Since Facebook announced its new Libra currency and mobile payments scheme, the global reaction has been very mixed. Libra is not truly a cryptocurrency though it will use blockchain. It will be pegged to a reserve currency, which cryptocurrencies are not. Libra will “potentially” be governed by an association independent of Facebook, though that association remains non-binding and sketchy at this point. Potential regulatory issues abound around the World, and Facebook is currently not viewed very favorably by many governments. But most interesting to me, Libra appears to be modeled after Kenya’s M-Pesa mobile payments system, the world’s leading mobile payments system, invented by mobile carrier Safaricom. Then I asked myself if Facebook, knowing that it needs to move away from selling personal data, has seized on Safaricom’s M-Pesa as its new revenue model.
With good intentions, and also a good dose of Facebook business strategy to expand its base of users, Mark Zuckerberg has struck out to promote Free Basics, a free limited Internet for the poor in less developed countries sponsored by Facebook and its local telecommunications partners. While on the face of it Free Basics would seem to have merit, Zuckerberg has run into a wall of opposition. On close inspection of the details, Facebook’s problem, despite all of its global corporate sophistication, appears to be naïveté about the foreign markets it is trying to enter. It is possible to argue that Zuckerberg and Facebook have the best of intentions and sound arguments. But the best of intentions and sound arguments mean nothing if the key element lacking is a clear understanding of the current foreign market, and the crucial need to adapt to it or fail. Zuckerberg could have looked no further back than 2013 for clues to why he has failed.
David Mayes is an advocate for change. However, he is not just someone who shouts slogans from the sidelines, but has actually rolled up his sleeves to see change happen. Whether it is working with coalitions to influence global policies or teaching the next generation, David has had a chance to make a difference for the future. He currently teaches Entrepreneurship at UBCO where he has brought his experiences working in Silicon Valley to bear. He is known for being down to earth, easy to talk to and very friendly. Today David Mayes is In Focus.