Dear Readers,
Intoday’sbusinesslandscape,countlessindividualspossessremarkableanddisruptiveideasthey aspiretoimplement.However,numerouschallengesoftenimpedetheirabilitytotransformtheseideas intoreality.Nevertheless,thereexistboldfoundersandCEOswhohavefearlesslytakentheplunge,actualizing theirinnovativestrategiesandrevolutionizingthebusinesssector.Theseexceptionalleadershaveharnessed theirknowledge,skills,andforesighttointroducegroundbreakingconceptsandprovensuccessstories.
Theevolutionofthebusinessworldfollowsacyclicprocess.Avisionaryindividualemerges,settinganew trendthatcapturestheattentionofothers.Asthemarketbecomessaturatedwithsimilarbusinessideas,a brilliantentrepreneurunveilsapioneeringbusinessmodel,triggeringaseismicshiftinthesystem.This compelsothermarketparticipantstoalignthemselveswiththenewfoundapproach,perpetuatingaloopof revolutionarybusinessmodels.
Aftermeticulousresearch,wehaveidentifiedthetopleaderswhohaveleftanindeliblemarkonthebusiness sector,shatteringconventionalnormsandemergingastruerevolutionaries.Basedonthesefindings,weare delightedtopresentourlatestmagazineissuetitled“The10RevolutionaryBusinessLeaders,2023.”This editionwilldelveintothestoriesoftheseexceptionalbusinessleaderswhohavedaredtochallengethestatus quoandintroduceunorthodoxyethighlyinnovativeandsuccessfulbusinessideas.
Inthisspecialedition,wehighlighttheesteemedCEOofCoworkItA/S,MadsEhrhardt,renownedforhis proficiencyindiversefieldssuchasbanking,design,gaming,andIT.Withabackgroundinbankingand expertiseinforeigncurrency,options,andinterestproducts,Mr.Ehrhardt’spassionforadventurehasequipped himwithinvaluablelessonsincreativityandresilienceacquiredduringhisglobalsailingexpeditions.
Moreover,wefeatureindustrydisruptorssuchasMasoodAlAwar,PetteriSalonen,StephenWhyte,andJohn Peck,whohasconsistentlydemonstratedanunwaveringcommitmenttoidentifyingmarketgapsandcatering tothepublic’sevolvingneeds.
Wewishyouawonderfulreadingexperience!
Tejas Tahmankar Project Editor
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MadsEhrhardt,CEOofCoworkItA/S,isadynamic leaderwithadiverseprofessionaljourneyspanning banking,design,gaming,andIT Withabackgroundin bankingandexpertiseinforeignexchange,options,and interestproducts,Madsventuredabroadandbecamethe Headofthecustomerdeskatthebank’sNewYork Branch.However,hisdesireforadventureledhimtosail aroundtheworld,providinghimwithinvaluablelessons ininnovationandresilience.
UponreturningtoNewYork,Madsfollowedhiscreative instinctsandco-foundedadesigncompany,wherehealso handledthebusinessandoperationalaspects.This experiencetookhimtoSouthAsia,expandinghiscrossculturalunderstandingandexpertiseinconducting businesswithdiversegroups.
Madsthentransitionedtoworkingwithgaming communities,managingalargenumberofvolunteers, andunderstandingthenuancesofinspiringand maintainingtheirengagement.Thisledhimtoco-founda digitalBusinessIncubator,furtherexpandinghisnetwork andexpertiseindigitalmediaandbusinessdevelopment.
HisjourneycontinuedintherealmofFinTech,where Madsutilizedcutting-edgedigitalplatformstoempower postalorganizationsandenhancetheirrelevanceinthe digitallandscape.Thisexperiencepavedthewayforhis currentroleasCEOofCoworkItA/S.
CombininghisITskillswithhisproficiencyin networking,MadsleadsCoworkIt,leveraginghisdiverse experiencesandglobalperspectivetocreatea collaborativeandthrivingenvironment.Hisunwavering commitmenttoexploringnewopportunitiesand embracingchallengeshasshapedhisapproachtoforging meaningfulconnectionsandmakingalastingimpact.
AsCEOofCoworkItA/S,MadsEhrhardtholdsa multifacetedrolethatencompassesbothmanagement responsibilitiesandactiveparticipationasacoworker. Hisprimaryfocusliesinsteeringthecompany’sstrategic directionwhilefosteringacollaborativeandengaging workenvironment.Madsunderstandstheimportanceof effectiveandconsistentcommunication,bothwithinthe organizationandwithclients,whichheprioritizes throughwell-thought-outapproachesandregularface-tofacecollaborations.
“ Stay relevant through mentoring, getting inspiration, and sharing knowledge with the next generation –ensuring lessons I have learned are passed on and utilized. COVER STORY
“ Explore global environments –get inspiration from outside your ‘bubble.’ And NEVER EVER get too comfortable.
Recognizingthevalueofpersonalinteractions,Mads emphasizesthesignificanceofbeingphysicallypresent inthegeographicalcontext,allowinghimtograspthe challengesandtriumphsfacedbycolleaguesandclients alike.Thiscommitmenttopresenceunderscores CoworkIt’sapproachtohowtheyengagewith customers,ensuringmeaningfulinteractionsand understandingtheiruniqueneeds.
WhileMadsisrelativelynewtotheorganization,he hasalreadymadesignificantcontributions.Notably,he hasplayedapivotalroleinsteeringCoworkItina strategicdirectionthatinvolvestheactiveinvolvement andcontributionsofallteammembers.Bycreatingan inclusiveenvironmentwhereeveryonehasan opportunitytosharetheirinsights,ideas,andexpertise, Madshasfosteredexcitementandenthusiasmamong theteam.
CoworkItisaforward-thinkingorganizationthatwas foundedontheprincipleofbringingstructureand supporttotheunorganizedrealmofsmallITservice providers.Withtheaimofempoweringtheseproviders andenablingthemtonavigatetheongoingmarket consolidation,CoworkItrecognizesthevalueofa structurednetworkwhereparticipantscandrawupon eachother’sexpertiseandresources.
OneofCoworkIt’scorebeliefsisthatcustomersprefer localsupportandserviceratherthanimpersonaland distantconsolidatedsupportcenters.Inlinewiththis, thecompanyenvisionsitselfasDenmark’smostpresent ITservice,embodyingtheconceptof“presence”intwo significantways.Firstly,byestablishinggeographical locationsacrossthecountry,CoworkItensureslocal accessibilityandresponsiveness.Secondly,andequally important,theorganizationplacesgreatemphasison beingpresentforitscustomers,prioritizingmeaningful interactions,anddeliveringahighlevelofpersonalized service.
Thissolutionofferssuperioradvantagesfroman environmentalandcoststandpointbyleveraginglocal supporton-site,settingusapartfromourconsolidated competitors.Thus,italignswithESGgoals,providing enhancedeffectivenessandpresenceandservingasa moreenvironmentallyfriendlysolution.
“ When business is good – that's when you have to push to stay ahead of the curve!
Just like sailing – you always have to move just a little bit faster than the environment you are in – to stay in control….”
CoworkIt’svisionrevolvesaroundcreatingastrong nationwidepresencewhilemaintainingalocalized approach.Byfocusingonhavingtherightpersonnelineach locationandleveragingtheirspecializedskills,thecompany ensuresacomprehensiveserviceofferingforclients.While specializationinareassuchasERPorITsecuritysystemsis highlyvaluedinthedigitallandscape,CoworkIt’ssetupand networkenablecoworkerstospecializewhilestillproviding thefullrangeofservices.Thisapproachstrikesabalance betweenexpertiseandbuildinglastingrelationshipswith customers,offeringthemacompleteandtailoredsolution.
