James Dyson

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pages: 252 words: 70,424

The Self-Made Billionaire Effect: How Extreme Producers Create Massive Value by John Sviokla, Mitch Cohen

business cycle, Cass Sunstein, Colonization of Mars, corporate raider, Daniel Kahneman / Amos Tversky, Elon Musk, Frederick Winslow Taylor, game design, global supply chain, James Dyson, Jeff Bezos, John Harrison: Longitude, Jony Ive, loss aversion, Mark Zuckerberg, market design, old-boy network, paper trading, RAND corporation, randomized controlled trial, Richard Thaler, risk tolerance, self-driving car, Silicon Valley, smart meter, Steve Ballmer, Steve Jobs, Steve Wozniak, Tony Hsieh, Toyota Production System, young professional

Michael Dell stepped down as CEO in 2004, but returned as a result of a decline in the PC market, quality issues, and SEC charges. In 2013, he organized a successful leveraged buyout to bring the company private. Sir James Dyson b. 1947, United Kingdom Dyson James Dyson was a student at the Royal College of Art in London when Rotork Marine granted his first design commission for a flat-hulled boat. Dyson, however, is best known for his eponymous bagless vacuum cleaners. The first model, the G-Force, went through 5,127 iterations before it was ready for production in the mid-1980s; however, Dyson had difficulty finding a manufacturer in the United Kingdom or the United States. In 1993, he launched his own manufacturing company, which he continues to head today. He is also the founder of the James Dyson Foundation, whose mission is to encourage creativity in young people. Phillip Frost b. circa 1935, United States Key Pharmaceuticals, Ivax Corporation, Teva Pharmaceutical Industries, Protalix BioTherapeutics Phillip Frost was a dermatology professor at the University of Miami when he and Michael Jaharis took over Key Pharmaceuticals in 1972.

“Blue Oceans” offers an emotive and useful metaphor for the belief that companies need to look for brand-new territory in order to create huge value, while “Red Oceans”—those bloody, battle-ridden markets challenged by a large number of competitors—are tapped out. While Mauborgne and Kim captured the way that corporations tend to think about untapped markets, Producers do not appear to be concerned with these distinctions. From the outside, the markets they work in all look purple, a blending of new approaches within old modes that reveal ways to re-create the space. James Dyson didn’t stop reimagining the vacuum cleaner because Mr. Hoover got there first. He just imagined it better, as a more beautiful object created for a public trained by brands like Braun and Apple to want to see function in the form. In fact, 80 percent of the self-made billionaires we studied made their fortunes in contested market spaces that would by any measure be considered “red.” Billionaires don’t seem to view the world that way, however.

John Paul DeJoria launched John Paul Mitchell Systems into the populated market of high-end hair care; there were other ways to pay sellers online before Elon Musk bought PayPal; Bharti Enterprises founder Sunil Mittal got his start importing known, legacy technologies into India; Sara Blakely’s Spanx were inserted into a hosiery market dominated by L’eggs and Hanes; Carnival Cruise billionaire Micky Arison made his billions by reinventing the cruising business away from its status as a vacation option only for the wealthy and elderly; James Dyson invented the dual cyclone to compete in a product space that was so entrenched that Mr. Hoover’s name had become synonymous with “vacuum cleaner”; Farallon hedge fund founder Tom Steyer employed investing techniques similar to his peers; the housing developer Eli Broad embraced his flagship idea of building affordable homes without basements in part because he saw it had already been done somewhere else; coffee was already thousands of years old—one of the oldest commodities in the world—when Howard Schultz bought and then revamped Starbucks; and Glen Taylor, whose business was a printing shop, was part of a wave of business owners recognizing the escalating investments people were making in weddings.


pages: 410 words: 114,005

Black Box Thinking: Why Most People Never Learn From Their Mistakes--But Some Do by Matthew Syed

Airbus A320, Alfred Russel Wallace, Arthur Eddington, Atul Gawande, Black Swan, British Empire, call centre, Captain Sullenberger Hudson, Checklist Manifesto, cognitive bias, cognitive dissonance, conceptual framework, corporate governance, creative destruction, credit crunch, crew resource management, deliberate practice, double helix, epigenetics, fear of failure, fundamental attribution error, Henri Poincaré, hindsight bias, Isaac Newton, iterative process, James Dyson, James Hargreaves, James Watt: steam engine, Johannes Kepler, Joseph Schumpeter, Kickstarter, Lean Startup, mandatory minimum, meta analysis, meta-analysis, minimum viable product, publication bias, quantitative easing, randomized controlled trial, selection bias, Shai Danziger, Silicon Valley, six sigma, spinning jenny, Steve Jobs, the scientific method, Thomas Kuhn: the structure of scientific revolutions, too big to fail, Toyota Production System, US Airways Flight 1549, Wall-E, Yom Kippur War

They were led into a room and Victoria stood at the end of the bed, while Adam reached out to touch his mother and say good-bye. Elaine was just thirty-seven. II This is a book about how success happens. In the coming pages, we will explore some of the most pioneering and innovative organizations in the world, including Google, Team Sky, Pixar, and the Mercedes Formula One team as well as exceptional individuals like the basketball player Michael Jordan, the inventor James Dyson, and the soccer star David Beckham. Progress is one of the most striking aspects of human history over the last two millennia and, in particular, the last two and a half centuries. It is not just about great businesses and sports teams, it is about science, technology, and economic development. There have been big-picture improvements and small-picture improvements, changes that have transformed almost every facet of human life.

Indeed, the aversion to failure is the single largest obstacle to creative change, not just in business but beyond. Chapter 10 How Failure Drives Innovation I The headquarters of Dyson are in a futuristic building about forty miles west of Oxford. Outside the front entrance is a Harrier jump jet—not a replica, a real one—and a high-speed landing craft. They both hint at the unconventionality of what goes on inside. James Dyson, the chairman and chief engineer of the company, works in a glass-fronted office just above the entrance. Along the back wall are the beautifully conceived products that have turned him into an icon of British innovation: super-efficient vacuum cleaners, futuristic hand dryers, and other devices yet to roll off the production line. In all, he has applied for more than four thousand patents.1 Progress is often driven not by the accumulation of small steps, but by dramatic leaps.

In a famous Nike commercial, he said: “I’ve missed more than nine thousand shots. I’ve lost almost three hundred games. Twenty-six times I’ve been trusted to take the game-winning shot and missed.” For many the ad was perplexing. Why boast about your mistakes? But to Jordan it made perfect sense. “Mental toughness and heart are a lot stronger than some of the physical advantages you might have,” he said. “I’ve always said that and I’ve always believed that.” James Dyson embodies this perspective, too. He was once called “an evangelist for failure.” “The most important quality I look for in people coming to Dyson is the willingness to try, fail and learn. I love that spirit, all too rare in the world today,” he says. In the previous section we looked at how blame can undermine openness and learning, and how to address it. But in Part 2, we noted that there is a different and altogether more subtle barrier to meaningful evolution: the internal fear of failure.


pages: 102 words: 27,769

Rework by Jason Fried, David Heinemeier Hansson

call centre, Clayton Christensen, Dean Kamen, Exxon Valdez, fault tolerance, James Dyson, Jeff Bezos, Ralph Nader, risk tolerance, Ruby on Rails, Steve Jobs, Tony Hsieh, Y Combinator

So we created Highrise, our contact-management software. There was no need for focus groups, market studies, or middlemen. We had the itch, so we scratched it. When you build a product or service, you make the call on hundreds of tiny decisions each day. If you’re solving someone else’s problem, you’re constantly stabbing in the dark. When you solve your own problem, the light comes on. You know exactly what the right answer is. Inventor James Dyson scratched his own itch. While vacuuming his home, he realized his bag vacuum cleaner was constantly losing suction power—dust kept clogging the pores in the bag and blocking the airflow. It wasn’t someone else’s imaginary problem; it was a real one that he experienced firsthand. So he decided to solve the problem and came up with the world’s first cyclonic, bagless vacuum cleaner.* Vic Firth came up with the idea of making a better drumstick while playing timpani for the Boston Symphony Orchestra.

But if you keep your mass low, you can quickly change anything: your entire business model, product, feature set, and/or marketing message. You can make mistakes and fix them quickly. You can change your priorities, product mix, or focus. And most important, you can change your mind. *Jim Rutenberg, “Clinton Finds Way to Play Along with Drudge,” New York Times, Oct. 22, 2007. *“Fascinating Facts About James Dyson, Inventor of the Dyson Vacuum Cleaner in 1978,” www.ideafinder.com/history/inventors/dyson.htm †Russ Mitchell, “The Beat Goes On,” CBS News, Sunday Morning, Mar. 29, 2009, www.tinyurl.com/cd8gjq ‡Eric Ransdell, “The Nike Story? Just Tell It!” Fast Company, Dec. 19, 2007, www.fastcompany.com/magazine/31/nike.html *“Mary Kay Ash: Mary Kay Cosmetics,” Journal of Business Leadership 1, no. 1 (Spring 1988); American National Business Hall of Fame, www.anbhf.org/laureates/mkash.html *“Stanley Kubrick—Biography,” IMDB, www.imdb.com/name/nm00004o/bio *Mission, Enterprise Rent-a-Car, http://aboutus.enterprise.com/who_we_are/mission.html CHAPTER PROGRESS Embrace constraints “I don’t have enough time/money/people/experience.”

