The Swan Effect - Creating and Sustaining Your Financial Wellbeing
The Swan Effect - Creating and Sustaining Your Financial Wellbeing
S4E4 Innovation for Wealth Creation
In this powerful episode, co-hosts Arthi and Malika delve into how innovation becomes a catalyst for wealth creation, revealing that you don't need to be in Silicon Valley or launch a tech startup to harness its potential.
They challenge conventional thinking by redefining innovation as the art of finding creative solutions to everyday problems – something accessible to everyone regardless of background or resources. Through compelling examples from across Africa, thy explore how entrepreneurs are addressing local challenges with simple yet powerful innovations. From mobile banking revolutionizing financial access to the thriving "Kasi economy," these success stories demonstrate how solving real problems creates both social impact and sustainable wealth.
Drawing fascinating parallels between superheroes and real-world innovators, Arthi and Malika e extract valuable lessons from fictional icons that apply directly to your wealth-creation journey. Like Tony Stark building his first Iron Man suit in a cave with limited resources, you can start small but think big. Similar to how Bruce Wayne aligned his innovations with his values, your purpose-driven approach can create lasting impact while generating wealth.
Thus, this episode explores how innovation can be a powerful tool for wealth creation when approached with intention, creativity, and purpose.
Listen in to hear more about:
• Learning from fictional superheroes like Iron Man, Batman, and Mr. Fantastic to provide motivations for real world innovation i.e become your own financial superhero!
• Ideas to solve real-world problems in your community or industry to create value
• the concept of starting small but thinking big
• Ways to leverage existing resources and knowledge as a low-hanging fruit strategy to start
• Building a strong support system of accountability partners, advisors, and constructive critics
• Protecting your intellectual property, especially for unique ideas that generate long-term wealth
• Reinvesting in continuous learning and growth to expand your innovative capacity
Subscribe, share 📢and write a review as we continue our mission to simplify the complexities of money management and empower you toward financial freedom. What innovative solution might be your path to wealth creation?
This #podcastepisode is proudly sponsored by Old Mutual Wealth.
Your legacy isn't just about numbers. It's about the confidence that comes with knowing your wealth is expertly managed. At Old Mutual Wealth, we offer solutions that go beyond investment management. We're your trusted partner in achieving financial success. Together with your financial planner, we uncover what matters most to you, Crafting a personalized plan tailored to your unique goals. Backed by a team dedicated to your wealth journey, we provide innovative strategies, in-depth research and award-winning investment expertise. Partner with us to take your wealth further with advice-led, personalized wealth management, offering clients and financial planners a full suite of industry-leading investment solutions. Visit wwwallmutualcoza forward slash wealth to learn more. Hi there, I'm Arthi Rabikrisson.
Malika Petersen:Hello, I'm Malika Peterson. Welcome to the Swan Effect Podcast.
Arthi Rabikrisson:We're your go-to podcast to simplify the complexities of money management, investing and wealth management.
Malika Petersen:So that you can gain confidence in your relationship with money and become financially literate, independent and free.
Arthi Rabikrisson:That first step towards freedom is knowledge, and you can start with gaining that right now by listening to this upcoming episode.
Arthi Rabikrisson:It's the beautiful month of May where autumn leaves are littering our lawns. The weather is definitely cooler in South Africa, with a lot of rain in recent weeks and some early snow on our mountain peaks as well. I hope everyone is keeping warm in the Southern Hemisphere and certainly here on the Swan Effect podcast, we're going to warm you up even further with excitement, hopefully, as we talk about innovation for wealth creation, hi Malika.
Malika Petersen:Hi Arthi. Gosh. It is indeed the time to keep warm and listeners. This topic certainly excites me because not only is it highly interesting, but I mean it requires a lot of creativity and creative thinking. So let's debunk a big myth about innovation. It isn't just about tech, startups or Silicon Valley. No, it's actually about finding new ways to solve problems, meet needs and create value, especially in our own communities. So our episode today everyone is equal parts Inspiration and Innovation, my two favorite things. We're diving into how innovation and not just big ideas, can actually lead to some serious wealth creation.
