XSITE 2009 Preview with Fast Company's Bill Taylor
Fast Company Founding Editor Bill Taylor is among the exceptional list of presenters and moderators at next week's XSITE 2009 event, which is being held June 24, 2009, at Boston University's School of Management. Schwartz Communications is sponsoring the event, which will focus on innovation happening in New England.
As a preview to XSITE 2009, I interviewed Mr. Taylor to get his thoughts on the local economy and the spirit of innovation in the region. He's a great interview subject, which is not surprising given his many years covering growing companies. Mr. Taylor is also the co-author of Mavericks at Work: Why the Most Original Minds in Business Win.
A partial transcript of the interview is below. You can listen to the entire conversation by using the widget imbedded after the transcription. And if you really like the interview, you should listen to other Schwartz podcast recordings, and you can subscribe to Schwartz's ongoing podcast series.
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Ross Levanto: Bill, we’ve been talking in the month of June about the concept of innovation, and in some ways we’re calling this an innovation month. I think it’s kind of interesting that we do this in New England, which has been a pretty good setting throughout the years for innovation, and this continues to be so even during the current economic slump, would you agree with that?
Bill Taylor: Oh, absolutely! What is really important now is less macroeconomic indicators and the innovators' mindset, and for me, we heard a lot about it during the campaign, the mantra of the moment right now is this quip by the great Stanford economist Paul Romer, who famously said, “a crisis is a terrible thing to waste.” Basically, we’re all struggling right now to make sense of the economic crisis, to learn lessons that will guide us as we go forward. One of my big worries in general, although I think it’s one of the strong suits of the New England economy, is that there are a lot of people out there learning the wrong lessons. They’re becoming more conservative, more risk averse, they’re choosing to resist innovation rather than embrace it; to me that is a huge mistake. It’s a huge opportunity for innovators, because, as the business environment get’s tougher, meaner, more unforgiving, customers are going to become more selective about who they do business with.
So now more than ever, start ups or companies of any size have to offer a positive alternative to a demoralizing status quo. I think in some sense in terms of the natural optimism and raw animal spirits of innovators, as tough as it is in the big picture, if you can project a presence to the world both in terms of the substance of what you’re doing and the spirit of what you’re doing, this can be a good time to start something new or widen the gap between you and the competition.
Ross Levanto: You know, one thing that we hear a lot about, and certainly I’ve heard a lot about, in my years in this business, and I’m sure you hear it much more often than I do, to the point of it being almost cliché, is the concept of the entrepreneur spirit, and you alluded to it in your answer there; the fact that entrepreneurs certainly are very optimistic about the future, no matter the mountains that face them. The questions for you though, in terms of what you see, in terms of the broader New England economy, are there any bright spots that you’re spotting or watching in terms of the broader economy?
Bill Taylor: Well, I’m not sure in terms of technology sectors, I could do a better job than anyone else in terms of saying, “hey, it’s bioinformatics over here, or new materials over there.” What I do think is the virtue of the New England economy, we sometimes think of it as a weakness, but ultimately is a virtue, is that there is a blend here of both timeless tradition and long standing excellence and that’s the legacy of Harvard, MIT, BU, and all these institutions, with also the start-up entrepreneurial spirit. I think we’ve all as entrepreneurs and as a business culture, gotten tired of the boom and bust cycles that seem to have driven the economy over the last 20 years.
You know, when we had the internet crash back in 2000, there was that funny bumper sticker on the cars driving around Silicon Valley, “Please God, just one more bubble.” Well, I think we’re all kind of tired of sitting around waiting for one more bubble and to some degree being able to blend, and I think New England is a little bit unique in this, being able to blend absolute start-up and innovation fervor with being literally the oldest part of America. In the sense of history and the long time frame, as a business culture I think that may in fact serve us well. We sometimes beat ourselves up, why aren’t we as about hip and crazy and wild Silicon Valley? Maybe this new sensibility, blending the best of the long term with the start-up fervor is the right way to go.
I’m hoping the unique New England entrepreneurial culture will serve us well going forward.
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Listen to the entire interview by using this widget:
Posted by Ross Levanto on June 17, 2009 at 1:08 PM
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