SCHMITTblog

Market Innovation During Market Turmoil

Over the last few days, I have not been glued to a computer or TV screen, like many of you, watching the meltdown and then rescue of Wall Street. I was too busy.

I had to teach -- and just finished -- a one-week Executive MBA course on "market innovation" at Columbia Business School. The course was intense, yet rewarding, and, in fact, real fun.

It was rewarding and fun to watch how all of the student projects were truly focused on “big think"; Projects included: leapfrogging the existing healthcare system in a developing market; providing a green “box” (and “no box”) alternative to the existing pizza box; a "watch ‘n’ buy" launch at a major TV channel, a privacy index that tracks buyers' vulnerability to identity theft, and, finally, a project on neutraceuticals in yoghurts.

I am always amazed when I teach innovation and when I conduct short-term innovation workshop how much a team can achieve in a short time frame when there is a true focus on “big think” rather than incremental solutions.

I guess, by the end of this week, Washington has reached the same conclusion!

Experiential Marketing in Johannesburg, South Africa

I gave a keynote on experience at the  Experiential Summit in Johannesburg, organized by EXP, an experiential agency with presence all over Africa. It’s my first  visit to Africa (well, I  have  been in  the North, but, as I have learned, they define “Africa” here as “below-the-Sahara”).

And I am truly amazed!  Experiential Marketing is in full swing here, and EXP has done as fabulous job to create a community. In other words, experience is now a global movement, and no longer limited to certain markets.  All of this, within less than 6-8 years.    At the summit, many came up to me, saying that they started their  company after reading my  book “experiential Marketing. That was rewarding. 

So,  I am sure the Soccer Worldcup here in South Africa will be a big splash!  I saw three stadiums in various states of construction; guys, hurry because creating an all-out fan experience is more than just running the operations.  And I hope South Africa will create an experience innovation like  the Fan Fests in Germany. I know they will be running those Fan Fests again, and this time perhaps with 3D screen projections. I saw a demo at the Summit.