Category: Client Forum, Innovation

Innovation: Some See Flaws, Others See the Future

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Movie CameraHave you ever shared a great innovative idea and then heard all about why it will never work? At our 2013 Client Forum, Scott Kirsner showed us why that is a good thing. “If no one is battling you or explaining why it will never work, it probably isn’t a good idea.”

Scott illustrated this concept by way of Hollywood while wrapping up the first day of our forum. During his session, “The Art of Innovation: What Hollywood and the Financial Services Industry Have in Common”, he shared entertaining examples about the role of innovation in Hollywood. Using a variety of movie clips and trivia, we could see that as new technologies were introduced (sound, color, video tape, You Tube), the industry put up a fight.

In 1982, the president of the Motion Picture Association perceived the VCR as the threat to absolutely demolish the movie industry, comparing it to the Boston Strangler. Fast forward a few years and home video introduced a whole new revenue stream which proved to be a blockbuster bonanza for Hollywood. Sometimes, innovation that looks like it will ruin your business may actually be the future of your business.

New ideas keep industries and businesses alive, but it can be a real challenge to get them adopted and embraced. With innovation, some see flaws where others see the future. Therefore, we need to rise to the challenges and expect that innovation and new ideas will continue to move the needle quickly.

Continuously focus on innovation. The next bonanza may be right in front of you.

Learn more about Scott Kirsner here.

Barbara Browne

Barbara Browne

With close to 30 years of transfer agency experience, Barbara is an accomplished executive with a focus on intermediary relationships, oversight, and the evolution of distribution strategies. As Vice President of Financial Intermediary Administration, Barbara is responsible for defining the business strategy and providing product support to assist asset managers with intermediary oversight. She is well known among the intermediary community. Previously, Barbara served on the Investment Company Institute's (ICI) Broker-Dealer Advisory Committee and is currently a member of the ICI Bank, Trust and Retirement Advisory Committee where she works with teams to improve the distribution, operational processing, servicing and support of mutual fund products to better serve the needs of the industry. Barbara graduated from Westfield State College with a Bachelor of Arts degree in English.

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