Tuesday, 19 November 2013

Michael Bloomberg on technological disruption driving innovation

Michael Bloomberg delivered an address at Stanford University's 122nd Commencement Ceremony. During the speech, the former mayor of New York explained the critical role of new technology. He said:
"I started as a clerk at a Wall Street firm worked my way up to partner and loved every minute of it – right up until the day I was fired. But getting fired was one of the best things that ever happened to me. I had tried to convince the firm to develop new technology to deliver financial information faster and more efficiently. But companies, governments, unions, and schools tend not to like disruptions to their business models. And that’s exactly why new technology is so important. 
Technological disruption drives innovation. And the more disruption there is, the better markets perform and the harder it is for monopolies to survive. The idea that you can find a way to do something better, faster, and cheaper has driven American innovation for centuries."

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