NYU Stern and L2 Discuss What it Takes to Innovate in a Digital World
Led by Scott Galloway, NYU Stern Professor of Marketing, L2 founder and creator of the Digital IQ Index, Innovation Forum 2010 was packed with people, as well as ideas on digital marketing innovation and implications for prestige brands. Held November 5 at the Morgan Library in New York City, the day's speakers included Peter Henry, Dean of NYU Stern, Stern Finance Professors Aswath Damodaran and David Yermack, and a panel discussion with luxury's most influential bloggers including Imran Amed of The Business of Fashion and Tavi Geninson of Style Rookie The audience included brand managers and industry professionals from Gucci, Chanel, Tiffany, Coach, Louis Vuitton, Cartier and Burberry, among others.
Watch a short video of the day’s event:
NYU Stern Dean Peter Henry opened the event with an audience welcome and an overview of Stern’s role in convening, shaping and driving the conversation about the challenges business faces in the 21st century.
Stern Professor and L2 Founder Scott Galloway gave introductory remarks.
Professor of Finance and valuation expert Aswath Damodaran explained how to value luxury and brand names, which he defines as a brand charging a higher price for exactly the same, albeit lower-priced, product.
Finance Professor David Yermack presented his research, “The Michelle Markup,” which shows the positive impact of Michelle Obama’s fashion choices on a company’s stock and shareholder value.
Luke Williams, Stern Adjunct Professor of Innovation, discussed disruptive thinking, a critical part of innovation. He cites an example of using disruptive thinking in the rental car business, changing the way that people rent cars by the introduction of Zip car.
Maureen Mullen (MBA ‘09) explained the commonalities of “genius” brands as ranked by L2 in its annual Digital IQ survey, which includes: the brands allow users to weigh in with reviews, they have support in the digital area and they keep to their brand heritage online.
Stern Professor and L2 Founder Scott Galloway gave closing remarks.