Kansas City Hosts Growth Summit to Empower Entrepreneurs Amidst Booming Job Market

Kansas City Welcomes Entrepreneurs for Growth Summit

Kansas City recently played host to a lively gathering of entrepreneurs and business leaders at the Oracle Innovations Campus. This event, part of the NetSuite’s Business Grows Here series, highlighted the city’s impressive economic growth, which saw an astounding 20,600 new jobs added in the first half of 2024. That’s right, folks! More jobs in just six months than we usually see in a whole year!

Harnessing People and Technology

The buzz among attendees centered on the crucial roles of people and technology in maintaining this upward trend. Katie Kriete, vice president at Oracle NetSuite, perhaps put it best when she said, “Kansas City is a hub for not just the exchange of goods but the exchange of ideas.” The advances in artificial intelligence (AI) are helping business professionals do their work faster, eliminating boundaries that may have previously existed.

As the experts delved into pressing business questions, it became clear that while excitement around AI is palpable, many leaders feel overwhelmed by panic as they try to navigate these new waters. A recent Deloitte survey found that a whopping 79% of company leaders expect that generative AI will transform their organizations in the next three years. But here’s the catch: AI is a tool, not the whole toolbox!

Progress Over Perfection

Bill Briggs, the CTO of Deloitte Consulting, who knows the local scene well, emphasized that companies need to view AI in the same vein as any other business tool. “I would argue progress over perfection,” he noted. “Until you get your hands dirty and start to make this real, the full potential of what AI could be will never be unlocked.” His advice? Start treating AI as a valuable addition to your operations instead of a standalone product.

He also highlighted the necessity of having clean data, which he called the backbone of any investment in advanced AI. “Garbage data in equals garbage data out,” he cautioned. Cleaning up your data can be tedious, but it’s essential for reaping the rewards of your tech integrations.

People Are Key

As we dive into the new tech landscape, it’s essential to remember that AI isn’t just a technology initiative; it’s a people initiative too! According to Briggs, businesses should appoint a leader who is enthusiastic about the tech transformations, taking ownership of the vision and roadmap. “Don’t be chained by how you’ve always done things,” he advised, urging companies to be open to reinvention.

Turning Trials Into Triumphs

But it’s not all sunshine and rainbows. Jason Maynard, an executive vice president, reminded us that the entrepreneurial journey is rarely a smooth ride. It’s often fraught with challenges. Take Jamie Siminoff, for instance. He started his video doorbell business, Ring, and eventually sold it to Amazon for a whopping $1 billion. However, along his journey, he had to battle fierce obstacles. “You’re driving through a dark tunnel, and for a long time, you don’t see any light,” Siminoff explained.

The Importance of a Strong Mission

For businesses to thrive, they need three key ingredients: a solid mission, great people, and scalable technology. Siminoff shared that the common thread at Ring was their commitment to enhancing neighborhood safety—“Anyone who was there was bought into that mission,” he stated. If your team is only motivated by money, they might bail when things get tough.

As the Kansas City skyline glistens with promise, local leaders, including the new Governor-elect Mike Kehoe, remarked on the unique positioning of Missouri as a key player in harnessing technology and innovation. With a robust workforce, bolstered by the state’s rich agricultural roots, people in Missouri are adaptable problem solvers.

The Road Ahead

In essence, as AI technologies emerge and evolve, the message is clear: prioritize people while embracing AI-driven changes. Local businesses here in Kansas City are encouraged to step up, adapt, and invest wisely in both technology and their people to pave the way for sustained growth. And if you’re curious about what all the fuss is about, consider attending one of the upcoming Business Grows Here events!