Table of contents
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What is a new economy
- is there a new economy?
o Is this economy new? -- it's always new...
- Is this more then open
- People think stuff is valuable
- So how do you sell an idea if people value stuff
- Bands no longer sell music – they use the music to sell stuff
- So how do you move past selling stuff?
- As we become more serviced based – we can’t outsource the hair cut
o But as knowledge workers increases – wage inequality increases
- How do you make these services pay more
o Toyota – they listen to the people on the floor
o In the service industry the lowest paid person is the closest to the customer – but they are the lowest paid customer
o Best Buy – his improved the customer experience – but has this increased wages?
• So far yes and no. Better store performace has improved overall compensation (benefits etc.) In general, front line service workers are often the lowest paid in an organization.
• As long as people are willing to do the job for the low wage it will be very hard
The knowledge economy is more than high tech (high tech is still a small percentage of the economy)
Richard Florida - defining the creative class -- people getting money for ideas that lead to new products and services.
The economy is becoming more service based.
- LEED certified buildings
o These buildings only work when they are used properly
o The worst person to do this, is the people who occupy the building – who don’t care
o The janitorial staff are the people with the power to save the money
• So should they be empowered and paid more to
So what about this as an ecosystem
Should this come from the top down
- Managers can help this from the top down
- There are others that we don’t know yet
- But there needs to be a way to raise all boats
What about education
- How does the current education system support the innovative economy?
- Cirque de Soleil – has the second most innovative company in Montreal (Kevin Stolerick of the Prosperity Institute)
How do you support people who lose their job
- Life long learning
Everyone, even those with a great education in IT have to keep learning.
