Key takeaways

Being good at what you do is why many start businesses but you also have to keep gaining the latest skills, says educator Frances Valintine.

Taking time out to learn about new tech like AI is something business owners cannot afford to avoid because a new tech-first generation is coming.

Startup founders often say they’re building the plane while they fly and for many that’s how it feels.

But as well as building the plane while they fly, if they want their business to be around in the future, they should also be learning about how the plane’s tech is going to look different in a year’s time or sooner too.

So how does the entrepreneur stay across all of this?

They have to keep learning, says futurist and educator Frances Valintine, founder of Auckland’s academyEX which offers a Masters of Technological Futures and entrepreneurial microcredentials.

The academy has also recently launched The AI Experience Lab, which gives startup learners the chance to explore latest technologies including machine learning, natural language processing and automated applications.

Frances recently took a year out to fully understand the implications of AI and what it meant for the world and New Zealand businesses.

“Up to date information is such a strategic imperative around whether people are successful or not,” she says.

The educator suggests business owners think of engaging with new knowledge in bite size chunks, as and when they need it, and not to make decisions without it.

Startups can learn in a variety of ways

The futurist educator is not suggesting every Kiwi entrepreneur attend academyEX.

“I don’t mind how people learn. In a world that is moving at unprecedented speed, tech has democratised access to knowledge,” she says.

Frances believes that Kiwi entrepreneurs start businesses without enough preparation.

“Too many people leave a job on a Friday and start planning their business the following Monday, when this is the time they should be doing market research, seeking new business intelligence and distilling information,” the educator says.

It's all about who your networks are

Startups and SMEs in NZ often build on the capabilities and talents they already have - they may have been a builder, a hairdresser or a web designer.

But the knowledge that change is around the corner means those professions need to have a network to support them, says Frances.

Her advice is for all business startups to find a cohort of people to bounce ideas off and to be accountable to.

Startup founders also have to spend regular time on keeping up with the latest tech and trends in their market.

“As a country we have a poor track record for investing in professional development, we don’t value learning,” says Frances.

The arrival of AI makes new learning mandatory

Now with AI there is a demand and a necessity for people to learn, says the educator.

“Many businesses lose money by spending too much time on admin which could be compressed into a fraction of the time if they were aware of the right tech,” she says.

A new generation is coming, who will create their own businesses to be digital-first and will be more up to speed with the latest technological tools, warns Frances.

“Almost by default they’ll be doing things more efficiently.”

Businesses who continue to run in a fundamentally analogue way will lose out to tech-enabled businesses with AI who can respond faster, says the educator.

“If a business invests in personalisation through AI, and can respond overnight to a request for a service, then they’ve got the order before other businesses even see the email the next day," she says.

“As soon as you digitise, you can scale,” she adds.

Two academyEX entrepreneurs on studying while launching new businesses

Two Auckland entrepreneurs, Lynette Reed and Kirsty Dent, are graduates of the academyEX Masters of Technological Futures programme and are cheering each other on in their new businesses.

As well as starting her own consultancy, Hybridges, Kirsty is a founding consultant and a key part of an advisory team on Dent’s new startup Fractionally.

Kirsty’s goal is to redefine how NZ works by helping SMEs access high impact talent who want to work differently and not in traditional, permanent full time roles.

The entrepreneur says: “With the Masters programme you get to do a lot of self reflection on what your personal competitive advantage is and where the risks and gaps are.”

“The network you have supporting you continuously challenges you to think differently and to “unlearn” traditional ingrained approaches.”

The startup founder has also done an academyEX entrepreneur microcredential 10 week course.

Lynette’s startup, Hybridges, is a consultancy which bridges cultures and communities for inclusive and innovative leadership.

She found academyEX’s Masters of Technological Futures to be highly hands-on, allowing her to apply theory to real-world challenges.

“I learned about Agile principles and human-centred design which transformed how I solve problems and approach business,” she says.

“If you’re not adopting AI in your daily practices, you’ll be left behind,” adds Lynette.

For the full article read here on Stuff.

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