CoworkItdistinguishesitselfintheITserviceindustryby offeringlocalandcurrentITsupportandservicesona nationwidescale.Unlikecompetitorswhoconsolidate operationsincentralizedlocations,CoworkIttakesa decentralizedapproach,ensuringthattheirservicesare deliveredbylocalteamsinvariouscommunities.This approachenablesthemtoestablishstrongerrelationships withsmallandmedium-sizedbusinesses(SMBs)by providingaccessibleandpersonalizedsupport.
WhileCoworkItembracesautomationandstaysatthe forefrontoftechnologicaladvancementsintheITspace, theyrecognizetheenduringimportanceofthehumanaspect intheindustry.Understandingthat“peoplestillbuyfrom people,”CoworkItemphasizesthesignificanceofbeing presentandbuildingmeaningfulconnectionswith customers.Thisfocusonmaintainingapersonaltouchsets themapartfromlargercompetitorswhomayoverlookthe valueofgenuinehumaninteraction.
Madsstronglyemphasizesthevitalroleofproactive leadershipinahighlycompetitivebusinessenvironment. Accordingtohim,leadersmustnotpassivelywaitfor circumstancestounfoldbutrathertakechargeby meticulouslyplanningandanalyzingmarkets,tracking globaltrends,andunderstandinglocalshifts.Bydeveloping robustriskmitigationstrategies,leaderscananticipate futurebusinessneedsandproactivelyaddresspotential challenges,eventhosethatmaynevermaterialize.Mads believesincollaborativeandtransparentleadership, fosteringanenvironmentthatvaluesinnovation,creativity, andsharedresponsibility.Recognizingthatnosingleleader cannavigatethecomplexbusinesslandscapealone,he advocatesforcollectiveefforts,constantgrowth,anda commitmenttoinvestinginthecoremission.
Madsisasailoratheartandfindssolaceand connectionthroughsailing,whichhasbeena lifelonghobbyandlifestyle.The uncompromisingenvironmentoftheseahas taughthiminvaluablelifelessons,including problem-solving,creativity,andteamwork.With aproblem-solvingandcan-domindset,Mads bringshiscreativeabilitiestobothworkand home,enjoyingrenovatinghislivingspace.In Denmark’scultureofpromotingwork-life balance,Madsbeginshisdayswitharefreshing swimandbikeride,settinganoptimistictone andprovidingtheenergyandmentalclarityto handleworkchallengeswhilemanagingfamily obligations.Savoringtheluxuryofsailingwith hislovedonesnearbycompleteshisharmonious life.
Madsoffersinsightfulguidanceforbudding entrepreneursaspiringtoexcelintheindustry. Heunderscoresthesignificanceofentrustingthe expertiseoftheindividualsresponsiblefor runningandsupportingthebusiness,valuing theirinputandkeenobservationsonindustry trends.Madsadvocatesfortherecruitmentof exceptionaltalent,recognizingthevalueof assemblingateamwhereone’sowncapabilities arenotthesolesourceofexpertiseandfostering anenvironmentofdiverseknowledgeandskill.
Furthermore,heemphasizestheimportanceof cultivatingpursuitsoutsidetherealmofwork thatfacilitatecompletedisengagementand mentalrespite,enablingindividualstodisengage fromtherigorsofprofessionallifeandfoster rejuvenation.Thisholisticapproachcontributes toenhancedperformanceandoverallwell-being.
Madsalsochampionstheexplorationofglobal environments,encouragingaspiringleadersto seekinspirationbeyondtheirimmediatespheres. Byexposingthemselvestovariedperspectives andexperiences,theycannurtureinnovationand adaptability,gainingacompetitiveedgeinthe ever-evolvingbusinesslandscape.
Management-KevinGoeminne(Co-founder&CEO)
URL- www.chili-publish.com
Founded-2010
Description-CHILIPublishisaCreativeAutomation platformprovidingtoolsandconnectionstobrands, agencies,andmerchants.Itimprovesgraphicalproduction inventiveness,scalability,andoutput,providingon-brand, tailored,high-volumecontentwhileencouraginga connectedmarketingtechnologyecosystem
Management-MadsEhrhardt(CEO)
URL-www.coworkit.dk
Founded-2014
Description-CoworkItisarenownedITservice companythatservessmallandmedium-sized enterprises.Theyofferawideselectionof comprehensiveITsolutionstoefficientlysatisfyyour company'stechnologyrequirements,backedbya competentstaffofexperts
Management-PetteriSalonen
URL-www.finrenes.com
Founded-2013
Description-FinrenesisaFinnishcompanyspecializing ininnovativetechnologyforconvertinglignocellulosic wastebiomassintobiogasandbrownpellets Their patentedsteam-basedprocessefficientlybreaksdown biomass,enablingefficientconversionintovaluableenergy resources.
Management-StephenWhyte(FounderandMD)
URL-www.qadex.com
Founded-1993
Description- Ideagenisaglobalsoftwarecompany thatprovidescomprehensivesolutionsforquality,risk, audit,andcompliancerequirements.Theirproductsare usedinavarietyofindustries,includingaviation, banking,lifesciences,healthcare,andmanufacturing.
Management-FayezAlenazi(CEO)
URL-www.hakagroup.co
Description-MedallionAssociatesspecializesinreal estateadvisory,assetmanagement,property development,andtailoredmarketingforluxury projects Backedbyaskilledteam,theyofferexpert insightsandindustryknowledgetonavigatethereal estatemarketeffectively (CEO)
Founded-1967
Description-SheikhHasanAbdulKarimAlGahtani foundedtheHAKAGroup,whichisnowdirectedby hisson,KhalidHAl-Gahtani Thecorporationoperates inSaudiArabia'seasternregion,withcapabilities rangingfromrealestatetomanufacturing,investments toconsumerproducts.
Management-MasoodAlAwar(CEO)
URL-www.medallionuae.com
Founded-2017
Management-MadodaPapiyana(CEO)
URL-www.mincap.co.za
Founded-2008
Description-Mincapisaleadingfinancialservices companythatspecializesininvoicefinancing,purchase orderfinancing,asset-basedlending,capitalraising,real estatefinancing,debtcollectionmanagement,investments, insurancebrokerage,andcorporateperks Withconsistent professionalismandknowledge,weprovidecustomised solutions
Management-FrankTurley(Co-Founder,Trainer &PMActivist)
URL-www.p3.express
Founded-2016
Description-P3expressisasimpleandeasy-to-use projectmanagementsystem.Itemploysacyclical method,includingmonthly,weekly,anddailycycles,as wellasactivitiesforcommencementandclosure.Itis open,free,andCreativeCommonslicensed
Management-JordanStoyanov(Founder&CEO)
URL-www.paymangroup.com
Founded-2020
Description-PaymanGroupisafintechcompany revolutionizingpaymentswiththeiruser-friendlywallet, paymentprocessingsolutions,andbillingservices. Theirmissionistosimplifyandmodernizepayments forindividualsandbusinesses,offeringseamlessonline, card,andmobilepaymentoptions
Management-JohnPeck(President&CEO)
URL-www.supplychainbrain.com
Founded-1996
Description-SupplyChainBrainisthego-tositefor supplychainnews,strategy,andinnovation Itprovides acomprehensiveplatformforsupplychain managementwithinsightsintotrends,bestpractices, andreal-worldcasestudiesviaitswebsite,newsletter, andsocialmedia
ThefutureofAIindustryholdsimmense
promiseandpotential,poisedtorevolutionize varioussectorsandredefinethewaywelive andwork.Withanexpectedrevenueofastaggering US$390.9billionin2023,theindustryisonan upwardtrajectory,witnessingrapidgrowthand innovation.Asartificialintelligencecontinuesto matureandadvance,itsimpactisbecoming increasinglytangible,withbusinessesandindividuals harnessingitscapabilitiestodriveefficiency,enhance decision-making,andunlocknewopportunities.From autonomousvehiclestopersonalizedhealthcare,AIis reshapingourworld,creatingexcitingprospects,and transformingindustriesacrosstheglobe.Inthisblog, wewillseetheimpactandthefutureofAIindustry andhowweneedtobereadyforthat.
