Don Doctoroff Touts Innovation
- 6 years ago
Dan Doctoroff says most economic disruption has leveled off and significant innovations are around the corner.
Question: When will the recession end?
Dan Doctoroff: Every one has a different point of view. Look at a survey of economists and the expectations for growth this year vary pretty widely. I think there is a general recognition that things have stabilized, that there is some optimism that you'll see growth by the end of this year that will pick up next year. I haven't heard anyone whose anticipating strong growth next year, hoping for just modest growth, we'll see from there. The real question is what prompts are real strong growth going forward and that's an interesting question.
I happen to believe that when you look at the history of these 10 previous bleak periods that what actually brings us out of these periods and produces the kind of strong recovery that most people would like is some form of major innovation. And you can go back in history, sometimes it's technological, whether it's the internet in the 1990s, it was the Erie Canal in the 1820s, railroads in the 1840s, new forms of mass production in the 1910s, all of which followed one of these major contractions.
The real question for us is what is that next thing that has the capacity to change psychology to get people focused on the future again to create a sense of confidence and also at the same time create a new industry, thousands of new companies, what is that next thing? I suspect it should be around climate change and associated incentives for alternative energy and energy efficiency but we'll have to see what Congress and the Administration do later this year on that. That could be the next new thing.
Question: Where does Bloomberg see innovation happening?
Dan Doctoroff: Oh, absolutely and as I said, we see it with our own customer base. The fact that in the last 6 months, we would add 1,800 new firms as customers is just incredibly telling about the dynamism of the financial system. I use a, probably a bad metaphor but I really see the financial system kind of like a forest and in that forest, the tallest trees may wither, topple, limbs may fall off but what you're seeing the seedlings beginning to sprout up everywhere, all over the world and that is to me the greatest hope, that is the best sign of optimism and fundamentally what it is entrepreneur, innovators with new ideas out there taking risks, that hasn't stopped and as long as that doesn't stopped over time, we'll be fine, we'll be absolutely fine and there will be recovery, just as there has been in every single one of these major downturns in the past.
Recorded on: April 30, 2009
Question: When will the recession end?
Dan Doctoroff: Every one has a different point of view. Look at a survey of economists and the expectations for growth this year vary pretty widely. I think there is a general recognition that things have stabilized, that there is some optimism that you'll see growth by the end of this year that will pick up next year. I haven't heard anyone whose anticipating strong growth next year, hoping for just modest growth, we'll see from there. The real question is what prompts are real strong growth going forward and that's an interesting question.
I happen to believe that when you look at the history of these 10 previous bleak periods that what actually brings us out of these periods and produces the kind of strong recovery that most people would like is some form of major innovation. And you can go back in history, sometimes it's technological, whether it's the internet in the 1990s, it was the Erie Canal in the 1820s, railroads in the 1840s, new forms of mass production in the 1910s, all of which followed one of these major contractions.
The real question for us is what is that next thing that has the capacity to change psychology to get people focused on the future again to create a sense of confidence and also at the same time create a new industry, thousands of new companies, what is that next thing? I suspect it should be around climate change and associated incentives for alternative energy and energy efficiency but we'll have to see what Congress and the Administration do later this year on that. That could be the next new thing.
Question: Where does Bloomberg see innovation happening?
Dan Doctoroff: Oh, absolutely and as I said, we see it with our own customer base. The fact that in the last 6 months, we would add 1,800 new firms as customers is just incredibly telling about the dynamism of the financial system. I use a, probably a bad metaphor but I really see the financial system kind of like a forest and in that forest, the tallest trees may wither, topple, limbs may fall off but what you're seeing the seedlings beginning to sprout up everywhere, all over the world and that is to me the greatest hope, that is the best sign of optimism and fundamentally what it is entrepreneur, innovators with new ideas out there taking risks, that hasn't stopped and as long as that doesn't stopped over time, we'll be fine, we'll be absolutely fine and there will be recovery, just as there has been in every single one of these major downturns in the past.
Recorded on: April 30, 2009