This week, Hearsay Social had the honor of running the compliance track at LinkedIn’s Global Financial Services Summit in New York.
We were delighted to host Joe Price, Head of FINRA’s Social Media Task Force, along with Lisa Shalett, CMO of Goldman Sachs; Iain Duke-Richardet, Head of Technology Compliance at Royal Bank of Canada; Sean Shore, Business Conduct and Compliance Manager at National Bank Financial Wealth Management; and our very own Yasmin Zarabi, Compliance Officer at Hearsay Social for an interesting dialogue about the role and future of social media regulation in the industry.
Yasmin kicked off the day with a discussion on how organizations must balance the regulatory risk of social media with the clear opportunity for social to support the financial organization. Joe Price then provided an overview about FINRA’s social media regulation. As a part of this, he clarified the difference between ‘static’ and ‘dynamic’ communication, reiterating that profile pages are static and status updates, tweets, and photos are considered dynamic.
Lisa is a huge advocate for social networking. She is head of brand and digital now, but her prior role as head of compliance and legal at Goldman Sachs gives her great context and credibility to speak on these topics. “There is a huge opportunity with social media,” she said, “if you become an expert now, you have the first mover advantage.” Lisa continued to stress the opportunity for compliance professionals that embrace social media. She compared the opportunity to email, saying, “it was not long ago that email was innovation.” And, Lisa suggested that because of the high-visibility of social media, compliance professionals willing to learn social would immediately get themselves a spot at the leadership table. Moreover, Lisa challenged the audience– what is the risk of NOT doing social media?
While the panelists had interesting perspectives and debated many issues, there was mutual agreement around the enormous business opportunity on social media. As long as financial firms and their employees adopt the appropriate policies, procedures, and technology, social media can be incredibly valuable for organizations to stay relevant and drive business in this new era.
See below for more photos and tweets from the event:
Bringing together 400 government officials, chief executive officers, leading investors, and analysts, next week’s inaugural New York Times DealBook Conference will be a monumental meeting of the minds.
We’re honored today to announce that Hearsay Social CEO and founder Clara Shih will speak on the future of technology and innovation at the conference alongside Silicon Valley luminaries like Eric Schmidt (Chairman and former CEO of Google) and Michael Moritz (Chairman of Sequoia Capital). Their remarks will follow perspectives on the state of the economy from JPMorgan Chase CEO Jamie Dimon, Goldman Sachs CEO Lloyd Blankfein, Carlyle Group Co-CEO David Rubenstein, Blackstone Group CEO Stephen Schwarzman, New York Times Op-Ed Columnist Paul Krugman, and a handful of other global leaders.
Clara’s innovation panel, moderated by Quentin Hardy, deputy technology editor of the New York Times, will take place December 12 at 11:25 a.m. ET at the TimesCenter. (Limited seating is still available here.)
At Hearsay Social, we recognize a massive shift underway in the industry toward embracing social and mobile technology to drive deeper customer relationships and long-term productivity gains. Clara will focus on today’s board and C-suite innovation imperative in adopting Facebook, LinkedIn, Twitter, and mobile devices.
Silicon Valley companies, from Apple and Google to Facebook and Hearsay Social, have flourished because they help grow the economy and drive business productivity across every sector. As chief executive of one such company, Clara will speak personally and professionally to the thriving “innovation economy,” and Hearsay Social’s role in bringing innovation to both Main Street and Wall Street.
In addition to Clara, other confirmed speakers at the conference include:
Dick Costolo, CEO, Twitter
Lloyd Blankfein, Chairman and CEO, Goldman Sachs
Jamie Dimon, Chairman, President, and CEO, JPMorgan Chase
Indra Nooyi, Chairman and CEO, PepsiCo
Andrew Ross Sorkin, Columnist/Editor, The New York Times
It is indescribably humbling and inspiring to be here on behalf of Hearsay Social this week at the inaugural Goldman Sachs Builders & Innovators Summit “honoring the 100 most intriguing entrepreneurs of our time.”
The afternoon began with a fascinating discussion with Larry Ellison and his personal journey founding Oracle. At dinner yesterday, I chatted with Deepak Chopra (he recommended a few iPhone apps to help with stress and meditation, including Stress Check), Premal Shah (co-founder of Kiva), as well as Danielle Fong and Steve Crane, who founded an amazing company called LightSail Energy.
During dessert, David Solomon, co-head of the Investment Banking Division at Goldman Sachs, interviewed Lloyd Blankfein. Lloyd talked about how despite innumerable “known” risks such as a hard versus soft landing in China, how to balance austerity and growth in the Euro area, energy independence and stability in the Middle East, he has never been more optimistic about the entrepreneurial mindset of the American people.
