 Market shaping turns traditional strategic thinking on its head. So if typical companies try to succeed by analyzing their operating environment and then adjusting their operations accordingly, market shapers do the other way around. So they try to adjust, they don't take the environment as given, but they try to shape the environment so that it creates more value for the company and their customers. Becoming a market shaper requires a subtle but significant change in how you think. So market shapers, they understand that the business of business is not just to produce and sell whatever you're selling, but the business of business is to create value for your customer. And the value for the customer is not only dependent on your product, it's also dependent on the system that helps the customer to use the product correctly. A classic example of market shaping already comes from the 60s when the predecessor of Rolls-Royce understood that you don't necessarily have to sell your jet engines to the airlines that you can also lease them. And this small change was quite dramatic because by changing from selling the equipment to leasing the equipment, they reduced the capital requirements of the airlines considerably. Another example, which is slightly embarrassing for me as a fin, is the smartphone industry and how that developed. Because as you probably remember, Nokia was the biggest mobile phone manufacturer in the early 2000s. And they were also the first to introduce their own smartphone. But unfortunately, poor Nokia didn't really understand what makes the smartphone smart. It's not just device, it is the apps. And Nokia didn't actively foster the creation of app developer ecosystem so that people, entrepreneurs, could be developing apps to their smartphones. Apple, on the other hand, understood that. And now we know which of these mobile phone manufacturers ended up being the dominant player in the smartphone market. Actually, market shaping is not a new phenomenon. If you go back 100 and 150 years, you saw a lot of companies doing very active market shaping. And why we saw lots of market shaping strategies 100 and 150 years ago was that at that time, there was another technological disruption. So invention of electricity and mass production. And that opened a lot of opportunities, for example, for car manufacturers or bicycle manufacturers to do market shaping. And now in early 2000s, we have the digital disruption. And it's putting things in motion, opening up new opportunities for market shaping and also making things less predictable. So it's easier for companies to try to grab back the control by shaping because it's not possible to predict. Apart from the fact that it allows you to take back control, typically the benefits are twofold. Market shaping bakes a bigger pie. So almost always market shapers are enjoying faster turnover growth. And very often they are more profitable than their competitors that are not involved in market shaping. Collaboration is absolutely key to market shaping because if you even just look at the definition, you don't have a market level change unless also the other people are changing the way how they are behaving. And also very few companies are powerful enough to shape the market alone. So one example could be current developments in the electric vehicles market. So you don't just need the electric car. You, for example, also need the charging infrastructure. So you need companies who are then developing these batteries and government getting involved so that you get places for the charging stations and so on and so on. And there's also a beautiful New Zealand example about the power of collaboration when it comes to market shaping. The New Zealand Screw Cap Initiative, a small number of New Zealand wineries coming together and making Screw Cap Closure a dominant way of closing a wine bottle globally. Market shaping is also very important when you're trying to commercialize a very innovative product or completely new technology. You probably know a lot of stories about products that failed that were just ahead of their time. And timing is one aspect of that. So if we take an example from Apple and the introduction of iPod, Apple realized that it pays to wait until, for example, the internet speed is sufficiently high for people to download music. But they also understood the system that the consumers need in order to get value from their player. It's not just the player. The consumers also need music and preferably in an easy and legal way. And then they introduced the iTunes that was the game changer move in this particular market. There are a lot of wonderful examples of Kiwi companies shaping their markets very, very successfully. But unfortunately, we are not seeing that as much as we do in other countries of similar size. According to our research, it's a bit of an oxymoron. So New Zealand companies are punching way beyond their weight when it comes to the antecedents of market shaping. So they truly understand value creation and the systemic nature of their markets. But for some reason, they are not proactively shaping their markets. But in my book, that is actually good news because changing culture would be much more difficult than then just taking this new strategic toolbox. So there are lots of untapped opportunities for New Zealand companies. In summary, New Zealand produces wonderful products, wonderful services, but what is needed? What is the magic ingredient is to become more courageous, start proactively shaping markets, also internationally and do it collaboratively.