
March 31, 2014
Essentially, startups form because a group of rebels are fueled to the brim by enthusiasm, innovation and passion about their ideas and products. Sadly, those assets are not enough though. Without the resources, infrastructure, and / or the knowledge to develop it on their own, it’s very likely to go supernova before it ever develops a comfortable orbit. Mentoring is a core part of running a successful startup.
Too many startups are unable to move from the ‘pitch’ phase into the ‘construction’ phase and are lost as a result. Having a reliable sounding board to provide practical advice is one way to be smart about the startup process. In fact, many statistics show that startups with mentors are 90% more likely to succeed. The secret sauce, of course, is to find a mentor with the right expertise in your vertical, the bench strength in management and the powerful connections and relationships to accelerate the success. Expertise from a seasoned veteran can make all the difference.
Successful startup mentors start at the bottom with the companies and are strongly integrated into the vision and process. It’s natural to want to create your own spin on the product or add outside value from the get-go, but everyone on the team has to fully understand the project in its most basic form before moving forward. If they see the vision and the possibilities, the right mentor could come in at any time.
Every product is designed to address a problem, so you’ll need a deep understanding of both the cause, or problem, and effect, or product. With broad understanding and a level head, a mentor may have to deliver some harsh news, but it’s always for the good of the cause. As a mentor, it’s not your pride and joy on the line, it’s someone else’s success – their baby. So while any criticism must be delivered tactfully, it’s also important to remember that the project needs your guiding voice, no matter which direction it leads
Entrepreneurs and mentors have to create a solid bond and trusting connection if their relationship is going to thrive for the success of the endeavor. The mentor has to be knowledgeable, rational, and tactful – and the entrepreneur has to be willing to be mentored – to NOT have all the answers. Passion and drive only go so far when starting a business, and in order to learn from a trusted coach and successfully implement the ideas and changes discussed, the startup needs to be flexible and accept the information that’s given. Getting a business of the ground is difficult, but with hard work, positive thinking, and reliable advice from the right mentor, it is definitely possible – and far more probable than going it alone.
Until next time,
Kelli Richards
CEO of The All Access Group, LLC
PS, The right mentor will also have the right CONNECTIONS to move any effort forward. Be sure to ask who they think they can bring to the table around advisorship, possible collaboration and even funding.
John Amaral
Kelli Richards
March 30, 2014
Listen to the entire podcast here: https://allaccessradio.libsyn.com/kelli-richards-interviews-dr-john-amaral
4 Steps to Ace an Early-Adopter Culture
Kelli Richards
March 24, 2014
In this era of rapid innovation, a new technological breakthrough can shake an entire industry in an afternoon, and consumers are hungry for the most advanced gadgets available. Businesses are constantly expected to be at the forefront of emerging technology.
When Corning’s “A Day Made of Glass” video series went viral in 2011, the company leaped in the spotlight. In the process, consumers and businesses alike found themselves considering the company’s role as an innovator in specialty-glass technology for a wide range of uses.
For consumers, the roles of early adopter and a thought leader often become intertwined. Customers tend to gravitate toward companies that can speak credibly about new technologies and apply them to product development and business processes.
Related: Why Every Employee Needs to Be Part of Your Tech Team
Being at the forefront of emerging trends will make your business more sought after by the media as an authority within your industry sector and your staff will be viewed as capable of speaking with intelligence about the latest developments’ impact on your niche or sector.
But being an early adopter doesn’t come naturally to every business — nor can it be achieved overnight. Creating a culture of early adoption and keeping your business ahead of the curve requires a change in mindset at the leadership level. To grow a thriving business on the bleeding edge, savvy leaders would be wise to take some of the following steps:
1. Make the latest tools available to employees. Having the latest gadgets available for staffers to play with encourages a culture of innovation, experimentation and evangelism. It gets employees thinking about how new technology can be used and it encourages a cross-pollination of ideas. For example, when Google Glass was released, forward-thinking businesses made the product available for their employees to try and discuss.
Related: How to Motivate Creative Employees
2. Encourage team members to engage with new technologies. For its own part, Google requires its employees to take days off to simply experiment with the latest technologies and test ideas. Ensure that your employees engage with the latest from Silicon Valley by asking them to take an hour from their workday to acclimate themselves with a gadget or tool. Or have an employee do a presentation summarizing the applications of a new device so your team can focus on its possible impact on your industry.
3. Create incentives and reward innovators. Give your employees a reason to keep up with tech news and drive innovation by rewarding those who do so. Grant the employee who discovered and implemented a new task-management platform a paid day off. Reward the staffer who forwarded the latest news to the rest of your team with a free lunch.
4. Lead with an early-adopter spirit. Cultivate a company mindset of curiosity by being a leader who embraces change and risk in the name of progress and cutting-edge disruption. Starbucks CEO Howard Schultz revealed his hunger for innovation when he invested $25 million in Square — a startup few knew about at the time. What seemed like a risky and questionable move to some ultimately paid off. Through collaboration with Square, Starbucks now accepts mobile payments globally, paving the way for other companies hopting to implement mobile-payment systems in their operations.
