Everybody has the capacity to come up with big world-changing ideas, according to Hitendra Patel, managing director of the Center for Innovation, a global consulting company based in Massachusetts in the United States. So why aren’t we all living up to our potential? It is a question that Mr Patel, who was recently in Dubai to speak at a breakfast organised by ShiftIn, a Dubai-based strategy management consultant group, has given a lot of thought.
What brought you to Dubai?
I was talking about innovation and how to make it real. Far too many companies know the importance of innovation and far too many have started the journey of innovation, but it still is in the space of Post-Its and workshops. When it comes to execution there is almost none. You say everyone has the capacity to come up with great ideas but we are obviously not all doing that, which could be to do with the fact that some people have more “dots” than others.
What do you mean by that?
It’s simple. If you just have three dots and you ask a person “what do you see?” They have to say they see a triangle and not much more than that. If you have more dots then you are able to see other pictures. It is no wonder that our relatives a long time ago were able to see things in the night sky. You would see Orion, bears or eagles, but today if you look at a night sky in Boston, New York or even Dubai it is so lit up that the best thing the kids are going to come up with is a triangle.
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So how do you get more dots?
That’s the fundamental question. Everyone has the capacity to get more dots, which is a little bit of curiosity, a little bit of inquisitiveness and a little bit of being interested.
But are they not innate qualities, things you essentially can’t teach?
It is inquiry. You have to teach people to have more curiosity. Every kid has it and somewhere along the way we, as parents and school systems, shut it down by saying you shouldn’t ask that question, where in reality asking a question is being smart. We have changed the paradigm completely when they get older saying asking questions is not smart. [Whereas] the more questions we ask, the better. So stay as a kid. Be curious as a kid and you are going to be fine. You have to be sure that the dots you get are not just from people who look like you. Unfortunately, their dots are going to be the same as your dots.
What do you mean by people who look like you?
If you are in marketing, everyone in marketing thinks very similarly. All the people in engineering think very similarly. Their education is similar. The paradigms are similar.
Are you suggesting that to fix a marketing problem it might be helpful to bring in an engineer?
The further out you go, the better. Start off with your inner circle and then move out into another department and go out further into other departments. Then you eventually get out to your customers, your suppliers. Look at your competitors. Even look at other industries. How would Walt Disney solve it? How would a Norwegian cruise ship crew solve it? And when you think about those other ways to solve it, suddenly you will say: “hey, maybe the solution is this”. But we tend to get stuck with the few dots that we have and we use the same dots again and again to come up with ideas.
How do you use your dots to come up with something else?
The first couple of times you connect those four dots you come up with a square. And if you ask another million people what they come up with, all of them will have the same answer. So why is that? Because the first time I asked you to connect them you used the paradigms of paths you had as a kid and said what was I told about connecting dots? All dots have to be straight lines and you have to connect every single dot. So no kidding, everyone comes up with a square. So now we ask them to connect the dots again, but connect them in a different way. And after two or three iterations you will see suddenly they will make the lines cross over each other and the lines will be curved. And then you say: “Do it again”. By the time you get to the ninth or 10th iteration, you will see some people, out of boredom or irreverence, might include a smiley face or do something else completely. Now they are breaking the rules.
Is that good?
It’s very good. What you need is the patience and persistence to get through those iterations. And then you also need to be able to understand and judge which rules you will break and which ones you will follow. You have to follow some of the rules and you have to break some of the rules and you have to make some of the rules. It’s a combination of those three that leads to the world’s best innovations.
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Tranquillity Base Hotel Casino (Domino)
UAE currency: the story behind the money in your pockets
How to avoid crypto fraud
- Use unique usernames and passwords while enabling multi-factor authentication.
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- Avoid suspicious social media ads promoting fraudulent schemes.
- Only invest in crypto projects that you fully understand.
- Critically assess whether a project’s promises or returns seem too good to be true.
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COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
Emergency
Director: Kangana Ranaut
Stars: Kangana Ranaut, Anupam Kher, Shreyas Talpade, Milind Soman, Mahima Chaudhry
Rating: 2/5
Game Changer
Director: Shankar
Stars: Ram Charan, Kiara Advani, Anjali, S J Suryah, Jayaram
Rating: 2/5
The specs
Engine: 77.4kW all-wheel-drive dual motor
Power: 320bhp
Torque: 605Nm
Transmission: Single-speed automatic
Price: From Dh219,000
On sale: Now
The Sand Castle
Director: Matty Brown
Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea
Rating: 2.5/5
COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
COMPANY PROFILE
Name: Lamsa
Founder: Badr Ward
Launched: 2014
Employees: 60
Based: Abu Dhabi
Sector: EdTech
Funding to date: $15 million
THE BIO
Family: I have three siblings, one older brother (age 25) and two younger sisters, 20 and 13
Favourite book: Asking for my favourite book has to be one of the hardest questions. However a current favourite would be Sidewalk by Mitchell Duneier
Favourite place to travel to: Any walkable city. I also love nature and wildlife
What do you love eating or cooking: I’m constantly in the kitchen. Ever since I changed the way I eat I enjoy choosing and creating what goes into my body. However, nothing can top home cooked food from my parents.
