When we come face to face with the raw enormity of the human spirit, it can be truly stunning. And when we encounter a person who is so magnanimous, they inspire us to ask questions like, “What could I do?” Today on Christopher Lochhead: Follow Your Different, we talk to one such person, Peter Mutabazi.

Peter grew up in shocking poverty, was called garbage and physically abused by his father. He ran away from home, and by 10 years of age became a “street kid” in the capital of Uganda Kampala. Today, Peter lives in America, and he's living a legendary life as a foster dad. He is also running a foundation called I Am Known Foundation, and his mission is to help increase foster parenting to help care for the most vulnerable children in our country.

By the end of this episode, you will gain a visceral understanding of how a person can literally traverse from the worst imaginable situations as a child to achieving success, happiness, and a deep sense of what he calls true worth.

Peter Mutabazi on Teenage Adoption

The conversation starts off on the topic of adoption, particularly on teenage adoption. While most of the conversations about adoption revolve around adoption as a child, teenage adoption is very rarely talked about.

For Peter, this age period is particularly vulnerable for them, as they prepare to be part of society when they become 18. If there was no one to guide these teenagers, then they would have nowhere to go afterwards, and no way to establish themselves.

“When you're 15 and you have only three years left in the foster care system, and you have nowhere to go, it's critical for anyone to step up and guide you to the world you've never lived, that you don't know. So I feel like they're the most vulnerable and need the most talk.”

– Peter Mutabazi

Peter also comments that teenage adoptees are easier to be with. This might be due to the fact that they can pretty much handle themselves in their day-to-day lives, provided that they have the support and resources to do so.

Peter Mutabazi on his Origin Story

Peter tells the story of his youth in a village called Kabaddi, which was located at the border of Uganda and Rwanda. From the get-go, life was harsh to them, as even the basic necessities are hard to come by at times.

Peter shares that he wasn’t even given a name until he was 3 years old, as the survival rate of babies was so low, they did not want to give them names and form attachments before they are sure that he could survive.

“I also got to learn that I didn't have a name until when I was three years old. Why? Because for every 100 children were born in my village 60 would die before the age of two. So most moms were afraid to name a child because they didn't want to get attached.”

– Peter Mutabazi

To add another layer of difficulty to all that, Peter’s father was what you’d call abusive, in every sense of the world. Peter quips that in a normal family, even if you suffer through hardships, there’s always some comfort of knowing that you have a home to return to. In his case, it was the most agonizing place to be in because of his father.

So at the young age of 10, Peter decided that he had had enough. He ran away from home.

To hear more from Peter Mutabazi and his story of growing up with an abusive father to being the father to those in dire need of it, download and listen to this episode.

Bio

Peter Mutabazi

Peter Mutabazi is an entrepreneur, an international advocate for children, and the founder of Now I Am Known, a corporation that supplies resources to encourage and affirm children.

A single father and foster dad, Mutabazi is a former street kid who has worked for World Vision, Compassion International, and the Red Cross.

He has appeared on media outlets such as the BBC and The TODAY Show and continues to be a passionate speaker. He currently lives in Charlotte, North.

Links

Connect with Peter Mutabazi!

NowIAmKnownFoundation.org | Now I Am Known | Facebook | Instagram

This is part two of a very special Christopher Lochhead: Follow Your Different series that we are doing on how to design a legendary career, company and category. This two-part series is a masterclass on how to have a legendary career in technology from 2 different perspectives. On this episode, we have a dialogue with the amazing Gail Moody-Byrd.

Gail Moody-Byrd is the head of Marketing for LinkedIn Sales Solution Group. And the job that she's done there on category design is truly a stunner. I myself have known and done some work with Gail in the past, and she's also worked with my friends and adopted brothers from Category Design Advisors.

If you've ever wanted to know how to drive massive big change inside a massive big organization to make a massive big difference, you're in the right place. You're also going to learn what it took for a Harvard MBA to become a successful category designer, and get executive management bought in and participating in a massive new strategic initiative like category design.