AI’simpactonthefutureofworkandlifeis transformative.Advancementsinmachinelearning, naturallanguageprocessing,androboticsare revolutionizingindustriesandreshapingourdaily routines.AIautomatestasks,boostsproductivity,and reducescostsintheworkplace.Manycompaniesnow emphasizeusingbotsandinstructingthemtocollect, extractandorganizethedata.Itcreatesnew opportunitiesforhumanstofocusoncomplex, creativeendeavors.
Beyondwork,AIimprovesconveniencethrough personalizedvirtualassistantsandenhanceshealthcare throughbetterdiagnosticsandtreatment.Addressing ethicalconcernssuchasdataprivacyandalgorithmic biasisessential.EmbracingAI’spotentialiscrucial foraprosperousfuture.
Industriesthatwillgetaffectedseverelyinthe future
1.
● CAGR:55%
● Currentmarketsize:US$9.3billion(2023)
● Expectedmarketsize:US$744.39billion (2033)
ThefutureofAIindustryintheautomotivesectoris promising.Self-drivingcarsareatestamenttoAI’s currentimpact,utilizingadvancedalgorithmsand
sensorsforreal-timedecision-making.AI-powered voiceassistantsandinfotainmentsystemsenhancethe drivingexperiencefurther.AIstillhasuntapped potentialtoexplore.Ongoingresearchand developmentwillenableAItorevolutionizevehicle safety,predictivemaintenance,andintelligenttraffic managementsystems.Theautomotiveindustrycan lookforwardtoanexcitingfuturewhereAIcontinues totransformandshapethewaywedrive.
2.
● CAGR:47.9%
● Currentmarketsize:US$97billion(2023)
● Expectedmarketsize:US$163.6billion (2026)
Manufacturingandlabor-intensiveindustriesarevital toeconomies,employingalargeworkforce.These sectorsinvolvephysicalproductionprocessesand significanthumanlabor.However,withtheriseofAI, theseindustriesareundergoingtransformation.AIis increasinglyintegratedintomanufacturing,enhancing efficiency,loweringcosts,andimprovingproductivity Automation,machinelearning,androbotics revolutionizeproductionlines,enablinghigher precision,fastercycles,andreducederrors.Although AIisstillinitsearlystages,itspotentialtoreshape manufacturingandlabor-intensiveindustriesis enormous.Itpromisesafutureofincreasedautomation andimprovedoverallperformance.
● CAGR:30%
● Currentmarketsize:US$8.4billion(2023)
● Expectedmarketsize:US$104.36billion (2030)
Traditionalmediaandbroadcastingencompass establishedformsofmasscommunicationlikeTV, radio,newspapers,andmagazines.Theseplatforms havelongbeenvitalforsharingnews,information, andentertainment.Althoughdigitalmediahasgained prominence,traditionalmediaremaininfluential. However,AItechnologyisincreasinglyplayingarole intransformingtheindustry AIisusedforcontent personalization,dataanalysis,andtargetedadvertising, enhancingtheefficiencyandeffectivenessof
traditionalmediachannels.Asaresult,traditional mediaandbroadcastingareadaptingtoleverage AI’scapabilitieswhilemaintainingtheirenduring significance.
● CAGR:47.6%
● Currentmarketsize:US$14.6billion (2023)
● Expectedmarketsize:US$102.7Billion (2028)
Healthcareiscriticalforsafeguardingwell-being, avoidingdisease,andimprovingqualityoflife. Artificialintelligence(AI)hastransformedthe industry,enablingmoreaccuratediagnoses, effectivetreatments,andbetterpatientcare. MachinelearningandAI-powereddataanalytics areutilizedinmedicalimaging,drugdevelopment, electronichealthrecords,andpersonalized medicine.AIisrevolutionizingtheareaand holdingouthopeforbetterhealthcareresults becauseofitsabilitytoevaluatelargeamountsof medicaldataandassisthealthcarepersonnel.
● CAGR:30.3%
● Currentmarketsize:US$6Billion (2023)
● Expectedmarketsize:US$85Billion (2033)
Theretailindustryisavitalanddynamicsector, valuedattrillionsofdollarsglobally.It encompassesthesaleofgoodsandservices throughvariouschannels.Inrecentyears,the industryhaswitnessedsignificantintegrationof artificialintelligence.AIistransformingretail operations,improvinginventorymanagement, personalizingmarketingcampaigns,optimizing customerservicewithchatbots,andenhancing demandforecastingaccuracy TheadoptionofAI intheretailindustrycontinuestogrow, revolutionizingoperations,elevatingcustomer experiences,andenablingdata-drivendecisionmaking.Thistechnologicaladvancementisdriving innovationandshapingthefutureoftheretail landscape.
● CAGR:32.36%
● Currentmarketsize:$11.59billion(2023)
● Expectedmarketsize:US$64.03billion (2030)
Financeandbankingplayapivotalroleintheglobal economy,providingindividuals,businesses,and governmentswithessentialfinancialservices.The financesectorencompassesactivitiessuchas investing,borrowing,lending,andmanagingmoney, whilebankinginvolvesstoringanddistributingfunds. Technology,includingAI,hassignificantly transformedtheindustry.Financeandbanking extensivelyutilizeAItodetectfraud,assessrisk, executealgorithmictrading,andautomatecustomer service.Ithasexpeditedprocesses,improvedaccuracy, andenhancedcustomerexperiences,makingitan indispensabletoolforfinancialinstitutionsworldwide.
EventhoughhumansdevelopAI,AIwillbringa massivechangeinthelifeofhumans.Thereisgrowing evidencethatAIwilleventuallyreplacehumansin manyworkenvironments,whichcouldmakeitmuch moredifficultforpeopletosucceedintheirchosen careers.ButAIisalwaysgoingtobeunderprocess andprogress.Humanswillstillhavetheupperhand onlyiftheycanhandleandimprovethequalityofthe AI.
Let’slookatsomeofthepracticeswecanpracticeto stayaheadandincontroloftheAIindustry’sfuture.
InvestinginAIresearchanddevelopmentiscriticalfor understandingitscapabilities,limitations,andpossible risks.Governments,academicinstitutions,and corporategroupsshouldinvestinAItechnology advancementandnewideas.
EmphasizingthecreationofethicalAIsystemsisvital. It’simportanttopromotetransparency,accountability, impartiality,andconfidentialitytoensurefairnessand safetyinAIalgorithmsanddecision-makingprocesses.
Byestablishingstandardsandregulatory frameworks,wecanensurethatAIisused appropriately.