The pace of technological change is faster than ever before and businesses that wait too long to embrace innovation can easily be deemed irrelevant by consumers. Instead, infuse the early-adopter mindset throughout your company’s culture — and you may well end up being celebrated as a forward-thinking visionary within your industry.
Until next time,
Kelli Richards, President, CEO of the All Access Group, LLC
PS: Subscribe to my FREE All Access Group Newsletter https://bit.ly/AAGNewletter
Chris Dotson
Kelli Richards
March 21, 2014
Listen to the entire podcast here: https://allaccessradio.libsyn.com/kelli-richards-interviews-chris-dotson-inc
4 Tech Dinosaurs That Will Finally Die in 2015
Kelli Richards
March 17, 2014
In recent years, technology has changed the way we view work, entertainment, media, and even our workout habits. While most people are focused on what’s next for wearables, cloud computing, and syncing gadgets, few have taken the time to consider the tech we’re going to be sending into retirement in the coming years.
Here are the tech trends that are coming to an end in 2015.
1. The Revolution Will Not Be Televised
With cable-cutters everywhere, cable and satellite providers across the country are scrambling to lock consumers into their tiered contracts. Millennials, however, aren’t as attached to their TV sets as older generations. Netflix, Hulu, Apple, and Amazon already provide great streaming options, while cable favorites like HBO and ESPN are moving to mobile devices.
By 2015, content providers will have much more control than cable companies. Cable companies won’t go down without a fight, though — the majority of them also provide digital cable, DVR, and Internet services. However, with lightning-fast Google Fiber expanding into more major cities, it’s only a matter of time before these services will need an upgrade, too.
2. Home Entertainment Is Entering a New Dimension
Your television set won’t end up a nostalgic antique like your grandfather’s eight-track cassette player, but the TV industry is upping the ante in the age of high definition.
- While Nintendo focuses on integrating its content into mobile platforms, Sony and Microsoft are pushing forward with ways of integrating their gaming consoles into your entire home, allowing for interactive entertainment options we’ve never seen before.
- Glasses-free 3D and curved screens are changing the way studios create and release both theatrical and home content.
- Set-top boxes and streaming options by Apple, Google, and Roku even further blur the line between our TVs and computers. By 2015, there will be little (if any) difference between your television set, mobile phone, and computer as cloud computing creates a seamless web experience.
3. Call Somebody Who Cares
Millennials have come of age with cell phones. Gone are the days when you couldn’t get reception unless you were directly underneath a cell tower. These days, landlines are used strictly for emergencies such as Hurricane Sandy, and most are Internet-based VoIP services.
The days of Ma Bell and her Baby Bells are a distant memory, as those former communications giants struggle to maintain the outdated infrastructure of their phone lines. Cell phones are as likely to drop a call as a landline, and less than 10 percent of households in the country have only a landline phone. As current generations age, landline telephones will disappear altogether.
4. Goodbye, Gutenberg
When Johannes Gutenberg invented the printing press, the machine made it possible to put magazines on every shelf, books on every desk, newspapers on every porch, and Bibles in every hotel nightstand.
We all know the newspaper and magazine industries are struggling, but 2014 looks to be the year when we drive the final nail in the coffin and bury these struggling industries for good. After J.K. Rowling authorized the release of the Harry Potter series on Amazon’s Kindle, the publishing industry essentially crumbled. Major magazines and newspapers started shutting down, and the only holdouts seemed to be textbook publishers.
Apple took this market by convincing McGraw-Hill, Pearson Education, and Houghton Mifflin Harcourt to create iBook textbooks to integrate the iPad into schools, while Dynamic Books allows instructors to create customized textbook content for their SMART Boards.
It’s not just books, either. The whole world has gone paperless. Your tablet and smartphone allow you to travel without a boarding pass, publish your own e-books, attend concerts without a ticket, and even pay without cash, a credit card, or coupons. Gutenberg must be rolling over in his grave.
Much like video killed the radio star, the Internet is demolishing them both. Every innovation we come up with disrupts another. Nobody knows where we’ll be in 2015, but I’m sure we’ll have our smartphones in hand, ready to check in on Foursquare to prove it.
A highly sought-after consultant, mentor, speaker, producer, coach, and author, Kelli Richards is the CEO of The All Access Group. She and her team facilitate strategic business opportunities in digital distribution between technology companies, established artists and celebrities, film studios, record labels, and consumer brand companies in order to foster new revenue streams and deliver compelling consumer experiences. Kelli is also the author of the bestselling e-book, “The Magic & Moxie of Apple — An Insider’s View.”
Until next time,
Kelli Richards, President, CEO of the All Access Group, LLC
PS: Subscribe to my FREE All Access Group Newsletter https://bit.ly/AAGNewletter
4 Steps to Ace an Early-Adopter Culture
Kelli Richards
March 12, 2014
March 12, 2014,
Entrepreneur
In this era of rapid innovation, a new technological breakthrough can shake an entire industry in an afternoon, and consumers are hungry for the most advanced gadgets available. Businesses are constantly expected to be at the forefront of emerging technology.
