Annual Meeting of the New Champions 2012

  • Driving Forces of the Creative Economy

    By Patrick Schofield

    Thursday 13th September 2012 - 3:30pm - 4:30pm

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  • How are new champions fuelling the creative economy?

    • When passion and opportunity intersect, the creative has the most potential to develop products or services that will be disruptive and hence generate good returns and build successful organizations.
    • Ideation is the start of creativity. Realization is the key to adding value.
    • Inspiration and stimulation are critical to creative development. Hence external input via travel or networking becomes vital to ensure a healthy creative environment in company or nationally. 

    Hypothesis – merging creative and commercial economies – will result in new competitive projects and enterprises being formed.

    One of the key takeaways from the discussion was highlighted by the moderator, Hal Gregerson, when he stated that some of the greatest opportunities for developing competitive organizations lies in the ability to implement disruptive strategies, and, that it is in the creative space that the most potential for the development of disruptive products and services lies.

    However, Peter Corbett reminded us that ideation is not the key; it’s the realization that it is the key and where true value is seen. Ideation is the “hook”, not the fish/catch. Being in the creative/design space is generally a high-risk environment. You have to have courage to work through from ideation to realization. Not being afraid to cull ideas along the way.

    The panel agreed that there is a general undervaluation of creative input, with designers and architects being among the lowest-paid professionals in industry. The panel did feel though that it was up to the creatives to take a stand for the worth of their work. Corbett and Jens Skibsted are both part of the “no-spec” movement, which looks to implement regulations to ensure that creatives are paid for their concept development.

    Liu Sola reminded the audience of how important it is to have inspiration and stimulation to be creative. Growing up in China, Liu had an initial lack of inspiration and stimulation. She needed to travel to draw inspiration. Liu felt that now there is a need to develop and disperse information on arts, culture, musicians in China, both locally and globally.

    All the panellists had in some way or another been seen as “not normal” by their peers. This “stand-out” position had been both a challenge and an inspiration to the panellists in achieving their success.

    A controversial point of view towards the end of the discussion was raised around the thought that there may well be a “wind of change” in process with the younger generation becoming more powerful within organizations as their grasp of technology and understanding of trending media become more important to success.

    Disclosure


    These insights were written by Patrick Schofield. The views expressed are those of certain participants in the discussion and do not necessarily reflect the views of all participants or of the World Economic Forum.

Session objectives

How are new champions fuelling the creative economy?

  • Engaging youth through performing arts
  • Creating contemporary work from traditional material
  • Crafting policies to cultivate creative industries 

Rapporteur

  • Patrick Schofield Patrick Schofield
    Founder, Thundafund, South Africa

    Bachelor's (Hons) in Business Science, University of Cape Town. Social Entrepreneur. Founder: Thunda...

Speakers

  • Liu Sola Liu Sola
    Composer, Vocalist and Writer, Liu Sola Music Studio, People's Republic of China

    Degree in Music Composition, Central Conservatory of Music, China. Composer, vocalist and fiction wr...

  • Kenny Low Kenny Low
    Chief Executive Officer, City College & O School, Singapore

    Master's in Educational Management and Leadership. 2002, Founder, City College; 2006, Founder, O Sch...

  • Patrick Schofield Patrick Schofield
    Founder, Thundafund, South Africa

    Bachelor's (Hons) in Business Science, University of Cape Town. Social Entrepreneur. Founder: Thunda...

  • Peter Corbett Peter Corbett
    Chief Executive Officer, iStrategyLabs, USA

    Founder and CEO, iStrategyLabs. Known for creative marketing approaches coupled with a deep technica...

  • Jens Martin Skibsted Jens Martin Skibsted
    Founding Partner, Skibsted Ideation, Denmark

    Jens Martin Skibsted is a designer and design thinker whose work has been collected by SFMoMA, MoMA,...

Moderated by

  • Hal B Gregersen Hal B Gregersen
    The Abu Dhabi Commercial Bank Chaired Professor of Innovation and Leadership, INSEAD, United Arab Emirates

    Currently, Abu Dhabi Commercial Bank Chaired Professor of Innovation and Leadership, INSEAD. Senior ...