The Malta Independent on Sunday
Embracing Change: The essence of digital transformation
Digital transformation, however, is not just about implementing new technologies but also about reshaping our collective mindsets and cultures. Experience is teaching us that digital transformation comes with the acceptance of having to do things differently and making people genuinely understand the need for renewal and change.
“It is this renewed will to do things differently which five years ago drove GO to launch GO Ventures as a Corporate Venture Capital fund that would enable the company to invest in emerging local and international startups,” says Kelvin Camenzuli, GO’s chief Digital officer.
To date, GO Ventures’ journey has been very successful as its portfolio of startups shows robust growth and promising potential. Its investments in startups operating in AI, Big Data & Analytics, Blockchain, Cybersecurity, Fintech and IoT today have exceeded €2m.
Technology has completely transformed our lives, shaping how we live, work, learn and relax. Contrary to what many still think, technology does not only concern technology businesses, but it underpins every other sector, whether it is health, education, transportation, aviation, banking, finance, insurance, tourism and more.
“Imagine a life without internet banking, online shopping and remote meetings and how much more time would be consumed engaging in equivalent activities. Industries must embrace the power of technology and connectivity to avoid being left behind and to reach their maximum potential. The same applies to individuals for whom technology is available at almost every touchpoint,” adds Camenzuli.
Besides leading GO’s digital transformation, Camenzuli explains how he has also been lending his experience to GO Ventures.
“The success that GO Ventures has been achieving with startups and technology companies not only shows GO’s ability to make strong investment decisions, but it gives us access to cutting-edge technology and entrepreneurs which, given the dynamic nature of the tech-driven industries in which we operate, remains fundamental.”
“One of the most compelling aspects of being part of a company like GO is the breadth of exposure that extends beyond routine responsibilities tied to one’s specific role. My involvement at GO Ventures allowed me to engage and make meaningful contributions through my technological expertise but has also provided me firsthand exposure to the intricate dynamics of the startup ecosystem.”
Camenzuli notes how his experience with GO Ventures has helped him gain some very significant lessons.
“Arguably, some of the most interesting lessons centre around the remarkable ability of founders to learn from mistakes, experiment and pivot swiftly. Unlike traditional corporate structures, where processes may be more rigid, startups operate in an environment that demands agility and adaptability.”
“Startups thrive on the ethos of experimentation – flexibility that enables them to iterate on their products, strategies and business models rapidly. Therefore, the capacity of founders to swiftly acknowledge and learn from failures is truly commendable,” he added.
Camenzuli also mentioned how firsthand exposure to the startup ecosystem underscored the importance of fostering a culture that encourages calculated risktaking and views failure as an integral aspect of the learning journey.
“Equally remarkable is the speed at which startups pivot in response to market feedback. This nimbleness allows them to align more closely with market demands and seize emerging opportunities swiftly.”
“In this respect, Maltese businesses have a lot to learn from startups. Businesses do well to allow startups to inspire them to apply this same agile mindset that enhances responsiveness to market changes and promotes a culture of continuous improvement.”
“Be it a startup or a fully-fledged organisation, any company’s innovative spirit stands to be driven by its will to remain competitive
and relevant; allowing itself to be defined by the way it deploys its technology to succeed and also to mitigate and manage situations when things go wrong.”
“Just as startups exemplify resilience in the face of setbacks, digital transformation can help us turn setbacks from roadblocks to opportunities to recalibrate and innovate,” he concluded.