Spoke briefly about the The Medici Summit.
People at the Harvard Centennial on Monday/Tuesday changed their speeches based on the financial cris, but not here at BiF:
- We view risks differently
- Innovators and Entrepreneurs
People adjust behavior to the perceived risk around them:
- Example of German taxi drivers and the introduction of anti-lock brakes
- No reduction in accidents despite this safety feature
- People drive faster, follow closer in response to this safety feature’s introduction
Apple’s $500 million investment in the Newton versus Palm’s spending $7 million on the Palm Pilot:
- Why did Palm spend so little?
- Because that is all they had left to spend
We think we can increase success by having (or spending) more money, but we can’t
- When we have more money, we spend it on trying to reduce the risk
- Researching if anyone else is doing it
- If they are, maybe we give up (falsely)
- What about Google? They weren’t the first to do search, other people were doing similar things.
Example of three Harvard Business School graduates not ending up where they planned:
- One went from a startup to another startup to another startup (none of which succeeded)
- One went from a startup to a Strategy Consulting Firm
- One went from a Strategy Consulting Firm to Google to being retired
We can take more chances:
- War option
- Passion helps us take chances
For more information on the talk, go here.