DesigningAIsystemswithhuman-centered principlesinmindcanenhancehumanabilities insteadofreplacingthem.WecandesignAIsystems collaboratingwithhumansinmultiplefieldsby emphasizinghumanwell-being,values,andchoices.
InaworldwhereAIisquicklyadvancing, encouragingongoingdevelopmentandupskillingis critical.Wemayoptimizethepossibleadvantagesof AIwhileavoidingtheriskofjoblossbyproviding humanswiththeskillsandknowledgerequiredto workalongsideAIsystems.
Developingandrewardinguniquelyhumancharacteristics likecreativity,emotionalintelligence,analyticalskills, andsensitivitycanassisthumansinmaintainingan advantageagainstAI.Thesecharacteristicsarecomplex forrobotstocopyandarenecessaryformanyindustries, includingart,invention,andnurturing.
Inconclusion,thefutureoftheAIindustryholds immensepromiseandpotential.Astechnologyadvances atanunprecedentedpace,AIispoisedtorevolutionize countlesssectorsandshapehowweliveandwork. However,itiscrucialtostayaheadofitandonlygive partofthepowertothehandsoftheAI.Wehopethis bloghasprovidedyouwithvaluableinsightanda warningaboutthefutureofAIindustry.It’scrucialto prepareforsignificantchangesexpectedinthecoming years.
InthecurrentCOVID-19crisis,wehavewitnessed emptyshelvesofgroceries.Thishashelpedus realizetheimportanceofe-commerceandwhywe needtoadapttoe-commercetechniques.The evolutionine-commercetechnologyhasincreased customerexpectations.“Today customers expect the time from placing an order to delivery of the order to be only a few days, a few hours or even less than an hour as drones become pervasive,”saidJohnC. Peck,President,andCEOofFastFetch Corporation.
Johnisaserialentrepreneurandhasfoundedseveral startupcompanies.In1987,heestablishedFoxfire TechnologiesCorporationandservedasChairman. In2006,heincorporatedFastFetchCorporation,a spinoffofFoxfireTechnologies,andlatersold FoxfirewhilecontinuingtooperateFastFetch independentlywithnojointownership.FastFetch's visionistomakescalabletechnologyavailableata pricepointaffordablebybothsmallandlarge distributioncenterswithanROIpaybackperiodof fewerthan6months.
Inthediscussionbelow,Johnshareshisviewson theevolutionofthesupplychainindustryandhow heandhisteamhavebeentacklingthechallenges. Herearethesnippets: What in your opinion makes FastFetch Corporation unique in your industry?
FastFetchhasnumerousdomesticandinternational patentsandotherIPthatseparatesourtechnology andmethodsfromothers.Weofferamultimodal suiteofsolutionsthatcombinevoice,light-directed,
andwirelessbarcodescanningtechnologies.Since wedesignandmanufactureourownhardware, firmwareandapplicationsoftware,itiseasyto customizetheuniquerequirementsofcustomers. Additionally,iteliminatestheneedforthemiddle man,thusmakingthesolutionsmoreaffordable.
So, are these solutions well suited in response to the COVID-19 outbreak?
Ithinktheuniquetechnologyofourlight-sensitive proximityswitchprovidesapartialsolutionto controllingthepandemic.Thisswitcheliminatesa mechanicalpushbuttontoconfirmpicking completiononacartorbay.Usingthisswitch,a warehouseworkercanwaveahandorobjectwithin afewcentimetersofatranslucentlenstoachievethe sameresultaspushingamechanicalbutton.In regardstothepandemic,theproximityswitchwill protectagainstthevirusastherearenocommon surfacestouchedbymultipleworkers.Another advantageisthattheproximityswitchwillnotwear outasthereisnorepeatedmechanicalaction.
How will you elaborate on your roles and responsibilities at FastFetch Corporation?
Myresponsibilitiesarefairlytypicalasthatofa CEO/Founderintermsofadministration,reporting tothegovernmentandcommunicatingwiththe technicalprofessionalswhodevelop,deploy,and supportourproducts.Additionally,Ienjoymyrole asatechnicalresourceforsales.Myresponsibilities inthisroleincludeconversingwiththeprospects andcustomersaboutthechallengestheyarefacing
andfindingsolutionstothosechallenges.The solutionssometimesleadtonewinnovative productsforFastFetch.
Was there any difference in the working style due to the outbreak of COVID-19?
Yes,insyncwiththeresponsetowardsthevirus adoptedbymostcompanies,wetooshiftedto remoteworking.Althoughmostofourteamhas returnedtotheofficeonaroutinebasis,we continuetoallowanyteammatetochooseremote working.Andtomaintainsmoothcommunication throughoutthestaffweconductcompanyand teammeetingswithremoteconnectionsoftware. Likewise,thisremoteconnectionsoftwareisalso leveragedtoenableustotouraprospective buyer'sdistributioncenterusingasmartphone heldbytheprospect.Byusingthissoftwarewe canaskquestionsandgetcloseupviewsof importantpartsofthedistributioncenter,allwhile recordingasessionforlaterreview
Has the COVID-19 outbreak put forth any challenges for the company?
Pre-COVID,thesalescycleforourproductsused toaveragearound4-8monthsbecausethe financialandoperationalcommitmentsrequired wereoftenlargeandrequiredsignificantstudy. Thepandemicincreasedthesalescycletime.Due totheuncertaintythroughoutthemarket,many companieswereafraidoftheunknownand largelypostponedallnewprojectsforseveral months.Thus,mostofourordersfromtheearly phaseofthepandemicwerefromexisting customers.Duetothesurgeine-commerce,they expandedtheirFastFetchtechnologywithafull confidenceinthebenefitstobederivedwiththe expansion.
Fortunately,duringthelatesummer,thingsbegan returningtonormal.However,e-commerce customersfoundtheirdemandsforproductsdid notreturntopre-pandemiclevelsbutinstead continuedtogrowascustomersbecamehooked onhomeshopping.
Looking at the current growth demographic, what do you predict for the future?
Thepandemichasbenefitede-commerce companiesasshopperswereforcedtousehomeshopping-basedtechnologiestopurchaseitems
thatwouldnormallybepurchasedatretailstores.This acceptance andgrowthofe-commerceandrelated technologiesoccurredmuchfasterthanexpected.Recent reportsrevealthate-commercehasgrownby48%duringthe first6monthsofthepandemicratherthanthe15%annual growthraterecordedduringthepast5years.Asaresultof greatercustomerdemandforfasterdelivery,Ipredictmicrofulfillmentcenters,thatwillbelocatedwithin25milesof customersinlargemetropolitanareas,willbethenextbig waveine-commerce.
How are you reshaping or innovating the services to be in pace with the current trends?
FastFetchiscontinuouslymonitoringandmeasuringtrends andpublishingourfindingssoourcustomersandothers remainupdatedwithforthcomingchanges.Asmentioned earlier,therewillbeincreasingdemandformicro-fulfillment centers.Inmyopinion,asAutomatedStorageandRetrieval Systems(ASRS),includingrobotics,becomemorepopular, theywillnoteliminatehumanworkers.Humanshavethe flexibilitytoadapttochangesinproductsizes,shapes, locations,andfragilityattributesandcanoutperformASRS pickingtechnologiesinalmostallorderfulfillment applications.
Currently,wearebuildinganddeployinglow-cost,highly flexibleproductsthatenablehumanstobe2to5timesmore productiveintheirwork.Wewillcontinuetodevelopnew productsbeforetheyareneededtostayaheadofthe technologycurveandhavesolutionsreadywhenthechanges wepredictarrive.
