Tidbits of Knowledge from Day 3

22 Sep

Some interesting perspectives from Innotribe Day 3 that caught the ears of a Stanford student:

  • “Wealth is what you have if you lose all your money.”

  • The 21st century marketing myth: “We have to capture the customer.” Rather, we need to empower the customer to make his/her own decisions.

  • “Money/chips are a claims on hedonic wealth.”

    • But isn’t hedonic wealth (capital stock) needed first to attend to basic needs? Then  I think people are free to pursue that self-actualization that leads to true eudomonic wealth. The counterpoint was that we need a financial/currency system to optimize for maximizing this eudomonic wealth, since most people are not able to self-motivate.

  • The “cult of the CEO” structure makes true collaboration and information sharing impossible. Information explosion, the phenomenon of a tweeter going from 50 to 900,000+ followers from posting an interesting picture, is impossible in a pyramidal organizational structure.

  • Companies need to focus on their “4-minute mile,” or that big initiative that looks impossible from the outset but will rapidly evolve after making the initial big investment required.

    • However, we think that telling people they need to playful, embrace change, tolerate failure, be collaborative etc. etc. is not enough. It needs to be proven and made real.

  • Bank non-performing loan rate: 4.2%. Microfinance non-performing loan rate: 2.9%. A traditional risk interpretation would probably predict an opposite result. Enough said.

  • In addition to the lender trusting a microfinance entrepreneur, trust also needs to be established in the other direction.

    Overall, this day was a blast! PS – the Innotribe organizers need to smile more (with the exception of Kosta and Matteo, they always look like they are having a good time).

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