And here’s a list of some of the people we know, and don’t know, who have inspired us in one way or another: Frank Lloyd Wright Seth Godin Warren Buffett Jamie Larson Clayton Christensen Ralph Nader Jim Coudal Benjamin Franklin Ernest Kim Jeff Bezos Scott Heiferman Antoni Gaudi Carlos Segura Larry David Steve Jobs Dean Kamen Bill Maher Thomas Jefferson Mies van der Rohe Ricardo Semler Christopher Alexander James Dyson Kent Beck Thomas Paine Gerald Weinberg Kathy Sierra Julia Child Marc Hedlund Nicholas Karavites Michael Jordan Richard Bird Jeffrey Zeldman Dieter Rams Judith Sheindlin Ron Paul Timothy Ferriss Copyright © 2010 by 37signals, LLC. All rights reserved. Published in the United States by Crown Business of the Crown Publishing Group, a division of Random House, Inc., New York. www.crownpublishing.com CROWN and the Crown colophon are registered trademarks of Random House, Inc.


pages: 505 words: 133,661

Who Owns England?: How We Lost Our Green and Pleasant Land, and How to Take It Back by Guy Shrubsole

back-to-the-land, Beeching cuts, Boris Johnson, Capital in the Twenty-First Century by Thomas Piketty, centre right, congestion charging, deindustrialization, digital map, do-ocracy, Downton Abbey, financial deregulation, fixed income, Goldman Sachs: Vampire Squid, Google Earth, housing crisis, James Dyson, Kickstarter, land reform, land tenure, land value tax, linked data, loadsamoney, mega-rich, mutually assured destruction, new economy, Occupy movement, offshore financial centre, oil shale / tar sands, openstreetmap, place-making, plutocrats, Plutocrats, profit motive, rent-seeking, Right to Buy, Ronald Reagan, sceptred isle, Stewart Brand, the built environment, the map is not the territory, The Wealth of Nations by Adam Smith, trickle-down economics, urban sprawl, web of trust, Yom Kippur War, zero-sum game

documents I obtained See Rob Edwards, ‘Ineos boss lobbied Osborne to bust unions and back fracking’, The Ferret, 27 February 2017, https://theferret.scot­/ineos-boss-lobbied­-osborne­-unions­-fracking­/ tax haven of Monaco Jillian Ambrose, ‘Britain’s wealthiest man Sir Jim Ratcliffe leaves the UK to move to Monaco’, Telegraph, 8 August 2018. walk away from the EU Will Heaven, ‘James Dyson: If Brexit talks fail with the EU it’s “no big deal”’, Spectator, 29 July 2017; John Arlidge, ‘Exclusive interview: Sir James Dyson reveals the secrets of his success’, Sunday Times Rich List 2017, 7 May 2017. busy hoovering up Philip Case, ‘Brexiter Dyson warns government not to cut farm subsidies’, Farmers Weekly, 28 July 2017, http://www.fwi.co­.uk/news/brexiteer­-dyson­-warns­-government­-not-cut-farm-subsidies.htm 33,000 acres, mainly in Lincolnshire See ‘Why is James Dyson hoovering up land?’, 19 September 2017, https://whoownsengland.org­/2017/09/19­/why­-is­-james­-dyson-hoovering-up-land/ What Sir James is doing Gary Rycroft, Lancaster Guardian, 11 January 2015, http://www.lancasterguardian.co­.uk/news/opinion­/gary­-rycroft­-column­-1-7039313 temerity to warn ministers Case, ‘Brexiter Dyson warns government not to cut farm subsidies’ generous EU handouts One ‘Dacre, P’ of Wadhurst in Kent received £28,219.15 in 2016 and £32,482.63 in 2017 in farm subsidies under the EU CAP; see http://www.cap-payments­.defra.gov.uk­/SearchResults­.aspx­ farmland in Kent Dacre owns the East Lymde estate near Wadhurst and a grouse-moor estate near Ullapool in Scotland; see Kevin Rawlinson and Jasper Jackson, ‘Daily Mail editor received £88,000 in EU subsidies in 2014’, Guardian, 30 March 2016. 26,000-acre farm Acreage obtained by measuring the area of land covered by Environmental Stewardship payments to Lilburn Estate according to Natural England maps.

For years, ministers resisted its release, pressured by landowners’ lobby groups, who feared embarrassing stories would emerge about how much taxpayers’ money their members were receiving. But campaigners at the group FarmSubsidy.org persisted, and eventually the EU ruled that farm payments data had to become transparent. Some of the largest recipients of farm subsidies in recent years have turned out to be billionaire inventor-turned-landowner James Dyson, a Saudi prince who owns large horse-racing studs, and the Queen, for her private estate at Sandringham. The data on overall farm subsidies now published by the government doesn’t come with maps. That makes it harder to use for locating landowners’ estates. But farm subsidies under the CAP regime come under two ‘pillars’. Pillar 1 payments are essentially a subsidy for owning land, with few other strings attached; they make up two-thirds of the money handed out annually.

To cap it all, in August 2018 – having secured his spot at the top of the Rich List, plus a knighthood to boot – Ratcliffe announced he would be moving his fortune to the tax haven of Monaco. It’s a classic example of the modern rootlessness of capital. Other propertied billionaires who have done well out of the post-Thatcherite political settlement have also lobbied the government to reduce taxes further and maintain subsidies for big landowners. Sir James Dyson, the inventor of the bagless vacuum cleaner, has called for the UK to walk away from the EU without a trade deal, slash taxes and regulations after Brexit and become the ‘Singapore of Europe’. Leaving Europe without a trade deal would prove devastating for Britain’s small farmers, who rely on the EU as their main export market; but Dyson seems blasé about this. He has been busy hoovering up vast quantities of farmland in recent years – amassing some 33,000 acres, mainly in Lincolnshire – in what many observers suspect is a smart move to avoid tax.


pages: 223 words: 10,010

The Cost of Inequality: Why Economic Equality Is Essential for Recovery by Stewart Lansley

"Robert Solow", banking crisis, Basel III, Big bang: deregulation of the City of London, Bonfire of the Vanities, borderless world, Branko Milanovic, Bretton Woods, British Empire, business cycle, business process, call centre, capital controls, collective bargaining, corporate governance, corporate raider, correlation does not imply causation, creative destruction, credit crunch, Credit Default Swap, crony capitalism, David Ricardo: comparative advantage, deindustrialization, Edward Glaeser, Everybody Ought to Be Rich, falling living standards, financial deregulation, financial innovation, Financial Instability Hypothesis, floating exchange rates, full employment, Goldman Sachs: Vampire Squid, high net worth, hiring and firing, Hyman Minsky, income inequality, James Dyson, Jeff Bezos, job automation, John Meriwether, Joseph Schumpeter, Kenneth Rogoff, knowledge economy, laissez-faire capitalism, light touch regulation, Long Term Capital Management, low skilled workers, manufacturing employment, market bubble, Martin Wolf, mittelstand, mobile money, Mont Pelerin Society, Myron Scholes, new economy, Nick Leeson, North Sea oil, Northern Rock, offshore financial centre, oil shock, plutocrats, Plutocrats, Plutonomy: Buying Luxury, Explaining Global Imbalances, Right to Buy, rising living standards, Robert Shiller, Robert Shiller, Ronald Reagan, savings glut, shareholder value, The Great Moderation, The Spirit Level, The Wealth of Nations by Adam Smith, Thomas Malthus, too big to fail, Tyler Cowen: Great Stagnation, Washington Consensus, Winter of Discontent, working-age population

Traditionally capitalism has thrived through the development of new products and new industries, by taking long-term risks with investment, by finding ways of becoming smarter, more inventive and beating the competition with better or cheaper products. That model of capitalism has not disappeared—witness the rise of Google, Facebook and Yahoo—but it has become a side-show in the non-tech world (where in Britain is the new James Dyson?). Instead, the new era of deregulation has created the opportunity to make money, big money, not by being smarter, or by taking a long view, or by investing in new systems, but by a number of new business practices that manipulate the financial structures of existing firms. ‘Business’ activity today means mergers, hostile takeovers and rearranging balance sheets. On paper, these changes can make companies look more profitable and productive.

According to a study by the Economic and Social Research Council, the reasons include ‘a relative failure to invest, failure to innovate, poor labour relations, trade distortions attributable to Empire, antagonism towards manufacturing, “short-termism” among business leaders and financial institutions, techno logical backwardness and lack of entrepreneurship.’219 Britain’s weak record on productivity is in part down to the failure to translate the rising profit share into productive investment. Because of the low level of investment, Britain’s infrastructure remains poor compared with her main competitors. Too many plants operate with antiquated systems while levels of training have lagged behind other countries. Despite the introduction of freer markets, funding for training, research and development and innovation has slowed.220 Manufacturing entrepreneurs like James Dyson who invest in engineers are the exception. The evidence is of a strong link between R&D and related capital spending and added value and eventually, profitability. 221 Yet, apart from a handful of industries such as defence, pharmaceuticals and mobile phones, UK companies invest less in R&D, innovation and capital equipment than their international competitors. In most industries the levels of capital expenditure by foreign companies in Britain greatly exceeds that of indigenous companies.222 In the 1960s and 1970s, the UK’s spending on R&D as a share of GDP was comparable to its leading competitors.

As a result, the UK (London and the South-East in particular) has too many jobs associated with financial engineering and its spin-offs— the law, accountancy and property—and too few in productive, entrepreneurial, hitech sectors of the economy from design and software to green technology and engineering. Britain still has a number of world beating companies, built over decades. Rolls Royce is a high quality global player, employing 39,000 skilled workers worldwide. While James Dyson outsourced production from Wiltshire to Malaysia he has recently doubled his army of inventors, scientists and engineers to 700 in his quest for new products. Some industries—from health and the creative industries to high tech manufacturing and business services—have flourished. The scale of the collapse in Britain’s industrial base can sometimes be exaggerated. Half of the nation’s exports are manufactured goods.


pages: 345 words: 84,847

The Runaway Species: How Human Creativity Remakes the World by David Eagleman, Anthony Brandt

active measures, Ada Lovelace, agricultural Revolution, Albert Einstein, Andrew Wiles, Burning Man, cloud computing, computer age, creative destruction, crowdsourcing, Dava Sobel, delayed gratification, Donald Trump, Douglas Hofstadter, en.wikipedia.org, Frank Gehry, Google Glasses, haute couture, informal economy, interchangeable parts, Isaac Newton, James Dyson, John Harrison: Longitude, John Markoff, lone genius, longitudinal study, Menlo Park, microbiome, Netflix Prize, new economy, New Journalism, pets.com, QWERTY keyboard, Ray Kurzweil, reversible computing, Richard Feynman, risk tolerance, self-driving car, Simon Singh, stem cell, Stephen Hawking, Steve Jobs, Stewart Brand, the scientific method, Watson beat the top human players on Jeopardy!, wikimedia commons, X Prize

It was a discouraging time, but it didn’t deter them. They finally figured out a way to reify Shockley’s anticipated effect – and at the other end of the labyrinth they emerged into the modern world of the transistor. Shockley would later refer to this error-filled period as “the natural blundering process of finding one’s way.” This process of bumping against failure – again and again – is how James Dyson invented the first bag-less vacuum cleaner. It took 5,127 prototypes and fifteen years for him to nail the model that would finally go to market. Praising error, here’s how he describes his process: There are countless times an inventor can give up on an idea. By the time I made my fifteenth prototype, my third child was born. By 2,627, my wife and I were really counting our pennies. By 3,727, my wife was giving art lessons for some extra cash.

