Track 2 - Embracing Value, Innovation and Change
Thursday 11/12, 2:00 p.m. - What's the Next Big Thing?
Moderator:
- Geoffrey Rogow, Markets Reporter, Dow Jones Newswires
Panelist:
- Biz Stone, Co-founder, Twitter
Being conscious of global issues and trying to do good might help entrepreneurs create the next big thing, according to Twitter co-founder Biz Stone.
Speaking at the Ernst & Young Strategic Growth Forum, Stone said that he and co-founder Evan Williams were surprised by Twitter's popularity, and are scrambling to overcome technical constraints and launch new features. “We've reached a point where there's an ecosystem being built on it: users, applications, business models,” Stone said. “We're focused on delivering as much value as we can.”
Despite the two-year old company's popularity, a poll revealed that 78% of the audience members at the panel did not use Twitter. But plenty of people do, sharing information with friends and contacts, or communicating when disasters strike or political crises erupt (during Iran's election, demonstrators used Twitter to arrange meeting locations).
Because Twitter has figured so prominently during crises, Stone was asked whether it might supersede traditional news media.
“I think Twitter complements the news industry,” he said. “Twitter can break news quickly, but we don't have the ability to contextualize the story, explaining why it's significant.”
Stone seemed to attribute much of the company's success to its transparency. “Being a radically open company, and sharing as much data as we can with organizations that can make good use of it, creates a better user experience,” he said.
Another motive force behind the company is social responsibility –unusual for such a young organization. “I think this touches on the Next Big Thing idea,” said Stone. “You need to look at global issues – maybe not trying to solve them, but incorporating into the DNA the idea that you're not just building a technology company, you're here to do some good.”
This is positive for the company, enhancing its ability to recruit talent, for example. But there are broader follow-on benefits as well. “You want to create an atmosphere where people feel really good about coming to work,” Stone said. “If you build this into the company's DNA, the idea of social innovation grows with the company, so when you scale up the company, you also scale up their ability to do good in the world.”
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