I get enjoyment out of talking with prospects and customers about the challenges they face and finding solutions to those challenges. ‘‘
Realestatefirmsneedtoembraceinnovationand havealong-termvisioninordertosucceedinthis transformativeage.Thechallengeisbecoming increasinglymoredifficultastherealestatesectordeals withdisruptivefactorsandtheanticipatedrepercussionsof thepost-COVID-19pandemic.Overtime,theUAEhad manycrises.However,astrongandforward-thinking leadershiptooktheadvantageofcrisestostrengthenits positionasamajoreconomicpower Asaresult,theUAE hasgainedmoreknowledgetobetterleadtheMiddleEast, and ,aDubai-basedprivaterealestate Medallion investmentfirm,isworkingtocontributetothesolutionand encouragegreatness.
Thepandemichasdemonstratedthatnobodyisimmune, includingpeopleaswellasbusinesses,governments,and financialmarkets. ofMedallion,is MasoodAlAwar,CEO abrilliantthinker,andhissuccesshasbeenlargely attributedtohisagility,resilience,preparation,andpeoplefirstmentality.Togetherwithoutstandingexecutivesand motivatedemployees,Masoodcreatedaplatformof excellencewithdisruptingstrategiesandinsightstooffer theirclientsatremendousamountofvalue.
Masoodhasvastexperienceinfinance,politics,andreal estatespanningmorethan30years.Hegraduatedfromthe firstclassoftheHHSheikhMohammedBinRashid LeadershipDevelopmentProgramin2005andhasanMBA fromtheUnitedKingdom.Furthermore,hehaspursueda novelrealestateinvestingstrategyintheUAEbyfusinghis experiencesinthepublicandprivatesectors.InDubaiin 1990,whilecompetingfortheUAEasaSnooker Champion,healsoachievedthefeatofdefeatingSteve Davis,thesix-timeworldchampioninsnooker.
AstheCEO,heisresponsibleforensuringthatMedallion effectivelydeliversitsgoodsandserviceswhileupholding thecorporateprinciplesofresponsibility,honesty, professionalism,courage,andinnovation.Heiswaryofthe
statusquoandafierceadvocateforchangeashewas instrumentalinorganizingthefirstconferenceonsmart citiesandsmarthumancapital,“SmartLivingCity,”which broughttogetherdecision-makers,experts,and professionalsfromaroundtheworld.
Masoodalsoworkedforseveralwell-knownrealestate companies,includingEMAARProperties,SOROUHReal EstatePJSC,TASWEEKRealEstate,andDUBAI PROPERTIES,adivisionofDUBAIHOLDING.Heheld executivepositionsandgainedexperienceinallphasesof thedevelopmentlifecycleinboththeemiratesofDubai andAbuDhabi.
MedallionAssociatesisaprivaterealestateinvestment companywithofficesinDubaithatprovideadvisory services,assetmanagement,financing,anddevelopment. TheDubaiLandDepartmentappointedthebusinessasan internationalpromotionaltrusteeinFebruary2018,andby November2019,thecompanyhasopenedofficesin MalaysiaandLondon.Sincethen,ithasobtainedintricate financingtotalingmorethanDh5.5billionforthevarious itemsintheDubairealestatemarket.
AccordingtoMasood,themottooftheMedallionis“Never turnyourbackonacrisis.Instead,bouncebackeven stronger.”Hebelievesthat,whilechangecanpresent challengesforestablishedcompanystructures,itcanalso presentenormousopportunities.Thecompanyisadamant thattheattractivenessofforeigninvestmentafterCOVID19willbecloselytiedtotherecoveryprogramsputin place.MedallionAssociatesemploysinnovativetechniques toinjectliquidityintotheDubaimarket.
Tocreate4,000affordablerealestateapartments, Medallion’sdevelopmentcompanybegantheprocessof negotiatingprivate-publiccooperationin2019. Furthermore,tocompletetheproject,whichisvaluedat morethanDh2billion,MedallionworkedwithEuropean
“Medallion has attracted foreign investors through competitive, complex, and innovative deal structures that have placed performance at the center of their proposals, with clearly defined
contractorsandprojectmanagers,Asianinvestment bankers,governmentassetandpropertymanagersfromthe UAE,andamajorityshareholderfromDubai.Inaddition, thecompanyisinvolvedina$300millionoverseas businessthatwillrequirefinancialreorganizationbeforeit canbepromotedinME.
MedallionAssociateshasextensiveexpertiseinproviding realestateconsultancyandinvestmentservices.Helping clientsfromthebeginningofarealestateprojecttoits effectiveconclusionandcustomerrelationshipmanagement areitsprimarybusinessactivities.Thebusinessfacilitates connectionsbetweendevelopers,investors,andcustomers. Itscarefullyselectedfundsforparticulardevelopments provideabove-averagereturnsandfinancialsecurity.
With20yearsofbusinessandasuccessfultrackrecordof managingavarietyofassetclasses,Medallion’sprime servicesinclude:
• ASSETMANAGEMENT
• PRIVATEEQUITY
• ADVISORY
• REALESTATEINVESTMENT
• SALESANDMARKETING
Masoodpredictedthepossibilityofamoreextensive worldwideproblemafterthecoronavirusfirstappearedin
Wuhan.Earlyin2020,Medallionexecutivespredictedthat theCOVID-19outbreakinChinacouldspreadgloballyand sparkasignificantliquiditycrisis.Aspartofitsconsulting business,thecompanyputinalotofefforttobuilda financestructuringproduct,andthereisnowalotof demandfortheseproducts,whichprovidesophisticatedand creativefinancingmechanisms.
Everyoneisattemptingtomanagethepost-covid-19 reopeningaswellasthefinancialeffectsofthepandemic. Incontrast,Medallionisusingitsreputationforintegrity anddependability,whichissupportedbyreputable specialists,todrawinforeigninvestors.Thecompanyis winningcommercialstrategiesbyexecutingthestrategy andexploitingitsaccountabilityvaluethrough 'Performance,’clearlydefinedKPIs,andbestpractices.
MasoodisconfidentthatDubaiwillemergefromthe economiceffectsofthecoronavirusinastrongerposition andwithmoreknowledgebecausetheemiratehas historicallyweatheredmanycriseswiththehelpofits strongandimaginativeleadership.
Masoodquotes,“Adestination’sattractivenesstoforeign realestateinvestorswillbehighlydependentonsupport fromgovernments,andDubaiisputtingtogetheroneofthe strongestandmostgenerousrecoveryplans.Medallion Associatesaimstobepartofthisgreatcountry’sstrongand resurgentrecovery.”
Canyouimagineaworkenvironmentwhere
companiesexpecttheiremployeestoperformtheir bestdespitefacinggender,ethnicity,language,or personalchallenges?Itisimprobable.Inclusionand diversityarecrucialintheworkplace,whichiswhythey playavitalrole.Althoughawarenessofthisconcepthas existedforsometime,itwasn’tuntilthelate1960sthat organizationsbeganactivelyimplementingit.Sincethen, theoutcomeshaveconsistentlyshownimprovement.Ifyou arecuriousaboutthisconcept’sorigins,evolution,and currentstatus,weinviteyoutositbackandrelaxaswe exploretheseaspectsinthisblog.
WhatdoesInclusionandDiversitysignify,andwhen andhowdiditbegin?