There are many people who would easily pay $25,000 to have lunch with Gail, and today you got her for free and on repeat. We hope you'll enjoy this conversation as much as we did.

Creating a New Category in LinkedIn

The conversation starts off with acknowledging that Gail Moody-Byrd has done something extraordinarily rare in the business – which is to have implemented a category design approach within a monster corporation, which is within an even bigger monster corporation.

This is because normally when you think of implementing category design in a business, it is usually done by startups and entrepreneurship, which may develop later on to a category business leader. Though it is not unheard of, it’s highly unusual for a megacorporation to attempt such a thing.

But according to Gail, it all stems from the culture within LinkedIn itself, where they are encouraged to pursue and grow their business the way they see fit, almost like the same energy as a startup would, but with the backing of a monster corporation behind it.

So when Gail joined the LinkedIn Sales Solutions Group, they already had the idea of finding something to elevate their status and “get their mojo back”. And Gail was just the spark they were looking for.

Gail Moody-Byrd on the Curiosity of LinkedIn

Christopher shares his experience with introducing Category Design to big corporations, and the less than successful results he would get a times. This is because major corporations tend to stay rigid and not dive into new ideas that easily, especially if their current product or service still has a huge share of the market at the moment.

Gail agrees with this and adds that while LinkedIn may seem like the same on the outside, it has this inherent curiosity within that lets their people explore new ideas, as long as it stays within company guidelines and has the data to back it up.

“The beauty of LinkedIn is that they gave me the liberty to explore some of those ideas. There's a curiosity within LinkedIn that I appreciate. We're so market driven, and interactive, always looking for new ideas. And so the amount of support and the extreme receptivity to the conversation was, frankly, shocking to me.”

– Gail Moody-Byrd

Evolving the Platform through Category Design

Gail Mood-Byrd then talks about LinkedIn Sales Solutions, and its growth and changes over the years. It was created 10-11 years ago to enable salespeople in the b2b space to connect on the LinkedIn platform with people who might need their services.

Over the years, it has grown from being a way to connect with potential buyers and fielding available talents, to something backed by support and data science to help you find the information and the system actively looking non-stop for related data to your inquiries and target audience.

It has also gone from one-way communication, to something akin to an active conversation between potential buyers and sellers; all in a trusted network like ...

This episode of Christopher Lochhead: Follow Your Different is part of a very special two-part series that we are doing on how to design a legendary career, company and category. This two-part series is a masterclass on how to have a legendary career in technology from 2 different perspectives. On this episode, we have a dialogue with the legendary Joe Sexton.

Joe Sexton has been a material contributor to creating well over $40 billion in market value over his legendary career. He's one of the most legendary sales revenues and frankly, overall company leaders I've met or ever had the pleasure of working with.

There are many people who would easily pay $25,000 to have lunch with Joe, and today you got him for free and on repeat. So sit back and let this conversation take you into new heights and ideas in the next hour or so.

How to Change to Conversation in Tech Industries

Christopher and Joe reminisce on the time they spent working together, what they learned from each other during that time, and how they were able to apply what they had learned from each other to their own practices after they pursued their own paths.

For Joe Sexton, it was all about changing the conversation about things. Whether he went to McAfee, CrowdStrike, and other different fields in tech, his understanding in improving their business and becoming business leaders in their respective categories was on how to change the conversation, i.e. making a radical change in the usual perspective of a certain product, or creating a new one for a problem that people didn’t think of solving before.

Know What You Know, and Execute

Joe Sexton has taken may advisory roles over the course of his career, and have heard from CEOs that doesn’t seem to know what exactly their company does, or what they do in it.

“I've spoken literally to well over 100 CEOs in my board role. I’ve heard pitch after pitch after pitch, and 99 times out of 100, after a half hour of passionate talk and presentation by the CEO, I say, “I've been doing these 35 years, and I don't understand what you said. I mean, I only understand what you do.””