We have another great program today. I am looking forward to spending time with Steve Case (former CEO/founder of AOL), Reed Hastings (CEO/founder of Netflix), Kevin Plank (CEO/founder of Under Armour), Bill Clinton, Malcolm Gladwell, Condoleezza Rice, as well as one of our favorite investors, Dick Kramlich, who is chairman and founding partner of New Enterprise Associates and one of the pioneers of venture capital in Silicon Valley. It is truly amazing how innovation is transforming entire industries from the inside out across these 100 firms, including Hearsay Social!
It’s great to be back in Laguna Niguel meeting friends old and new this week for Fortune’s Most Powerful Women Summit, which brings together some of the most remarkable women in business, government, the arts, and beyond. Pattie Sellers and Stephanie Mehta have outdone themselves once again!
Denise Morrison (President/CEO of Campbell Soup Company) kicked off the morning in her leadership session, underscoring the importance and yet challenge of risk-taking and innovation within Fortune 500 organizations. Beth Comstock (CMO/SVP, GE) and later Wendy Clark (SVP Marketing, Coca-Cola) both talked about the transformational nature and now necessity of embracing social business.
@fortunempw great panel on Boards – Anne Mulcahy, Carol Bartz, Clara Shih, proposing term limits on boards (10-12 years), great idea
Following this, I was delighted to speak on a panel alongside Carol Bartz (former CEO of Yahoo! and before that CEO of Autodesk, now director on several boards including Cisco) and Anne Mulcahy (former CEO of Xerox, now Chairman of the Board of Save the Children and board director at Johnson & Johnson, Target, Washington Post, etc.), moderated by the talented Carol Loomis. We had a great discussion about how the best public boards and companies operate. In a nutshell:
Directors have the courage and culture to constructively disagree with one another and with management without anyone taking it personally.
There is ample diversity of backgrounds and opinions on board to carefully consider all options and angles in the case of important decisions. The board is large and diverse enough to encompass the full breadth of the corporation’s businesses, market segments, and geographies, but not so large that it becomes unwieldy or clumsy.
Greater care and consideration should be given during both the director selection and onboarding process. Board members need to remain committed to continual learning, preparation, and relationship-building with other board members and management.
In the afternoon, Michelle Gass (President, Starbucks EMEA) and Ros Brewer (CEO, Sam’s Club) discussed what it takes to help build two of America’s most beloved companies and brands.
But perhaps my favorite part of the day was hearing the stories from three incredible entrepreneurs in developing countries for this year’s Fortune Global Women Leaders Award. Goldman Sachs CEO and Chairman Lloyd Blankfein honored Catherine Nyambala of STEMAfrica in Kenya, Precious Simba of Girls Development Initiative in Zimbabwe, and Madhu Uday of Earthen Symphony based in India. It’s exciting to see passion, innovation, and entrepreneurship in organizations both large and small changing the world, one man and one woman at a time.
Ed. note: Photos courtesy of Fortune Live Media on Flickr. To learn more about the Fortune Most Powerful Women Summit, read about Clara’s experience at last year’s event, where she chatted with Warren Buffett and many great women business leaders, here and here.
On behalf of our entire company, I am pleased to announce that Hearsay Social CEO Clara Shih has been honored by Goldman Sachs CEO Lloyd C. Blankfein as one of the 100 most innovative entrepreneurs of 2012. This award spans multiple industries and categories, and this year there are only a handful of technology honorees, Clara among them.
For over a century, Goldman Sachs has been instrumental in advising and financing entrepreneurs and other business owners. In celebration of future entrepreneurship, the financial firm will be hosting its first ever Builders & Innovators Summit, slated for October in Newport Beach, California.
Joining President Bill Clinton, best-selling author Malcolm Gladwell, and Facebook COO Sheryl Sandberg, Clara will be attending the event as an honored guest, and she will participate in two days of discussions focused on innovation in industries from financial services to retail and beyond.
Hearsay Social is quite proud of Clara’s achievements and we won’t stop working to build the leading enterprise social marketing platform.
