Your SlideShare is downloading. ×
0
Innovation Renaissance
Innovation Renaissance
Innovation Renaissance
Innovation Renaissance
Innovation Renaissance
Innovation Renaissance
Innovation Renaissance
Innovation Renaissance
Innovation Renaissance
Innovation Renaissance
Innovation Renaissance
Innovation Renaissance
Innovation Renaissance
Innovation Renaissance
Innovation Renaissance
Innovation Renaissance
Innovation Renaissance
Innovation Renaissance
Innovation Renaissance
Innovation Renaissance
Innovation Renaissance
Innovation Renaissance
Innovation Renaissance
Innovation Renaissance
Innovation Renaissance
Innovation Renaissance
Innovation Renaissance
Innovation Renaissance
Innovation Renaissance
Innovation Renaissance
Innovation Renaissance
Innovation Renaissance
Innovation Renaissance
Innovation Renaissance
Innovation Renaissance
Innovation Renaissance
Innovation Renaissance
Innovation Renaissance
Innovation Renaissance
Innovation Renaissance
Innovation Renaissance
Innovation Renaissance
Innovation Renaissance
Innovation Renaissance
Innovation Renaissance
Innovation Renaissance
Innovation Renaissance
Innovation Renaissance
Innovation Renaissance
Innovation Renaissance
Innovation Renaissance
Innovation Renaissance
Upcoming SlideShare
Loading in...5
×

Thanks for flagging this SlideShare!

Oops! An error has occurred.

×
Saving this for later? Get the SlideShare app to save on your phone or tablet. Read anywhere, anytime – even offline.
Text the download link to your phone
Standard text messaging rates apply

Innovation Renaissance

1,298

Published on

How Innovation is the way to rebuild Iceland's economy. Presented at the Iceweb conference on November 14, 2008.

How Innovation is the way to rebuild Iceland's economy. Presented at the Iceweb conference on November 14, 2008.

Published in: Economy & Finance
0 Comments
1 Like
Statistics
Notes
  • Be the first to comment

No Downloads
Views
Total Views
1,298
On Slideshare
0
From Embeds
0
Number of Embeds
1
Actions
Shares
0
Downloads
10
Comments
0
Likes
1
Embeds 0
No embeds

Report content
Flagged as inappropriate Flag as inappropriate
Flag as inappropriate

Select your reason for flagging this presentation as inappropriate.