– Joe Sexton

On the other hand, Joe has also worked with people who knew what they were good at, and got his help so they could focus on the thing they’re good at, rather than stretching themselves thin. Of course, it doesn’t mean that you only stay on that level for the rest of your company’s development, but learning where you can help your business grow, especially during its start, can spell success or failure in startups and the like.

Joe Sexton on Creating Your Opportunities

When asked about how he would create opportunities for himself when he got started, Joe replies that that is one of the questions that young people ask him.

To answer the question, Joe shares that one must have a good track record on their field and the data to back it up. Because when it’s time to compete in the market, these two things will speak for themselves, rather than coming up with a soft pitch and hoping for the best.

It’s like explaining what you are worth to a company or a potential investor, without needing to resort to technical babble or telling your story from scratch. Having that track record and reputation and the data to back it up means that they have something to look into before you even meet, and that could put them at ease.

To learn more about How To Design A Legendary Career, Company, And Category, download and listen to this episode.

Bio

Joe Sexton

Mr. Joe Sexton is an accomplished technology executive who’s been part of creating over $40 billion in value.

He’s served as CEO, President, CRO and SVP, advisor and/or board member for more than a dozen category designing technology firms.

He is the former President of Worldwide Field Operations at AppDynamics. ($3.7B purchase by Cisco)

Prior to AppDynamics, he spent significant time in senior leadership roles at McAfee ($5B public co), Mercury Interactive ($4.

On this episode of Christopher Lochhead, Follow Your Different, we are going to drop a conversation that I recently had with my dear friend, one of the smartest guys in tech, Bob Evans, on his podcast, Cloud Wars Live.

If you work in technology, what Bob and his guests have to say is fascinating, illuminating, and, frankly, agenda-setting. If you're a regular reader of Category Pirates, you'll know that we've been writing about intellectual capitalists and the emergence of a whole new human category, Native Digitals, for quite some time. We believe this is an extremely important topic, and we believe that the emergence of the intellectual capitalist as the highest value role in the work world above that of what has historically been the highest value job you can have in the working world, which is the knowledge worker, is particularly significant.

Because those of us who will thrive not just survive in the future, we'll move beyond acquiring knowledge and getting paid to apply that knowledge to getting paid to create and monetize new categories of intellectual capital, new categories of knowledge, new categories of thinking, which can be turned into new products and services.

The Story of the Hummingbird

The conversation starts off with Christopher telling the story of the Hummingbird and his Sensei Sutton. His sensei is an amazing martial artist and a badass individual, but at a certain point in his life, he had to overcome many adversities before getting to where he is now.

“So the moral of the story is in life – Sometimes you're the hummingbird and sometimes you're the sensei. But Sooner or later, we all need somebody to catch us tightly enough not to hurt us, but strongly enough to save us.”

– Christopher Lochhead

In life, we will absolutely be in situations where we are the hummingbird. But the real question is, when we have an opportunity to be the Sensei, will we will we meet the call?

ChatGPT and the Death of the Knowledge Worker

Christopher then talks about the current boom in AI technology, particularly on the topic of ChatGPT and similar AI generated content.

Much like how machinery and Automation have taken over some aspects of labor from men, this new AI technology seems to be crowding in the profession of Knowledge Worker. While it may not be up to par with certain intricacies to date, it is quickly learning and becoming better over a short period of time.

And much like the service workers of the past have to learn to adapt to new technology, Knowledge Workers also have to follow the trend and evolve, paving the way to what we call Intellectual Capitalists.

Intellectual Capitalist

So what is an Intellectual Capitalist? For Christopher, it’s someone who doesn’t just collect information and apply it like a knowledge worker, but someone who actually generates net-new knowledge. It could be from their experience while working on a certain field that makes them faster, more efficient, or outright the best in that field.

In one word, an Intellectual Capitalist has Leverage over other people who are in the same field, but can’t do it better or even as good as them.

