Repeat after me - technology is a core strategic asset.
Another great idea from Rory Devine CTO of Betfair. As technology moves to the heart of the enterprise, driving strategy, this kind of initiative is smart. (Although someone should tell the author that Scott McNealy has been replaced by MLP as Sun CEO!) Of course Betfair is a ’sixth paradigm’ company and has this understanding of technology programmed into its corporate DNA. Remember, CEO David Yu was previously CIO. How long will it be until a major bank, securities firm or financial exchange is headed up by a former CIO? How many major banks, securities firms or exchanges even include the CIO in the most senior management team and / or Board? (If I had an analyst I’d actually get her to try to answer this last question…maybe I should mechanical turk it?) And how many would at least have the CIO in the succession planning mix?
Btw, for those still wondering if Betfair is a ‘real’ exchange or a ‘real’ market, here’s another piece of evidence: almost $30mn traded on the ‘Rugby World Cup Winner’s’ market alone to date (and we haven’t even reached the knock out stages), $20mn of that on the favorites - New Zealand - including one $4.3mn trade at 1.71 that didn’t even move the market (!) (at time of writing 1.69-1.70)
November 26th, 2007 at 10:43 am
[…] Based on that book by Carlota Perez, the blogger at The Park Paradigm says that BetFair is a 6th-paradigm company. In her model, the world has experienced five technological revolutions and “techno-economic” paradigms in the modern era, starting with the Industrial Revolution in the late 18th century, through to the current end of 20th century paradigm - the Age of Information and Telecommunications. So what happens when we look past the present age to the next - the sixth - techno-economic paradigm? What are the new and emerging opportunities that will present themselves in this “sixth paradigm”? Have we already witnessed the innovation that will lie at the heart of the sixth paradigm or is it still ahead of us? Will the sixth paradigm be the “Age of Markets”? That is all, folks. Read the previous blog posts by Chris. F. Masse:Pat Buchanan laments the end of WASP America.BetFair-TradeFair fights corruption, while TradeSports-InTrade does not.Prediction markets are the best way to tap into the wisdom of crowds.NewsFutures’ Emile Servan-Schreiber brings prediction markets to Hong Kong, China.The InTrade transaction costs eat substantially their traders’ profits.Should Midas Oracle adopt this process for its next open project?Midas Oracle vs. Vendor’s Blog — Open Blog vs. Closed Blog — Full Truth vs. Total Control SHARETHIS.addEntry({ title: “Technological Revolutions and Financial Capital: The Dynamics of Bubbles and Golden Ages”, url: “http://www.midasoracle.org/2007/11/26/technological-revolutions-and-financial-capital-the-dynamics-of-bubbles-and-golden-ages/” }); […]