Kahn, Beethoven and the Grosse Fuge: Music, Meaning, and Beethoven’s Most Difficult Work (Lanham, MD: Scarecrow Press, 2010). 10. Tolerate risk 1 Frederick Dalzell, Engineering Invention: Frank J. Sprague and the U.S. Electrical Industry (Cambridge, MA: MIT Press, 2010). 2 Paul Israel, Edison: A Life of Invention (New York: John Wiley, 1998). 3 Thomas Edison, in Andrew Delaplaine, Thomas Edison: His Essential Quotations (New York: Gramercy Park, 2015), p. 3. 4 James Dyson, “No Innovator’s Dilemma Here: In Praise of Failure,” Wired, April 8, 2011, accessed August 21, 2015, <http://www.wired.com/2011/04/in-praise-of-failure/> 5 Marcia B. Hall, Michelangelo’s Last Judgment (Cambridge: Cambridge University Press, 2005). 6 Marcia B. Hall, Michelangelo’s Last Judgment. 7 Richard Steinitz, György Ligeti: Music of the Imagination (Boston: Northeastern University Press, 2003). 8 T.J.

Kahn, Beethoven and the Grosse Fuge: Music, Meaning, and Beethoven’s Most Difficult Work (Lanham, MD: Scarecrow Press, 2010). 10. Tolerate risk 1 Frederick Dalzell, Engineering Invention: Frank J. Sprague and the U.S. Electrical Industry (Cambridge, MA: MIT Press, 2010). 2 Paul Israel, Edison: A Life of Invention (New York: John Wiley, 1998). 3 Thomas Edison, in Andrew Delaplaine, Thomas Edison: His Essential Quotations (New York: Gramercy Park, 2015), p. 3. 4 James Dyson, “No Innovator’s Dilemma Here: In Praise of Failure,” Wired, April 8, 2011, accessed August 21, 2015, <http://www.wired.com/2011/04/in-praise-of-failure/> 5 Marcia B. Hall, Michelangelo’s Last Judgment (Cambridge: Cambridge University Press, 2005). 6 Marcia B. Hall, Michelangelo’s Last Judgment. 7 Richard Steinitz, György Ligeti: Music of the Imagination (Boston: Northeastern University Press, 2003). 8 T.J.


pages: 282 words: 89,266

Content Provider: Selected Short Prose Pieces, 2011–2016 by Stewart Lee

accounting loophole / creative accounting, Boris Johnson, call centre, centre right, David Attenborough, Etonian, James Dyson, Livingstone, I presume, Mark Zuckerberg, mass immigration, Nelson Mandela, offshore financial centre, plutocrats, Plutocrats, pre–internet, Right to Buy, Robert Gordon, Saturday Night Live, sensible shoes, Socratic dialogue, trickle-down economics, wage slave, young professional

Boyle thought he was slyly mocking the government with his millions of dancing NHS nurses, but the assembled dignitaries just stood back and smiled through gritted teeth because they knew they were about to destroy for ever all the regional theatre operations that nurtured this smug liberal hipster, once they’d milked him and all his gullible volunteer friends dry for the grand opening ceremony of their sterile corporate egg-and-spoon festival. 7) James Dyson, who invented a kind of wanker’s Hoover, described the whole idea of teenagers being interested in arts and culture as “going off to study French lesbian poetry”, a dismissal that manages to be racist, sexist, homophobic and anti-intellectual all at once. Good French lesbian poetry renders Dyson’s Hoover irrelevant anyway. It doesn’t matter how dirty your flat is if you have a book of French lesbian poetry to transport you.

In March, the gambling business had, without permission from the National Trust, who manage the site, mounted a massive picture of a jockey overnight on the back of the White Horse of Uffington, driving pegs into its prehistoric surface, in order to promote their betting outlets at the Cheltenham Festival race meeting. Paddy Power desecrated what is either a religious site, a work of art, or both, in the name of grubby commerce, and then treated anyone who objected as if they were a humourless curmudgeon. “I hope everyone who works for Paddy Power, or thought this was funny, is fucked to death by a giant white horse, the cold-hearted sport morons,” I concluded, lads’-mag style. Then I took aim at James Dyson, whom I called the inventor of “the wanker’s Hoover” for describing teenagers interested in arts and culture as fools “going off to study French lesbian poetry”, and I wrote that I hoped “Dyson’s billionaire penis will be torn off in the suck-pipe of one of his own Hoovers, a fate that would never befall a French lesbian poet”. But a call from my daughter’s nursery reporting sickness and loose bowels meant I had to collect her early, and I spent the rest of the day caring for her.

Eighty-eight branches of Paddy Power were firebombed during the small hours of 21 December, and the business’s chief executives Patrick Kennedy and Cormac McCarthy both woke to find the severed heads of white horses next to them in their beds; eighty-eight dead white horses, their genitals horribly mutilated, were left on the doorsteps of eighty-eight branches of Debenhams, whose chairman, Nigel Northridge, is also a non-executive director of Paddy Power; James Dyson awoke to find himself bound with the flex of a Dyson cleaner, his home surrounded by dozens of Dysons, somehow modified to broadcast, through the apertures of their distinctive suck-funnels, readings of the works of Renée Vivien and Natalie Barney: “My brunette with the golden eyes, your ivory body, your amber / Has left bright reflections in the room / Above the garden. / The clear midnight sky, under my closed lids, / Still shines … I am drunk from so many roses / Redder than wine.”


Britannia Unchained: Global Lessons for Growth and Prosperity by Kwasi Kwarteng, Priti Patel, Dominic Raab, Chris Skidmore, Elizabeth Truss

Airbnb, banking crisis, Carmen Reinhart, central bank independence, clockwatching, creative destruction, Credit Default Swap, demographic dividend, Edward Glaeser, eurozone crisis, fear of failure, glass ceiling, informal economy, James Dyson, Kenneth Rogoff, knowledge economy, long peace, margin call, Mark Zuckerberg, Martin Wolf, megacity, Mexican peso crisis / tequila crisis, Neil Kinnock, new economy, North Sea oil, oil shock, open economy, paypal mafia, pension reform, price stability, profit motive, Ronald Reagan, Sand Hill Road, Silicon Valley, Stanford marshmallow experiment, Steve Jobs, Walter Mischel, wealth creators, Winter of Discontent, working-age population, Yom Kippur War

Success has many fathers – and none more so than in the case of this particular bandage. It can be explained by factors as varied as a particular Yiddish colloquialism, a revolutionary package of free market reforms, a government-sponsored incubator programme and, of course, an IDF medic puzzled by the lack of progress in trauma technology. Every country has its share of star innovators – such as Bernard Bar-Natan or James Dyson – but Israel enjoys more than most. Despite its small size and lack of natural resources, Israel has the highest number of tech start-ups outside of the US and the third highest number of companies listed on the NASDAQ. Israel has the highest amount of venture capital attracted per capita in the world, three times the level in the US, and 30 times the average in Western Europe. Israel’s 7 million workers attract as much venture capital as France and Germany combined.6 Many countries have tried to grow their own version of Silicon Valley, but Israel is one of the few to succeed.

Talent is easier to find, the competition is less fierce, and creative thinking is at a premium in difficult times. The demise of British heavy industry in areas like the North East has left them economically deprived, but this should not be treated like a death sentence. All of this raises the question, ‘If they can do it, why can’t we?’ After all, there’s no shortage of inspirational examples of British entrepreneurs; James Dyson, Richard Branson and Peter Jones instantly spring to mind. Nor can the UK succumb to the quick and easy temptation of statism – that more government spending is the answer. Corporatism has little to recommend it. The malaise lies deeper than government policy alone can address. Reid Hoffman, founder of LinkedIn and one of the most famous Silicon Valley venture capitalists, argues that there is no reason why you couldn’t replicate the Valley’s success in Europe.


pages: 385 words: 101,761

Creative Intelligence: Harnessing the Power to Create, Connect, and Inspire by Bruce Nussbaum

3D printing, Airbnb, Albert Einstein, Berlin Wall, Black Swan, Chuck Templeton: OpenTable:, clean water, collapse of Lehman Brothers, creative destruction, Credit Default Swap, crony capitalism, crowdsourcing, Danny Hillis, declining real wages, demographic dividend, disruptive innovation, Elon Musk, en.wikipedia.org, Eugene Fama: efficient market hypothesis, Fall of the Berlin Wall, follow your passion, game design, housing crisis, Hyman Minsky, industrial robot, invisible hand, James Dyson, Jane Jacobs, Jeff Bezos, jimmy wales, John Gruber, John Markoff, Joseph Schumpeter, Kickstarter, lone genius, longitudinal study, manufacturing employment, Marc Andreessen, Mark Zuckerberg, Martin Wolf, new economy, Paul Graham, Peter Thiel, QR code, race to the bottom, reshoring, Richard Florida, Ronald Reagan, shareholder value, Silicon Valley, Silicon Valley ideology, Silicon Valley startup, six sigma, Skype, Steve Ballmer, Steve Jobs, Steve Wozniak, supply-chain management, Tesla Model S, The Chicago School, The Design of Experiments, the High Line, The Myth of the Rational Market, thinkpad, Tim Cook: Apple, too big to fail, tulip mania, We are the 99%, Y Combinator, young professional, Zipcar

You may have to relearn the joy of surprise, as it is often in the surprise that we find solutions. When James Dyson went casting about for a new technology for vacuum cleaners unlike the standard bag filters, he found it in sawmills, which traditionally use industrial cyclone fans to suck up the sawdust. That spinning cyclone method of picking up dirt became the heart of his Cyclone brand of vacuum cleaners, a successful cast if ever there was one. You’re not born with a great ability to connect dots. You learn it. Some of us learn it in school, some at jobs, others in life. It’s not a difficult competence, but it is a deliberate one. The anxiety many of us feel about creativity often stems from a belief that we need to create something from nothing. We don’t. The scientists at ITRI and James Dyson began with something they already had—an area of expertise, a skill, a technology they were hoping to update—and went casting for ideas in both new and familiar places.