An Intellectual Capitalist should also not be only bound to current categories and ideologies. If there is an idea worth pursuing, it’s not enough to learn why it hasn’t been done before. One should also look through it with what we have today, and if the rapidly-growing pace of technology will  be able to support it and when.

To hear more about the dialogue about AI and the Intellectual Capitalist, download and listen to this episode.

Bio

Bob Evans

Founder of Cloud Wars and Co-Founder of the Acceleration Economy, Bob leads the strategic direction of the global analyst network and actively covers the Cloud and Digital Business categories.

Creator of Cloud Wars Top 10, a ranking and ongoing analysis world's most influential tech companies driving digital business and the digital economy. World-class strategic communicator focused on emerging bus...

Position yourself or be positioned has long been one of my favorite expressions. Most people think of life as something that happens to us, and that we have no agency to design our lives. It turns out, successful people like our guest Carly Malatskey, tends to think differently from that. They learn to create and seize upon opportunity before they succeed, they position themselves for success.

Carly Malatskey hosts the SheLeads podcast, which is a podcast network made by women for women. Carly is also a two-time Stanford National Soccer champion, and has also started off her career as a new Venture Capital Investor at the legendary Floodgate in Silicon Valley.

On this episode of Christopher Lochhead: Follow Your Different, what you're about to experience is a real dialogue about how to seek out legendary mentors and surround yourself with legendary people. We also talk about what it takes to win championships at the highest level, and how to start your career in a strong, powerful way and much, much more.

Carly Malatskey on Starting a Podcast

The conversation starts off with Carly being asked as to why she started her own podcast, and the types of dialogues she wants to have in it.

Carly explains that she has always loved listening to podcasts. But she also thought that as a young leader, she has the opportunity to talk to other leaders in different fields, and have a conversation from the view point of a young woman who has the youthful energy of coming out of the academe but still has a lot to learn and experience in the field.

This also comes at the cusp of COVID, so she along with countless leaders and individuals are currently stuck at home and pretty much open to doing conversations over zoom and the like. It just seemed to Carly that it was the right time to take a chance at it and reach out to different types of people so they can share their experiences with her and other young aspiring leaders.

SheLeads Podcast: A Podcast for Women by Women

Carly shares that one aspect of SheLeads podcast is that it is from the perspective of incredible female leaders in different fields and industries.

“I talked to Olympians, founders, lawyers, and I thought, “why not have this aspect where these women are also talking to someone like me?” And thinking of how they started their career, what were their first steps, or how were they thinking through their career.”

–  Carly Malatskey

Men and Women Communicate Differently

When asked about the saying that men and women communicate differently, Carly shares her thoughts on the matter.

For Carly, it's much more natural for women to sit across from someone and really just sit for hours, talking. The topics could range from their experiences this past week or so, something that worries them in the future, or their feelings about certain matters.

For men, they need an activity to distract them from the fact that they’re actually sharing their thoughts with another individual. It’s almost like it’s an excuse to talk and bond over something, though it was their original intention to begin with.

Carly found the question quite interesting, and was even thinking if there was a scientific reasoning for these types of behaviors.

To hear more from Carly Malatskey on how to win big and start your career stronger, download and listen to this episode.

Bio

Carly Malatskey is an Investor at seed-stage VC firm, Floodgate.

Prior to Floodgate, she earned her Bachelors in Science, Technology and Society from Stanford University and was a Mayfield Fellow at Stanford as well. She also played for the Stanford Women’s Soccer team for 4 years and won 2 National Championships!

Shortly before graduating, she started a podcast called SheLeads with Carly, where she speaks to powerful female leaders from all industries. With 80+ episodes, she explores their unique paths to becoming leaders in their fields as well as the lessons they learned along the way. It is available on Apple Podcasts, Spotify,

On this episode of Christopher Lochhead: Follow Your Different, we talk about Pricing, and how it can be a Superpower. Our guest, Dr. Rafi Mohammed explains how pricing strategy is one of the most underused power levers in business, and why you should start using it.

