Episode transcript The transcript is generated automatically by Podscribe, Sonix, Otter and other electronic transcription services.
Hello everyone. Welcome to the 5 Minutes Podcast. Today I'd like to discuss one of the best articles I have read recently, and it's from Professor Scott Galloway about detention economy and this article, why it's so interesting and why it's so relevant for us. Because if we try to understand how organizations operate, they operate trying to identify ways of solving a need or a problem or selling something that is hard to find. And because it's hard to find, you give a lot of value, you give a lot of value. And all these concepts of scarcity is what shape most of the time the business will live and we see today. And if we go back, for example, like oil or oil, because oil is a scarce, the demand is very high compared with the supply. What happens? Oil becomes the power of not only companies but entire nations, entire regions of the planet, and need to reshape all the geopolitics that we see today. And Professor Galloway, he starts saying, What is the new oil? I'm not saying that oil does not have a value. A value, but what is the new the new oil is a tension. Is a tension. There are thousands and thousands of organizations trying to do whatever they can implement. All possible technologies approach an appeal to get a slice of your time, of your time, of people's time. So this is why, for example, we see these giant technology companies that we see today, the fight between Tik Tok, Instagram. Why this? Because all of them, they extract the process and they try to monetize on the top of your attention.
They try to sell you something. They try to sell your, I would say, your preference to a company that will provide an advertisement. They want to sell you a subscription. And this is absolutely reshaping all the competition because today a restaurant competes with Netflix that competes with a game in your phone that competes with social media, that competes with WhatsApp all the time, but your day and everyone else, there is still 24 hours. So this is a completely new reshape. For example, a couple of months ago I went to a restaurant, a nice restaurant. I like very much food. And this restaurant was different in why it was different because you don't make reservations. You buy tickets, for example, you don't make a reservation and put your credit card to give, you know, to secure your plate. No, no. You buy a ticket and the ticket comes with the right for you to have a seat and the right for you to have the food. And there is not a ticket that you can have the beverages to. But if you don't show up, you just lost your ticket. It's like a concert. It's exactly when you buy a ticket for a music concert. And a music concert is competing with TikTok that is competing with everything else, that is competing with the basketball on your garden, you know, with your neighbors. All of these because all of them, they are trying to grab your attention. And I know after listening to this, you may ask why Ricardo is talking about that.
What is the relationship between this and the work and the topics? He talks about project management delivering things, And I have two answers for that. The first one is your project, your project. It needs also to handle the attention economy. For example, you are disputing with everyone else that ten precious minutes with your boss. One of the biggest challenges is to find an agenda, to put everybody together, to do a retrospective after the end of your sprint. Why this? Because it's an attention economy and I'm trapped on that all the time. I am busy, busy, busy, busy. And getting my attention became something very expensive. I'm not talking financially because, you know, I don't have time, so I need to do that. And like myself, probably all of you are the same. So your project, so many times your project does not move. You don't have the results you want with your project just because you don't get attention. And this is why you need to be creative. You need to think differently to exactly attract that attention. It's like, for example, when Chris Anderson, when he created TED, he reduced this normal space. Each is off one hour to 15 minutes. So sharp, quick, a very specific topic, extremely well prepared. And he got your attention. And now they are doing 6 minutes and maybe tomorrow someone will do something different to get your attention. And the second aspect is that the result of your project. Every single project thing on the project you are doing today.
It's always, always trying and being extremely influenced by tension. Probably if you work on it, every single software, every single tool you create, it's to improve the way you get the attention. It's like when you open a restaurant, you need to get attention, otherwise you don't have clients. So I'm not talking just on technology. So everybody is fighting for the biggest outdoor, maybe an online outdoor, maybe a physical outdoor, but they want that you pay attention on them and everything. Every single project. When I write a book, for example, recently I wrote I am on the tension market because what I want, I want people to spend some time reading the book. Otherwise they will not buy the book sometime reading. But people will say, Should I read the book or should I watch Netflix or should I check my TikTok? So did you get that? So everything. So it's very important that you become savvy to get the attention you need internally to deliver your project and think on your project as something that is massively affected in terms of outcome by that tension market. Think about your LinkedIn or your YouTube or everything you do on social media. You know, Instagram. It's the market of attention. How valuable you are means how much heart you receive, how much likes you receive. I'm just talking. This is the tension. Like or not, this is how things work today.
Think about that and see you next week with another 5 Minutes Podcast.