Inclusionanddiversityintheworkplaceencompass assemblingdiverseindividualswhocollaborate harmoniouslytowardsasharedobjectivewithoutsubjecting
anyonetodiscriminatorytreatmentthatmay underminetheirsenseofsecurityandhindertheir productivitywithinthedesignatedworkenvironment. Theideawasimplementedinthelate1960sorearly 1970s,althoughpeoplehaddiscusseditbefore.The visionarywhopioneeredtheutilizationofthis approachwasconsiderablyaheadoftheirtime.
Subsequently,officialinitiativeswereundertakenby notableorganizationssuchastheEqualEmployment OpportunityCommission(EEOC)andtheNational OrganizationforWomen(NOW)duringtheeraofthe CivilRightsMovement.
Thoughthepreciseoriginsofthisconceptremain undocumented,thereareindicationsfromhistorical recordsthatitwasgraduallyintroducedwithin organizationalsettings,eachwithitsdistinct approach.
● GeneralElectric(GE)-1960-establisheda diversitytaskforcetoaddressworkforcediversity deficiencies.
● IBM-1970-Launched“PeopleofColorin Management”diversityprogram
● Procter&Gamble(P&G)-1980-Initiated “WomeninLeadership”diversityprogram.
● AT&T-1990-Introduced“Diversityand Inclusionforthe21stCentury”diversity program.
Whyisitimportant?
Prioritizinginclusionanddiversityintheworkplacecan yieldpositiveresultsfororganizations.Astudyconducted byMcKinsey&Companyhasrevealedcompelling findingsthatdemonstratethevalueofsuchpractices.The reportindicatesthatthecompaniesinthetopquartilehave a35%higherprobabilityofachievingfinancialreturns thantheirrespectivenationalindustrymedians.Moreover, organizationsstronglycommittedtoinclusionand diversityhavereportedsignificantbenefits.
● Approximately70%oftheseorganizationsclaim toattractandretaintop-tiertalentmore effectivelythantheircounterparts.
● 65%assertthattheyoutperformtheircompetitors intermsofinnovation.
● 60%oftheorganizationsstatethattheir employeesexhibithigherengagementlevelsthan otherentities.
Furthermore,thereportestablishesacorrelationbetweena firm’sfocusoninclusionanddiversityanditsprofitability. Notably,organizationsrankedinthetopquartilefor inclusionanddiversitydisplaya25%greaterlikelihoodof attainingprofitabilitythanthoseinthebottomquartile. Thesefindingsunderlinethecompellingbusinesscasefor prioritizinginclusionanddiversitywithinorganizations.
HowcanyouputInclusionandDiversityinthe WorkplaceintoAction?
Well,therearemanywayshowyoucanimplementthis strategytogrowyourbusiness.Herearesometricksand techniquestoskyrocketyourcurrentresultsinto
somethingmassive.
Thecompositionofyourexecutiveteamservesasa significantindicatorofyourentireworkforce,reflectingthe valuesandprinciplesofyourorganization.Itis,therefore, crucialtocultivateadiversetopmanagementteam encompassinggender,ethnicity,sexualorientation,and more.Arebothmenandwomenadequatelyrepresented? Areindividualsfromvariousculturalandreligious backgroundsgivenopportunities?
ThefollowinginfographicshowsthepopulationofFortune 500CEO’s.
Fortune 500 CEO Demographics
Gender:
Women: 24 (5%)
Men: 476 (95%)
Race:
Black: 3
White: 497
Other: 1
Sexual Orientation:
Gay: 3
Lesbian: 1
Straight: 496
Source: Boston Consulting Group
Whileexertingdirectcontroloverthecompositionofyour executiveteammaybelimited,itisimperativethatyou advocatefordiversityandinclusionintheC-suite,should theopportunityarise.Additionally,youcanfosterauthentic andtransparentcommunicationbetweenyourexecutives andemployees,attractingdiversetalentstoyour organization.
Establishinganall-encompassingorganizationalculture holdsimmensesignificanceinensuringthesuccessof diversityendeavorsandyieldingsubstantialemployee engagementandproductivitybenefits.Aviableapproachto fosteringinclusivityinvolvesaccordingtoduerecognition
andrespectfordiverseholidaysandcelebrations.Forbes recommendsthatorganizationsuseaseparaterefrigeratorto storeKosherfooditems.
Moreover,whilecertaincompaniestraditionallyobserve ChristmasDayasadesignatedholiday,agrowingnumber nowofferflexiblefloatingholidaystoaccommodatethe religiouspreferencesoftheirentireworkforce.Cultivating anenvironmentwhereemployeesperceivetheir organization’scommitmenttodiversityandinclusioncan leadtoenhancedemployeeretention,therebyoffering tangibleadvantagestothecompany
Genderpaydisparityremainsacontroversialissuein numerousorganizations.Establishingtrustandfostering inclusivitywithintheworkforcedependonacompany’s transparencyregardingitspoliciesandeffective communicationaboutthem.Incaseswheregenderpay imbalancesexist,itisessentialtocreateopenchannelsof communicationthatenableemployeestoexpresstheir thoughtsandopinions.
Furthermore,itiscrucialtoarticulatethecompany’scurrent orfuturestrategiesforrectifyingthegap,ensuring employeesfeelreassuredbytheorganization’scommitment toaddressinggenderpayinequalityactively
● Whenpresentingdatarelatedtosuchpolicies,itis imperativetorefrainfromadoptingadefensive stance.
● Whenthedataappearsbiasedduetovarious factorslikedisparitiesbetweenmaternityand untakenpaternityleave,itisvitaltoprovidea straightforwardandclearexplanationto employees.
Byactivelypursuingdiversehiringpractices,your companycanfosteraculturethatembracesdiversethinking andbenefitsfromculturallyvariedperspectives.However, achievinglastingimpactrequiresmorethanjustassembling adiverseworkforce;itnecessitatesacomprehensive approachtoinclusivity.
Itisimportanttoacknowledgethatpeoplefromdifferent backgroundsandagegroupsmayhavediffering
perspectivesonworkplaceissuessuchasdresscode, emailetiquette,evaluations,andparticipationin meetings.Thus,understandingthinkingpatternsis importantatanindividuallevelandcrucialforteams, departments,andtheentireorganizationto comprehendhowothersfeel.
Byembracingdiversethinking,yourcompanycan harnessamultitudeofideasandreceivevaluable feedback,allwhilecultivatinganenvironmentwhere everyonefeelsvaluedandconnectedtoashared mission.
Inthecurrentemploymentlandscape,themillennial generationconstitutesthepredominantportionofthe workforce.Creatinganinclusiveenvironmentthat valuesdiversityrequiresbuildingateamthat welcomesindividualsfromdifferentagegroups.It’s importanttonotethatpeoplebornfrom1981onward, oftenviewedastech-savvy,belongtothemillennial generation.Consequently,oldermillennialsmay possessadifferentlevelofproficiencywith technologytoolsthantheiryoungercounterparts.
Thisdiscrepancybecomesapparentincommunication practiceswithinorganizations.Someemployeesare moreinclinedtowardsutilizingsocialmedia platformsorgroupchatfunctionalities,while individualsfromoldergenerationsmayexhibita morereservedattitudetowardsembracingsuch communicationchannels.
Communicationprofessionalsshouldconsider investinginacomprehensiveworkforce communicationsplatformtoaddressthisissue.Sucha platformwouldfacilitatetheseamlesscreationand disseminationofmessagesthroughchannelspreferred byemployees.Byadoptingthisapproach, communicatorscaneffectivelytailortheirmessages toresonatewithindividualsfromallgenerationsand encourageactiveengagement.