Dr. Rafi Mohammed has written over 90 articles on innovative pricing strategies for Harvard Business Review over the years. He is the author of The 1% Windfall: how successful companies use price to profit and grow and the art of pricing. Also, he has got a brand new HBR article out called Expand Your Pricing Paradigm.

When the smartest people in business want to work strategically on pricing, they go to Dr. Rafi Mohammed. So this may well be a very, very valuable episode that could be a demarcation point for you personally and your business.

 

Pricing is about Capturing Value

This dialogue could not come at a more timely manner for Christopher, as there have been multiple questions and discussions with him with CEOs who are asking very deep questions about pricing. And while him suggesting to double the price was being outrageous, Dr. Rafi agreed to his point that Price should be a function of value.

To calculate their profits, many businesses, in Dr. Rafi's opinion, erroneously use the formula "cost times a certain percentage," which he claims is fundamentally flawed. For Dr. Rafi, Pricing is all about capturing the value of the product or service. He gives a story about it to illustrate the point:

“A little example I have of that, that sort of illustrates a story is street vendors in the middle of Central Park. The minute that it looks like it's gonna rain, many street vendors double the price of their umbrellas. But think about that: the doubling of price has three important thing components of pricing. First of all, it shows that price really doesn't have a correlation with cost. The second point is price is all about what is the customer's next best alternative. So if I'm in the middle of Central Park, I can hightail it to a local CVS six or seven blocks away, then get right on to buy an umbrella. Or I can have the convenience of it right now. And the third and most important point of that very simple story is pricing is all about thinking like a customer, how's your customer thinking?”

– Dr. Rafi Mohammed

Dr. Rafi Mohammed on Highlighting the Unique Value

One of the common practices that is also observable in the tech and Silicon Valley industries is that they view their competitor’s price, and adjust accordingly if they think they are “better” or roughly competing on the same level.

The issue that Dr. Rafi sees in this is that most companies only have a vague idea of the “advantages” that their companies have over their peers. Most do not pinpoint what makes their products or services “unique” from the rest, hence they have problems capturing and justifying the correct value for their product or services. This lack of definition also makes the market more spread out, as consumers have a harder time figuring out which one is the better alternative from each other.

Highlighting the “uniqueness” or in some cases, the “premium” qualities of a certain business also helps consumers figure out if they’re getting a decent price for it, or just paying too much for a small added convenience.

“Here's also the beauty of pricing. Even if you're not as good as is the next best alternative pricing come in to save the day? And you can sort of look at customers other eyes, they look, I get that don't have all the bells and whistles of this of this alternative that you're looking at. But is it really worth the 40% premium that they're charging over what I am? And I often tell people that if consumers always want the best, we'd all be driving Rolls Royces.”

– Dr. Rafi Mohammed

The Value of Category Design in Pricing

Christopher then addresses the elephant in the room, which is how category design can affect the value and eventually the pricing of a product or servic...

Today marks the 300th episode of Christopher Lochhead: Follow Your Different. And who better to have a dialogue with on this episode than one of our very first guests in the podcast, the amazing Dushka Zapata.

Dushka Zapata is a regular here on the podcast, and is one of my absolute favorite people in the world. She’s the author of many legendary books. Her most recent is called How to Write a Book: or tackle anything you find daunting, which is part of the How to be Ferociously Happy series. When she’s not writing, she has had an extraordinary career as a PR communications executive and coach.

A Period of Creativity

The dialogue starts off with a reversal of roles, as Dushka asks Christopher about how he has been, and congratulating him on his most recent works.

Christopher attributes it to having partners in the craft in Eddie Yoon and Nicolas Cole. He feels grateful that he has been able to work with both in what he refers to as his “business writing band”.

