A colleague of mine sent me this video to ponder. I especially love getting stuff from a couple of years ago that reinforce my current thinking. I’m so glad I didn’t think of it first, it means it might actually have a prayer of becoming reality!
If for some reason your browser won’t work with the embedded video, here’s the link: http://link.brightcove.com/services/player/bcpid9774584001?bctid=18884159001
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I’ve commented on the parts I think salient according to the timeline.
It is interesting to note that what Dr. Flake is actually doing is a kind of post-mortem or lessons learned. For those from cross’d the creek over yonder, it’s more liken a lesson learnt. ;-)
If anyone’s interested, I just finished the Google Story which actually goes into a lot of detail about this.
11:00 Dr. Flake offers a great analogy to explain the concepts of a Long Tail.
15:00 He gives a great overview of the Innovators Dilemma which I believe payments companies have faced multiple times.
19:45 He explains the Network effect, also known as Metcalfe’s Law.
21:20 He talks about the multi-sided network of Payors and Payees.
27:30 He gives a great example of a Payments / Transactions –> Analytics –> Insights virtuous circle which one can draw back to customers at the top.
29:00 He too surmises that Payments eventually can and will be FREE. A novel concept. Listen carefully as to why though… He’s crazy, right? ;-)
32:00 Will the Payment’s company go the way of the encyclopedia salesman? Interesting question!