articleid=870; Robert Berner, “Why P&G’s Smile Is So Bright,” July 31, 2002, BusinessWeek, accessed October 3, 2012, http://www.businessweek.com/smallbiz/content/aug2002/sb2002081_2099.htm. 61 According to the Wall Street Journal: Michael Totty, “Paper Thin Screens with a Twist,” Wall Street Journal, September 26, 2010, accessed September 4, 2012, http://online.wsj.com/article/ SB10001424052748703470904575500342513725972.html. 62 When James Dyson went casting: Patrick Mahoney, MachineDesign.com, August 7, 2008, accessed October 3, 2012, http://ma chinedesign.com/article/industrial-design-design-the-dyson-way-0807. 63 When I visited him in Toronto: Bill Buxton, interviews with the author, March 7, 2011, April 5, 2011, September 15, 2011, May 7, 2012; http://www.billbuxton.com/, accessed October 3, 2012. 65 “I put the black and white: “Van Gogh’s Letters,” WebExhibits, accessed September 4, 2012, http://www.webexhibits.org/ vangogh/letter/20/607.htm; Debora Silverman, Van Gogh and Gauguin: The Search for Sacred Art (New York: Farrar, Straus and Giroux, 2000), 396. 65 Bob Dylan looked to Woody: Caspar Llewellyn Smith, Guardian, June 15, 2011, accessed September 4, 2012, http://www.guardian.co.uk/music/2011/jun/16/bob-dylan-woody-guthrie. 66 When asked in an interview: Cynthia McFadden, interview, ABC News, January 13, 2012, accessed September 4, 2012, http://abcnews.go.com/blogs/entertainment/ 2012/01/madonna-breaks-silence-on-gaga-born- this-way-controversy-2020-exclusive-tonight/. 66 has a replica of the Saturn V: Greg Klerkx, New Scientist, December 12, 2011, accessed at http://www.marssociety.org/home/press/news/ illputmillionsofpeopleonmarssayselonmusk on October 15, 2012. 66 the powerful rocket: http://www.nasa.gov/audience/foreducators/rocketry/home/what-was-the-saturn-v-58.html, accessed October 15, 2012; http://www.time.com/time/specials/ packages/article/0,28804, 1910599_1910769_1910767,00.html, accessed October 18, 2012. 66 BMW bought and revived: http://www.miniusa.com/#/learn/FACTS_ FEATURES_SPECS/history/storyOfMini-m, accessed October 15, 2012; http://www.topspeed.com/cars/mini/1959-2006-the-history-of-mini-ar10921.html, accessed October 15, 2012. 66 It is once again: http://www.motoringfile.com/2012/02/04/ businessweek-mini-wins-big-over-smart/. 67 Paul Polak has spent: Paul Polak and Jacqueline Novogratz, founder of the Acumen Fund, are my two heroes in redesigning models to improve life in what C.


pages: 401 words: 93,256

Alchemy: The Dark Art and Curious Science of Creating Magic in Brands, Business, and Life by Rory Sutherland

3D printing, Alfred Russel Wallace, barriers to entry, basic income, Black Swan, butterfly effect, California gold rush, call centre, Captain Sullenberger Hudson, Cass Sunstein, cognitive dissonance, Daniel Kahneman / Amos Tversky, Dava Sobel, delayed gratification, Donald Trump, double helix, Downton Abbey, Elon Musk, Firefox, George Akerlof, gig economy, Google Chrome, Google X / Alphabet X, Grace Hopper, Hyperloop, Ignaz Semmelweis: hand washing, IKEA effect, information asymmetry, James Dyson, John Harrison: Longitude, loss aversion, low cost airline, Mason jar, Murray Gell-Mann, Peter Thiel, placebo effect, race to the bottom, Richard Feynman, Richard Thaler, Rory Sutherland, shareholder value, Silicon Valley, social intelligence, Steve Jobs, supply-chain management, the map is not the territory, The Market for Lemons, The Wealth of Nations by Adam Smith, ultimatum game, universal basic income, Upton Sinclair, US Airways Flight 1549, Veblen good

We also found, rather annoyingly, that the success of this approach did not always guarantee repeat business; it is difficult for a company, or indeed a government, to request a budget for the pursuit of such magical solutions, because a business case has to look logical. It’s true that logic is usually the best way to succeed in an argument, but if you want to succeed in life it is not necessarily all that useful; entrepreneurs are disproportionately valuable precisely because they are not confined to doing only those things that make sense to a committee. Interestingly, the likes of Steve Jobs, James Dyson, Elon Musk and Peter Thiel often seem certifiably bonkers; Henry Ford famously despised accountants – the Ford Motor Company was never audited while he had control of it. When you demand logic, you pay a hidden price: you destroy magic. And the modern world, oversupplied as it is with economists, technocrats, managers, analysts, spreadsheet-tweakers and algorithm designers, is becoming a more and more difficult place to practise magic – or even to experiment with it.

After wandering around a department store for half an hour, I explained that there were only two sums of money I was prepared to spend in the store: ‘zero’ or ‘a lot’. Zero would be good, as we could keep our existing linen and spend the money on other things. A lot of money was also acceptable, as I could then become excited by thread counts, tog ratings and exotic goose down. By contrast, spending something in between would have given me neither of these two emotional rewards. The success of the brilliant engineer-alchemist James Dyson in selling vacuum cleaners seems to arise from a similar mental disparity. Vacuum cleaners used to be a grudge buy that was only necessary when your old one had broken. Dyson added a degree of excitement to the transaction. Before he invented them, there was no public clamour for ‘really expensive vacuum cleaners that look really cool’, any more than people before Starbucks were begging cafés to sell really expensive coffee.


pages: 279 words: 90,888

The Lost Decade: 2010–2020, and What Lies Ahead for Britain by Polly Toynbee, David Walker

banking crisis, battle of ideas, Boris Johnson, call centre, car-free, centre right, collective bargaining, congestion charging, corporate governance, crony capitalism, David Attenborough, Dominic Cummings, Donald Trump, Downton Abbey, energy transition, Etonian, first-past-the-post, G4S, gender pay gap, gig economy, Gini coefficient, global village, high net worth, housing crisis, income inequality, industrial robot, Intergovernmental Panel on Climate Change (IPCC), James Dyson, manufacturing employment, mass immigration, moral panic, mortgage debt, North Sea oil, offshore financial centre, payday loans, pension reform, quantitative easing, Right to Buy, Saturday Night Live, selection bias, smart meter, Uber for X, urban renewal, working-age population

Toryism Triumphant The 2010s demonstrated the extraordinary staying power of the Tory party: battered, fractured, its leaders vainglorious and downright incompetent in varying measure, its ideological commitments rejected in poll after poll, yet its core support was sufficient to keep a grip on power, abetted as always by the media barons, money men and the individualist inertia that kept so many on the right side of the road, time and again. The money men performed indifferently. For all their rhetoric, Tory ministers presided over an economy that did not grow much; entrepreneurs did not miraculously step up and innovate, whatever the would-be titans of free enterprise such as James Dyson kept promising. Tory rebels showed the party at once fissuring and solid. Yes, Johnson expelled Brexit refuseniks. But consider Dan Poulter, a doctor who, after meeting Cameron in 2006, was persuaded to enter politics and became a minister in 2010. He later resigned, having woken up to ‘chronic underfunding of mental health and social care services, a shortage of social and appropriate sheltered housing, together with a benefits system that does not always adequately recognise the needs of people with severe and enduring mental illness’.

He voted leave, influenced by his son, who thought ending production subsidies – 55 per cent of UK farm income came from the Common Agricultural Policy – would see agricultural land prices fall, allowing younger people to get into farming. But again, it was a complicated story: the steep rise in the price of farmland had been driven by rich investors, attracted by the fact that farmland was inheritance-tax exempt. Among them was arch-Brexiter James Dyson, who was reported by Farmers Weekly to own 33,000 acres, more than the Queen. This most conservative of innovators squealed at the prospect of losing his own farming subsidy from the EU. The leave campaign promised cheaper food, neglecting to add that that had to mean less income for farmers. Anxious, Gove promised that the UK would maintain all the farmers’ subsidies post-Brexit, at least until 2022.


pages: 94 words: 26,453

The End of Nice: How to Be Human in a World Run by Robots (Kindle Single) by Richard Newton

3D printing, Black Swan, British Empire, Buckminster Fuller, Clayton Christensen, crowdsourcing, deliberate practice, disruptive innovation, fear of failure, Filter Bubble, future of work, Google Glasses, Isaac Newton, James Dyson, Jaron Lanier, Jeff Bezos, job automation, lateral thinking, Lean Startup, low skilled workers, Mark Zuckerberg, move fast and break things, move fast and break things, Paul Erdős, Paul Graham, recommendation engine, rising living standards, Robert Shiller, Robert Shiller, Silicon Valley, Silicon Valley startup, skunkworks, social intelligence, Steve Ballmer, Steve Jobs, Y Combinator

In contrast, pursuing a field where the success rates were low – such as being an artist or setting up a business – simply didn’t seem a good idea to well adjusted people. Those who chose that route were the exceptions. They were the misfits who embraced the risk of failure because they were driven. For the fortunate this lit the path to great success. Listen to these words from the entrepreneurial inventor, James Dyson. It sounds deliberately provocative, if you haven’t understood the creative potential of fearless discovery. Do your ideas ever fail?, he was asked in Wired magazine. “Absolutely,” he replied. “It’s when something fails that you learn. If it doesn’t fail, you don’t learn anything. You haven’t made any progress. Everything I do is a mistake. It fails. For the past 42 years – I’ve had a life of it.”


pages: 459 words: 138,689

Slowdown: The End of the Great Acceleration―and Why It’s Good for the Planet, the Economy, and Our Lives by Danny Dorling, Kirsten McClure

Affordable Care Act / Obamacare, Berlin Wall, Bernie Sanders, Boris Johnson, British Empire, business cycle, capital controls, clean water, creative destruction, credit crunch, Donald Trump, drone strike, Elon Musk, en.wikipedia.org, Flynn Effect, full employment, future of work, gender pay gap, global supply chain, Google Glasses, Henri Poincaré, illegal immigration, immigration reform, income inequality, Intergovernmental Panel on Climate Change (IPCC), Internet of things, Isaac Newton, James Dyson, jimmy wales, John Harrison: Longitude, Kickstarter, low earth orbit, Mark Zuckerberg, market clearing, Martin Wolf, mass immigration, means of production, megacity, meta analysis, meta-analysis, mortgage debt, nuclear winter, pattern recognition, Ponzi scheme, price stability, profit maximization, purchasing power parity, QWERTY keyboard, random walk, rent control, rising living standards, Robert Gordon, Robert Shiller, Robert Shiller, Ronald Reagan, Scramble for Africa, sexual politics, Skype, Stephen Hawking, Steven Pinker, structural adjustment programs, the built environment, Tim Cook: Apple, transatlantic slave trade, trickle-down economics, very high income, wealth creators, wikimedia commons, working poor

The everyday reality of something as simple as cleaning ourselves is beginning to become fixed again, just as fixed as drawing water from a well used to be, for generation after generation—before the most rapid period of acceleration, which began around 1901. No one today suggests inventing a new kind of shower without running water, or some sort of completely new toilet bowl (although a few people do suggest a return to squatting while defecating because it might be healthier). In fact, technological progress is now so slow that a minor adaptation to a common household appliance can be heralded as a great advance, as happened in 2007 when James Dyson was knighted for inventing a bagless vacuum cleaner. Back in 1901, several people in the United States and the United Kingdom invented slightly different versions of the original vacuum cleaner, but none was knighted for it, or otherwise lauded, because back then such progress was so rapid that before you knew it, there was another invention.20 Today we have to search very hard to find examples of innovation.

