Episode 139: Overcoming Reluctance in Traditional Industries by Slowly Introducing Innovation with Joe Hipsky of IRALOGIX
Joe Hipsky, Co-Founder/CSO of IRALOGIX, joins the show to talk about pushing innovation to traditional industries, like those that deal with individual retirement accounts, or IRAs.
The IRA industry has evolved slowly in terms of technology, very similar to banking and finance. The conservative approach is essential to take because of the impact on people’s retirement savings. The downside is that this has made innovation extremely inefficient. This affects customers as the markups are passed on to them.
Hipsky talks about the importance of knowing the concerns before bringing in innovation. In the case of the IRA industry, the key motivator was to offer a solution that is secure and stable—and the advent and rapid shift from premise to cloud technology has allowed this to happen. The economics of going to the cloud, along with the global pandemic, really helped push the need to overcome concern.
Hipsky never dreamed he would be a startup founder, yet a career-ending sports injury prompted him to adjust. Taking the same approach and determination to win is what prompted him to shift to innovation and entrepreneurship. He shares the same advice to innovators in the episode. As long as you have a plausible idea and a way to get there, you can do it.
Business leaders are disruptors and innovators, always on the prowl for change. This episode helps you understand how to bring forth innovation even in the most conservative industries.
Website - https://iralogix.com/
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