The answer came once again from DeadMongoose (second week in a row) who answered:

DeadMongoose

In the article, BusinessWeek remarked that of the top 50 innovative companies, 15 on the list were asian (including Korean company LG). This number is up from 5 in 2006. Previous stalwarts, 3M, Starbucks and eBay were absent from the list in 2010.

This signifies a mind significant shift in the global marketplace. During the Industrial Revolution, countries in Asia, like China, Korea and Taiwan, thrived due to the outsourcing of manufacturing. Innovation wasn’t key to their growing economy. Hard work and long hours drove the culture. Innovation was led by North American companies. In fact, just five years ago only 6 of the top 20 were headquartered outside the US. This year, 12 of the top 25 were located outside the US.

This is a wake-up call for US companies. They cannot rely on what made them successful twenty years ago. They need new practices, new products and new services, made for a rapidly evolving economy.

Tomorrow, a case study on an old world US company committed to innovation in new world economy.

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Today’s inaugural question was who made the following quote AND why this person is famous?

“Meetings are a symptom of bad organization. The fewer meetings the better.”

3 minutes after the question was asked, DeadMongoose responded,

Peter Drucker was a business management guru who lived well into his 90s. Businesspeople research Peter Drucker for the purpose of gleaning whatever they can about management, strategy and operational efficiency. More of Peter Drucker’s advice:

The need for “planned abandonment”. Businesses and governments have a natural human tendency to cling to “yesterday’s successes” rather than seeing when they are no longer useful. — in other words, plan for obsolescence. It is inevitable for your products and practices.

A belief that taking action without thinking is the cause of every failure. — While this is good advice, I speculate even those that don’t think, think they do. They confuse “having thoughts” with “thinking.” I speculate the only way to really make a powerful distinction between the two is to rack up as many failures as possible and then begin to analyze “why.”

Congrats to the Justin the DeadMongoose and stay tuned for next weeks #triviathursday.

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