Eddie Obeng: Smart failure for a fast-changing world

New Section

In this section, the speaker introduces themselves and their alter ego, Cyber Frank. They also mention a test they would like to start with.

Introduction and Alter Ego

• The speaker has spent the past six months traveling without leaving their desk.

• They introduce themselves as Eddie and mention their alter ego, Cyber Frank.

• Eddie explains that they will be focusing on outcomes in their talk.

Test

• Eddie wants to start with a test to engage the audience.

• They show an image of two horizontal lines and ask which one is longer.

• Audience response: The same.

• Eddie corrects them, stating that the top line is 10% longer than the bottom line.

• Eddie references a childhood experience where they were taught parallax through a similar optical illusion.

New Section

In this section, the speaker discusses how the rules of our world have changed in the 21st century and how we often respond based on outdated knowledge.

Changing Rules of the World

• The speaker suggests that someone or something has changed the rules about how our world works.

• They humorously suggest that it happened at midnight while everyone was asleep, but it actually occurred 15 years ago.

• According to the speaker, there is now a completely new set of rules in operation for running businesses, organizations, and countries.

Outdated Knowledge

• The audience may not have noticed or realized that there are new rules in place for success in the 21st century.

• People often respond rationally based on a world they understand and recognize but no longer exists.

New Section

In this section, the speaker highlights discrepancies between the abundance of resources on creativity and innovation and the lack of successful implementation.

Abundance of Resources

• There are numerous books and online resources on creativity and innovation.

• Searching for "creativity" on Amazon yields around 90,000 books, while adding "innovation + creativity" on Google results in 30 million hits. Adding "consultants" doubles the number to 60 million.

Lack of Successful Implementation

• Despite the abundance of resources, statistically only about one in 100,000 ideas actually make money or deliver benefits two years after their inception.

• Companies spend time preparing forecasts and budgets that become obsolete or need changing before they can be published.

New Section

In this section, the speaker discusses the challenges faced when trying to implement visions and projects successfully.

Professionalizing Implementation

• Implementation is a key aspect of making visions and projects happen.

• However, even with professionalization efforts, there are often discrepancies between planned outcomes and actual results.

Example: Family Going on Holiday

• The speaker uses an example of a family going on holiday from London to Hong Kong with a budget of £3,000.

• In reality, the family ends up in Makassar, South Sulawesi at a cost of £4,000 while leaving two children behind.

• This example highlights how things don't always go as planned despite efforts to implement effectively.

New Section

In this section, the speaker shares a quote from eminent economists apologizing for failing to foresee a crisis. They also question why design thinking was ever small if it must tackle big systems.

Failure to Foresee Crisis

• Eminent economists apologized to the Queen of England for failing to foresee the timing, extent, and severity of a crisis.

• This highlights that even the smartest people can struggle to predict and understand complex situations.

Design Thinking and Big Systems

• The speaker references Tim Brown of IDEO, who emphasizes that design thinking must tackle big systems.

• They question why design thinking was ever small if collaboration and cross-functional working are considered valuable.

New Section

In this section, the speaker ponders the existence of huge hierarchies despite the benefits of collaboration and cross-functional working.

Collaboration and Huge Hierarchies

• The speaker questions why huge hierarchies exist when collaboration and cross-functional working are considered beneficial.

• They highlight the contradiction between the value placed on collaboration and the structures in place within organizations.

New Section

In this section, the speaker discusses the rapid pace of change and the interconnectedness of people in today's world.

The Acceleration of Change

• All governments and individuals are seeking change.

• The speed of change is accelerating.

• The population has doubled in 40 years, with half living in cities.

• People are now connected and can interact on a global scale.

The Density of Interaction

• The density of human interaction is remarkable.

• Charts show the movements of information, highlighting the density of information exchange.

• Being connected to the internet means being part of a global corporation.

New Section

This section explores how the world has become turbulent due to increased connectivity and interaction.

Global Scale

• Over a third of your Twitter followers come from countries other than your own.

• Global interactions have become the new scale.

• People refer to the world as a turbulent place, which is not just a metaphor but a reality.

Demonstrating Turbulence

• A demonstration involving water flowing through a transparent pipe is described.

• Initially, there is nothing exciting about it until green ink is added to the flow.

• As the flow becomes more turbulent, eddies disperse the ink, changing its color.

New Section

This section focuses on coping with increased speed, scale, and density of interaction in our rapidly changing world.

Coping with Change

• The speaker emphasizes that we need to cope with these changes rather than simply labeling them as turbulence.

• Learning becomes crucial in this environment where change outpaces our ability to learn at a steady pace.

Pace of Learning vs. Pace of Change

• Traditional learning methods may not be sufficient in an accelerated world.

• Corporate structures and institutional decision-making processes hinder the pace of learning.

• The point at which the pace of change overtakes the pace of learning is described as "midnight."

New Section

This section highlights the challenges and mistakes that arise from not understanding our rapidly changing world.

Transforming Challenges

• Our approach to problem-solving often focuses on past issues without considering future implications.

• Understanding the world we live in is crucial for delivering solutions that fit.

• The speaker gives an example of CEOs seeking innovation but not fully understanding creativity and risk-taking.

The Need for Continuous Learning

• As the world accelerates, our pace of learning must keep up.

• Corporate structures, institutional decision-making, and market cycles can impede learning.

• It is important to recognize when the pace of change surpasses our ability to learn effectively.

The Importance of Smart Failure

In this section, the speaker discusses the concept of smart failure and its significance in the new world. He emphasizes that there are two ways to fail in the current era and explains how individuals should be treated based on their failures.

Smart Failure and Its Two Forms

• Smart failure is divided into two forms:

• Failing at something that requires following a procedure, indicating sloppiness or incompetence.

• Failing at something new and innovative, where mistakes are expected due to the lack of prior experience.

Treatment for Different Types of Failure

• When someone fails at a task that requires following a procedure, they should be held accountable and possibly face consequences such as termination.

• However, when someone fails while attempting something new and innovative, they should be treated better than those who succeed. This approach is known as smart failure.

The Power of Smart Failure

• The speaker traveled extensively to share his insights because he realized the power of smart failure in the new world.

• He left his safe teaching job to establish a virtual business school aimed at teaching people how to embrace smart failure.

• By applying these principles himself for over a decade, he has managed to sustain his own success.

Setting Up a Virtual Business School

In this section, the speaker explains why he established a virtual business school after recognizing the potential of smart failure. He shares his personal journey and encourages listeners to consider incorporating these concepts into their decision-making processes.

Establishing a Virtual Business School

• After understanding the impact of smart failure, the speaker quit his teaching job and founded the first virtual business school in the world.

• His goal was to teach people how to navigate this new world by leveraging smart failure principles.

• Interested individuals can find more information about his virtual business school at worldaftermidnight.com.

Personal Application of Smart Failure

• The speaker applied the principles of smart failure to his own life and business endeavors for over a decade.

• Despite facing challenges, he has managed to sustain his success and maintain his personal stability.

• He hopes that by sharing his experiences, he has inspired others to consider incorporating smart failure into their decision-making processes.

Injecting Green Ink into Your Lives

In this section, the speaker concludes by expressing his desire to have made a positive impact on the audience's lives. He encourages listeners to think critically and consider the relevance of smart failure in their future decisions.

Leaving a Lasting Impact

• The speaker hopes that he has injected a little "green ink" into the lives of the audience members.

• By introducing them to the concept of smart failure, he aims to inspire them to approach decision-making with a fresh perspective.

• He wants individuals to take time and reflect on whether their choices align with the principles of smart failure before making rational decisions.