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Umair Haque’s consumer based innovation keynote defines the current economic climate as being in what he deems to be a metacrisis. Traditional capitalistic principles are failing as it understates costs and overstates benefits.
By following the common model where the consumer is trampled in favor of profitability, value in products is diminished and customers are lead to purchase products that are not beneficial in their day-to-day lives.
In turn, this process leads to declining customer loyalty and the speaker suggests that companies must reconceive value creation and reevaluate cost-benefit analysis to shift customer behavior. One can lead their team to more innovative practices by evaluating the role of the consumer and shifting patterns of cost-benefit analysis as Haque demonstrates during his consumer based innovation keynote.