“I think in my case, on the writing side with Cole and with Eddie, when you have partners, we sort of feel like a band. We call ourselves a business writing band, in so far as we've committed to do work together for years, and do meaningful work over a meaningful amount of time. And while the three of us have other interests and do other things, we do the vast majority of our writing together. So what being in a creative band means is the quality of the work changes radically.”

– Christopher Lochhead

Christopher adds that while they have overlapping interests, they also each have expertise in other areas, which allows for a multiple perspective on what they write, and can reach out and connect to different audiences.

Creativity as a Way to Connect with Yourself

On the topic of connecting to people, Dushka shares that creativity in a way has a purpose of connecting you more with yourself. She also finds it wonderful that while you are doing so, other people can join you on that path of self-connection.

“I feel like being connected to the part of me that creates, which in my case is mostly writing. But it can be anything. Creativity can be baking, or raising a child or anything that creates something from nothing. But I think it's us at our most us.”

– Dushka Zapata

Writing as a Superpower

It usually is the case for people who create is that the more they get older, the less they create. Though it does not seem like it for Dushka, as she continues to write and share new things enthusiastically as time goes on.

For Duskha, she feels like she has even become more creative as she grew older. Because for her, it’s something that she genuinely enjoys doing.

“My relationship with writing is idyllic. I have heard great writers like Hemmingway say that you have to bleed at the keyboard. And I have never associated writing with anything that hurts. I have never felt frustrated with it. Or I've never experienced writer's block. I've never felt that I have to suffer at the keyboard or with my pencil. It's just pure joy. It always has been.”

– Dushka Zapata

To hear more from this amazing dialogue with Dushka Zapata, download and listen to this episode.

Bio

After working for more than 20 years in the communications industry, Dushka noticed a theme.

People find it very difficult to articulate who they are and what they do.

This holds true for both companies and for individuals.

For companies, this is an impediment to the development of an identity, a reputation, a brand.

It makes it hard for customers to see how companies are different from their competitors.

For individuals, in a new world order of personal brands, it makes it hard to develop one that feels real.

This is the focus of Dushka’s work: she helps companies and people put into simple terms who they are, what they do, and where to go next.

Her work comes to life through message development, presentation training, media training and personal brand development.

It comes to life through executive coaching,

On this episode of Christopher Lochhead: Follow Your Different, we have a much-needed conversation with Denys Gurak of A.D.A.M., Iryna Savytska of Bank of Memories, and Dr. Amarjot Singh of Skylark Labs about the commitment to make a difference and standing up for what you believe in. We also get into how entrepreneurs and startups in Ukraine are answering the call to help their homeland from within and beyond.

Denys Gurak and his company A.D.A.M. is a pioneering 3D bio printing company whose primary focus is 3D-printing bones, with the hopes of using the technology to assist medical professionals in helping injured soldiers.

Iryna Savytska is the CEO of Bank of Memories, which is a blockchain startup focused on allowing families to protect the memories of all their loved ones, as well as key documents and assets for the next generation.

Dr Amarjot Singh is the founder and CEO of Skylark Labs, a company that is designing a new category of next gen AI powered security products that can detect and save people from drone attacks and other threats.

These three entrepreneurs and category designers prove the axiom, “Everything is the way that it is because somebody changed the way that it was.” And they are changing the way that it is.

All startups on this episode are mentored by the Global Ukraine Foundation. The Global Ukraine Foundation is a community of VCs and Founders who support Ukraine and other tech founders around the world.

A Snapshot of life in Ukraine

The conversation begins with a question about the current conditions inside of Ukraine, and what are the immediate concerns that the public needs to know and help with if they can.

Iryna shares the news of the recent rocket barrage by Russia, which was quite a dangerous yet almost routine for them nowadays. One of the things that hit the most is the current conditions in Ukraine, where they are forced to rely on generators to get electricity and water, things that people in the 21st century shouldn’t be worrying about anymore.

She also describes the situation in some areas outside Kyiv, where looting and robbing houses have been happening. Most are being done by Russian soldiers, but there have also been other unscrupulous people taking advantage of the confusion around them to loot and steal.

