Allan Parik: the new goal in entrepreneurship is tenfold growth

The world’s most valuable enterprises have experienced immense growth during the decade, not measured in percentages but in folds, which should be the new goal, said Allan Parik, Chairman of the Management Board of SEB, at the Conference Innovation Lab 2017 held in Tallinn.

Parik, who focused his presentation on the era of exponential growth, said that entrepreneurship has reached a pivotal period, where the goal is not linear growth of 10 per cent, but tenfold growth. “Entrepreneurial activity is seeing explosive growth and new global enterprises are cropping up constantly, but the great question is whether they will remain successful in 5, 10 or 50 years,” said Parik.

One of the bases of the growth of more valuable enterprises is the new digital platform. “When we compare the world’s most valuable enterprises based on market capitalisation, then there is only one enterprise that was in the top five 15 years ago and remains there now—Microsoft. And, as a software-based enterprise, they have managed to grow their value. The other enterprises are completely new,” said Parik.

Parik references the research of William P. Barnett, stating that successful technology companies have been, so to say, discovered, and not planned.

According to Parik, it is important to consider in the development of business, who is our end customer, and a new measure has appeared along with innovation: the number of experiments conducted with clients. “Experimentation originates from the laboratory and this is the perspective that must be adopted into everyday business,” noted Parik.

According to Parik, there has never been a time when SEB’s clients have been presented with so many solutions and products as in the past six months: eAkadeemia, video meetings and the growth programme being only a few of them. The innovation centre, presented to the clients this spring, has already hosted more than 500 entrepreneurs in various business development events. “In the heart of the innovation centre is a programme for enterprises striving for growth, but not at the same pace as the market, but much faster,” noted Parik.

Conference Innovation Lab 2017, organised by SEB Pank, focused on the fast and powerful growth of small and medium-sized enterprises. Estonian entrepreneurs and international experts shared their experiences with almost 220 participants at the event. The conference Innovation Lab 2017 was organised in each of the Baltic states, with a total of nearly 600 participants.

For more information:

Evelin Allas
Communications Manager
Marketing and Communications Division
SEB

Phone +372 665 5649
Mobile +372 511 1718
Address Tornimäe 2, 15010 Tallinn
E-mail evelin.allas@seb.ee
www.seb.ee

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