Over the past couple of months we have seen the meteoric rise of Bitcoin and many other cryptos. Its safe to say that we are now mainstream. As exciting as this may be to the industry i think we are now at a critical point, most especially in Africa. The stark difference in thinking between the generation in leadership and the generation in the marketplace is playing itself out. The reason cryptos have become popular is a convergence of trends, fall in confidence in traditional financial systems, ubiquity of internet connected devices, curiosity of an upcoming economically enabled informed young generation and growth of the sharing economy.
This has a number of implications. The decision makers who are far removed from this upcoming generations still operate with the old rules. This puts them at a collusion course with new finance if not corrected. This has played out in a number of ways. We see knee-jerk reactions by regulators in response to the growth of the crypto. This attitude of “if i don’t understand it, slow it down, until i do” wont cut it. As we increasingly become a global village, fortune favors the first and the fast. We no longer have the luxury of waiting and seeing. A new kind of leader is needed for this new Industrial revolution.
Leaders are facing the almost overwhelming task of restoring confidence and respect in their spheres of influence. They are being called upon to guide organizations through times of turbulence and uncertainty, to show the way forward and to set an example. And all this in the face of an increasingly disruptive global economy and in a climate of cynicism and mistrust — tough economic and political circumstances by any standards. Technological innovation is on the brink of fueling momentous change throughout the global economy, generating great benefits and challenges, in equal measure. To thrive in this environment, new skills and capabilities will be needed from this new leader. Holding fast to age old principles of fortitude, character and influence, new tactics must be embraced. There will be enormous managerial leadership challenges as the impact of technology and the disruption that comes will result in an dynamic force over which leaders would have little or no control at times. However, it is the role of leaders to guide their domains and to be mindful of these forces when making decisions that would impact on the sustainability of their organizations while keeping them growing thriving and competitive. This implies to the private sector as much as it does to the public. They should thus grasp the opportunity and power so as to shape the Fourth Industrial Revolution and direct it toward a future that reflects the organization values and success.
So, on ground, what does this practically mean? For us Africans we need to step up and take responsibility of our future. We cannot have a tight grip on the present and in the same hand express these lofty ambitious plans of an Africa Rising. We take two steps forward in monumental efforts like the Africa Free Trade Area then take 4 steps back with paranoia of the technology that would accelerate us there. We need bold leaders that are brave enough to let go of what they have always known and embrace the possibility of a future that is redefining rules we have known all our lives. For example — what is money? what is privacy what is inclusivity? the answer to these questions will require us to go back to school and be committed to unlearning as we are to learning.
My challenge to regulators, politicians, business leaders, technocrats and everyone in-between; never stop learning. The pressure to blindly defend the known can set you back years in this fast paced world. You could blink and you have been overtaken by competition, your population is unemployed or your competitive advantage has evaporated.
