A video interview with Warren Buffett on the power of innovation has officially launched the start of the PYMNTS.com’s The Innovation Project™ 2013, a two-day program to challenge the way the payments and its broader commerce ecosystem thinks, talks, delivers and ignites innovation. Buffett sat down with Business Wire CEO Cathy Baron Tamraz and offered his view on the current landscape of the payments industry and his optimism for the economic future in his keynote introduction to the program, held at Harvard University. Business Wire is owned by Berkshire Hathaway and a joint venture partner, along with Market Platform Dynamics (MPD) in PYMNTS.com.
“The pace of change in terms of what customers are doing, how they pay us, how they come to us – it’s breathtaking,” said Buffett. “Any company that interacts with consumers and thinks that last week’s technology and approach is going to work five years from now is probably making a mistake.”
As the economy gradually improves, Buffett said he describes himself as a “realist,” when looking towards the future. But, he said, it’s the way of America to continually progress, improve, and innovate – a theme sure to endure throughout the event.
“Our system does work. It works because it unleashes human potential,” said Buffett. “Never bet against what a human is going to accomplish if they’re operating in the right soil. And we have the right soil.”
Watch the full interview below!