Tuesday, May 4, 2010

FEI2010 – How Global Trends Will Shape the Future of Innovation

C. Engdahl reporting from FEI2010

How Global Trends Will Shape the Future of Innovation
FEI2010 Presenter: Steven Faktor, American Express

If I had only had the opportunity to listen to the first half Steven Faktor’s presentation I may have walked out feeling pretty glum. In a presentation entitled Econovation™: Innovation after the Great Recession, Mr. Faktor outlines a possible future scenario for the U.S. economy, then applies some innovation principles to help us understand how to shape it.

In what Mr. Faktor describes as a personal revelation, he recently realized that “no one knows anything.” Spurred by the fact that few people predicted the recent tumble in the markets, and empowered by his own economic background¸ Faktor went about putting more formal structure around his own ideas. (I feel a book coming out sometime in the future.)

Using frameworks he developed such as the 4C’s of Innovation™ - Creativity, Capabilities, Culture, and Context - and the Creativity Cube™, Mr. Faktor deconstructs the current economic environment to reveal innovation opportunities and growth sectors – health and education in particular. Although his initial scenario suggests doom and gloom for the U.S. and other markets, the future he envisions is ripe with opportunity.

Looking forward to the book.

Find out more about Mr. Faktor at www.Ideafaktory.com.

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