Deloitte’sresearchrevealsthatover80%of millennialsexperienceaheightenedsenseof engagementwiththeirworkwhentheiremployers fosteragenuinelydiverseworkplaceculture.
BasedonasurveyconductedbyDeloitte,a significantmajorityofemployees,amountingto 82%,recognizethesignificanceofdiversityand inclusionincontributingtotheirorganization’s overallsuccess.
Furthermore,theWorldEconomicForumconducted astudyrevealingthatcompanieswithdiverse leadershipteamsaremoreinclinedtofoster innovationandyieldgreaterprofitability.However, thecurrentstateofaffairsintheUnitedStates indicatesasubstantialgapbetweentheworkforce compositionandexecutive-levelpositionsheldby certaindemographicgroups.
● Women comprise 47% of the workforce but only 24% of executive-level positions.
● Black employees comprise 13% of the workforce but only 6% of executive-level positions.
● Hispanic employees comprise 17% of the workforce but only 4% of executive-level positions.
Source: Boston Consulting Group
BenefitsofDiversity:
● Companieswithdiversemanagementteams havea35%higherlikelihoodofachieving financialperformancethatsurpassesthe industryaverage.
● Diverseteamsaremoreinnovativeand creative.
● Diverseteamsarebetteratunderstanding andservingcustomersfromdifferent backgrounds.
Inconclusion,promotinginclusionanddiversityin theworkplaceiscrucialforethicalreasonsand strategicadvantages.Embracingdiverseperspectives andexperiencesfostersinnovation,employee engagement,andstrongerrelationshipswith customersandcommunities.Byprioritizinginclusive practices,organizationscreateenvironmentswhere
individualscanflourishandmakemaximum contributionsdrivingsustainablebusinesssuccess.
1. Whatisinclusionanddiversityinthe workplace?
Diversityencompassestherangeofdifferences presentamongindividuals,suchastheirrace, ethnicity,gender,sexualorientation,age,disability, religion,andotherpersonalcharacteristics.Inclusion referstothepracticeofcreatingaworkplace environmentwhereeveryonefeelswelcomed, respected,andvalued,regardlessoftheirdifferences.
2. HowcanIbeanadvocatefordiversityand inclusionintheworkplace?
Therearemanywaysthatyoucanbeanadvocatefor inclusionanddiversityintheworkplace.Someof theseinclude:
● Talktoyourcolleaguesabouttheimportance ofdiversityandinclusion.
● Speakupwhenyouseeorhearsomething discriminatoryoroffensive.
● Getinvolvedinyourorganization’sdiversity andinclusioninitiatives.
● Supportfororganizationsthatpromote diversityandinclusion
3. Whataresomeresourcesforlearningmore aboutdiversityandinclusion?
Thereareanumberofresourcesavailabletohelpyou learnmoreaboutdiversityandinclusion.Someof theseinclude:
● TheSocietyforHumanResource Management(SHRM).SHRMoffersa varietyofresourcesondiversityand inclusion,includingarticles,webinars,and trainingprograms.
● TheDiversityandInclusionCouncil.The DiversityandInclusionCouncilisanonprofitorganizationthatprovidesresources andtrainingondiversityandinclusion.
● TheNationalDiversityCouncilisanonprofitorganizationthatsupportsdiversity andinclusionintheworkplace.
Inordertosucceedasanentrepreneur,onemustbe
persistentandhavetheconvictiontocarryouttheir plans.Entrepreneurshipintheenergysectorisdifficult becauseitisevolvingwithnewtechnologies,andit’s importanttokeepanopenmindandstayupdatedonissues relatedtotheindustry.Theenergyindustryhasbeenaround forcloseto25yearsandisverydifferentfromother industriesasitundergoesfrequentovernightchanges.
Finrenesisoneofthefewcompaniesthathavemanagedto keepupwiththecontinuouslychangingmarketplace.The companywasestablishedtodevelopandcommercialize technologiesforturningbiowasteintoenergy.Thecompany developsandcommercializessolutionsforconvertingwaste biomassintoRenewableNaturalGas(RNG).
WhiletheunprovokedRussianinvasionofUkrainealtered thecourseofhistorybyaffectingsecurity,theavailabilityof oil,andfood,ithasbeenablessingindisguiseforFinrenes becauseithasbeenworkingtogetridoffossilfuels includingRussiannaturalgas,andhasasolutionready.The companyisledbyPetteriSalonen(CEO).Withhiskeen interestintechnologyandBioFuelFab,heisguidingthe companyinthecorrectdirectionandhopestofind Europeanpartnerstobuild10BioFuelFabstosupply biomethane.
PetteribeganhiscareerworkingforNokiaandSamsungin themobileindustry.HejoinedNokiaintheearly1990s whenthecompanywasstillinitsinfancyandeverything wasstillopen.Petterigainedalotofknowledgefrom globalbusinessandtechnologicaladvancementand introducednumerousimprovementstothesmartphoneand mobileimagingmarkets.Tostandardizethecamera interface,PetterioversawaMIPIteamthatworkedwiththe entireindustry.Heco-createdtheCSI-2,thefirstmobile camerastandardthatwasreallyembracedbytheindustry andisstillusedinthemajorityofmobiledeviceswith cameras.Companiescouldcreatenewcamerasandimaging solutionsbecauseofthestandardizedinterface,whichhas mademobileimagingthemostpopularformofimagingin everydaylife.
In2010,followingNokiaandSamsung,Petteritooka sabbaticalandconcludedthatthefinemobiledevice industrywasmatureandthatheneededfreshchallengesin areasthatmattered.Soonafter,Petteriunderstoodthat energywasthenextbigthingandthatenergysecurity wouldbeaproblembecauseclimatechangewasalready viewedasaworldwideconcern.Petteridecidedtodothe basicresearchonwherethereareunderutilizedlarge-scale energysourcesandmakeadifferencewithFinrenes.
Onedaywhilevisitingthecountryside,Petteristoppedata grainfield,justbeforeharvest.Heunderstoodthatpeople onlyconsumethetop4inchesofgrainandleavethe2feet ofstrawtorotintheground.Hefirstconsideredusingstraw asasourceofenergyandsearchedforadditionalunder-or untappedbiomasssourcesbeforecomingupwiththeidea ofusinglignocellulosetoproducebiomethanebecause thereisatremendoussupplyoffeedstockavailableand verylittleotheruseforthematerial.
Finreneswasestablishedin2013followingafewyearsof covertactivity.Thecompanyconductedfundamental researchontheuseoflignocelluloseafteritwasfounded, anditproducedthetheoreticalmodelthatwouldbe reviewedbytheuniversityinTampere.Followingthe model’sapproval,Finrenessubmittedaninternational patentapplicationandbeganusingrealtestingtools.The goalofthecompanyistoreplacefossilfuelsanditoperates underthemotto“Nothinggoestowaste.”
ThemethodimplementedbyFinrenesinaconceptknown as“BioFuelFab,”producesbiomethaneandbrownpellets. Thecompanycreatedanindustrialdesigntoproduce biomethanefromlignocellulosefortheREPowerEU programoftheEUCommission.Inadditiontobeing appropriatefora50GWhinstallationofliquified biomethane(10tonnesofliquifiedbiomethane/day),its fundamentaldesignrespondstotheREPowerEUmiddlesizebiomethaneinstallationof4MillionCubicMeters (MCM).
