Home' Trinidad and Tobago Guardian : November 28th 2013 Contents BG10 | NEWS
BUSINESS GUARDIAN www.guardian.co.tt NOVEMBER 2013 • WEEK FOUR
How can an innovator who is
new to the market overcome
the challenge of consumers
being brand loyal?
Gabor George Burt, a global expert on innovation, said the
solution is simple. There is need for the innovator to identify
what the deficiencies or problematic areas are when it comes
to the product and market product based on that uniqueness.
"Everything on the market which a business or the Government
and the education system provides also creates points of pain
or points of discomfort or deficiency for the audience (the
public), and all that is needed is to identify what those are."
He said a saturated market should not be a deterrent for inno-
"Any industry that is saturated, that is mature by people s
definition, is only that because people haven t really re-imagined
the boundaries of that space. As soon as they do, great, new
opportunities open up."
Innovation is one of the pillars of growth and is important
for countries to invest in innovation, Burt said. He said when
innovators produce a product, the country in which it is produced
becomes the first market the product is sold to, creating com-
parative advantage over another.
Burt was a guest presenter at last week s innovation forum,
which was hosted by the Ministry of Sustainable Development
and Planning, and was held at the Hyatt Regency Trinidad hotel,
Dock Road, Port-of-Spain.
Planning Minister Dr Bhoe Tewarie, who delivered the feature
address, said there was need to adjust T&T s education system
to facilitate innovation.
Responding to that statement, Burt said innovation begins
with nurturing the differences in youths and not have them
conform to innovation or creativity.
"If innovation and creativity are important
for us as a country, as a culture, then our
education systems will start. We want to
make sure our children retain their creativity that is natural to
For T&T, Burt suggested the "right kind of training" should
be put in place to get more people involved in innovation. He
said entrepreneurs should be looking at ways in which they can
channel their creativity in a market-oriented way.
"Create programmes that teach basic skills and parameters
also (establish) a programme that recognises success. One of
the things I am looking at is innovation awards, where you
recognise people who are re-imagining things successfully,
whether those are individuals or organisations."
Burt said if innovators do not get the support especially finan-
cial support, "the best and brightest would migrate out of the
country of origin and do something else somewhere else." He
said innovation needs to the support of the public and private
Among the challenges innovators face are consumers who
refuse to embrace the idea of change.
Asked to give the scope of his experience, Burt said: "I call
myself an ideal liberator, so I am not a consultant. I don t tell
you what to do, I will make you think differently or make you
step over your perceived boundaries of what you do."
Burt is the author of Slingshot.
"I wanted to re-imagine the boundaries of a business book.
My business book is actually illustrated by children. It has
musical accompaniment as well as it has a series of interviews
with diverse visionaries from around the world, like musicians,
architects and academics."
His work has taken him to many countries including Middle
East, United States and T&T.
Expert to innovators:
Do not be deterred
by brand loyalty
US security exchanges are feverishly working
in the wake of August's Nasdaq trading halt to
reinforce a market that too frequently seems to
succumb to technology glitches, but these ef-
forts are unlikely to rectify all the weak spots.
What appeared to be a workable solution two
months ago to create a back-up for the ex-
changes' "securities information processors," or
SIPS, like the one that got clogged with reams
of quotes in Nasdaq-listed stocks on August 22,
now looks too complicated, according to sources
familiar with the talks.
Making the SIPs more resilient highlights a
problem for a market that generally operates ex-
ceptionally well, despite a number of high-profile
technology failures since early 2012, including
Nasdaq's botched handling of Facebook's IPO
The more than 50 equity trading venues and
their links to hundreds of brokerages, with dif-
fering software and numerous order interfaces
with the market, have created a system so com-
plex it is vulnerable to failure in countless ways.
To combat this, broker-dealers and market
makers have put a premium on enhancing their
early warning detection of bugs and other
anomalies, and swift damage control when
Monitoring for potential glitches or other ap-
plication failures has taken on greater impor-
tance with the market now geared to trade
large volumes of securities in microseconds, said
Donal Byrne, chief executive of Corvil, which
monitors the performance of trading platform
"The risk systems that are largely in place
today were built for human time. They weren't
built for machine time," Byrne said.
"Machine time happens in microseconds, mil-
liseconds and seconds. If you can't detect, alert
and react within that time frame, there's a
pretty good chance you can't address the risk
that you're exposed to. Within a second you
could have traded yourself out of business."
Scant details on exchange plans
The Securities and Exchange Commission told
all US stock and options exchanges in Septem-
ber to draw up plans for buttressing the market
after a software glitch forced Nasdaq OMX
Group Inc to halt trading for three hours in Au-
The SEC ordered the exchanges to examine
five broad issues, including the SIPs, and pro-
posed kill switches to shut down trading when
exchange systems malfunction.
The exchanges said they had established a
"pathway" for identifying contingencies for criti-
cal infrastructure, or the "single points of failure"
that scare national security experts. They tar-
geted trading at the open and close and during
initial public offerings, key regulatory messaging
during trading, outages at the clearing houses
for stocks and options and connections to the
exchanges' disaster recovery facilities.
Details were scant.
Gabor George Burt.
PHOTO: SHIRLEY BAHADUR
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