A century ago there were many great inventions; there are very few now. In the United States people are offered innovations such as Mark Zuckerberg’s “Facebook credits,” invented in 2009 and defunct by 2013, and Elon Musk’s SpaceX’s promise of an inaugural private passenger trip around the moon and back on a “Big Falcon Rocket” in 2023. The responses of many are “Why?” and “Really?” In the United Kingdom, we are forced to celebrate Sir James Dyson’s hand dryer and Sir Richard Branson’s tilting trains, even though he and his Virgin company did not invent them: businesses invent brands now, not completely new machines. For the foreseeable future, no great new economic step forward is being taken—China is very slowly catching up on a declining United States, but it will be many decades before the two countries’ per capita GDP is similar. In contrast, GDP per capita in the United States overtook Britain much more quickly, back (coincidentally) in 1901.


pages: 166 words: 49,639

Start It Up: Why Running Your Own Business Is Easier Than You Think by Luke Johnson

Albert Einstein, barriers to entry, Bernie Madoff, business cycle, collapse of Lehman Brothers, corporate governance, corporate social responsibility, creative destruction, credit crunch, Grace Hopper, happiness index / gross national happiness, high net worth, James Dyson, Jarndyce and Jarndyce, Jarndyce and Jarndyce, Kickstarter, mass immigration, mittelstand, Network effects, North Sea oil, Northern Rock, patent troll, plutocrats, Plutocrats, Ponzi scheme, profit motive, Ralph Waldo Emerson, Silicon Valley, software patent, stealth mode startup, Steve Jobs, Steve Wozniak, The Wealth of Nations by Adam Smith, traveling salesman, tulip mania, Vilfredo Pareto, wealth creators

It tells the true story of Bob Kearns, the professor who pioneered the intermittent windscreen wiper for cars. He showed it to the Ford Motor Company in 1969, but subsequently entered into interminable litigation with it, almost reminiscent of Jarndyce and Jarndyce in Charles Dickens’s Bleak House. More than twenty years later, he settled for $10.2 million, but only after legal action had taken over his life. Unfortunately, patent infringement is a fact of life for inventors. Sir James Dyson, inventor of the bagless vacuum cleaner, talks in his autobiography Against The Odds (Orion, 1997) about various lawsuits against both Hoover and Amway. Knowledge of patent law and persistence bordering on the obsessive seem useful attributes if you want to be a successful inventor. The subject of intellectual property and its protection is a contentious one. Many industries, such as the pharmaceutical trade, can only exist thanks to laws that allow them to enjoy temporary monopolies for original products.


pages: 497 words: 150,205

European Spring: Why Our Economies and Politics Are in a Mess - and How to Put Them Right by Philippe Legrain

3D printing, Airbnb, Asian financial crisis, bank run, banking crisis, barriers to entry, Basel III, battle of ideas, Berlin Wall, Big bang: deregulation of the City of London, Boris Johnson, Bretton Woods, BRICs, British Empire, business cycle, business process, capital controls, Capital in the Twenty-First Century by Thomas Piketty, Carmen Reinhart, Celtic Tiger, central bank independence, centre right, cleantech, collaborative consumption, collapse of Lehman Brothers, collective bargaining, corporate governance, creative destruction, credit crunch, Credit Default Swap, crony capitalism, currency manipulation / currency intervention, currency peg, debt deflation, Diane Coyle, disruptive innovation, Downton Abbey, Edward Glaeser, Elon Musk, en.wikipedia.org, energy transition, eurozone crisis, fear of failure, financial deregulation, first-past-the-post, forward guidance, full employment, Gini coefficient, global supply chain, Growth in a Time of Debt, hiring and firing, hydraulic fracturing, Hyman Minsky, Hyperloop, immigration reform, income inequality, interest rate derivative, Intergovernmental Panel on Climate Change (IPCC), Irish property bubble, James Dyson, Jane Jacobs, job satisfaction, Joseph Schumpeter, Kenneth Rogoff, Kickstarter, labour market flexibility, labour mobility, liquidity trap, margin call, Martin Wolf, mittelstand, moral hazard, mortgage debt, mortgage tax deduction, North Sea oil, Northern Rock, offshore financial centre, oil shale / tar sands, oil shock, open economy, peer-to-peer rental, price stability, private sector deleveraging, pushing on a string, quantitative easing, Richard Florida, rising living standards, risk-adjusted returns, Robert Gordon, savings glut, school vouchers, self-driving car, sharing economy, Silicon Valley, Silicon Valley startup, Skype, smart grid, smart meter, software patent, sovereign wealth fund, Steve Jobs, The Death and Life of Great American Cities, The Wealth of Nations by Adam Smith, too big to fail, total factor productivity, Tyler Cowen: Great Stagnation, working-age population, Zipcar

If people reap huge rewards by appropriating value created by others, that unfairness distorts incentives and makes society as a whole worse off. If some scrape by in penury while others live in luxury, such indecency fragments society, preventing the interchange of ideas from which innovation springs. A dynamic economy will inevitably create huge disparities of wealth. Those who seize business opportunities and develop new technologies that create value for the rest of society ought to be rewarded for it. Few would begrudge James Dyson, a British inventor whose eponymous bagless vacuum cleaners have cleaned up, his fortune. Xavier Niel, the founder of Free, has done France a huge service by freeing up internet provision there. Anyone who has shopped at Ikea can thank Sweden’s Ingvar Kamprad. But alongside Europe’s deserving billionaires are many undeserving ones. Britain’s richest man, Gerald Cavendish Grosvenor (also known as the Duke of Westminster), contributes nothing to society; in fact, he leeches off it.

And as Thomas Piketty of the Paris School of Economics has pointed out, as growth slows and with it the creation of new wealth, old (inherited) fortunes weigh more heavily than before.723 A decent society should want to encourage effort and enterprise – by everyone, not just those who end up billionaires – without rewarding undeserved or unearned income. Battles between right and left about how high tax rates should be generally fail to make this distinction: those who want to cut taxes point to people like James Dyson, those who want to raise them point to Fred Goodwin. But while no economic system can perfectly distinguish between deserved income and wealth and the undeserved variety, societies could still do much better. The starting point is to tackle problems at their source, since undeserved income is generally a symptom of an underlying problem that also has wider costs. Ending the tax privileges of debt, as Chapter 10 suggested, would curb the size and profitability of the financial system, and thus the outsized rewards to financiers.


pages: 543 words: 147,357

Them And Us: Politics, Greed And Inequality - Why We Need A Fair Society by Will Hutton

Andrei Shleifer, asset-backed security, bank run, banking crisis, Benoit Mandelbrot, Berlin Wall, Bernie Madoff, Big bang: deregulation of the City of London, Blythe Masters, Boris Johnson, Bretton Woods, business cycle, capital controls, carbon footprint, Carmen Reinhart, Cass Sunstein, centre right, choice architecture, cloud computing, collective bargaining, conceptual framework, Corn Laws, corporate governance, creative destruction, credit crunch, Credit Default Swap, debt deflation, decarbonisation, Deng Xiaoping, discovery of DNA, discovery of the americas, discrete time, diversification, double helix, Edward Glaeser, financial deregulation, financial innovation, financial intermediation, first-past-the-post, floating exchange rates, Francis Fukuyama: the end of history, Frank Levy and Richard Murnane: The New Division of Labor, full employment, George Akerlof, Gini coefficient, global supply chain, Growth in a Time of Debt, Hyman Minsky, I think there is a world market for maybe five computers, income inequality, inflation targeting, interest rate swap, invisible hand, Isaac Newton, James Dyson, James Watt: steam engine, joint-stock company, Joseph Schumpeter, Kenneth Rogoff, knowledge economy, knowledge worker, labour market flexibility, liberal capitalism, light touch regulation, Long Term Capital Management, Louis Pasteur, low cost airline, low-wage service sector, mandelbrot fractal, margin call, market fundamentalism, Martin Wolf, mass immigration, means of production, Mikhail Gorbachev, millennium bug, money market fund, moral hazard, moral panic, mortgage debt, Myron Scholes, Neil Kinnock, new economy, Northern Rock, offshore financial centre, open economy, plutocrats, Plutocrats, price discrimination, private sector deleveraging, purchasing power parity, quantitative easing, race to the bottom, railway mania, random walk, rent-seeking, reserve currency, Richard Thaler, Right to Buy, rising living standards, Robert Shiller, Robert Shiller, Ronald Reagan, Rory Sutherland, Satyajit Das, shareholder value, short selling, Silicon Valley, Skype, South Sea Bubble, Steve Jobs, The Market for Lemons, the market place, The Myth of the Rational Market, the payments system, the scientific method, The Wealth of Nations by Adam Smith, too big to fail, unpaid internship, value at risk, Vilfredo Pareto, Washington Consensus, wealth creators, working poor, zero-sum game, éminence grise

Unfortunately, any budding entrepreneur today might think it is much easier to make money by being a trader in an investment bank. Society wants as few of these as possible. Our collective wealth stems from the innovations of productive entrepreneurs, so we have to encourage them. We must keep the rewards that accrue from unproductive entrepreneurship low, and the status and rewards from productive entrepreneurship high, so that capitalism has a chance of delivering. The country wants and needs people like James Dyson, the inventor of the bagless vacuum cleaner, and Stelios Haji-Ioannous, the founder of EasyJet. It does not need too many private-equity firms like Guy Hands’ Terra Firma, which try to make tens of millions from re-engineering once-great companies like EMI, or the likes of Philip Green, who use financial leverage and exploit gaps in the tax system to make their fortunes. One of the salient criticisms of private-equity firms is that, for all their claims about being productive change agents, in essence they are merely clever redistributors of rewards to themselves.

