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Is failing compulsory for success?

by Veera Reko

A psychologist and startup-entrepreneurs had the same answer to 2018´s most important question

You may say failing is not trendy anymore. But look at Facebook. It recently admitted its big failures towards democracy and people’s lives and started to develop its product further. There is also a lot of buzz around the lean management movement, which pushes businesses to adapt to failure faster.

The “Fail fast” mindset and culture is familiar for Tribe Tampere. When the community was being built, skeptics assumed that it would fail because the earlier attempts had failed to unite Tampere city. However, cooperation between Tampere startup-communities has gone well so far. It was time to celebrate liaisons by organizing our first event in the TribeX series. Our theme: Failure.

Tribe Tampere is about cooperation, and that’s why we didn’t want to just discuss failures with Finland’s successful startup entrepreneurs who came to TribeX to share their experiences. We also wanted to know what purposes and possibilities psychologists see in failing.

Ilkka Kivimäki (on top) and Otto Hilska (on the right) of Smartly.io share their failed

Before we figure out how to turn a difficult or painful experience into a potentially constructive and useful one, let’s take a look at TribeX speakers Ilkka Kivimäki, Otto Chrons, Matti Rönkkö, and Otto Hilska’s Top 10 list of the biggest possible failures.

  1. Failure of not failing (meaning you continue with old decisions and don’t even try, even though you should try something new)
  2. Problems with human relationships and interaction
  3. Serious mental health issues
  4. Your business model fails, and you have to let your people go
  5. Lack of speed (and then you run out of money)
  6. Your business’s founders break-up
  7. Selling the company to the wrong people or at the wrong time
  8. Problems with scaling
  9. Recruitment failures
  10. Bad decision-making structures and the inability to take risks at the right time
Otto Chrons (on top) talks about Ultimate failure — death. Matti Rönkkö describes Nosto’s path in scaling

According to the list, more than half of the biggest failures are related to human behaviour, feelings, and thoughts. We asked organization psychologist Jaakko Sahimaa from Better Work Consulting and Heltti about how to cope with failures in relationships and about whether failing is required for success.

Sahimaa gave us three pieces of advice on how to handle failures and learn from them.

Before failing:

  1. Learn to know yourself and your team better. It’s important to get to know how you and your team members behave in different situations.
  2. Process your biggest fears before there is even the threat of failure. By doing so, you will have more self-confidence, and there will be a lower chance of bigger mistakes after a failure.
  3. Start to reflect with questions like: What scares me most? Why am I scared of that? How are my thoughts and attitudes related to my fears?

At the moment of failure:

  1. Challenge your thoughts and put them into the right perspective. Remember the appropriate questions you have reflected on before.
  2. Be honest to the people around you and remember to ask and give help when needed.

After failing:

  1. Analyse the failure: What can we learn from it? Why did we fail? How can we continue? What kind of strengths and possibilities did failing give us?
  2. Process your feelings and thoughts and take the best lessons with you.

Sahimaa´s advice is also helpful for investors who want to find out whether leaders and teams can survive difficulties.

Psychological research has shown that a strong community always has enough tools to handle failures.

More importantly, strong communities have always failed and learned from their failures on their way to success.

What bitcoin has to do with evolution of trust

By Umair Khan and Santeri Tuovila

The evolution of trust has gone through two phases and now embarking on a third one. These phases are local, institutional and, now, distributed.

In the beginning trust mostly had a local scope, like people in a village trusted the local goldsmith. Then it became institutional which resulted in the formation of governments and banks. The third phase, called the era of distributed trust, has just started and the first thing it has disrupted is currency.

The reason couldn’t be more obvious; for ages people have been wanting to pry control of money from the clutches of central authorities. Now we are experiencing the dawn of the age of cryptocurrencies.

To put things in perspective, the current market cap of the most sought after cryptocurrency, Bitcoin, is over 100 billion USD which is more than the market cap of Goldman Sachs, one of the largest U.S. investment banks. Interestingly the agent of disruption is not cryptocurrency itself but the underlying technology, blockchain.

