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  • CU Employee Community Chair
    Quick summary of Chris Surdak's presentation - that can help First Tech and CU industry to succeed in beating their "too big to fail" competitors on these 12 principles:
    1. Use other people’s capital. Good examples are Uber, Airbnb, Doctor-on-demand and Facebook. Each of them became big in their space with other people’s capital. Facebook makes money when you and me are on Facebook posting updates and photos and when we are spending hours browsing updates from our friends. Here are the key learnings;
    a. Jerks recognize that the information is becoming basis for wealth and power.
    b. They emphasize the collection, use and growth of data instead of capital.
    2. Replace capital with information – Companies like Facebook, Google, Amazon, Uber, Simple Bank are primary context engines who are using contextual information as competitive advantage. Key Learnings;
    a. Creating value from data should be every organization’s dominant goal.
    b. Information value is created when uncorrelated data s correlated leading to new insights and new results.
    3. Focus on context and not content – Jerks like Uber, Waze, Facebook, Whatsapp, etc. focus on context and provide appropriate interactions from within the context.
    4. Eliminate friction – Make it easy for the consumers to do business where they are, how they want rather than have roadblocks. Check out companies like Rate-Reset that allows consumers to change the rates of their consumer and mortgage loans without stepping into a branch and in less than 5 min.
    5. Create value webs not value chain – Instead of focusing on value chains, Jerks care about creating value webs which are flexible, dynamic and allow multiple contributors to act together and harvest value.
    6. Invert economies of scale and scope – Jerks satisfy customer’s specific needs, in defiance of economies of scale and scope by creating dynamic segments of 1 that leads to greater customer engagement and satisfaction and therefore can charge significantly more for this great delivery of value.
    7. Sell with and through and not to – Good examples are and online referrals where much of the value is delivered through third parties.
    8. Print your own money – Jerks use system of customer rewards and loyalty points such as “likes” or “points” and create real value out of nothing.
    9. Flout the rules – Jerks bend or break rules whenever doing so leads to better outcomes for customers, and generates more information wealth.
    10. Hightail it – Typical organizations try to create products and services that meet the average needs of as many people as possible (remember Ford sells cars is all colors as long as it is black), whereas Jerks deliver to the unserved hightail at the upper limits of customer wants and needs. A good example was Stilt, whose founder Rohit was at the Summit as well. Stilt offers consumer loans only to immigrants. Check out the recording of his panel here on
    11. Do then learn – Jerks experiment and test. Typically companies strongly reward employees for avoiding risks. Jerks on the other hand promote experimentation and risk taking and learn what works and what does not to achieve desired results.
    12. Look Forward – Typically companies are drowned in reports and dashboards. Jerks on the other hand use the historical data to make better predictions of the future.
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