Just as the unions portrayed themselves as essential to the construction of a Britain in which working-class interests would be enshrined, so the City portrayed itself as essential to a post-industrial Britain in which financial services would be in the vanguard of national wealth generation. Just as the trade unions’ capture of the state ended in the breakdown of social democracy and the evident bankruptcy of the institutions and policies it generated – from incomes policies to corporatist efforts to stimulate productive entrepreneurship – so the City’s capture of the state has ended in the current calamity. It has created a world of too many Philip Greens and too few James Dysons. The short-term structure of bank lending, the unwillingness to finance innovation, the creation of an ‘asset management’ industry that is more interested in buying and selling companies than exercising ownership responsibilities, excessive takeovers, sky-high fees and commissions and the sheer size of the City – attracting capital inflows that buoy up sterling – comprise a formidable anti-investment and anti-innovation structure.


pages: 229 words: 68,426

Everyware: The Dawning Age of Ubiquitous Computing by Adam Greenfield

augmented reality, business process, defense in depth, demand response, demographic transition, facts on the ground, game design, Howard Rheingold, Internet of things, James Dyson, knowledge worker, late capitalism, Marshall McLuhan, new economy, Norbert Wiener, packet switching, pattern recognition, profit motive, QR code, recommendation engine, RFID, Steve Jobs, technoutopianism, the built environment, the scientific method

For a variety of reasons, from the advantages that ostensibly accrue to first movers to the constraints imposed by venture capitalists, shareholders, and other bottom-liners, GOOD is rarely among the options pursued. Given the inherent pressures of the situation, it often takes an unusually dedicated, persistent, and powerful advocate—Steve Jobs comes to mind, as does vacuum-cleaner entrepreneur James Dyson—to see a high-quality design project through to completion with everything that makes it excellent intact. Moreover, the more complex the product or service at hand, the more likely it will be to have a misguided process of "value engineering" applied at some point between inception and delivery. Although the practice has its roots in an entirely legitimate desire to prune away redundancy and overdesign, it is disastrous when applied to IT development.


pages: 204 words: 66,619

Think Like an Engineer: Use Systematic Thinking to Solve Everyday Challenges & Unlock the Inherent Values in Them by Mushtak Al-Atabi

3D printing, agricultural Revolution, Albert Einstein, Barry Marshall: ulcers, Black Swan, business climate, call centre, Clayton Christensen, clean water, cognitive bias, corporate social responsibility, dematerialisation, disruptive innovation, Elon Musk, follow your passion, global supply chain, happiness index / gross national happiness, invention of the wheel, iterative process, James Dyson, Kickstarter, knowledge economy, Lao Tzu, Lean Startup, On the Revolutions of the Heavenly Spheres, remote working, shareholder value, six sigma, Steve Jobs, Steven Pinker

The ultimate aspiration of the book is to provide a practical and concise, yet holistic framework that can be used by anyone to solve challenges and add value while maintaining a balanced view of life. It also aspires to embrace the evolutionary nature of the creative process while providing the systematic scaffolding that ensures eventual convergence on the suitable solution. Chapter 1 Engineering “Manufacturing is more than just putting parts together. It's coming up with ideas, testing principles and perfecting the engineering, as well as final assembly.” Sir James Dyson, Founder of Dyson Company “The path to the CEO's office should not be through the CFO's office, and it should not be through the marketing department. It needs to be through engineering and design.” Elon Musk, CEO & CTO of Tesla CEO & Chief Product Architect of Tesla Motors Engineering is old; as old as human civilisation itself. It was born out of the need of humans to modify their environment to provide their basic needs such as food, shelter and security.


pages: 273 words: 21,102

Branding Your Business: Promoting Your Business, Attracting Customers and Standing Out in the Market Place by James Hammond

Albert Einstein, call centre, Donald Trump, intangible asset, James Dyson, Jeff Bezos, market design, Nelson Mandela, Ralph Waldo Emerson, Steve Jobs, the market place

If Creating your Brand Storybook™ 225 they are qualities you have sought after and applied in your business, then you have a story to tell.  Your achievements. What have you done in your life that’s worth telling others about? Many small business operators fail to acknowledge that even by starting their own companies they have achieved what for many is just a dream. Bill Gates, considered the world’s richest man, began his business in his garage, as did Jeff Bezos, the founder of Amazon.com. It took Sir James Dyson, another wealthy entrepreneur, 10 years and countless rejections from major manufacturers before he was able to launch his world-renowned cyclonic vacuum cleaners. The achievements of many business icons of this calibre have created great stories for the media, and most have gone on to feature in autobiographies, giving their brands even more ‘personal power’ (as well as extra revenue from book sales and royalties).


pages: 606 words: 87,358

The Great Convergence: Information Technology and the New Globalization by Richard Baldwin

"Robert Solow", 3D printing, additive manufacturing, Admiral Zheng, agricultural Revolution, air freight, Amazon Mechanical Turk, Berlin Wall, bilateral investment treaty, Branko Milanovic, buy low sell high, call centre, Columbian Exchange, commoditize, Commodity Super-Cycle, David Ricardo: comparative advantage, deindustrialization, domestication of the camel, Edward Glaeser, endogenous growth, Erik Brynjolfsson, financial intermediation, George Gilder, global supply chain, global value chain, Henri Poincaré, imperial preference, industrial cluster, industrial robot, intangible asset, invention of agriculture, invention of the telegraph, investor state dispute settlement, Isaac Newton, Islamic Golden Age, James Dyson, Kickstarter, knowledge economy, knowledge worker, Lao Tzu, low skilled workers, market fragmentation, mass immigration, Metcalfe’s law, New Economic Geography, out of africa, paper trading, Paul Samuelson, Pax Mongolica, profit motive, rent-seeking, reshoring, Richard Florida, rising living standards, Robert Metcalfe, Second Machine Age, Simon Kuznets, Skype, Snapchat, Stephen Hawking, telepresence, telerobotics, The Wealth of Nations by Adam Smith, trade liberalization, trade route, Washington Consensus

When Dyson moved its production to Malaysia in 2003, the move was derided in the British press at the time. In a Daily Mail story covering the move, trade union official Roger Lyons said: “Dyson has betrayed the 800 people whose jobs are being shipped out and hundreds more jobs from supply chain companies. He has betrayed British manufacturing and British consumers who have put him and his product where it is today.” Founder and owner James Dyson defended the move as saving jobs. In a Guardian interview, he said: We are a much more flourishing company now because of what we did and it’s doubtful if we could have survived in the long term if we had not done so.… We employ 1,300 at Malmesbury [the U.K. site]—engineers, scientists, and people running the business. The decision to shift production to Malaysia was not good for Britain in one sense because we don’t employ manual labor any more.


Norman Foster: A Life in Architecture by Deyan Sudjic

Buckminster Fuller, carbon footprint, credit crunch, cuban missile crisis, Frank Gehry, interchangeable parts, James Dyson, Jane Jacobs, low cost airline, Masdar, megacity, megastructure, Murano, Venice glass, Norman Mailer, Pearl River Delta, Peter Eisenman, sustainable-tourism, The Death and Life of Great American Cities, University of East Anglia, urban decay, urban renewal, white flight, young professional

Both by the look of the drawings, that in his eyes are artworks in their own right, and by the insight into the world of design that they offered. Studying those carefully rendered images that sliced away the layers of the fuselage to show the underlying geodesic structure of a Wellington bomber, designed to be tough enough to survive a direct hit in the air, or that laid bare the construction techniques used to build the Forth Railway Bridge, it’s easy to see why they would have ignited a spark of curiosity in the mind of a young James Dyson or a Norman Foster about the way the world worked. Years later, Foster tracked down John Batchelor, the artist responsible for some of the later cutaways, and asked him to make a drawing to analyse the vivid yellow steel masts that he had designed to support the roof of the Renault parts warehouse that he built outside Swindon. Despite their charm, these cutaways seem to lack the authority of the cross-section through a Cunarder that Le Corbusier cited as a precedent for his apartment slab in Marseilles, the Unité d’Habitation.


pages: 335 words: 96,002

WEconomy: You Can Find Meaning, Make a Living, and Change the World by Craig Kielburger, Holly Branson, Marc Kielburger, Sir Richard Branson, Sheryl Sandberg

Airbnb, Albert Einstein, barriers to entry, blood diamonds, business intelligence, business process, carbon footprint, clean water, cleantech, Colonization of Mars, corporate social responsibility, Downton Abbey, Elon Musk, energy transition, family office, future of work, global village, inventory management, James Dyson, job satisfaction, Kickstarter, market design, meta analysis, meta-analysis, microcredit, Nelson Mandela, Occupy movement, pre–internet, shareholder value, sharing economy, Silicon Valley, Snapchat, Steve Jobs, telemarketer, The Fortune at the Bottom of the Pyramid, working poor, Y Combinator

mOm is a collapsible, portable infant incubator—much lighter and cheaper than traditional models—that provides a regulated environment to keep babies warm every bit as effectively as the incubators in well-equipped neonatal intensive care wards. James Roberts created mOm after watching a documentary on Syria in which he learned that the stress of war has caused infant mortality rates to soar. He saw this as an opportunity to make a difference and invented mOm in a Design Engineering course at Loughborough University, where he went on to win the Sir James Dyson Global Prize for Innovation in 2014. The genius of mOm is that it's designed to be used anywhere, from rugged, harsh environments in rural Africa to time-sensitive neonatal transport in the developed world—and everywhere in between. mOm provides high quality, durable infant care conditions to service the most challenging settings. First steps at Virgin were to meet the team behind mOm. James and his partner Matt Khoory jumped at the chance to show off their product and to talk about seed funding.


pages: 308 words: 99,298

Brexit, No Exit: Why in the End Britain Won't Leave Europe by Denis MacShane

3D printing, banking crisis, battle of ideas, Big bang: deregulation of the City of London, Boris Johnson, Bretton Woods, British Empire, centre right, Corn Laws, deindustrialization, Doha Development Round, Donald Trump, Etonian, European colonialism, first-past-the-post, fixed income, Gini coefficient, greed is good, illegal immigration, James Dyson, labour mobility, liberal capitalism, low cost airline, low cost carrier, Martin Wolf, mass immigration, Mont Pelerin Society, negative equity, Neil Kinnock, new economy, non-tariff barriers, offshore financial centre, open borders, open economy, price stability, purchasing power parity, quantitative easing, reshoring, road to serfdom, secular stagnation, Silicon Valley, Thales and the olive presses, trade liberalization, transaction costs, women in the workforce

As he points out, the BBC does not give equal space to climate change deniers whenever John Humphries or Nick Robinson interviews a scientist issuing a warning about global warming. But the BBC was prepared to broadcast complete lies about Europe without any challenge. Professor Gaber gave these examples. •Just one day before the vote, 1,280 business leaders signed a letter to The Times backing EU membership. This was ‘balanced’ on BBC bulletins by one man, Sir James Dyson, who had long ago come out for Brexit and had moved his business out of the UK to Malaysia. •When ten Nobel economics laureates warned of danger to the UK economy this was ‘balanced’ by an interview with a longstanding anti-European campaigner, Professor Patrick Minford, who has university status but at hardly the same level as Nobel Prize-winning economists of world renown. This BBC ping-pong (also copied by Sky, ITN or Channel 4 news, as well as commercial radio stations), in which exactly equal room was given to statements that were deliberate propaganda falsifications, greatly helped the Leave side, whose repeated lies that Turkey would join the EU and the UK could not veto this, that £350 million a week would be available to spend on the NHS outside the EU, that most non-UK-born residents were from Europe or that a European Army was about to be formed helped sway voters.


pages: 375 words: 109,675

Railways & the Raj: How the Age of Steam Transformed India by Christian Wolmar

Beeching cuts, British Empire, collective bargaining, colonial rule, James Dyson, John Snow's cholera map, joint-stock company, Khyber Pass, Kickstarter, low cost airline, Mahatma Gandhi, Ponzi scheme, railway mania, strikebreaker, trade route, women in the workforce

