The Prof G Pod with Scott Galloway Capitalism Needs Empathy
Dec 3, 2020
Nick Molnar, co-founder and CEO of Afterpay, dives into the fintech revolution, explaining how their buy-now-pay-later model is reshaping spending habits among millennials. He contrasts the startup cultures of San Francisco and Sydney, offering insights into entrepreneurship in different cultural landscapes. The discussion highlights the urgent need for empathy in capitalism, especially as the pandemic widens socioeconomic gaps, urging a shift towards community support and more equitable policies.
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E-commerce Acceleration
- E-commerce is accelerating rapidly, with sales growing significantly during the pandemic.
- Mobile shopping is a key driver, influencing platform strategies like Instagram's focus on shops.
Dispersion of Value
- Businesses are dispersing value closer to consumers, shifting from traditional channels.
- This dispersion is evident in sectors like healthcare, education, and retail, driven by mobile technology and changing consumer behavior.
Afterpay's Model
- Nick Molnar, CEO of Afterpay, discusses how the service allows millennials and Gen Z to make purchases in installments.
- Afterpay assumes the risk, pays retailers upfront, and caters to the growing debit card preference.