'Analogue dinosaurs' must tap into start-ups to succeed, says Wayra boss

Brands need to tap into the entrepreneurial spirit and vibrancy of start-ups to succeed in the digital economy, said Simon Devonshire, director of Wayra Europe, Telefonica's tech start-up arm.

'Analogue dinosaurs' must tap into start-ups to succeed, says Wayra boss

Speaking at the Marketing Society’s annual conference in London this morning, Devonshire said "analogue dinosaurs" needed to incubate, develop and learn from small start-ups to navigate the "digital economy", which he labelled as "more profound" than the industrial revolution.

Big corporate businesses needed to take learnings from the outside world, rather than focusing internally in order to drive change and innovation, Devonshire said. The explosion in the number of entrepreneurs looking for funding offered this opportunity.

The marketing industry was, he said, in a position more than "any other service sector" to take advantage of the changes that the digital economy have brought about – "unparalleled connectivity, computer processing power and software".

In response to the changing industry, Telefonica launched Wayra three years ago and has invested in 400 businesses worldwide, including 31 in London in the past month.

Its investment in Skin Analytics, a start-up that enables people to take photos of their skin to check for skin cancer, provided an "unconventional way to penetrate a core audience very, very quickly" in  some regions of Latin America where one in two people suffered from skin cancer.

"There are today more entrepreneurs wrestling to scale up than ever before - and whilst we have this explosion from one side of the ecosystem, what we also seem to be experiencing is an implosion of the analogue dinosaurs – the big corporates – one of which I represent," he said.

The "dynamic, agile businesses who are inventing the businesses of the future" and the big corporates struggling to innovate" were each in possession of the other’s "antidote", he concluded.



Read next

The key 2015 trends that marketers can act on right now



The e-petition killed Dapper Laughs but will it bring down Littlewoods' Myleene Klass?

Cannes Offer: 12 weeks' online access from just £12

Subscribe to Campaign before the end of Cannes Lions and save up to 71%

SUBSCRIBE

Looking for a new job?

Get the latest creative jobs in advertising, media, marketing and digital delivered directly to your inbox each day.

Create an Alert Now
Share

1 Publicis Groupe withdraws from marketing and awards to focus on AI-powered platform Marcel

Publicis Groupe is pulling out of all marketing activity for the next 365 days - and won't be entering awards at Cannes next year - as it focuses its resources on developing Marcel, described by chief executive Arthur Sadoun as a ground breaking new platform.

Job description: Digital marketing executive
Shares0
Share

1 Job description: Digital marketing executive

Digital marketing executives oversee the online marketing strategy for their organisation. They plan and execute digital (including email) marketing campaigns and design, maintain and supply content for the organisation's website(s).

Just published

More