Arthi Rabikrisson:Absolutely. I mean, whether it's a local business that's adopting new practices or bringing in some sort of a supportive tech solution to address a societal challenge. You know, innovation, it's a powerful tool for wealth creation. Everybody and I must say I think I'm biased when I say this, Malika, because you know, I play this role in the founder landscape and I have already heard of and witnessed such incredible innovations just emerging across our continent. You know, when we say entrepreneurs are the economic engine of our continent, it's such a valid statement. Okay, but let me not get sidetracked. I can talk on and on about this. I'm very passionate about the value of innovation to create progress through change and, more importantly, over time, wealth as well and generational wealth.
Malika Petersen:I know that about you and obviously I can hear it in your voice also, but it's the same for me and kind of like yes, let's come back to first principles by defining what we actually mean by innovation. It's not just about inventing something new, but it's really about applying creative and even sometimes simple solutions to problems. Right, and when we talk about wealth creation, we're not just referring to financial wealth. It's really about creating overall value, whether that's social, economic or personal. Take, for example, mobile banking in Africa. Innovations like M-Pesa have really transformed access to financial services. It empowers individuals, it simulates the economy to grow. In fact, according to a recent study which I found very interesting, by Statista, two African countries, namely Turkey and Nigeria, were tied for the highest mobile banking adoption in the world.
Arthi Rabikrisson:That's incredible, incredible, what a milestone. Right, and I like your point as well, Malika, where you're saying it's not just limited to technology, it's actually social innovations too, like community-driven education programs, for example, and this can actually create wealth by building human capital. So, you know, it's making me think, malika, we're talking about superhero levels of innovation actually. So I mean, it's making me think, Malika, we're talking about superhero levels of innovation actually. So I mean everyone. Think about Iron man, black man, black Panther. You know so many of them. What do they have in common? Okay, besides that they wear spandex suits, of course, but take that aside. These icons have built empires with their brains, not just their brawn, right?
Malika Petersen:Yeah, absolutely, and in keeping with our theme of being your own financial superhero for this season of the podcast, we join parallels to your real life how people like you listening right now can harness your own kind of genius and turn your creativity into financial freedom.
Arthi Rabikrisson:Going back to my passion point a little bit okay from earlier, Malika, about emerging economies like South Africa and other African-Asian economies too. I mean, we face unique challenges, but these unique challenges provide unique opportunities to innovate as well. So innovations that tend to be tailored to local contexts, these can address really specific needs and drive inclusive growth. And you know it's making me think about, you know we've mentioned Black Panther before T'Challa, his leadership particularly. I mean it wasn't just about making money, it was actually about using wealth to create a sustainable future. So the country of Wakanda was a beacon of innovation and that wealth was used to uplift the rest of the world. Actually, it wasn't locked away. So you know, that type of a tech innovation can and should drive social impact actually.
Malika Petersen:Yeah, and I think one example, one good example, is the rise of fintech solutions across Africa. One example, one good example, is the rise of fintech solutions across Africa right, that cater to the unbanked population. Yes, it provides them with access to financial services and opportunities so that they are able to participate economically, and I think that's really important to understand. I mean, we talk often about wealth creation, growth, but the social impact is so significant and it creates, you know, multi-generational access to financing that creates real change and long-term progress.
Arthi Rabikrisson:It's such a big unlock, Malika. Yeah, oh yeah. Another example is the Kasi economy in South Africa. So everyone the Kasi economy, or what we in South Africa know as our, I mean it's characterized by around it's crazy Malika. So there's about 150 stores that are serving 11.1 million regular customers.
Malika Petersen:Wow.
Arthi Rabikrisson:That is phenomenal Opportunity is. So when you consider that there's that many spaza, as we call them, or small-time shop owners that start their business I mean they may have technically been actually unemployed and out of a need to be able to provide for their families they've started their business and now they continue to contribute and address the needs of wider society and communities I mean I feel it's just, it's unbelievable, almost it's phenomenal is what it is.
Malika Petersen:So I think the lesson for me in this is that innovation isn't about starting big. It's about it's really about being bold. I mean, let's think about tony stark or iron man right, he built his first suit in a cave and that prototype saved his life, and that's just a reminder that even messy beginnings matters. It really reminds me of a trip to Kenya that I took, where I met a fantastic woman, dr Daisy Isaiah. Right, she was actually Miss Tourism Kenya, reigning Miss Planet Kenya. She was a finalist in both Miss World and Miss Universe Kenya, in 2018 and 2019 respectively.