The initial protagonist for the Great Indian Peninsula Railway was one of those amateur enthusiasts who litter the history of early railways. John Chapman was a carriage manufacturer who had rather grander ideas about designing a flying machine, but soon gave up on the plan. He had been a successful manufacturer of knitting machinery for export to the Continent until he ran afoul of British export controls designed to limit foreign acquisition of machinery that could threaten the domestic industry. He was a kind of James Dyson of his time and was to play a key role in turning the dream of Indian railways into reality. Chapman wrote a pamphlet on the need for better transport for cotton and brought together a group of promoters to create the Great Indian Peninsula Railway company. He was motivated enough to take himself to Bombay to undertake a survey of potential routes, but initially chose an alignment that involved passing through already populated areas.


pages: 385 words: 111,113

Augmented: Life in the Smart Lane by Brett King

23andMe, 3D printing, additive manufacturing, Affordable Care Act / Obamacare, agricultural Revolution, Airbnb, Albert Einstein, Amazon Web Services, Any sufficiently advanced technology is indistinguishable from magic, Apple II, artificial general intelligence, asset allocation, augmented reality, autonomous vehicles, barriers to entry, bitcoin, blockchain, business intelligence, business process, call centre, chief data officer, Chris Urmson, Clayton Christensen, clean water, congestion charging, crowdsourcing, cryptocurrency, deskilling, different worldview, disruptive innovation, distributed generation, distributed ledger, double helix, drone strike, Elon Musk, Erik Brynjolfsson, Fellow of the Royal Society, fiat currency, financial exclusion, Flash crash, Flynn Effect, future of work, gig economy, Google Glasses, Google X / Alphabet X, Hans Lippershey, Hyperloop, income inequality, industrial robot, information asymmetry, Internet of things, invention of movable type, invention of the printing press, invention of the telephone, invention of the wheel, James Dyson, Jeff Bezos, job automation, job-hopping, John Markoff, John von Neumann, Kevin Kelly, Kickstarter, Kodak vs Instagram, Leonard Kleinrock, lifelogging, low earth orbit, low skilled workers, Lyft, M-Pesa, Mark Zuckerberg, Marshall McLuhan, megacity, Metcalfe’s law, Minecraft, mobile money, money market fund, more computing power than Apollo, Network effects, new economy, obamacare, Occupy movement, Oculus Rift, off grid, packet switching, pattern recognition, peer-to-peer, Ray Kurzweil, RFID, ride hailing / ride sharing, Robert Metcalfe, Satoshi Nakamoto, Second Machine Age, selective serotonin reuptake inhibitor (SSRI), self-driving car, sharing economy, Shoshana Zuboff, Silicon Valley, Silicon Valley startup, Skype, smart cities, smart grid, smart transportation, Snapchat, social graph, software as a service, speech recognition, statistical model, stem cell, Stephen Hawking, Steve Jobs, Steve Wozniak, strong AI, TaskRabbit, technological singularity, telemarketer, telepresence, telepresence robot, Tesla Model S, The Future of Employment, Tim Cook: Apple, trade route, Travis Kalanick, Turing complete, Turing test, uber lyft, undersea cable, urban sprawl, V2 rocket, Watson beat the top human players on Jeopardy!, white picket fence, WikiLeaks

The arm, made by Limbitless Solutions,5 was designed to look like Iron Man’s robotic enhanced suit and cost just US$350 to print. Quite an achievement when a prosthetic might often sell for more than US$40,000. Figure 6.2: This Iron Man-themed prosthetic limb was 3D printed for around US$350. (Credit: Microsoft Collective Project) A 3D-printed bionic hand designed by prosthetics start-up Open Bionics was the recipient of the 2015 UK James Dyson Award for design engineering innovation. What makes the Open Bionics hand stand out is its design, which enables it to be cheaper and faster to produce than many of the prosthetics currently available for amputees. Taking just 40 hours to 3D print, the robotic hand is built from custom pieces designed to fit amputees’ limbs precisely, and uses electromyographic sensors, which detect muscle movement, to control the hand.By flexing their muscles, wearers can choose whether to open and close the hand or grip objects.


pages: 335 words: 111,405

B Is for Bauhaus, Y Is for YouTube: Designing the Modern World From a to Z by Deyan Sudjic

3D printing, additive manufacturing, Albert Einstein, Berlin Wall, Boris Johnson, Buckminster Fuller, call centre, carbon footprint, clean water, dematerialisation, deskilling, edge city, Elon Musk, Frank Gehry, Guggenheim Bilbao, illegal immigration, James Dyson, Jane Jacobs, Kitchen Debate, light touch regulation, market design, megastructure, moral panic, New Urbanism, place-making, QWERTY keyboard, Silicon Valley, Steve Jobs, Steve Wozniak, the scientific method, University of East Anglia, urban renewal, urban sprawl, young professional

In London, Goldsmiths can be seen as a school which triggered off a very particular strand of British art in the 1980s, just as the Royal Academy of Arts in Antwerp created a generation of Belgian fashion designers led by Martin Margiela and Dries van Noten. The Eindhoven Design Academy redefined the nature of Dutch design. The Royal College of Art in London has a remarkable range of achievement in many fields, with students from Mary Quant to David Hockney, James Dyson to Jasper Morrison. Its design and automotive schools in particular attract gifted students from all over the world, year after year, but there is no RCA style or manifesto. This might be seen as being more helpful for the students than it is for the professors. But what the Bauhaus had that no other school has had before or since is the combination of successive leadership from three of the leading designers of their time, a building that embodied the philosophy of its founder in a single unmistakable image, and an unshakable place at the heart of modernism, the dominant movement of twentieth-century culture.


pages: 380 words: 118,675

The Everything Store: Jeff Bezos and the Age of Amazon by Brad Stone

airport security, Amazon Mechanical Turk, Amazon Web Services, bank run, Bernie Madoff, big-box store, Black Swan, book scanning, Brewster Kahle, buy and hold, call centre, centre right, Chuck Templeton: OpenTable:, Clayton Christensen, cloud computing, collapse of Lehman Brothers, crowdsourcing, cuban missile crisis, Danny Hillis, Douglas Hofstadter, Elon Musk, facts on the ground, game design, housing crisis, invention of movable type, inventory management, James Dyson, Jeff Bezos, John Markoff, Kevin Kelly, Kodak vs Instagram, late fees, loose coupling, low skilled workers, Maui Hawaii, Menlo Park, Network effects, new economy, optical character recognition, pets.com, Ponzi scheme, quantitative hedge fund, recommendation engine, Renaissance Technologies, RFID, Rodney Brooks, search inside the book, shareholder value, Silicon Valley, Silicon Valley startup, six sigma, skunkworks, Skype, statistical arbitrage, Steve Ballmer, Steve Jobs, Steven Levy, Stewart Brand, Thomas L Friedman, Tony Hsieh, Whole Earth Catalog, why are manhole covers round?, zero-sum game

“If vendors or brands leave Amazon, they will eventually come back,” Wilke predicts, because “customers trust Amazon to be great providers of information and customer reviews about a vast selection of products. If you have customers ready to buy, and if you have a chance to tell them about your product, what brand ultimately doesn’t want that?” Dyson, the British vacuum maker, is one example of a brand that appears to treat Amazon with caution. It sold on Amazon for years and then an irate Sir James Dyson, its founder, visited Amazon’s offices personally to vent his frustrations over repeated violations of MAP. “Sir James said he trusted us with his brand and we had violated that trust,” says Kerry Morris, a former senior buyer who hosted Dyson on that memorable visit. Dyson pulled its vacuums from Amazon in 2011, though some models are still sold on the Amazon Marketplace by approved third-party merchants.


pages: 401 words: 115,959

Philanthrocapitalism by Matthew Bishop, Michael Green, Bill Clinton

Albert Einstein, anti-communist, barriers to entry, battle of ideas, Bernie Madoff, Bob Geldof, Bonfire of the Vanities, business process, business process outsourcing, Charles Lindbergh, clean water, cleantech, corporate governance, corporate social responsibility, Dava Sobel, David Ricardo: comparative advantage, don't be evil, family office, financial innovation, full employment, global pandemic, global village, God and Mammon, Hernando de Soto, high net worth, Intergovernmental Panel on Climate Change (IPCC), invisible hand, James Dyson, John Harrison: Longitude, joint-stock company, knowledge economy, knowledge worker, Live Aid, lone genius, Marc Andreessen, market bubble, mass affluent, microcredit, Mikhail Gorbachev, Nelson Mandela, new economy, offshore financial centre, old-boy network, peer-to-peer lending, performance metric, Peter Singer: altruism, plutocrats, Plutocrats, profit maximization, profit motive, Richard Feynman, risk tolerance, risk-adjusted returns, Ronald Coase, Ronald Reagan, shareholder value, Silicon Valley, Slavoj Žižek, South Sea Bubble, sovereign wealth fund, stem cell, Steve Jobs, The Wealth of Nations by Adam Smith, The Wisdom of Crowds, Thomas Malthus, Thorstein Veblen, trade liberalization, transaction costs, trickle-down economics, wealth creators, winner-take-all economy, working poor, World Values Survey, X Prize

They include hedge fund boss Arpad Busson, who is behind the fundraising charity Absolute Return for Kids (ARK); carpet tycoon Lord Harris of Peckham; property millionaire Sir David Garrard; and Lowe advertising agency founder Sir Frank Lowe. Sir Tom Hunter has funded projects to increase the standard of leadership in the country’s schools and to encourage the teaching of entrepreneurship. Vacuum cleaner tycoon James Dyson is building a school focused on reviving Britain’s engineering traditions. In India, the Azim Premji Foundation has tried to raise the quality of education in several ways, in addition to piloting educational buses that visit shanty villages occupied by migrant workers. It conducts audits of schools—looking for 100 percent enrollment, 90 percent attendance, and 80 percent achievement of basic educational standards—and gives awards to recognize and encourage high achievement.


