OPEN

Wise words from Eric Schmidt in an article for The Economist’s The World in 2007:

But what’s surprising is that so many companies are still betting against the net, trying to solve today’s problems with yesterday’s solutions. The past few years have taught us that business models based on controlling consumers or content don’t work. Betting against the net is foolish because you’re betting against human ingenuity and creativity.

I see it all the time in media and marketing. People digging their heels in, or pretending that the old rules of channel media and communication still apply. That’s betting against the internet in our industry.

Not beginning to think and explore the new rules of networks and social media means you’re betting against the “ingenuity and creativity” of all of your customers.

Schmidt concludes with a nice line too:

We’re betting on the internet because we believe that there’s a bull market in imagination online.

Spot on.