The Leading Edge - Summer 2011 - PKF - 10

Business life lessons: 10 eye-openers, takeaways and trends from SXSW 2011
By Raissa Evans

hat does an accounting firm—or any business for that matter—have in common with a social media, film and music conference? More than you think. In fact, if technology is critical to the future of business, then business leaders cannot afford to be left behind. As our team’s technology scout, when I returned from a vacation at the 2010 South by Southwest Interactive, Film and Music (SXSW) conference and festival with a run-down of future trends and new connections, it was easy to make a business case to PKF Texas director of Practice Growth, Karen Love. She recognized the opportunity for our firm to have a presence in 2011. South by Southwest captures the spirit of entrepreneurism and technology’s influence, drawing trendmakers from more than 60 countries. Held every March in Austin, we sent a team of three to learn as much as possible. In keeping with the spirit of the conference we offer 10 nuggets of wisdom (at 140 characters a la Twitter): Going somewhere new? Preparation matters (but isn’t everything). No one person is physically able to see or participate in everything offered at large events. With more than 19,000 attendees to SXSW Interactive and 935 conference sessions from which to choose, the important thing is to get an overall taste of the
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experience. It’s helpful to make a list of goals or topics you’d like to focus on or learn more about, and to know your own story and conversation-starters. However, be nimble enough to ditch your best laid plans when surprise announcements or word-ofmouth present a better direction. There are amazing people to meet if you resist prejudging or acting like a fanboy. Guy in flip-flops & polo? That’s Tony Hsieh @Zappos. Some conferences and festivals consistently draw celebrities— from industry gurus to authors or entertainers. You may miss them altogether if you are looking for the glam of Hollywood or the suits of Wall Street, as Austin culture is all about bohemia. With your prep work and your own story in hand, you offer something to the conversation, so everyone becomes approachable. Your key influencers may not be on stage. Relationships are built over coffee, in small groups, with people who will remember meeting you. The most influential conversations and connections are likely to be at a deeper level with people whom you’re able to form a relationship. Early on, I had Karen following a rule I set last year: if someone asks you personally to go to an event, even

if you didn’t have it on your agenda, go. We made many meaningful connections. For instance, during one private invitation party we met the founders of Constant Contact, who took the time to explain their business history and philosophy, and in return were able to get a loyal client’s feedback firsthand. Corporate bigwigs without blinders can learn from the indie creatives/techies about social influence, & vice versa = monetization. The best technology is being created by people who simply love what they do. They’re working 18 hour days and they may not talk or dress like corporate America. They’re not worried about making gobs of money, and are developing businesses on a shoestring with their savings or personal loans. They may even wrinkle their noses when you ask how they plan to monetize their ideas. Sage advisors with a business track record can mentor these bright young stars, while injecting innovation into staid corporate practices. Venture capitalists and angels roam the conference ready to discover these investment gems. We have built our social communities. The new focus is on gaining & measuring influence. Solid relationships. Changed behaviors. In Gary Vaynerchuk’s keynote, he

included how to stop price wars: “Everyone spends money on something that’s not the cheapest they can get, and they know it. Why? Relationship context.” The Internet and social media have made it very easy for us to organize our contacts and establish tribes, but what of it? The end game for business is about influence, and our ability to change behaviors to benefit goals. The new focus is on creating environments to strengthen connections, and methods to measure the influence of these connections. We found a new community close to home by sponsoring Houston’s interactive, film and music showcase, Houston@SXSW, a group of influencers we’ll continue to interact with for years to come. Welcome to the humanization of business. Caring. Gratitude. Brands with soul. Read @garyvee’s http:// thankyoueconomybook.com Caring is the “killer app”, or a feature so necessary or desirable that it proves the core value of some larger technology. When your product or service becomes commoditized, how do you differentiate? People are expecting more for their dollars and time, where “more” has to do with customer experience, service and relationship context. A killer app can substantially increase sales of the platform on which it runs. Gratitude is not just good manners, it’s good business.
SUMMER 2011

The Leading Edge - Summer 2011 - PKF

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