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Fireside Chat With Warren Buffett and Cathy Baron Tamraz, CEO of Business Wire. 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.”
“We went from a wooded land to an incredible, absolute abundance of riches” because the U.S. has had a system that can “unleash human potential,” Buffett said. “Never bet against what humans can accomplish if they’re operating in the right soil. And we have the right soil.”