SCHMITTblog

The hottest business book

Question: What’s the hottest business book these days?

Answer: Das Kapital by Karl Marx.

I have been telling this joke for a couple of weeks now. I first came up with it when I was in London on the day when the British government announced that it would nationalize, in part, its banks. Since that type of approach, with variations, seems to be the way to go (and what bankers are asking for) all around the world, including the U.S., the joke really seems to capture the spirit of times. And it’s not only bankers – and the free market economist with their theories of rationality and perfect information -- that are crying for government intervention. It’s consumers as well. Which consumer has not diversified his or her bank accounts, and only trusts those savings that are guaranteed by the government?

So, time to brush up our knowledge of this classic text! Now what’s really funny is that I just read in the German weekly Die Zeit that sales of Das Kapital have quadrupled over the last few weeks! Who would have thought? Maybe a Nobel Prize in Economics, given posthumously, will be next.

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.

Schmitt Interview on Arirang's Heart to Heart Talk Show

Due to popular demand, I have now posted my half-an-hour interview from global Korean Arirang's "Heart to Heart" TV show on my web site. Enjoy.

Here's  the link: http://www.meetschmitt.com/Videos.htm

Taiwanese Edition of Big Think Strategy Launched

The Taiwanese edition of my book "Big Think Strategy" is now in the bookstores. And here is a link to the website: http://www.bookzone.com.tw/event/cb397/index.asp

After the book promotion and interviews on the weekend, I barely escaped the typhoon that hit Taiwan this morning!!!

Three Asian Cities to Watch

Kolkata. Seoul. Taiwan. Those are three Asian cities to watch!  They are not "leading" Asian cities yet, and may never be, given the competition of Shanghai,Tokyo,and Hong Kong.  Yet, on this trip, each of these cities impressed me in  terms of how fast they are turning into top-tier cities.

Kolkata is  of course the weirdo on this list.  I promised you in my prior blog to share my thoughts about it -- and here they are. It is far better than you (foreigner and, yes, Indians) might think.  It was my first visit to Kolkata.  (I was the keynote speaker of Brand Conclave, the prime branding confeence  of the IndianConference of Industries: http://brandconclave.com/). Kolkata, as other Indian cities, is changing rapidly. It may have  been left behind for a while (the region has had a democratically elected communist government for 30 years), but it is now happening. It reminded me, weirdly, of Shanghai in the early 1990s. And, like Shanghai, it has fabulous, albeit run-down,  heritage buildings. It will be awesome when  they get renovated as part of an economic boom.

Seoul, my next stop, for a course at Yonsei University, is a frequent stop of  mine. But on this  trip, for the first time in years, I noted a  huge jump. Seoul really wants to be among the top lifestyle cities in the world, and not just Asia. Lifestyle is really the word here! Just a few years  ago, most new foreign restaurants started to be cool --- but had lousy food. This has  entirely changed. I had my best dinner in  a year  at "The Restaurant."

Taipei, similar to Seoul, modernizes very fast. The "101" building and complex is amazing. It is the tallest building in the world, and all the  major international brands are there. In fact, the entire  area surrounding it, is  a cool indoors and outdoors  lifestyle area. Really impressive, and a  benchmark for modern urban development.

Each city is different in its own way. But all three are on a fast track.

Horse Auctioned Off

Just a quick note that the  Schmitt Shanghai Trojan Horse was  auctioned off at a conference in  Munich. The proceeds will go to an institution that supports children. More  on that soon. I am off to Kolkata (India) for  a branding workshop and a couple of other speaking engagements.  I have  never been to West Begal; so expect a blog from there as well. Enjoy July!

The Singapore Goverment Raps

From Singapore, with love. Check this out on YouTube: http://www.youtube.com/watch?v=ksw2UqTyhhc

Whover  thought Singapore is  boring??!! This is a rap prepared by senior members of a media  group of the Singapore government!   In all its tackiness,  this is quite cool. A bit too long, but very funny. Maybe they are trying too hard, but they must be complimented for having the guts to do it.

Strategy 3: Traveling for Creativity

The last few weeks were hectic for me, jetting from the U.S. to South America and then to Asia. But it won’t be anything compared to what’s coming up during the next 6 weeks: Europe, Singapore, Japan, India, Korea again, Taiwan, Singapore again, Istanbul. So, I am trying to make the best of it. Preparing a new course on creativity and innovation, it occurs to me how lucky I am. Travel provides constant stimulation. Although I am an office animal rather than a “home gardener” (that is, I arrive at the office at 8 at the latest and stay till 7), the “occasional” trip really stimulates my creative juices. The creativity gurus seem to agree; in fact, Jordan Ayan (author of the book “Aha!”) lists “get out of your box through travel” as “Strategy 3” for creativity.

But, when you do it, you may as well do it right: Get out of your hotel, too!

A Once-in-a-Lifetime Experience

What’s a man supposed to do with a bottle of 1999 Vintage Dom Perignon at 8:40am in the morning in a Tokyo hotel when he has to fly out at noon? That’s the question I pondered, having received the gift after giving a talk to LVMH. I recalled a similar situation from a few years ago, when I had been given a case and decided to take a champagne bath. Today, just one bottle wasn’t quite enough for that; so I decided on a chapmpagne shower instead of a bath. I uncorked it, had a little sip and proceeded to the shower … Ah, what a pleasure!!! As I stepped out of the shower, still stark naked, I suddenly felt slightly tipsy – or so I thought – until I realized that the building was shaking and the window-filled walls moving. Yes, it was the 7.2 (richter scale) quake on Saturday morning that you have been reading about. The Japanese infrastructure for earthquakes is amazing, though. So it was a kind of scary fun to swing back and forth after the champagne shower on the 37^th floor of the Royal Park Shiodome hotel.

A once-in-a-lifetime experience, I hope.