Cancel
No notes for slide

Transcript

  • 1. Innovation Renaissance <ul><li>Hjalmar Gislason </li></ul><ul><li>CEO, DataMarket </li></ul>
  • 2. About Hjalmar <ul><li>Started 4 companies in 11 years </li></ul><ul><ul><li>Some have succeeded, others not </li></ul></ul><ul><ul><li>Currently: DataMarket (datamarket.net) </li></ul></ul><ul><li>Never bankrupt, a few happy investors </li></ul><ul><li>Almost 100 man-years </li></ul><ul><li>A few million dollars in foreign currency </li></ul>
  • 3. Agenda <ul><li>Bubbles and Iceland </li></ul><ul><li>Why innovation? </li></ul><ul><li>Innovation Culture </li></ul>
  • 4. 1100 years of bubbles
  • 5. Arctic trade bubble <ul><li>First 300 years - incredible wealth </li></ul><ul><ul><li>Sagas, ships, trade and treasures </li></ul></ul><ul><li>Where did the money come from? </li></ul>
  • 6. Arctic trade bubble
  • 7. Arctic trade bubble
  • 8. Arctic trade bubble <ul><li>Debt of Venice to the Pope paid with unicorn horn! </li></ul><ul><li>Burst in the 1200s </li></ul><ul><ul><li>Result: 700 years of misery </li></ul></ul>
  • 9. Herring bubble <ul><li>1967-1969 herring disappears </li></ul><ul><ul><li>Result: A few years of recession </li></ul></ul>
  • 10. Fur and fish farming bubble <ul><li>In the 1980s </li></ul><ul><ul><li>Result: Over investment in many rural areas </li></ul></ul>
  • 11. Dotcom bubble <ul><li>You know this one (actually financial) </li></ul><ul><ul><li>Result: 3-4 years downturn </li></ul></ul>
  • 12. Banking bubble <ul><li>October 2008 </li></ul><ul><ul><li>Result: ??? </li></ul></ul>
  • 13. Non-bubbles <ul><li>1965 </li></ul><ul><ul><li>Exports: Fish </li></ul></ul>
  • 14. Non-bubbles <ul><li>1980 </li></ul><ul><ul><li>Currency from: Fish, Aluminum </li></ul></ul>
  • 15. Non-bubbles <ul><li>2000 </li></ul><ul><ul><li>Currency from: Fish, aluminum, tourism </li></ul></ul>not “export”
  • 16. Non-bubbles <ul><li>2007 </li></ul><ul><ul><li>Currency from: Fish, aluminum, tourism, banking </li></ul></ul>not “export” Banking ?
  • 17. Non-bubbles <ul><li>September 2008 </li></ul><ul><ul><li>Currency from: Fish, aluminum, tourism, banking </li></ul></ul>not “export” Banking ?
  • 18. Non-bubbles <ul><li>November 2008: </li></ul><ul><ul><li>Currency from: Fish, aluminum, tourism </li></ul></ul>not “export”
  • 19. Import-Export in short <ul><li>Export: Fish, aluminum and happy tourists </li></ul><ul><li>Import: Everything else! </li></ul>
  • 20. Iceland’s risk <ul><li>When one pillar of the economy is hurt, our standard of living hurts equally </li></ul><ul><li>What if: </li></ul><ul><ul><li>Fishing stocks dwindle? </li></ul></ul><ul><ul><li>Aluminum prices collapse? </li></ul></ul><ul><ul><li>Travel becomes too expensive? </li></ul></ul>
  • 21. No more bubbles! <ul><li>We cannot afford another crash </li></ul><ul><ul><li>(we don’t even know yet if we can afford this one) </li></ul></ul><ul><li>Icelandic economy must diversify </li></ul>
  • 22. Analysis <ul><li>Resources </li></ul><ul><ul><li>Fish </li></ul></ul><ul><ul><li>Energy </li></ul></ul><ul><ul><li>Land </li></ul></ul><ul><ul><li>Nature </li></ul></ul><ul><ul><li>Oil? </li></ul></ul><ul><ul><li>What else? </li></ul></ul>
  • 23. People <ul><li>A major resource: </li></ul><ul><ul><li>Educated </li></ul></ul><ul><ul><li>Hard-working </li></ul></ul><ul><ul><li>Resourceful </li></ul></ul><ul><li>Natural selection... </li></ul>
  • 24. Why innovation?
  • 25. Yet Another Bubble? <ul><li>No! </li></ul>
  • 26. Why Not? <ul><li>Innovation is not an industry </li></ul><ul><li>Innovation is a mentality </li></ul><ul><ul><li>A mentality that needs nurturing </li></ul></ul><ul><li>Innovation is the way to harvest the people resource </li></ul>
  • 27. It’s Bubble-wrap
  • 28. Diverse Economy <ul><li>10-20 pillars instead of 2-4 </li></ul><ul><li>Realistic? </li></ul><ul><ul><li>CCP equals Iceland’s capelin fishing </li></ul></ul><ul><ul><li>Marel is bigger than ferro silicon </li></ul></ul><ul><ul><li>Össur is bigger than Icelandair </li></ul></ul><ul><li>They were all typical start-ups </li></ul>
  • 29. What is Innovation? <ul><li>It’s not ideas </li></ul><ul><ul><li>That’s invention </li></ul></ul>
  • 30. What is Innovation? <ul><li>Innovation is execution </li></ul><ul><ul><li>Turning ideas into value </li></ul></ul>
  • 31. “ Genius is 1% inspiration, 99% perspiration”
  • 32. Put another way... <ul><li>Innovation is a stroke of genius, then a lot of hard work </li></ul><ul><ul><li>Not necessarily by the same people </li></ul></ul><ul><ul><li>You can be a part of innovation, without being an idea-person </li></ul></ul>
  • 33. The Innovation Pyramid <ul><li>1000 people get an idea </li></ul><ul><li>100 companies are started </li></ul><ul><li>10 succeed </li></ul><ul><li>1 may become a superstar </li></ul>
  • 34. 100 x 4 = 1 x 400 <ul><li>100 x 4 becomes... </li></ul><ul><li>10 x 50 and maybe... </li></ul><ul><li>1 x 1000 </li></ul><ul><li>Value is created on all levels </li></ul>
  • 35. Healthy Economy
  • 36. Steps towards: Innovation Culture Innovation Culture
  • 37. Nurturing Innovation <ul><li>Get out of the way </li></ul><ul><li>Encourage </li></ul><ul><li>Help a little </li></ul>
  • 38. But first... <ul><li>There are not a lot of start-ups around: </li></ul>
  • 39. A Narrow Path... <ul><li>...between success and bankruptcy </li></ul>
  • 40. The Wrong Reasons <ul><li>This path is probably very narrow now </li></ul><ul><ul><li>In some cases for all the wrong reasons </li></ul></ul><ul><li>Immediate action: Make sure we keep the best going! </li></ul>
  • 41. Get out of the way <ul><li>There is still some capital around </li></ul><ul><ul><li>In ISK </li></ul></ul><ul><li>What better use than fund companies that will make money in foreign currency? </li></ul>
  • 42. Get out of the way <ul><li>Reward investments in startups, e.g. with tax breaks on returns </li></ul>
  • 43. Encourage Innovation <ul><li>Innovation culture: </li></ul><ul><ul><li>Social networking, studies, info exchange </li></ul></ul><ul><li>Make innovators role models </li></ul><ul><li>Imprint that “Failure is also success” </li></ul>
  • 44. Be a little helpful <ul><li>Make sure that current funds continue </li></ul><ul><ul><li>Frumtak, Rannís, development funds </li></ul></ul><ul><li>Innovation on the curriculum </li></ul><ul><li>Tax incentives for knowledge driven industries? </li></ul>
  • 45. Recap
  • 46. Recap <ul><li>Bubbles and Iceland </li></ul><ul><ul><li>Long history </li></ul></ul><ul><ul><li>Three pillars of economy </li></ul></ul><ul><ul><li>Fragile </li></ul></ul>
  • 47. Recap <ul><li>Bubbles and Iceland </li></ul><ul><li>Why Innovation? </li></ul><ul><ul><li>Harvest the manpower </li></ul></ul><ul><ul><li>Diversify economy </li></ul></ul><ul><ul><li>Sustainable resource </li></ul></ul>
  • 48. Recap <ul><li>Bubbles and Iceland </li></ul><ul><li>Why Innovation? </li></ul><ul><li>Innovation Culture </li></ul><ul><ul><li>Immediate action </li></ul></ul><ul><ul><li>Get out of the way </li></ul></ul><ul><ul><li>Encourage innovation </li></ul></ul><ul><ul><li>Be a little helpful </li></ul></ul>
  • 49. Finally
  • 50. Nyskopun.org <ul><li>Wiki site (Icelandic) </li></ul><ul><li>Single purpose: </li></ul><ul><ul><li>Help making Iceland the best possible environment for innovation </li></ul></ul>
  • 51.  
  • 52. BETA

×