The way forward
Asked for advice to young entrepreneurs, Waters-Lynch said to start early and not spend too much money before testing an idea.
“The biggest challenge is actually finding a customer that’s willing to pay for the solution your business offers. So the goal is to build stuff as cheaply and quickly as possible so you can put your ideas in front of potential customers and learn from how they respond,” he said.
“At RMIT we have really strong links to the entrepreneurial ecosystem here in Melbourne and getting connected to this community can help you get customer feedback early which is so critical.”
Rennie also said customers were central and that as new technologies are developed and implemented, it’s important that businesses think about who could be left behind.
“We have to keep asking ourselves, who has the digital infrastructure to participate? If we’re talking about digital transactions and money for example, what happens to people who fall in and out of connectivity? These are important considerations with any new technology.”
Finally, Fuller advised that businesses must evolve alongside their customers and never stop being curious.
“At Amazon we say it’s always day one, and that approach to business allows us to be agile as we continue to innovate and try new things to better serve our customers,” he said.
“We believe there is so much to be gained from asking questions and exploring new possibilities. I hope through knowledge sharing sessions like this we can inspire people to think about innovation in a new way.”
The next Technology Matters live webinar will be on Wednesday 3 June 2020 and will explore the future of health and social care. Register to attend.