Nordic investor relations conference Teigland

A rapidly changing landscape

----- IR tomorrow?

Dr. Robin Teigland Stockholm School of Economicswww.knowledgenetworking.orgwww.slideshare.net/eteigland @RobinTeigland

NIRC – May 2014

”The future is already here, it’s just not very evenly distributed."

- William Gibson

Accelerating pace of change

Ray Kurzweil, Singularity Institute

A rapidly changing landscape

Not only …Increasing number of communication channelsNew forms of interaction

But also…New investment opportunitiesNew means of financial transactions

Increasing number of communication channels

InvestorsCompany

Third parties

Investors don’t care if an IR department is tweeting or if

someone else is.

It’s 100% irrelevant who “pushes the button”.

-Darrell Heaps, Q4 Blog

New forms of interaction

Increasing use of social media analytics by investors

Who are the influencers?

How best to engage?

Best use of social media

#1IR Magazine

Investor Awards

A rapidly changing landscape

Not only …Increasing number of communication channelsNew forms of interaction

But also…New investment opportunitiesNew means of financial transactions

New developments like crowdfunding and

cryptocurrencies (e.g., Bitcoin) have let the genie out of the

bottle…..

All our basic assumptions about money and financial services are

now being questioned.

What is Crowdfunding?

Accumulation of small investments in individual projects by large number of individuals (the

“crowd”) via or with help of Internet and social networks (De Buysere et al., 2012)

Picture: FundedByMe

Increasing competition for investors through crowdfunding

Massolution 2013

Millions of dollars 2015eUSD 17 bln

Crowd equity rising

Changing regulations

Investing in ventures anywhere

Ushahidi of Kenya

Kenya

Improving financial transactions

Free, instant payment solutions in any “currency”

P2P cryptocurrencies

Zero-commission stock trades

• Paper by “Satoshi Nakamoto” in 2008• Open source project posted on SourceForge in Jan

2009 • Peer-to-peer digital, cryptocurrency• Developed by community of strangers across globe

Bitcoin and its community

Teigland, Yetis, Larsson 2013

Legitimate currency with

80,000 daily transactions

and USD 5 bln in

circulation in <5 years

Cryptocurrencies, e.g., Bitcoin, reshaping global financial space

Currency Code YearEst. Founder(s) Active Website PoW PoS

Bitcoin BTC or XBT 2009Satoshi Nakamoto (pseudonym)

Yes N/A Yes No

Ripple XRP 2013 Chris Larsen & Jed McCaleb Yes ripple.com No No

Litecoin LTC 2011 Charles Lee Yes litecoin.org Yes No

Peercoin PPC 2012 Sunny King (pseudonym) Yes peercoin.net Yes Yes

Dogecoin DOGE 2013Jackson Palmer& Billy Markus

Yes dogecoin.com Yes No

Namecoin NMC 2011 N/A Yes dot-bit.org Yes No

Mastercoin MSC 2013 J. R. Willett Yes mastercoin.org No No

Primecoin XPM 2013 Sunny King (pseudonym) Yes primecoin.org Yes No

”Bitcoin has made me interested in issues like finance and money –

things that I never thought about before. Now I am really curious and questioning why things are the way they are in the finance world….and wondering what can I do to change

them.” - Bitcoin 2014 Conference Attendee

Some questions…

•How best to engage and in which channels?

•How to coordinate across the organization?

•How to use big data/social media analytics?

•How to influence the influencers?

•How to approach new developments such as crowdfunding, cryptocurrencies, payment systems?

•How to let go of control…..

Institutions

Emergent Collective vs

E.g., Central Bank~ Long-standing financial

institutions and regulations

E.g., Bitcoin Community ~ Emergent collective of users across globe connected through internet

Emergent collectives challenging long-standing institutions

Teigland, Yetis, Larsson, 2013http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2263707

"...when the rate of change outside an organization is greater than the rate of

change inside, the end is near...."

- Jack Welch

Robin Teigland

[email protected]

rgwww.slideshare.net/

eteiglandRobinTeigland

Photo: Lindholm, Metro

Photo: Nordenskiöld

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