Michael Peshkam is the founder and CEO of Xincus. Xincus gives businesses an opportunity to collaborate and communicate with each other on his platform and creates the opportunity to leverage social media. Michael talks about businesses and social media, noting that there is a difference between a business that uses social media and a business that is a social business.
Xincus is the first-of-its-kind online Social Marketplace for Business that makes the power of mass collaboration available to everyone by bringing together Experts, Businesses, and Enterprises to engage each other and create new business value and opportunities that they could not develop independently.
Michael is extremely smart and knowledgeable. I really liked the correlations he made between the 19th, 20th and 21st centuries and the implications of the power structure that is involved with each century and I agree with the direction he sees things going.
One of the things he brought up, that I want to touch on, is that there are businesses today that are using social media, and they think that’s being social, but it’s not. You need to incorporate social media into your business to create a social business. For example, The Tutoring Solution. I originally got started on Facebook and I wasn’t getting a lot of engagement. I racked my brain and came up with the idea to offer a scholarship. We call it the Share Your Passion Scholarship. To enter we ask students to write an essay to explain what they are passionate about, why they are passionate about it, and how they can use their passion to help others. Then we vote and choose the winner. We give the people on our Facebook the opportunity to vote and help us pick their favorite, and we encourage each of the students to get their friends on facebook to vote. We wouldn’t have started that scholarship if we weren’t thinking of ways to interact with our potential clients. Since then we’ve leveraged that scholarship into so many different areas. We have counselors at different schools recommending us, it makes more people aware of us, helps us get the word out, and then (most importantly) we’re just doing a really good cool service for kids that are passionate and excited.
Just doing social media in and of itself is not enough. In order to leverage social media and the potential of it, you need to make your business a social busienss where you are incorporating social media into the structure of your business. Michael had some great examples with Threadless, Sirius, and Nike to explain to become a true social business.
Find Out More About Xincus
- “Once I am in a conversation with someone I am happiest when somebody takes away something from what I have said and also when I take away something from what the other person has said.”
- “Right person, right know-how, right time and it can be a real game changer.”
- Goal: “To help small/medium sized businesses to grow and thrive better, faster, cheaper and smarter.”
- “It’s an opportunity to create an entrepreneurial society.”
- “Having vision and idea is one thing, but having commitment and determination is quite another.”
- “People want to contribute and be a part of something.”
More from the Interview
Michael graduated in Europe, lived most of his life in Europe. Got a PHD studying aerospace and software engineering aka, rocket science. He worked in the UK for a fortune ten company. He has been fortunate enough to travel the world twice. In 1996 he hopped the pond and came over to the US where he became senior business IT executive and most recently an entrepreneur. He’s also been an associate professor teaching at university.
He’s worked in technology, education, business and now he’s an entrepreneur launching Xincus.
He says, Xincus is the next generation of social media known as social business. The migration from social networking to social media and now to social business. Essentially social business, in a nut shell, is creating business advantage through social technologies. You take the social media (your likes, friends, followers and so on) throw them in an environment which is specifically designed for your business and leverage the tools and technologies to create business advantage for you, whatever that business advantage may be. We’ve designed a platform to allow small and medium sized businesses to have internal collaboration just like bigger corporations and, in addition, it also has a marketplace where they can have better integration with their partners, customers and crowd. For SMBs to do what the larger organizations can do, plus they now have a marketplace like Ebay or Amazon. You can also integrate with other business owners to bring together: collaborate, create new knowledge, new know-how, new products & services and innovate things that would be better, faster and cheaper than if you were to do it on your own.
Social Business Examples
Threadless wanted to make T-shirts. Rather than go and design the shirts themselves, they created their own internal social business platform and invited designers to come and suggest designs. They managed to bring in the crowd, give them the opportunity to design, at the same time have the crowd select their favorite designs, then Threadless goes ahead and prints and sells T-shirts with the chosen designs. They created an integration of social media tools to bring the crowd into their own social business platform to create a business advantage.
Sirius Satellite Radio is one of the first examples of a social business. One of their channels, the least popular, was brainstorming how they could get more listeners. The executive suggested allowing customers come in and program their own playlists. After a while that channel became the most popular.
Traditionally Cimex would have brought in various consultants to over 200 locations around the world, complete a study, and go on to develop their alternative energy for their plants. But through use of social technologies internally, this time they linked their engineers into communities, sort of pilot social networks, and were able to accomplish the same thing within 6 weeks rather than 2 years.
Many people have ideas, many people have visions, but they start half way through and they just give it up. Entrepreneurship is not for the faint hearted.
You can think along two different lines: social media or social business. Social media, all the channels and tools available are fantastic and excellent for promotion, communication, advertising, and reaching out to the masses. But liking is not leading. Just because a business is on Facebook or LinkedIn does not make them a social business. You need to transform those likes and followers into leads where you can leverage them; give them something in return to help you accomplish more. Business owners these days have the entire world open to them.
If they were asked to define success:
Mother Teresa, perhaps she would say, “I don’t want to see a single hungry child in the world.”
Albert Einstein‘s idea of success might be “I want to have one simple equation that would define the entire universe, the galaxies, the planetary rotations and so forth.”
To find out more about Michael Peshkam and Xincus, visit Xincus.com.