Read the entire article here: https://www.entrepreneur.com/leadership/4-steps-to-ace-an-early-adopter-culture/232132
How to Vet a Crowded Industry for Hidden Innovation Opportunities
Kelli Richards
March 10, 2014
Few people look at a thermostat and think, “Now there’s an exciting business opportunity!”
As a device, it’s a boring commodity — a relic of a stagnant, saturated market. So why did the co-founders of Nest decide to build a multimillion-dollar company around the reinvention of the thermostat?
Where others saw an industry that offered no room for new ideas, Tony Fadell and Matt Rogers saw potential. Most of the 10 million thermostats sold every year throughout the U.S. were clunky, inefficient, and impossible to program, but a simple, Wi-Fi-enabled device that could be programmed via a smartphone — that could be a game changer. Fadell and Rogers saw this opportunity, left their jobs at Apple, and got to work.
Within just three years of unveiling the Nest Learning Thermostat, the company has reduced energy usage across the U.S. and Canada by at least 225 million kilowatt-hours. They’ve saved consumers more than $29 million in heating and cooling bills. And earlier this year, Google bought Nest for $3.2 billion in cash.
What gave Fadell and Rogers the confidence to dive into an overcrowded market? They saw room for innovation. Here’s how you can see through the crowd to the opportunity.
How to Vet a Crowded Industry
When a market has a reputation of being fully saturated or crowded, many potential entrants will steer clear without a second thought. But popular perception isn’t always reality. Though it may not be immediately obvious, there’s often room for innovation and more than one player in the most stagnant of industries.
If you’ve got an idea that you think could disrupt a crowded market, it’s critical that you vet the industry before launching.
Do your homework. Who are the key players in the industry? What are their strengths and weaknesses? A comprehensive understanding of the competitive landscape is vital for determining your strategy.
Clarify your value-add. What makes your idea different? Are you cheaper, faster, better, or more innovative than everyone else? You can’t survive in a saturated industry without clearly being different and better.
Know your customer.Are consumers satisfied with the current market? If your product or idea can effectively address unmet needs and pain points, you’ll be able to capture significant market share.
Position yourself as a trailblazer. People aren’t expecting innovation in a stagnant market. Find the gap by researching industry trends, then stake a bold claim as the “next big thing.”
Prepare for scale.When you unveil a great idea on a commodity market, you have to be ready to handle a sudden wave of demand. Had Nest not been able to keep up with the brisk pace of adoption, the company would have tanked. They were prepared, though, and rode the wave all the way to a multibillion-dollar acquisition in a relatively short period of time based on mass adoption by consumers.
Surviving the Changes in Your Industry
Once you’ve made the leap into the market, you need to be proactive to survive your industry’s lifecycle changes. Achieve the following, and you’ll not only keep your head above water — you’ll thrive.
- Stay up to speed on the latest trends and technologies. That way, you can remain nimble and capable of edging out competitors.
- Get the word out. Make sure customers know about you — and know that your solution is superior.
- Make sure you offer the best possible customer experience. You’ll garner loyalty and brand equity, and you’ll reduce the churn factor.
- Optimize key elements: pricing, service, process, and customer satisfaction. Piece these components together in a way that tells a compelling brand story to attract your target audience.
- Always strive to stand out from the crowd through your marketing, products, and customer experience. When you delight your customers, they’ll become brand advocates and stay with you in the long run.
A Matter of Perception
When an industry undergoes a fundamental transformation, many people wrongly assume it’s vanishing forever.
Consider the entertainment industry, for example. Just 15 years ago, film studios, record labels, and media distributors believed that file-sharing technology would ruin their entire livelihood. Those who were stuck in their ways wanted to put an end to the technology.
Savvy, forward-thinking tech entrepreneurs, on the other hand, saw an opportunity to pioneer change. While everyone else was lamenting the death of entertainment, they harnessed the disruptive power of technology to meet market needs.
Now, decision makers in the industry are embracing next-generation distribution technology because it enables them to reach global audiences and create new revenue streams.
It takes a keen eye and a great idea to capitalize on lifecycle changes in a crowded market. The risks, however, are often a matter of perception. By seeing potential where others don’t, you can access a world of opportunity and profits.
A highly sought-after consultant, mentor, speaker, producer, coach, and author, Kelli Richards is the CEO of The All Access Group. She and her team facilitate strategic business opportunities in digital distribution between technology companies, established artists and celebrities, film studios, record labels, and consumer brand companies in order to foster new revenue streams and deliver compelling consumer experiences. Kelli is also the author of the bestselling e-book, “The Magic & Moxie of Apple — An Insider’s View.”
Until next time,
Kelli Richards, President, CEO of the All Access Group, LLC
PS: Subscribe to my FREE All Access Group Newsletter https://bit.ly/AAGNewletter
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