The Future Of Voice: A Keynote and Q&A

Podcast Summary

• Identifying the Next Big Opportunity in Voice Technology: Gary Vaynerchuk sees voice technology as the next big opportunity for entrepreneurship due to its potential and the saturation of consumer web and mobile app market.

  Gary Vaynerchuk sees voice technology as the next big white space for entrepreneurship. He believes that the consumer web and mobile app market is saturated, and there's a lack of innovation. However, he's excited about the potential of voice technology, as seen in the Amazon Alexa and Google Home platforms. Vaynerchuk's entrepreneurial success has been driven by his intuition and the ability to identify the right time to enter a market. He believes that the voice technology market is still in its infancy and that it will become practical and scalable in the next few years. Vaynerchuk also has experience building businesses on top of established platforms and is intrigued by the possibilities of voice technology. He encourages entrepreneurs to keep an eye on this space and seize the opportunity when the time is right.

• Saving Time is Key to Business Success: Understanding the value of time and effectively saving it for customers is essential for business success. Companies like Uber sell more than just a product or service; they sell time. Health, money, and religion are the few things that truly matter to people, and businesses that can save time in these areas will thrive.

  Time and the ability to execute effectively are crucial factors for success in business. The speaker emphasized the importance of staying alive and capable in the next 36 months, as well as being aware of potential competition. He shared a personal experience with Uber, where the convenience of saving time through the app made him realize the company was selling time, not just transportation. This realization led him to become passionate about the potential of saving people's time. The speaker also mentioned that health, money, and religion are the few things that truly matter to people, and understanding the connection between voice technology and time is essential. He concluded by stating that anyone who can't grasp this concept is missing a significant point. Ultimately, the speaker's message is that time is a valuable commodity, and businesses that can effectively save people time will succeed.

• Focus on creating innovative solutions within assumed device usage: Successful tech companies should focus on creating valuable, advanced solutions in expert space and entertainment categories, rather than chasing after the next dominant platform

  Successful companies in the tech industry should focus less on identifying the magic moment with new platforms and more on creating innovative solutions within the assumed truth of widespread device usage. The expert space, where people can learn new skills or knowledge from experts, is a particularly intriguing area for innovation. This "escapism" category, including entertainment and gaming, is also a fruitful area for creativity. While there is debate about which platforms will dominate, the expert space stands out as an area of potential growth and sophistication. Amazon, Google, and others are all potential contenders, but the key to success lies in creating valuable, advanced solutions that help people learn and grow.

• Focusing on building sustainable businesses: Founders should prioritize revenue generation and profitability over constant fundraising and aim for practical revenue streams.

  In today's startup environment, founders need to focus on building sustainable businesses instead of just raising capital and burning through it. The speaker expressed his concern that many startups are too focused on the next funding round instead of generating revenue and becoming profitable. He also emphasized the importance of having a structured strategy to stay alive, even in uncertain economic conditions. The speaker shared his experience of being aggressively focused at South by Southwest for stating that Jeff Bezos was better than Steve Jobs and expressed his belief that Amazon, or even unexpected companies like BMW, could disrupt the tech industry. However, the key message was for founders to focus on building practical revenue streams and not just relying on venture capital. The cohort is also working on sharpening their measurement skills and understanding the challenges of surviving beyond the initial 90 days.

• Focusing on smart financial decisions during economic prosperity: During economic prosperity, prioritize smart financial decisions and avoid wasting resources while pursuing business goals. Be open to collaborating with larger organizations for knowledge transfer, but consider the pros and cons before accepting acquisition offers.

  During periods of prolonged economic prosperity, it's essential to focus on making smart financial decisions and not wasting resources while pursuing business goals. Alex from Sensible Objects also discussed the future of voice technology, specifically smart speakers. He believes that while there's an initial window for consumer-facing speaker plays, it will eventually become commoditized. Instead, he's more bullish on the companies with innovative tech or infrastructure that enhances the user experience. Regarding startups in emerging tech spaces, Alex suggests that they consider collaborating with larger organizations for knowledge transfer. However, they may also face acquisition offers from these companies. Ultimately, the decision to accept an offer or continue independently depends on the specific circumstances of each startup.

• Pursuing a parallel business can lead to financial gains and acquisition opportunities: Building a parallel business and providing services to larger companies can demonstrate expertise, lead to lucrative offers, and provide flexibility and options for greater success. Adapt to changing customer needs and learn from personal experiences to stay competitive.

  Having a practical parallel business can lead to significant financial gains and potential acquisition opportunities. This strategy, which involves providing services to larger companies while building your own business, allows you to demonstrate your expertise and value, potentially leading to lucrative offers. However, the decision to pursue such an opportunity should be based on individual circumstances, as some people may prioritize financial gains over longer-term commitments or have other financial obligations. Additionally, mentorship can be valuable but may not account for all the unique human variables involved. Ultimately, having options and flexibility in your business strategy can lead to greater success. The speaker also emphasized the importance of recognizing trends and adapting to changing customer needs, such as the shift towards more authentic and personalized customer interactions. This can be achieved by drawing on personal experiences and learning from past successes and failures.