Physically away, mentally in Ukraine

Denys Gurak talks about his experience living outside of Ukraine and seeing what is happening on the ground from the outside looking in. He shares that a lot of Ukrainians he knows who are also living in the US feels a certain guilt that they’re not there and physically support their families and countrymen.

But he says that rather than wallow in guilt, it’s better to convert it into somethings productive and helpful for their countrymen, and do whatever they can even from a distance.

When asked if it was a fucked-up thing for a young entrepreneur like themselves to be thinking about war and what to do about it, Denys has this to say:

“Actually, it gives you experience and makes you stronger. I mean, you have to try to switch any situation from a problem to an opportunity. Otherwise, you can just sit at home on the couch and do nothing. And for many of us, that's not an option now, is it?” – Denys Gurak

Dealing with Drones

Dr Amarjot Singh talks about drones, particularly on what they are developing at Skylark Labs. Their aim is to use drones on the side of Ukraine to help guiding systems and give a pre-emptive warning to people that Russian drones have been sighted in the vicinity.

One of the issues with the usual procedures is that drones usually flight high and are hard to find using conventional means. Skylark aims to counter this with drones of their own, but focus on counteroffensive rather than escalation.

That said, this technology can eventually help in surveillance and exploration of certain areas, especially once it has been developed to withstand different weather and abrasive conditions. Dr.

Given recent events in the world of Cryptocurrency, almost everyone in business is currently pondering the following question: Is Sam Bankman-Fried, founder and CEO of the crypto exchange FTX, the Bernie Madoff of Crypto? Or is he merely an entrepreneur who made some horrible errors? Today at Christopher Lochhead: Follow Your Different, we are joined by the legendary Jim Campbell to examine this question.

Jim Campbell is the author of the bestselling definitive book on Bernie Madoff called Madoff Talks. We did a deep dive with him on the book and on the topic of Madoff himself. Check it out if you’re interested in how Madoff manipulated everything before it all fell apart (FYD 217).

On this episode of Christopher Lochhead: Follow Your Different, we go deep with Jim Campbell on the similarities and the differences on old school scammers like Bernie Madoff and the disaster that is Sam Bankman-Fried and the fate of FTX.

Jim Campbell on Sam Bankman-Fried: Madoff 2.0 or not?

The dialogue starts off direct to the point: is Sam Bankman-Fried Madoff 2.0?

Jim responds that there are similarities but also differences between the two. The biggest similarities is that both Madoff and Bankman-Fried comingled their firm and customer assets to boost the value of its company, with Bankman going so far as to use said money to create more connections in the tech, business, and even so far as government and politics.

Both were also involved in something like a Ponzi scheme, though FTX allegedly took it a step further by using its own FTX tokens as collateral to further increase its own valuation, which is a form of market manipulation.

The baffling behavior of Sam Bankman-Fried

When you are accused of a crime as big as the one Sam Bankman-Fried is currently facing, it’s normal to avoid the public eye for a while, and make no statements unless in the presence of their lawyer, lest they say something incriminating.

Which is why Sam Bankman-Fried’s behavior baffles everyone, as he goes so far as guest for certain podcasts and interviews. Yet he still had the arrogance and audacity to say that he didn’t know what he has done would result in a loss of $32 billion dollars for their investors and consumers.

Jim Campbell on doing your due diligence

The thing is, there were a lot of questionable aspects to FTX, once you dug into their model. Unfortunately, doing the due diligence seems to be a rare thing nowadays, due to the fear of missing out. With the boom of crypto in the latter half of the 2010s and even more so during the pandemic, investors wanted to hop it to latest coin or token, should it increase in value exponentially like what happened to Bitcoin.

Some tech companies and businesses are also guilty in this regard. Take for example on what happened to Theranos. Businesses were so eager to jump in even with just a concept, because they think it’ll be more expensive to establish connections and partnerships later on. Some were dazzled by the names attached to the concept, others by the “projected” earnings should it be developed. In the end, they all lost their investments because they couldn’t be bothered to do their due diligence beforehand.

