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 (Although someone should tell the author that Scott McNealy has been replaced by MLP as Sun CEO!)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)