• Marketing Depth vs Width: Focus on Customer Engagement: Marketers should focus on customer engagement rather than just reaching a large audience. Depth matters more than width in marketing, and even the best marketing efforts won't save a poor product. Investing in customer service is crucial for building a successful business.

  Depth matters more than width in marketing, especially when it comes to customer service. The speaker, who started his marketing career with email advertising in the late 90s, shares a story about his first major campaign that went wrong due to a simple time zone misunderstanding. He learned the hard way that open rates and click-through ratios are important metrics, not just the number of emails sent. This experience shaped his approach to marketing, focusing on the depth of customer engagement rather than just the width of reach. He emphasizes that even the best marketing efforts won't save a poor product, and that investing in customer service is crucial for building a successful business. The speaker's simple philosophy is that marketers should be great at what they do, but ultimately, the product is what truly matters.

• The Importance of a Strong CEO in Startups and Investments: Investing in a strong CEO is crucial for a startup's success. Adaptability and pivoting are key traits for leaders in uncertain times. Get to know the person behind the idea, as they will lead the company through its journey.

  The importance of a strong CEO cannot be overstated in the world of startups and investments. The CEO's ability to adapt and pivot in the face of changing circumstances is crucial for a company's success. The value of an idea might seem significant, but it's the person behind it who can make it a reality. The speaker emphasized the importance of getting to know the person behind the idea, as they will be the one leading the company through its ups and downs. He also mentioned that the current climate is uncertain, and it's important to invest in companies with leaders who can survive and thrive in the long term. The speaker shared his own experience of learning this lesson the hard way and advised the audience to be cautious and selective when it comes to investing. He also expressed excitement about the potential for innovation and the unknown possibilities that lie ahead.

• Investing in startups: More than just introductions: Successful investing requires identifying passionate, committed founders who are in it for the long haul, not just short-term gains. Understand their motivations and grind through adversity.

  Successful investing in startups requires more than just relying on introductions or demo days. The investor in question is looking for individuals who are deeply passionate and committed to their ventures, as he shares a personal story of a founder who squandered an investment and learned little from the experience. He emphasizes the importance of identifying individuals who are not just in it for the short-term gains, but rather those who are willing to put in the hard work and grind, even when faced with adversity. The investor also expresses concern about the sheer number of non-businesses in the startup world and the potential for many founders to return to traditional employment post-failure. To make informed decisions, investors must take the time to truly get to know founders and understand their motivations and commitment levels.

• Trusting Intuition for Quick Decisions: Intuition can lead to success despite breaking rules. Trust your instincts, be confident, and take risks. Regret is a poison, so don't second-guess yourself or follow someone else's path.

  Being intuitive and making quick decisions can lead to success, even if it goes against traditional rules or expectations. The speaker shares his personal experiences of making important decisions quickly, such as marrying his wife, starting Wine Library TV, and investing in businesses. He emphasizes that intuition doesn't have to be complicated and can be based on a strong connection or instinct. However, it's important to be confident in your decisions and willing to take risks, as regret can be a poison. The speaker encourages everyone to trust their intuition and "die on their own sword," rather than second-guessing themselves or following someone else's path. He also reflects on how his intuitive decision to start Wine Library TV led to a life-changing experience and a successful business.

• Staying true to beliefs in wine recommendations: Authenticity in wine recommendations can lead to growth or losses, but staying true to beliefs is crucial for long-term success. Understanding market trends and consumer behavior is also important.

  Making authentic and genuine recommendations, especially in the field of wine, can have significant consequences. Gary Vaynerchuk, in his discussion, shared how his honest opinions on wines led to both growth and losses in his career. He emphasized the importance of staying true to one's beliefs, even if it means turning down potential opportunities or risking relationships. However, he also acknowledged the importance of understanding market trends and consumer behavior. A financial mistake he made was prioritizing his authenticity over a new technology that could have potentially increased his reach and revenue. Ultimately, the long-term success of his career came from his unwavering commitment to his vision and his ability to adapt to changing markets.

• Voice technology: A new frontier for digital media growth: Voice technology offers a personal and intimate connection with audiences, providing a new opportunity for growth and innovation. Early adoption can lead to valuable insights and a competitive edge.

  Voice technology is the next frontier for those looking to make a mark in digital media, especially for individuals who may have missed the boat on earlier platforms like social media, Instagram, or podcasting. Gary Vaynerchuk, a renowned entrepreneur and digital marketing expert, emphasized the importance of this emerging technology during a recent conversation. He shared his experience of being an early adopter of various digital platforms and how voice technology could offer similar opportunities for growth and innovation. Vaynerchuk highlighted the unique nature of voice platforms, which can provide a more personal and intimate connection with audiences. He also suggested that those who have already adopted voice technology, such as Amazon Alexa, and haven't subscribed to daily briefings or content from influential figures, like Gary Vaynerchuk's 365, are missing out on valuable insights and opportunities. In essence, voice technology presents a new and exciting opportunity for individuals and businesses to engage with their audiences in a more direct and personalized way. By embracing this technology and staying informed through trusted sources, one can potentially gain a competitive edge and make a significant impact in the digital landscape.