No innovation and growth without risk-taking - 42nd St. Gallen Symposium

Panel with
Topic Leader:
Lord Griffiths of Fforestfach (GB)
Vice Chairman, Goldman Sachs International

Speakers:
Dr Nikolaus von Bomhard (DE)
Chairman of the Board of Management, Munich Re

Sanjiv Goenka (IN)
Chairman, RP - Sanjiv Goenka Group

Martin Taylor (GB)
Chairman, Syngenta International AG

It is striking that at times when the economy is stuttering, there is almost routinely a call -- especially in Europe -- for business and society to be more willing to take risks and to encourage innovation. Only this could supposedly stimulate growth. Both in political circles and among employer organisations, the slogans have already been developed. However, this claim implicitly makes two assumptions. Firstly, that European companies lack leaders willing to take risks and subsequently do not sell innovative products, and secondly, that in other parts of the world, a culture of risk-taking and constant innovation is a lot more apparent. Particularly certain parts of Asia (e.g. China and India) as well as the United States seem to be proof of the latter. Nevertheless, both assumptions need to be critically evaluated. The panel discusses the relation between attitudes toward risk and innovation in prominent industries (re-insurance, agriculture, biotechnology and energy production) and seeks to explore to what extent the willingness to take risks has on the long-term success of corporations.