Couple of weeks ago BitBang organized one of its first blockchain events in collaboration with Tribe Tampere. The event featured talks from Kimmo Rouhiainen, CEO of Chainforg and Otto Liuhonen from Wone. Both of them have been developing blockchain technology in their companies and after the event there has been growing interest to launch Tribes´ own cryptocurrency.

Why we want to try our own blockchain technology?

Because our community does lot that it is hard to keep up what is happening in Tribe Tampere. Giving Karma to people for acting in the community and making the transaction public, would help people wanting to participate in what is going on. It also helps the community to see who has the most Karma. Want to be part of building Karma? Send us a message.

Our first speaker was Kimmo Rouhiainen and his talk was about Chainfrog’s product Blockbinder, his talk was a well rounded by first creating an introduction to blockchain and how it actually came into being as the foundation of the most famous cryptocurrency, Bitcoin.

He then went on to explain the distributed nature of blockchain as well as its high-level functioning, the verticals it is most likely to disrupt in near future (including insurance, logistics, manufacturing, healthcare, finance, education, construction, legal, real estate, etc.).

The second part of Kimmos´ talk highlighted Chainfrog’s product Blockbinder. In the talk Blockbinder was described as a tool for synchronizing different databases irrespective of their types. It is auditable, distributed, collaborative, encrypted, and independent. Again, this part of the talk was colored with facts and figures such as “Poor data across businesses and government costs the U.S. economy $3.1 trillion a year”.

However, the question of what specific problems can blockchain solve that other conventional technologies can not remains unanswered. At the end, Chainfrog’s message is to find a big enough and empty ”blockchain” space and just do it!

The second talk was titled How We Failed with Blockchain. Otto Liuhonen started the talk with his background and how the company was started with the idea of a digital currency wallet. Wone chose blockchain because of it is theoretically not taxable, instant settlement, its transparency, and it not being dependent on trust.

Most of the talk was rather technical, however, he did a nifty job keeping people interested by drawing a contrast between the two competing cryptocurrencies, namely, Bitcoin and Ripple. He ended his presentation accentuating the impediments Wone faced which eventually led to the abandonment of blockchain altogether. These impediments included lack of regulations, intricacies of system integration (banking and PoS), and banking licenses.

Blockchain is almost at the apex of Gartner’s hype chart and blockchain researchers are betting big on its disruptive potential, but there are only a handful to people who actually understand the core technology compared to the masses who are believers of the technology.

There are critics who still think blockchain isn’t the silver bullet and most blockchain companies are just an attempt to jump on the bandwagon. But only time shall tell, how successfully blockchain penetrates today’s technology infrastructure.

Two ways to get involved in blockchain community in Tampere

  1. Take part in lauching Tribe’s Karma coin. Send a message to Tribe Tampere’s Facebook page.
  2. BitBang is also looking for the next event to occur. Do you have a special wish or would you like to participate in organizing these events? Send a message to BitBang Events’ Facebook page

A product without emotions is just a plain commodity

Text by Veera Reko

What is current in the startup scene? Every month, Tribe Tampere invites a startup entrepreneur to chat with us. This week, we talked about the importance of feelings with our guest Veikko Törrönen, founder of KREAPAL.

Fear

Fear is probably not the first word that comes to mind when you see Veikko Törrönen. He’s a calm man with a twinkle in his eyes. But when you hear his story, you will think whether he should be worrying or not.

Veikko Törrönen started his service and business design company in January 2017. Is it not scary to quit a permanent job and start life as an entrepreneur?

“Quite the opposite. For the first time in my life, I can say that I have nothing to fear. During my years-long career, I learned that it didn’t matter how hard you tried to develop yourself or how passionate you were. If the company changed its strategy, your job might have disappeared by the end of the management meeting.”

Continue reading “A product without emotions is just a plain commodity”