Malika Petersen:But she developed an online medical services company, which is so phenomenal because, if, for those of you that don't know, kenya has many people massive population living in rural Kenya right, they don't have access to doctors and pharmacies and all of those things like this. And what she developed was actually an online solution that allows them to get diagnosis, doctor consultations, et cetera, via WhatsApp. And it's quite phenomenal because they could upload things like check the temperature from their phones, all of these things. They could check and upload it and then, if something was needed, doctors could actually automatically write out the pharmacy script. And they have these drivers called border borders, which have little motorbikes that are able to collect the pharmacy script and deliver it to the person in the rural area. So it cuts the cost because it's not a massive kind of you know delivery truck or whatever it may be, it's little 50cc bikes that's doing it and it actually provides them with rural care.
Malika Petersen:What she even went further was to start a subscription model which allows them to pay like, let's say, the equivalent of 500 grand or whatever it may be, a month and be able to access the service via subscription model. So she's really taking things to the next level. I must just say that I was very intrigued by the culture of innovation and entrepreneurship in Kenya. There's a massive priority based on education and entrepreneurship.
Arthi Rabikrisson:Sure, I mean, I love hearing stories like this. It just also it just continues to help us understand how much of a hub of innovation Africa not is becoming, actually is at the moment. It's super, super exciting. I must say. We've become a continent of disruptors, as the cool kids would say. There's so many inspiring stories like that, Like, for example, there was a local entrepreneur who also developed a low-cost solar-powered water purification system.
Malika Petersen:Amazing right.
Arthi Rabikrisson:So that's now providing clean drinking water to underserved communities. So that was one example. Then there's another tech startup that's developed an app on the agri side now, so to connect small scale farmers with markets, and now it's providing, you know, such good mutual benefits in the form of they're getting really highlight how innovative solutions can address pressing issues, you know, on the ground issues, and this can create sustainable wealth for innovators. So, yeah, you spoke about Tony Stark just now. I mean, let's also not forget he didn't just inherit Stark Industries, he actually redefined it right, like even now, what you're saying about the medical doctor, she's redefined this industry in Kenya.
Arthi Rabikrisson:So you know, like with Tony, his transformation was from he was a weapons manufacturer and then he did this big switch to clean technology and so he became an innovator in that. And that was the blueprint in my mind of somebody who's actually pivoting for purpose. You know, some of his trauma just basically shift his business and build wealth as a result of that innovation, but obviously such big impact in terms of that.
Malika Petersen:Yeah, that is so true and I mean I think for me it's key to just notice that when you're purpose-driven, everybody that really does make you take on the challenge of solving real problems and, as a consequence, I think people often miss this because we just spoke a lot about mindset before right and the need to have this mindset of abundance. I think a lot of people really struggle with that. They really struggle sometimes to have a mindset of abundance. I think when you're purpose-driven and you focus on solving real problems, the consequence is that your wealth will grow from you right.
Malika Petersen:So using your creativity towards purpose and making an impact in the world will end up paying off. And you know another superhero that I just thought about now.
Arthi Rabikrisson:Yeah.
Malika Petersen:Now that I come to think of it, who's that? Yeah, who's that. Do you remember Atom from the DC Universe, right? Oh, yes, yeah, that's the character's name. He's a scientist, not a billionaire by birth, and he created wealth by commercializing his physics research. He wasn't building miniaturization tech just to shrink cereal boxes, right? Well no, he was trying to solve real environmental and health challenges. So that's proper purpose-driven innovation.
Arthi Rabikrisson:I like that, I really really like that. In a way, I guess what you're saying, Malika, is that innovation kind of has to align with your values too, because it's values that underpin your purpose, isn't it?
Arthi Rabikrisson:Exactly.