pages: 389 words: 112,319

Think Like a Rocket Scientist by Ozan Varol

Affordable Care Act / Obamacare, Airbnb, airport security, Albert Einstein, Amazon Web Services, Andrew Wiles, Apple's 1984 Super Bowl advert, Arthur Eddington, autonomous vehicles, Ben Horowitz, Cal Newport, Clayton Christensen, cloud computing, Colonization of Mars, dark matter, delayed gratification, different worldview, discovery of DNA, double helix, Elon Musk, fear of failure, functional fixedness, Gary Taubes, George Santayana, Google Glasses, Google X / Alphabet X, Inbox Zero, index fund, Isaac Newton, James Dyson, Jeff Bezos, job satisfaction, Johannes Kepler, Kickstarter, knowledge worker, late fees, lateral thinking, lone genius, longitudinal study, Louis Pasteur, low earth orbit, Marc Andreessen, Mars Rover, meta analysis, meta-analysis, move fast and break things, move fast and break things, multiplanetary species, obamacare, Occam's razor, out of africa, Peter Thiel, Pluto: dwarf planet, Ralph Waldo Emerson, Richard Feynman, Richard Feynman: Challenger O-ring, Ronald Reagan, Sam Altman, Schrödinger's Cat, Search for Extraterrestrial Intelligence, self-driving car, Silicon Valley, Simon Singh, Steve Ballmer, Steve Jobs, Steven Levy, Stewart Brand, Thomas Kuhn: the structure of scientific revolutions, Thomas Malthus, Upton Sinclair, Vilfredo Pareto, We wanted flying cars, instead we got 140 characters, Whole Earth Catalog, women in the workforce, Yogi Berra

If things are not failing, you are not innovating enough.”9 It’s only when we reach into the unknown and explore ever-greater heights—and in so doing, break things—that we move forward. The same is true for scientists working in a lab. For them, without the ability to be wrong, they could never be right. Some of their experiments succeed and others don’t. If things don’t work as planned, it’s a hypothesis proven wrong. They can tweak the hypothesis, try a different approach, or abandon it altogether. British inventor James Dyson described the inventor’s life as “one of failure.”10 It took Dyson fifteen years and 5,126 prototypes to get his revolutionary bagless vacuum to work. Several of Einstein’s attempts to devise a proof for E = mc2 failed.11 In some fields—for example, pharmaceutical drug development—the average failure rate is over 90 percent. If these scientists lived by the “failure is not an option” mantra, the self-loathing, the shame, and the embarrassment would all cripple them.


pages: 388 words: 125,472

The Establishment: And How They Get Away With It by Owen Jones

anti-communist, Asian financial crisis, bank run, battle of ideas, Big bang: deregulation of the City of London, bonus culture, Boris Johnson, Bretton Woods, British Empire, call centre, capital controls, Capital in the Twenty-First Century by Thomas Piketty, centre right, citizen journalism, collapse of Lehman Brothers, collective bargaining, don't be evil, Edward Snowden, Etonian, eurozone crisis, falling living standards, Francis Fukuyama: the end of history, full employment, G4S, glass ceiling, hiring and firing, housing crisis, inflation targeting, Intergovernmental Panel on Climate Change (IPCC), investor state dispute settlement, James Dyson, laissez-faire capitalism, light touch regulation, market fundamentalism, mass immigration, Monroe Doctrine, Mont Pelerin Society, moral hazard, Neil Kinnock, night-watchman state, Northern Rock, Occupy movement, offshore financial centre, old-boy network, open borders, plutocrats, Plutocrats, popular capitalism, profit motive, quantitative easing, race to the bottom, rent control, road to serfdom, Ronald Reagan, shareholder value, short selling, sovereign wealth fund, stakhanovite, statistical model, The Wealth of Nations by Adam Smith, transfer pricing, union organizing, unpaid internship, Washington Consensus, wealth creators, Winter of Discontent

Following his assumption of power in 2010, David Cameron set up a ‘Business Advisory Group’ which, according to its official website, ‘is a group of business leaders from sectors of strategic importance to the UK’ who, on a quarterly basis, provide ‘regular, high-level advice to the Prime Minister on critical business and economic issues facing the country’. Among its sixteen members are the heads of notorious tax-avoiding companies, such as Eric Schmidt, Executive Chairman of Google, and Vittorio Colao, the CEO of Vodafone. Another is Sir James Dyson, who shifted his manufacturing operations from Britain to the Far East in 2002 with the loss of 800 British jobs. Of course, there are no representatives of trade unions or consumers’ organizations: this is an opportunity for tycoons to exercise direct political influence over the Prime Minister and his key allies. The Treasury also has working parties on tax and – until the Conservatives entered 10 Downing Street – there was even a trade-union representative; Richard Murphy, too, was a member.


pages: 504 words: 143,303

Why We Can't Afford the Rich by Andrew Sayer

accounting loophole / creative accounting, Albert Einstein, anti-globalists, asset-backed security, banking crisis, banks create money, basic income, Boris Johnson, Bretton Woods, British Empire, business cycle, call centre, capital controls, carbon footprint, collective bargaining, corporate raider, corporate social responsibility, creative destruction, credit crunch, Credit Default Swap, crony capitalism, David Graeber, David Ricardo: comparative advantage, debt deflation, decarbonisation, declining real wages, deglobalization, deindustrialization, delayed gratification, demand response, don't be evil, Double Irish / Dutch Sandwich, en.wikipedia.org, Etonian, financial innovation, financial intermediation, Fractional reserve banking, full employment, G4S, Goldman Sachs: Vampire Squid, high net worth, income inequality, information asymmetry, Intergovernmental Panel on Climate Change (IPCC), investor state dispute settlement, Isaac Newton, James Dyson, job automation, Julian Assange, Kickstarter, labour market flexibility, laissez-faire capitalism, land value tax, low skilled workers, Mark Zuckerberg, market fundamentalism, Martin Wolf, mass immigration, means of production, moral hazard, mortgage debt, negative equity, neoliberal agenda, new economy, New Urbanism, Northern Rock, Occupy movement, offshore financial centre, oil shale / tar sands, patent troll, payday loans, Philip Mirowski, plutocrats, Plutocrats, popular capitalism, predatory finance, price stability, pushing on a string, quantitative easing, race to the bottom, rent-seeking, Ronald Reagan, shareholder value, short selling, sovereign wealth fund, Steve Jobs, The Nature of the Firm, The Spirit Level, The Wealth of Nations by Adam Smith, Thorstein Veblen, too big to fail, transfer pricing, trickle-down economics, universal basic income, unpaid internship, upwardly mobile, Washington Consensus, wealth creators, WikiLeaks, Winter of Discontent, working poor, Yom Kippur War, zero-sum game

Sometimes, though, an owner of a firm – a capitalist – is enterprising, perhaps developing a new product from which millions of consumers benefit. Don’t they deserve their wealth? The Jobs/Dyson defence: don’t truly innovative people deserve all they get? Steve Jobs, the late CEO of Apple computers, was said to have been ‘worth’ $8.3 billion. If you were given a dollar every second, it would take 266 years to get that much. In the UK, James Dyson, famous for his Dyson vacuum cleaners, was estimated to be worth £2.65 billion (84 years at £1 per second), according to the 2012 Sunday Times Rich List. People like Jobs and Dyson are exceptional. But they are rare amongst the rich in creating new products of value. Paul Krugman points out that ‘very few of the top 1 percent, or even the top 0.01 percent, made their money that way. For the most part, we’re looking at executives at firms that they didn’t themselves create.


pages: 272 words: 19,172

Hedge Fund Market Wizards by Jack D. Schwager

asset-backed security, backtesting, banking crisis, barriers to entry, beat the dealer, Bernie Madoff, Black-Scholes formula, British Empire, business cycle, buy and hold, Claude Shannon: information theory, cloud computing, collateralized debt obligation, commodity trading advisor, computerized trading, credit crunch, Credit Default Swap, credit default swaps / collateralized debt obligations, delta neutral, diversification, diversified portfolio, Edward Thorp, family office, financial independence, fixed income, Flash crash, hindsight bias, implied volatility, index fund, intangible asset, James Dyson, Jones Act, Long Term Capital Management, margin call, market bubble, market fundamentalism, merger arbitrage, money market fund, oil shock, pattern recognition, pets.com, Ponzi scheme, private sector deleveraging, quantitative easing, quantitative trading / quantitative finance, Right to Buy, risk tolerance, risk-adjusted returns, risk/return, riskless arbitrage, Rubik’s Cube, Sharpe ratio, short selling, statistical arbitrage, Steve Jobs, systematic trading, technology bubble, transaction costs, value at risk, yield curve

—Excerpt of 60 Minutes interview (October 10, 2011) with Alex Honnold, acknowledged to be the best free-soloing climber in the world, whose extraordinary feats include the first free-solo climb up the northwest face of Half Dome, a 2,000-foot wall in Yosemite National Park To do my vacuum cleaner, I built 5,127 prototypes. That means I had 5,126 failures. But as I went through those failures, I made discoveries. —James Dyson Foreword Once upon a time, a drought comes over the land and the wheat crop fails. Naturally, the price of wheat goes up. Some people cut back and bake less bread while others speculate and buy as much wheat as they can get and hoard it in hopes of higher prices to come. The king hears about all the speculation and high prices and promptly sends his soldiers from town to town to proclaim that speculation is now a crime against the state—and that severe punishment is to befall speculators.


The Rise and Fall of the British Nation: A Twentieth-Century History by David Edgerton

active measures, Berlin Wall, Big bang: deregulation of the City of London, blue-collar work, British Empire, business cycle, call centre, centre right, collective bargaining, colonial exploitation, Corn Laws, corporate governance, deglobalization, deindustrialization, dematerialisation, deskilling, Donald Davies, double helix, endogenous growth, Etonian, European colonialism, feminist movement, first-past-the-post, full employment, imperial preference, James Dyson, knowledge economy, labour mobility, land reform, land value tax, manufacturing employment, means of production, Mikhail Gorbachev, Neil Kinnock, new economy, non-tariff barriers, North Sea oil, offshore financial centre, old-boy network, packet switching, Philip Mirowski, Piper Alpha, plutocrats, Plutocrats, post-industrial society, rising living standards, road to serfdom, Ronald Reagan, The inhabitant of London could order by telephone, sipping his morning tea in bed, the various products of the whole earth, trade liberalization, union organizing, very high income, wages for housework, wealth creators, Winter of Discontent, women in the workforce, working poor

The cult of the entrepreneur, which continued to 2000 and well beyond, was not one to look too closely at economic realities. The list of great entrepreneurs whose animal spirits were unleashed in the new dispensation of the late 1980s and 1990s is rather thin. Sir Richard Branson is a brand, and his firms, many no longer owned by him, operate aeroplanes and trains, in the latter case highly subsidized. He was nothing like as pioneering as an airline boss as Sir Freddie Laker of the 1960s and 1970s. Sir James Dyson invented a new vacuum cleaner and a public lavatory hand-drying system, no longer built in the United Kingdom, but continues to invest in development. This is not the sort of transformational success that, say, Lord Nuffield had with motor cars in the interwar years. Lord Sugar, founder of Amstrad (which once rose to the FTSE 100), made and sold computers in the 1970s and boomed in the 1980s (taking over Sinclair Research), but he was no Bill Gates.