A simple but big thing I was frequently asked at the various launches of MARQ Services V2.0 is, “Why did you start Morgij Analytics and develop MARQ? Whilst there would seem to be an obvious need for a solution to what is clearly a global problem, why would you and your team believe that you could provide a global answer, and from Australia of all places?”
There is no simple answer to that question.
Some of the Morgij team and I found ourselves in a place with both the motivation and the time to provide an answer to a monumental problem and were overconfident and foolish enough to take on the risk of attempting such a challenge. I have always worked on the basis that a good small team could create innovative workable solutions to large problems no matter how difficult, whereas, well funded and well resourced project teams often create the camel.
Was it worth the effort taking on the challenge with only a few supporters (to which I’m very grateful), a few vocal detractors but many of those which would ultimately benefit being simply indifferent?
There is a simple answer to this question, Yes!
Some may debate the extent to which the Morgij Analytics solution, MARQ Services, adds value to markets in Australia and elsewhere, however, few could deny that we have developed a solution in MARQ Services which has the potential to be used widely both in Australian and many other jurisdictions and change the way transparency and risk analysis is viewed and spoken about.
I recently read Nassim Taleb’s new book, “Antifragile” and perhaps a quote from the book gives a little more colour on the innovation process. An excellent thought provoking book which I am voluntarily and shamelessly promoting.
Taleb differentiates the attitude of the “ancients”, as opposed to the “moderns” in how innovation is developed and implemented; from pages 41 and 42.
“How do you innovate? First, try to get in trouble. I mean serious, but not terminal trouble. I hold……that innovation and sophistication spark from initial situations of necessity, in ways that go far beyond the satisfaction of such necessity (……….). Naturally, there are classical thoughts on the subject, with the Latin saying that sophistication is born out of hunger (artificial docuit fames). The idea pervades classical literature: in Ovid, difficulty is what wakes up the genius (ingenium mala saepe movent) which translates into in Brooklyn English into “When life gives you a lemon….”
The excess energy released from overreaction to setbacks is what innovates!
This message from the ancients is vastly deeper than what it seems. It contradicts modern methods and ideas of innovation and progress on many levels, as we tend to think that innovation comes from bureaucratic funding, through planning, or by putting people through a Harvard Business School class ………… This is a fallacy. Note for now the disproportionate contribution of uneducated technicians and entrepreneurs to various technological leaps from the Industrial Revolution to the emergence of Silicon Valley, and you will see what I mean.
Yet in spite of the visibility of the counterevidence, and the wisdom of the ancients (or grandmothers) moderns try today to create inventions from situations of comfort, safety, and predictability instead of accepting the notion that “necessity is the mother of invention””
Whilst MARQ Services is an innovative solution developed without this specifically in mind, it is undoubtedly a solution that can assist mortgage funding markets in becoming, in Taleb’s words, “antifragile”.
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