Governments are hell bent on regulating big business and banks. Not that they don’t deserve it. But where’s the focus on innovation? 100 years post industrialisation the world’s leading economies are controlled, even strangled, by monopolies or cartels. This does need to be governed – I just think the focus is wrong. Leading economies should drive much needed change by focusing on innovation not regulation. Imagine if the money and resources spent regulating businesses and banks was instead spent on fostering, developing and investing in innovative startups to challenge the big guys. Take the banking industry. Would it more likely change if governments fostered and (maybe even) invested in dozens of innovative startup banks to take on the Goliath’s – or should they remain content merely snagging them in regulatory snares. In the current climate, given the choice, customers would flock to fresh, banking startups focused on service and value rather than leave their money with the abusive, ‘thin’-value-providing incumbents. The reality is that the only way to truly alter industry practices is by nurturing legions of innovative Davids to challenge the Goliath’s. Offering greater value and keener prices. Imagine if each team of sector regulators were focused on sector innovation and the billions spent on regulating was instead invested in innovation and startups. There’s little doubt in my head that our economies would be better set for the future. But maybe that’s just me.
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