What a year it has been for you our customers, for the social media industry, and indeed, for the world. From Tunisia and Egypt and Libya, to your incredible successes, career milestones, and record-setting ROI on social media, to the LinkedIn, Zynga, and Jive IPOs and Hearsay Social’s 6X growth, 2011 was marked by three overarching themes which I will reflect upon in these closing remarks for the year: Massive Change, Game-Changing Innovation, Incredible Growth. Massive Change
2011 saw the toppling of multiple authoritarian regimes. Their timing with the upswing in social media adoption was no accident. The transparency, connectedness, and decentralized power resulting from social media played a critical role in every revolution. What can corporations learn from the Arab Spring? Tech editor David Kirkpatrick wrote a fascinating Forbes cover essay, ‘Social Power — and the Coming — Coporate Revolution’ on this topic:
“Civilizations have clashed in an unexpected way this year, as ordinary people using Facebook and Twitter knocked down dictators in Tunisia, Egypt and Libya. Social might is now moving toward your company. We have entered the age of empowered individuals, who use potent new technologies and harness social media to organize themselves… to force you to listen to what they care about and to demand respect. Both your customers and your employees have started marching in this burgeoning social media multitude, and you’d better get out of their way–or learn to embrace them.”
He goes on to talk about Hearsay Social’s role in all of this:
“Hearsay [Social]’s tools presume something elemental in a world of social power: that the empowerment of employees is directly tied to the empowerment of customers–because they will inevitably end up working, maybe even conspiring, together.”
Social media has been a catalyst for massive change in the World Order. It is having the same effect on the Corporate Order. Massive change usually means massive opportunity, and this is precisely why Steve and I started Hearsay Social two years ago. Yet we are just scratching the surface of the sea change about to come. Game-Changing Innovation
In October, I had the pleasure of having dinner with Warren Buffett and Lloyd Blankfein at the Fortune Power Summit in Laguna Nigel. Since they have a pretty good track record when it comes to financial matters and predicting the future, I asked their opinion on the economy and whether we are headed for a continued downward spiral. Do you know what Warren told me? It was quite uplifting: he told me he believes with all his heart that innovation and entrepreneurship are what will ultimately lift this country out of recession.
Will we rise to the occasion?
2011 saw the launch of several game-changing social marketing innovations, all of which I am proud to say Hearsay Social was an important part of:
Google+ Brand Pages. We were thrilled to be among a small handful of launch partners for Google+ last month and see tremendous potential for brands to connect the power of Google search and local to social.
Facebook Timeline and Open Graph. Hearsay Social sat in the front row at f8 this year, where Mark Zuckerberg unveiled a fresh new profile layout and metaphor, which is coming soon to brand pages and will take customer engagement to even higher levels.
Twitter Brand Pages. Recognizing the enormous business value for brands on social media, Twitter finally followed suit and unveiled their version of social brand pages.
Incredible Growth and Learning
A year ago, there were 500M Facebook users, 100M Twitter users, 50M LinkedIn users, and 0 Google+ users (it did not yet exist). Today, there are over 1B people on Facebook, and the other networks too have more than doubled. A year ago, social business was still a hazy, nice-to-have concept. Today, social business is a must-have reality. 2011 was the year of social media maturation. As an industry, we have graduated from siloed one-off pilots to serious cross-functional enterprise adoption, integration with business processes, and impressive ROI. The greatest highlights for me this year were when many of you, our amazing customers, called, emailed, or tweeted on different occasions to share that our partnership had resulted in material growth for your business. With great excitement, you told me this not only justifies your efforts but is bringing much-deserved executive mindshare, additional resources, and yes, hard-won glory. Here are just a few of your impressive accomplishments:
Blowing past 16,000 active and successful social pages across LinkedIn, Twitter, Facebook, and Google+ (and making it look easy)
Forging over five million meaningful social customer relationships
Convincing your organizations to take social seriously – taking your vision from “exploratory” to “critical business driver”
Taking on the ultimate personal and professional challenge, having the time of your life inventing the future of your company and industry
Just like the pioneers of the Internet fifteen years ago, you are the ones defining, shaping, and leading the social era. At a time when the business outlook still feels uncertain, you have stepped up to the plate with bold optimism, inspiring ideas, and a willingness to experiment, learn from mistakes, and share. Kudos to you for your hard work and conviction, and thank you for learning and growing with us.
YouTube video: Seven lessons we learned from working with our customers. “7 Habits of Highly Successful Social Marketers,” my keynote talk at this year’s ad:tech conference
As for Hearsay Social, we will continue our unrelenting pursuit of excellence, which for us means driving innovation and growth for your organizations so you can benefit from the changes that await in 2012. Given your incredible successes to date, our collective learning and partnership, and the incredible team I am so lucky to work with every day at Hearsay Social, I have never been more optimistic about the future of business and the world. Here’s to 2012 – the year of social media success, innovation-led business growth, and global economic recovery. Thank you for inspiring us all.