Malika Petersen:I mean, that's a great way to look at it, and you're making me think of another iconic and wealth superhero, batman or Bruce Wayne. Oh, yes, batman. Yeah, right, it's another case of where brains and heart are a winning combination. Okay, because Bruce Wayne didn't rely solely on his wealth to build Gotham's infrastructure right. He combined it with his passion and values for justice and problem solving Right, and also then key partners to support him, and he's both like Alfred and Commissioner Gordon and Robin. You know it was that combination, yeah.
Arthi Rabikrisson:You know again, I mean, you're making me think as well. So I mean, here was a man with no powers like other superheroes, but he had a wealth of resources, a support system, as you've said Clearly, a mind for innovation, with some deeply embedded values, like you've also mentioned, but then also some really dark emotions because of a lot of trauma, right. So I mean quite a cocktail if you think about it, but you know he didn't let those like dark narratives tear him down. So I'm so glad that you talked about mindset as well, because in our previous episodes, listeners, we've spoken about mindset. We've spoken about how shifting those can allow you to take control of your actions towards growth and ultimately, like you said, malika, a consequence of that can be financial prosperity.
Malika Petersen:No, absolutely, and I mean the reality is again. We've spoken about this before when you have an unproductive mindset, for example, not wanting to try something because you assume it will fail, or fearing the worst possible outcome, that's the thing your ability, your creativity, even to be able to solve a problem and innovate and to take those steps forward yeah, you know what I like, mr Fantastic Malika he's.
Arthi Rabikrisson:you know, his character name is Reed Richards. I mean, he was a genius, but if you think about him, he was a genius who was willing to fail. Right, he failed a lot, and then what he would do? He would take that as learning and iterate on his ideas. So for me, that really is a true innovator. It isn't everybody. Innovation isn't about getting it right the first time. It's about willing to fail and learn. And in the real world, failure is actually a step towards innovation, so we shouldn't be fearing it. We're really on a roll today.
Malika Petersen:We really are and our wisdom. But I think let's do a quick recap of lessons inherent in our message so far and just so that it's clear for everybody about how they can start to use innovation to create wealth in their own life. All right, sure? I think the first point is solve real world problems. The most successful innovators look for real world problems to solve right Chronic challenges in the industries you're in, whether it's tech, health or finance. Start small, but think big, like Iron man and the Black Panther.
Malika Petersen:If you consider the Kasi example you used earlier on, the problem they were trying to solve is that people who lived in the township can't always get to big shopping centers. It's difficult and expensive from a cost perspective. They created a small way of their communities accessing those products. So that's a really good example when we talk about solving real-world problems. Next up, leverage existing resources. So innovation doesn't have to be a multi-million dollar investment. You can leverage what you already have your knowledge, your networks, your small-scale solutions. To start, you know, like Atom or Mr Fantastic's, think about how you can maximize your current capabilities and resources.
Arthi Rabikrisson:Yes, Ooh, okay, I'm going to add in two. I'm going to add in a third one being a partner for growth. So, just like Batman needed Alfred, iron man needed Pepper Potts. Build a strong support system, everybody. So team up with people who bring different perspectives and don't be afraid to share ideas and resources. And then maybe a fourth one, malika, would be that point we made about iterating, failing and learning. Okay, so innovation is a journey. Don't fear failure. Everyone, like Mr Fantastic, test your ideas, learn from the setbacks, keep refining, because every setback is a learning opportunity and embrace the process. It will pay off.
Malika Petersen:No, absolutely. I think we are known for creating real, practical steps for our listeners, right. So let's consider how our listeners can harness innovation to create well, practically. Start by identifying problems or inefficiencies in your community or industry that need solutions. For example, how can we reduce food waste going into the burning to be otherwise set up in a dump, for example?
Arthi Rabikrisson:Oh, you know, funny, you should actually use that example. Malika, I actually know of two women who saw this very same problem in very separate communities, and they've come up with also different solutions to tackle it. It's been so amazing to see the levels of creativity that's coming through from them, and already it's creating impact in their community, so how fortuitous that you should actually mention that as an example.
Malika Petersen:No, no, I absolutely love that Right. Another example is taking kids to school, especially working parents going back to the office. Many companies are going back to office post-COVID and it's tough figuring out their schedules. I know a few people that have started shuttles and kids cab services, which is such a good take up.