To hear more from Jim Campbell, download and listen to this episode.

Bio

Jim Campbell is the host of the nationally syndicated radio show Business Talk with Jim Campbell. He is known for his hard-hitting interviews of leading figures from the worlds of business, politics, and sports.

Known for “firsts,” Campbell snagged the first extensive interview with former New York Governor Eliot Spitzer after his resignation, the first interview with former Tyco CEO Denis Kozlowski after his release from prison, and the first broadcast interview with former stock analyst Roomy Kahn, a government informant in one of the biggest insider trading busts in American history.

Campbell’s extensive corporate, consulting, and entrepreneurial business background includes roles at KPMG Consulting,

Plato once said that Necessity is the mother of Invention. This could not be anymore true with Category Design, and for our guest today, Mike Evans.

Mike Evans is the founder of Grubhub, a category in food delivery service that was born from the necessity of having a multitude of options in one app, rather than having to look for it in different websites or printed pamphlets. From a budding delivery guide, Mike grew his company into a premier delivery ordering platform, and became Category King in this regard.

On this episode of Christopher Lochhead: Follow Your Different, we go through Mike Evans’ journey, from the spark of the idea to managing a successful startup and beyond.

Mike Evans on the inception of Grubhub

The conversation starts off with Mike sharing how their love for great food made them a big fan of ordering.

“I live in a household with a woman who loves to cook. Because we like to eat, sometimes we don't feel like cooking. And when I say we, I mean her – I helped mildly. And maybe it's because we're getting a little older or whatever, sometimes you just don't feel like the rigmarole of going out to a restaurant and sitting down and that. And there’s this magical ability to press a button on your Star Trek communicator and have a very nice person show up at your house with some very warm food from one of your favorite local restaurants. It's a fucking miracle.”

– Mike Evans

Grubhub came at a time that the home internet is still finding its foothold in everyone’s household, and is one of the first few apps you’ll find in the App Store.

Necessity brings Innovation

But as the idea might seem like a simple one nowadays, it’s surprising that we haven’t thought of it sooner, even as a simple website or catalog.

Of course, there was the yellow pages, but it’s not like there’s a dedicated section there for restaurants, and the numbers aren’t always updated. And you still have to resort to pamphlets to find out what’s on the menu, so can be quite redundant.

“I just wanted to find who delivered to me, and the Yellow Pages was a terrible, a terrible way to organize that information. It was just alphabetical sorted for the whole city and Chicago is 25 miles tall and 3 miles wide. And so the restaurants that deliver to the White Sox area, don't deliver to the cubby area. Not useful to see it in a in a big Yellow Pages book. And so that was the original idea.”

– Mike Evans

While there were some restaurants that were doing online ordering at the time, it wasn’t what Mike has originally had in mind. He just wanted to have the location and contact details of a restaurant, as well as and updated menu of what they offer. Eventually they would expand Grubhub to be an ordering platform as well, but that’s a few years down the road.

Mike Evans: Content comes first

Now that he has the idea for it, the next step was creating the business and driving traffic into it. Mike Evans explains that the common trap among starting business that bridge two markets together is that they often cater to just one end or the other.

According to Mike, before you even get to any side of the market, you first need to create great content for your business. In his case, he built out the online menu guide first for high-traffic restaurants before marketing it to potential users and showing restaurant owners that it is a viable product.

He basically found a way to get value on his business that doesn’t depend on either side of the network to start.

Mike also commented that there’s a common misconception that you have to be the first in order to corner a big chunk of the market. For him, being the First Best is important, as you will be used and remember much better this way by users, rather just having a clunky business model that happened to come out first.

To hear more from Mike Evans and his startup journey, download and listen to this episode.

Bio

Mike Evans founded GrubHub in his spare bedroom and grew it into the multi-billion-dollar onl...