Day One at the World Economic Forum.

Posted by: Bruce Nussbaum on January 23, 2008

It is safe to say that the innovation most discussed at this first day of the WEF in Davos is financial innovation—the SIVs, CDOs and other nasty creations of Wall Street and London that haved cratered the credit markets and are now taking the US and global economy down.

So I decided to open my workshop on that note. The place was packed, overflowing with people. But I didn’t quite know how to get into a discussion of financial innovation. Tim Brown, from IDEO, and a panelist, came to my rescue. He said that innovation process that came out of Wall St. that led to SIVs and CDOs was flawed. “They didn’t do any prototyping. If they had done prototyping, they would have discovered that their products didn’t work. It was bad innovation practice.”

Lesson One from Davos: always prototype your innovations or you risk bringing down the global economy.

 

About

Want to stop talking about innovation and learn how to make it work for you? Bruce Nussbaum takes you deep into the latest thinking about innovation and design with daily scoops, provocative perspectives and case studies. Nussbaum is at the center of a global conversation on the growing discipline of innovation and the deepening field of design thinking. Read him to discover what social networking works—and what doesn’t. Discover where service innovation is going and how experience design is shaping up. Learn which schools are graduating the most creative talent and which consulting firms are the hottest. And get his take on what the smartest companies are doing in the U.S., Asia and Europe, far ahead of the pack.

BW Mall - Sponsored Links

Buy a link now!