Arthi Rabikrisson:Yeah, you know, I see these little cabs moving around and I think, oh, these are such great ideas. I mean, I know the struggle being on the school run every day, so I get it. Such a great idea. All right, no cool. I think another one that I would say in terms of these practical next steps is everyone start small but solve big, Okay. So what do I mean by that? It could be, you know, maybe you're creating a template at work.
Arthi Rabikrisson:Say, something that just saves time is a bit more efficient. You know, actually, a client of mine. She came from a management consulting background and she learned something around how to simplify the structure of archiving information using files and folders in her industry. So now she's in a different industry, right, she's switched over and she's implemented this and in her mind, this is like such a simple thing to be doing, but in the industry she's in, it's seen as such a big innovation for her market. It's probably going to lead to other bigger things as a result of that.
Arthi Rabikrisson:So you know, don't discount what we said earlier about those simple solutions. It can have big impact. Another example could be, like you know, taking your home expenses, your budget that you're putting and finding ways to automate that, potentially even the payments of it, and in that doing that, you might realize that, hey, I've got a solution that maybe other people would want to use so I could scale it. So you know, remember, innovation is problem solving with flair, and somebody else might actually buy into your flair as well.
Arthi Rabikrisson:Absolutely so.
Malika Petersen:My third and next idea is the collaborative piece right. Every hero has a team. You don't need to do this alone, guys. Bring in your accountability. Partners, advisors, supporters, even detractors can be a source of opportunity to offer a risk lens to what you're thinking about doing. In my ecosystem, for example, I have my kids, my husband, my financial advisors, I've got my friends, my colleagues, even external mentors, and each one gives me something different that kind of helps with what I'm doing.
Arthi Rabikrisson:All valid and valuable right. Oh yes, love that, okay. So my fourth practical tip everyone is protect your ideas as well. So, especially if you're building something unique, consider things like your intellectual property, your trademarks, digital products, you know, whatever can help you scale plus secure your innovation. You know, know, and please do so because we're also thinking about securing wealth generation for the future, so it's important yeah, and I think my final one actually is find ways to reinvest your wings right, whether it's money, power, energy.
Malika Petersen:Put some of that back into learning, testing, growing. Knowledge is really power, guys. I mean, you've said this over and over again, but honestly, it does give you the confidence to push ahead and learn and grow, oh you love it.
Arthi Rabikrisson:I love these tips. I'm going to continue to also push forward and put these into action too. You know we've had such a good conversation again today, malika. I think with that we're at our parting shots. What would be yours.
Malika Petersen:So my parting shot is that innovation is a powerful driver of wealth creation. It's about creating value, solving problems and improving lives, and it's something each of us can contribute to, regardless of our background or our resources. Get inspired by looking around your community and just thinking about things in a slightly different way, what is your parting shot Arthi?
Arthi Rabikrisson:I see, oh, I would say if it's one thing to remember everyone, it's this that innovation starts with intention. So you don't need a lab, you don't need a legacy, you just need the courage to see things differently and to act on it. So you know, wealth will follow those who are bold enough to build what doesn't yet exist. And again, we're saying not just from the ground up, but something that's a simple change in what is already done with the status quo.
Malika Petersen:Hear hear salute.
Arthi Rabikrisson:Okay, so now, what innovation are we going to be collaborating on Malika?
Malika Petersen:We're thinking about time travel like Dr Strange, to create across the entire multiverse, but I think we're lacking I mean only some resources and powers and skills to do that right.
Arthi Rabikrisson:Okay, but you know what we can learn? We can upskill. You just said, knowledge is power, after all.
Malika Petersen:Touche, Until next time, everyone, ciao, ciao.
Arthi Rabikrisson:Ciao.
Malika Petersen:Thanks for joining us. We hope you found these ideas and guidance useful.
Arthi Rabikrisson:We're both seasoned in the investments industry. Malika is at the coalface of how, where and why people invest the way they do.
Malika Petersen:I certainly am, and you, Arthi. You've witnessed different types of investor behaviors around money too, and now work as a global award-winning coach to free us from the mindsets that stop us from becoming financially free.
Arthi Rabikrisson:Do subscribe, share and write a review, or send us comments. We would love to hear from you. Catch you on the next episode of the swan effect podcast. Bye for now, ciao.
