“The key to that is how technology is used. All too often in the exchange space, we’ve been doing the same thing we’ve essentially been doing for many many years and we haven’t really seen a change.”
Hirander Misra, CEO of GMEX, compares the business model of Netflix and Blockbuster to the exchange space. Misra discusses how technology helped fuel the progress of Netflix and allowed it to overtake Blockbuster in movie rentals. He also touches on the dilemma innovators face in the exchange space due to new regulation, and how it causes disruptions for innovation. Misra says that the existing model is far from optimum from a product and technology standpoint, and he addresses how GMEX addresses adapting the model with new innovation. His key takeaway is that technology is not useful unless it has the proper business model, and that it will take fresh ideas to let the old ways disappear and let new innovation thrive.