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Mimetic Management

  • June 2002
  • By Michael Schrage

Innovators sell customers on keeping up with the Joneses--or the Gateses.

   

The following examples are not true. But please pay careful attention to them anyway.

  • Bill Gates reveals during a CNN interview that the smartest thing he does for his health is get an annual full-body MRI scan. He advises anyone over the age of 40 who can afford to get scanned to do so.

  • Warren Buffett tells the Financial Times that a new generation of easy-to-use/easy-to-train neural-net software has dramatically improved his ability to pick Berkshire Hathaway Group's stocks. "I can't begin to tell you how important this software is for me," he says. "I'm surprised more hedge fund and mutual-fund managers don't use these things."
  • With little fanfare, Tiger Woods begins practicing his swing with a laser-calibrated haptic (force feedback) system that aligns his visor, grip, club head and hips. Both his father and his coach say Tiger credits this technology with boosting his ability to make critical adjustments during competition.

These scenarios are imaginary. But does anyone doubt there would be a tremendous global run on MRI scans, neural-net software and "haptic laser swing trackers" if they were real? Success-even the appearance of success-breeds imitation. With apologies to Fiddler on the Roof, let's call it the "Tevye Principle of Innovation Expertise": "When you're rich they think you really know." People and institutions are hard-wired to mimic the masters. The imitation heuristic exerts a powerful influence on top management worldwide.

 

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