Columbia Business School B6703
November 15, 2010
IN A DIGITAL WORLD IS THE NATURE OF LEADERSHIP CHANGING??
Self-Assessment/Self-Awareness/Self-Actualization: Maslow Revisited
Single Career V Serial Career Path v Parallel Career Path?
My Least Favorite Question: So What Do You Do?
Who would you most want to have lunch with
- The Printing Press Was Nothing
- One to Many (rule of 10 x 10) Has Been Displaced by Many to Many (rule 1 X 1)
- Network Theory---->Metcalfe's Law
- Total Shift in Power Regimes
- Capital is Expensive but Almost Everything in the Digital World is Free
Change is Hard
"Get on the bus, get off the bus, just don't get in front of the bus."
Self Assessment and Change Agents: Inventors, Entrepreneurs, Managers
Entrepreneurs often take a Leap of Faith
Are You An Entrepreneur?
We live in troubled times, exciting times
Threats and Opportunities
It's 11PM and What's Your Business Model
Innovate or Die
Creative Destruction (Joseph Schumpeter)
Can we harness and shape the future through innovation, can we create tomorrow's jobs?
We are all connected (14.4, 28.8, 56k,100mb, T1, 3G, 4G) wired and wireless
Annihilation of Space and Time
Mobile Telephony is the Future
PART the FIRST
I Started Out as A Child----->
Let Us Begin 50 Years Ago....
THE BIG SQUIGGLE (the power of collaboration)
Uncle Jim Fiske was my first mentor
Uncle Jim Fisk: Who wants to make a squiggle?
Nancy G I was on the Freddie Freihofer Show twice, once on my birthday and once on my sister's birthday. I was called on to do a squiggle and I was one of those obnoxious kids who wanted Freddie to make the squiggle into "You!" So he made it into a witch with a big nose. I remember sitting behind the birthday cakes, but my mother didn't buy one because she always made all our cakes.
Wasn't the Romper Room show also locally produced?
Fast Forward 20 Years
Graduated from Colgate -->
Right to Columbia Business School-->
Went to Chemical Bank for a Year and Stayed 11 Years--->
Became Wunderkind for Financial Innovation-->
New Boss: "Go Out There and Fire Someone-- I Don't Care Who!"
I Started to Feel Like Freddie Krueger (my artichoke was working but my avocado was devasted)--->
Chemical Engineering Became Nuclear Engineering------->
Created Precursors to CDO's ------>
Left to Start Own Firm--->
$10 billion of Workouts/Restructurings/Bankruptcies--->
(I began to see Freddie Krueger in the mirror)
Taught for 5 Years at Columbia B School----->
(Extraordinary Popular Delusions/ Manias Panics and Crashes)
Took Company Public with Sam Zell------>
Survived Asian Flu (1998)----->
Concluded Derivatives and CDOs Were Toxic-->
So I was sitting Next to a Guy By Named Joe Azrack at a CBS Real Estate Roundtable....... He said he wrote childrens books
Left the Real Estate Business -----> While It Was a Little Bit of Rocket Science I Wasn't Saving the World
Any Regrets? NONE!!!!!
END PART 1
THE SECOND ACT (circa 2000)
The world is beginning to change. By 2005 it had changed radically. By 2010 are we on the cusp of a paradigm shift?
Wherein I start to write children's books, meet a Harvard Business School Professor named Clay Christensen (Disruptive Innovation Theory) , Confront the aftermath Sept 11th, start the Tribeca Film Festival, write a rock opera, start a videogame company (Fillpoint as a favor), join interesting boards.
Call to Duty: Tribeca Film Festival
What is Tribeca?
One of the world's biggest film festivals
Started After September 11th to help bring people back on the streets
Thought it would be a one time event
First year expectation---> 10,000 people
Almost pulled the plug then one Friday afternoon....American Express stepped in as our partner
First year result ---->150,000
After first year it was time to Go Big or Go Home
This year 2010 ----->400,000
To Go Big we had to change and re-invent was a film festival was.
Started Writing Childrens Books With My Daughters
Disruptive Innovation Theory
Professor Clayton M. Christensen of the Harvard Business School is Father of the DIT and wrote a seminal book called "Innovators Dilemma" in 1997
What Is Disruptive Innovation?
A Disruptive Innovation is a product or service that is simpler, cheaper or even inferior designed for a non-consumer or non-existent market BUT that is good enough to get the job done.
Examples of Disruptive Innovations
The pc/Mac displace the mini computer (ever hear of DEC?) that had displaced the mainframe
The transitor radio displaced the table top radio
Wikipedia displaces Encyclopedia Britannica?
Meet Magic and Meet Jack: magicJack (oops there goes another industry!)
The Tools: Cut/Paste/ Copy/ Embed/Hyperlink
STUMBLED UPON DISRUPTIVE INNOVATION 2.0
Disruptive Innovation 1.0
Cathedral and the Bazaar
with enough eye balls all bus will be shallow
distributed problems require distributed solutions
release early, release often
Disruptive Innovation 2.0
"Be fearful when others are greedy and greedy when others are fearful."
February 10, 2009 Crave SVG acquired by Fillpoint
When you see a fork in the road take it
INVENTOR? ENTREPRENEUR? MANAGER? ALL OF THE ABOVE?
DO WHAT YOU LOVE
YOU DON'T HAVE TO BE GREAT- YOU JUST HAVE TO BE GOOD ENOUGH!
TAKE THE LEAP OF FAITH