Reid Hoffman is an American-based venture capitalist, author and entrepreneur at Greylock Partners who is best known for being the co-creator of the social network, LinkedIn.
At the Silicon Valley Comes to the UK (SVC2UK) digital summit’s closing event, ‘Hindsight is 2020: the power of creating a future for all’, Reid provided his top five predictions to give you a glimpse of what’s ahead in 2021 and beyond, on the power of collaboration within the technology sector in creating a new and better future for everyone.
1. Everything will work better from now on
Joe Biden was the vote for business because everything works a lot better with a stable society. Middle class (in the US context) jobs with more platforms leads to a better society and ultimately more customers.
2. There’s no such thing as alternative facts
Truth-telling, or what is a truthful statement at levels of discourse, from social media’s conspiracy theories to talk radio needs repair, particularly in the USA. There’s no such thing as alternative facts or ‘my truth versus your truth’. We’re still having this battle, but in early 2021, we need to quickly move to focusing on that facts matter.
3. Taking the best route for entrepreneurs, leaders and citizens on creating a world we want to live in
We can build the future by rebuilding our economies and rapidly inventing. The future can be much better than where we are now - for example, the best chance to rebuild American manufacturing is robotics, but it’s not the only AI option; call centres can be supercharged through AI.
“Make sure that you’re not just talking the talk, but you’re running the run. What are you doing to increase diversity? What time are you putting in to actually solve the problem?
4. How can entrepreneurs best avoid unconscious bias?
Firstly, by asking your board and leaders if they are really looking at all levels including AI, the culture of a company and onboarding practices. Secondly, identify resources, for example how do we improve diversity and inclusion and look at other sectors for how they improve this to create the leaders of tomorrow? And don’t forget to use unconscious bias training.
Finally, ensure you and your organisations that you’re leading are running the run, not just walking the walk, on the time and energy to make avoiding unconscious bias happen.
Make sure you are recruiting and mentoring in the right places for diversity and inclusion.
5. The sector that bounces back after the COVID-19 pandemic will be hospitality
There will be a quick revitalisation in businesses involved in face to face social opportunities. In 2021 or 2022, we will see a renaissance in pubs, restaurants and other hospitality venues because it’s what we live for as people.
And finally…on Reid’s famous coined term, ‘blitzscaling’
Reid said he wanted an edgy name to push people because as the global world becomes more connected, it is critical to push further because all companies are on track to become technology companies. Blitzscaling occurs when speed and scale matter so much to building a company that the company is willing to burn financial and human capital. It’s a trend where the business world is heading. To harness blitzscaling as a company, decide which fire you need to let burn first!
And one final thought from Reid: Watch this space, as the transformation of AI is only just beginning…
Reid Hoffman was interviewed at Silicon Valley Comes to the UK (SVC2UK) - a virtual series of events for entrepreneurs and founders of start-up and scale up businesses in the technology sector – by the event’s chair and co-founder, Sherry Coutu.
Disclaimer
This information is for educational purposes only and does not constitute legal advice. It is recommended that specific professional advice is sought before acting on any of the information given. © Shoosmiths LLP 2024.