Asystemandtechniqueforprocessingbiomasshavebeen patentedbyFinrenes.Biogasandbrownpelletsmadefrom lignocellulosicwastebiomassaretheproductsofFinrenes Solution.
Benefits of Finrenes technology include:
• Usingdifferenttypesofwastebiomass,including woodchips,hogwood,bark,andcoconuthulls
• Theprocessdoesnotneedexternalenergy,resultingin lowoperatingcosts
• Pretreatmentwithsteaminsteadofenzymes
• Increasebiogasprocessspeed,triplecapacityforthe biogasprocess
• LowOPEX,shortinvestmentpaybacktime
• Brownpelletscanbeusedasfuelandfertilizer, loweringoverallbusinessrisk
Petteribelievesthatrunningacompanyisreallydifficult. Butifoneperseveres,onewillfindtheanswerandmove forward.Petteripersonallydoesn’trecallanyofthe difficultiesbecausehethinksit’sbesttomoveon.At Finrenes,heisinchargeofeverythingastheCEOofa start-up,fromtechnicaldevelopmenttobusinessstrategy ThecorestaffatFinrenesissmall,butallareaccomplished individualsthatarepassionateaboutrealizingthe company’smission
Basedoncustomerinputandmarketneeds,Finrenesis developinganewofferingandwillprovidenewsolutions. Petteriiseagertoexploretheworldinallitsfacets.The companyisinanewsituation;itcollaborateswithits clientsandpartnerstoensurethehighestlevelofclientand staffsatisfaction.
Whenaskedaboutapieceofadviceforaspiringyouth, Petteriresponds, “Be patient and remember to live with the process. Being an entrepreneur is taxing, you don’t get to take time off often. Remember to take time for your family and other loved ones and enjoy your time, they give you the strength to make your dream come true.”
“The goal of Finrenes is to replace fossil fuels and operates under the motto "Nothing goes to waste.”
Asthesayinggoes,“Nothing in life goes in vain, you learn from your experiences.”
Today,weallarefacinganextremely difficulttimeasthewakeofCOVID-19has thrownvariouschallengesatus.Ithasnotonly affectedthewayoflivingbutalsothewayof businessoperations.Similarly,theaftermathcan beseeninthesupplychainandlogisticssector Suchacrisisdemandsaleaderwhohas experienceinovercomingchallenges—Stephen Whyte,Founder,andMDofQADEXfillsthe shoesperfectlywithanevergiveupattitude.
TheinspiringstoryofStephenbeganin2001 whenhelefthisboard-levelcorporatejobtostart hisfirstbusiness.Astheysay,nothingcomes easy,hewasunabletoscaleprofitablyinhisfirst businessbutthatgavehimtheideafor QADEX—foundedin2007.Sincethenthereis nolookingback.Thecompanyhasbeenselffundedfromcashflowandhasgrownfromateam of2toover50today.Overtheyears,ithas achievedprofitable,sustainable,growthof25% CAGR.
Tounderstandbetterabouthisentrepreneurial journey,theteamofMirrorReviewtookan exclusiveinterviewwithStephen.Hereisa quicksnippetfromtheinterview.
Is there any unique quality of QADEX that has helped it flourish in all these years?
Thereasonforourlongevityisourmissionto enablestepchange improvementsinfoodsafetyalongwithnew productdevelopmentandcustomercare.We havebeenachievingthisthroughourvisionof deliveringdigitaltransformationinour customersprocessesaswellastheuseofbig data/dataanalytics.Foodsafetymanagement usingbigdata/dataanalyticshashelpedusin providingearlywarningsofwhereproblems maybeemerging.
Evidently, COVID-19 is adversely affecting globally. Brief us to what extent COVID-19 has affected the operations of QADEX.
Yes,COVID-19hascausedalotofdisruption bothtohumanlivesaswellastotheglobal economy.Ifeelithasmassivelyimpactedthe customerswhoareinthefoodanddrink businessesandhaveanessentialroleinkeeping thenationfed.ComingbacktoQADEX,10%of ourcustomershavebeenadverselyimpacteddue
totheirfocusonthefoodserviceandhospitality industrywhichhashadtoshutdowninmany instances.Fortheremaining90%ofourcustomers, theyhavebeenverybusyandhaveseenmassive valuefromtheirusageoftheQADEXsoftwareasit enabledfoodsafetyteamstoworkfromhomeand remainhighlyproductive.
How have QADEX's solutions evolved—especially in the current times?
WeareproudofthefactthatQADEXistheonly solutionthatfullyintegratesallaspectsofnew productdevelopment,foodsafety,andconsumercare inasingleplatform.Recently,wehavelaunched STARIndex.Itaddressesthegrowingneedfor businessestobecomeresponsibleandaddressthe climatecrisis.ESG/CSRisbecomingahighpriority andSTARIndexdeliversinformationthatcanbe actedupon-'actionableinsight'-onthewiderrisks acrosssupplychainsandinvestments,withan overviewofpolicies,activity,andengagementin Sustainable,Technical,NaturalAssets,and Responsiblesourcing.
Moreover,asaleaderinthesupplychainandlogistics industry,wehavetobemoreresponsiblewhile makingdecisions,especiallyinthecurrenttimes.We areworkingveryintensivelywithSTARIndextohelp thefoodanddrinkindustrytocontributetosolving theclimatecrisis.
Has COVID-19 changed or reshaped your leadership in any manner?
Tobehonest,COVID-19hasbroughtseveralchanges, sincethestartofCOVID-19,myworkingstylehas changed.Duetothechallengesofdeliveringduring thedisruptionofthepandemicwhenstaffarenot office-based,Ifeelmorebusinessesaregoingto undertakeadigitaltransformationoffoodsafetyand newproductdevelopment.Iamnolongertraveling3 daysperweekbutactuallyachievingmuchmore usingwebconferencecalls.Atpresent,Iamfocused oncreatinganenvironmentforthegreatpeoplethat wehaveinourbusinesstobetheirbestand continuingtodeliveroutstandingsoftwareand customerservicestotheover16,000foodfactories thatwesupportglobally
Amid crisis what is the biggest challenge that you encounter and how are you and your team tackling it?
SincetheCOVID-19outbreak,wehavewitnessed severalchallenges.However,thebiggestchallenge thatwefacedwasfundingourgrowthfromcashflow withoutexternalfundinganddebt.Wehavechosen thispathasitisnotpossibletodeliverlongterm valueforourcustomerswiththeshorttermhorizon offinancialinvestors.Thisapproachhashelpedto raiselotsofmoneyinthetechnologyspace,develop software,andthenaimforstellargrowthtoplease investors,butthismodeldoesnotdeliverforfood anddrinkbusinesses.Thesestartupscanburn throughalotofcashandthendisappear,orpivot, leavingcustomersdisillusionedaboutdigital transformation.
Do you have a motivational mantra to encourage teammates in these tough times?
Asofnow,thereisnomotivationalmantra,Ibelieve inencouragingourpeopletochallengethemselves, pushthemselvesandnotworryaboutmaking mistakesastheonlywaytoavoidmakingmistakes isbynotpushingforward.Webelieveinhiringthe bestpeoplewhohaveacustomer-orientedvision andprovidethemwithexcellentsystems.This processallowsthemtoperformwellandimpress customerseveryday.
I encourage our people to challenge themselves, push themselves, and not worry about making mistakes as the only way to avoid making mistakes is by not pushing forward. ‘‘
