organization worth its salt will have disagreements and
conflict amongst the different asset groups, functional
groups, regions, and so on.- Diversity. The participants must be sufficiently different,
either in thinking styles, ethnicity, approaches, backgrounds,
or other attributes. Given the global nature of investing these
days, the diversity continues to grow. - Urgency. The problem being addressed must be urgent. The
participants want a solution and they want it quickly. This
is the fuel that pushes a successful Open Space. Otherwise
it is just an interesting exercise, a lively chat, a bull session.
Have you ever been on a trading floor? Is investing a cli-
mate of urgency?
These are the four conditions for a successful Open Space. I submit
that it is a perfect process for investment firms, and that many of
them should pursue this simple but profound approach.
What gets in the way? One obstacle is the introverted nature
of many investment professionals. They prefer to work alone,
shunning meetings and formal gatherings. They also tend to dis-
trust outsiders coming into their environs and foisting anything
that smacks of touchy-feely onto them. (Is the opposite of touchy-
feely stuffy-thinky? Just wondering.)
Perhaps, though, at a deeper level, the very nature of investing
runs counter to a big open meeting. After all, investing is much like
gambling. Poker players are taught the value of information (their
cards) and to hold them close to the vest. The last thing you would
do as an expert card player is show everyone your hand and ex-
change trade secrets (such as when you usually bluff, what you’ll
open betting with, what body language you display when you’re
about to fold, etc.)
This fact was brought home to me the first time I attended a
noninvestment conference. The meeting was organized by a group
called American Productivity and Quality Center (APQC) and fea-Brainstorming for the Masses 12714-25 ware 127 1/19/01, 1:14 PM