FBC member Corrado Lillelund Forcellati blogs “Ready for ad-Ventures?”

Whilst surfing the waves of business disruption and witnessing ‘shades of green’ emerging under a common trend fostered by increasing collaboration, partnerships and ventures, I’m left with few reflections and some recurring questions.  

As an organization, are we ready for ad-Ventures?

As an individual, I’m ready to challenge my own beliefs, habits, legacies and possibly vested authorities gained from past experiences, loyalty and results achieved at work?

Are we ready to challenge the way we work, and hence commit and support the scouting of like-minded partners with whom to explore new markets and customer segments?

Are we ready to experiment, learn and develop new and maybe better products and services for our customers, which potentially disrupt and cannibalize what we have today?

I feel that despite an increasing curiosity to understand what’s happening out there, we are still trapped in a dilemma.

We tend to overvalue what we have and undervalue what the gains might be by giving this up. This is called the ‘endowment effect’. Humans have a predisposition for loss aversion, hence less willingness to give up their possessions.

In today’s world, I feel that this inbuilt trait represents the single biggest personal- and organizational hindrance for truly committing to new ad-Ventures, and hence encourage an open-minded approach to dedicate time and resources to join experimental journeys. Whether it’s about believing and investing in a start-up, engaging in partnerships or simply resiliently contribute to the community we serve.

It takes courage, internal alignment, support, savvy and emphatic leaders to spark new ad-Ventures.

Singapore is leading the way. The political team has a common goal and ambition. Leaders, government bodies and industries are getting ready. People are getting excited and nervous at the same time. A sense of urgency has been established.

A journey of a thousand miles usually begins with small steps, and Singapore has taken its first.   

New ad-Ventures are awaiting to be explored and exploited.

Are you ready to commit?

Am I?

Corrado Lillelund Forcallati, Nordea