Favorite place to go in the UAE: A quiet beach.
MATCH INFO
Uefa Champions League, last-16. first leg
Atletico Madrid v Juventus, midnight (Thursday), BeIN Sports
Moon Music
Artist: Coldplay
Label: Parlophone/Atlantic
Number of tracks: 10
Rating: 3/5
UAE currency: the story behind the money in your pockets
The specs
Engine: 1.5-litre 4-cylinder petrol
Power: 154bhp
Torque: 250Nm
Transmission: 7-speed automatic with 8-speed sports option
Price: From Dh79,600
On sale: Now
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The specs
AT4 Ultimate, as tested
Engine: 6.2-litre V8
Power: 420hp
Torque: 623Nm
Transmission: 10-speed automatic
Price: From Dh330,800 (Elevation: Dh236,400; AT4: Dh286,800; Denali: Dh345,800)
On sale: Now
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How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
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PROFILE OF SWVL
Started: April 2017
Founders: Mostafa Kandil, Ahmed Sabbah and Mahmoud Nouh
Based: Cairo, Egypt
Sector: transport
Size: 450 employees
Investment: approximately $80 million
Investors include: Dubai’s Beco Capital, US’s Endeavor Catalyst, China’s MSA, Egypt’s Sawari Ventures, Sweden’s Vostok New Ventures, Property Finder CEO Michael Lahyani
Tributes from the UAE's personal finance community
• Sebastien Aguilar, who heads SimplyFI.org, a non-profit community where people learn to invest Bogleheads’ style
“It is thanks to Jack Bogle’s work that this community exists and thanks to his work that many investors now get the full benefits of long term, buy and hold stock market investing.
Compared to the industry, investing using the common sense approach of a Boglehead saves a lot in costs and guarantees higher returns than the average actively managed fund over the long term.
From a personal perspective, learning how to invest using Bogle’s approach was a turning point in my life. I quickly realised there was no point chasing returns and paying expensive advisers or platforms. Once money is taken care off, you can work on what truly matters, such as family, relationships or other projects. I owe Jack Bogle for that.”
• Sam Instone, director of financial advisory firm AES International
"Thought to have saved investors over a trillion dollars, Jack Bogle’s ideas truly changed the way the world invests. Shaped by his own personal experiences, his philosophy and basic rules for investors challenged the status quo of a self-interested global industry and eventually prevailed. Loathed by many big companies and commission-driven salespeople, he has transformed the way well-informed investors and professional advisers make decisions."
• Demos Kyprianou, a board member of SimplyFI.org
"Jack Bogle for me was a rebel, a revolutionary who changed the industry and gave the little guy like me, a chance. He was also a mentor who inspired me to take the leap and take control of my own finances."
• Steve Cronin, founder of DeadSimpleSaving.com
"Obsessed with reducing fees, Jack Bogle structured Vanguard to be owned by its clients – that way the priority would be fee minimisation for clients rather than profit maximisation for the company.
His real gift to us has been the ability to invest in the stock market (buy and hold for the long term) rather than be forced to speculate (try to make profits in the shorter term) or even worse have others speculate on our behalf.
Bogle has given countless investors the ability to get on with their life while growing their wealth in the background as fast as possible. The Financial Independence movement would barely exist without this."
• Zach Holz, who blogs about financial independence at The Happiest Teacher
"Jack Bogle was one of the greatest forces for wealth democratisation the world has ever seen. He allowed people a way to be free from the parasitical "financial advisers" whose only real concern are the fat fees they get from selling you over-complicated "products" that have caused millions of people all around the world real harm.”
• Tuan Phan, a board member of SimplyFI.org
"In an industry that’s synonymous with greed, Jack Bogle was a lone wolf, swimming against the tide. When others were incentivised to enrich themselves, he stood by the ‘fiduciary’ standard – something that is badly needed in the financial industry of the UAE."
Personalities on the Plate: The Lives and Minds of Animals We Eat
Barbara J King, University of Chicago Press
The specs
Engine: Dual 180kW and 300kW front and rear motors
Power: 480kW
Torque: 850Nm
Transmission: Single-speed automatic
Price: From Dh359,900 ($98,000)
On sale: Now