Don't waste a good crisis | Mike Flache | Engati CX

Jeremy DSouza
|
3
min read
Don't waste a good crisis | Mike Flache | Engati CX

Mike Flache joins us on the Engati CX show to talk about looking for and make use of the opportunities that a crisis provides.

Entrepreneur and angel investor Mike Flasche talks about the opportunities presented by a crisis.

Mike is an entrepreneur and an angel investor. Together with multinational teams, he builds digital business worldwide.  

Mike is involved in 15+ high-tech startups around the globe. As a mentor, he supports teams from traditional industrial companies in their digitalization efforts in selected cases.  

The analysts of Onalytica list him as one of the Top 10 global influencers in the field of digital transformation. As a recognized thought leader, Mike collaborates with global brands and Fortune 500 companies, such as Huawei.

Don’t waste a good crisis — a video interview with Mike Flache

Don’t waste a good crisis

This section will contain a summary of our interview with Mike.  

How can any crisis be an opportunity and how can tech help catapult you ahead in such times?

Every crisis is a great opportunity for you and your business to do things differently. They can even help you grow as a person. Mike had experienced the tsunami in the Indian Ocean in 2004 and that changed him as a person.  

The experience caused him to devote more time towards social and philanthropic activities.  

Tech can help in every area. It helps us communicate in real time and increases transparency. It can help us monitor our supply chain. Machine Learning can help us predict the demand in different areas.  

Can you talk about any disruptive business model from high tech startups that you were involved with?

According to Mike, disruption is a relation concept. It’s an ongoing process, not a static thing. It’s not ‘one and done’.

Mike in involved in an investment platform. The CEO had the idea a decade ago and he had the first dialogue with Mike back in 2014. Today the company is growing rapidly and integrates 2 companies each week.

Giving professional advisors access to new markets is not really disruptive, but, the way we are seeing banking these days in completely different. Creating a future in which we do things differently is the real disruption that Mike is convinced about.

What is that one thing which startups are better at when compared to older, established companies?

It’s all about mindset.  

Startups are faster, more adaptable and are challenging themselves every day to built the best products in the market.

Mike also talks to leaders from established companies and what he wants them to do is remain adaptable. They make excuses about their processes being more complex, but there are companies that have done it.

There are tech companies that have grown from 2 people to 20,000 people and still maintained the attitude of adaptability.

What do you see as the future of AI and automation? Did the pandemic just accelerate it?

We’re generating and storing data more than ever before. AI and automating keeps getting better and better.

When looking at these tools, consider the value that they can provide and the return on investment that they can achieve.

We’re on the right path when it comes to AI and automation, but we have a long way to go. There’s a lot of new developments coming in these spheres and we’re going to see some really interesting things.

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Engati CX

We hope this helps you gain some benefit in this crisis situation. Engati CX will be back with a new expert in a new episode soon. Stay tuned.

Find Mike Flache

Mike’s an incredible resource on digital transformation. Connect with him on LinkedIn and Twitter to get even more value from him.

More from Engati CX

Now that you’ve got some great insights from Mike, catch our interview with Aghiath Chbib on Enhancing cybersecurity with AI.

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