It’s just over 300 years since the infamous South Sea investment bubble burst.
It was made up of hundreds of different – and often quite bonkers – investment schemes. Here are three of them (direct quotes from the prospectus):
‘A process for extracting silver from lead.’
‘A company for making a wheel of perpetual motion.’
And (my personal favourite) ‘A company for carrying on an undertaking of great advantage, but nobody to know what it is.’
What’s extraordinary is that all three of these schemes found plenty of backers.
Even the brilliant Sir Isaac Newton invested (and lost) a fortune.
Of course, it was a long time ago and our forebears simply didn’t have the knowledge and information that we have today. So it’s easy to look back with an indulgent smirk and feel confident we would never be so naïve.
It’s only 21 years since the dotcom bubble burst, leaving lots of people holding shares in businesses with plans almost as risible as their South Sea counterparts.
It’s only 13 years since the world’s economy imploded, when bankers realised they’d been selling each other toxic subprime mortgage debt repackaged as AAA-rated investments.
And we’re still living through a time where our greatest economic brains simply can’t decide whether Bitcoin is a bubble or not.
That’s because it’s part of human nature to be easily distracted by things that seem new and clever. We’re scared of missing out. We don’t want to be last to the party. And we love a shortcut.
Hence, the explosion of organisational communication tools over the past five years.
It’s so tempting to believe that, if we can just get the board to sign off on the shiny new comms app, it’ll suddenly be a breeze to get everyone engaged.
The problem is that, after the initial novelty wears off, there’s nothing inherently engaging about the app itself. In the same way there’s nothing inherently engaging about Instagram or Facebook or Twitter or Pinterest.
What makes them engaging is that people are able to use them to connect with people and ideas they find interesting and cool and fun.
In other words, it’s not about the shiny new tech. It’s about what’s on it – and whether it feels relevant and interesting and useful to the people you want to use it.
It’s about the message, not the medium. Substance, not hype.
It’s about giving people the freedom to engage with each other on subjects that interest them. Not pushing out top-down, functional ‘approved messages’ that your leadership team wants them to know.
To put it another way: there’s no point investing in the shiny new tech, unless you’re also ready to embrace a much looser and more organic way of communicating.
Which is hard work. And tricky to manage. And scary for the people at the top of your business (who often don’t like the idea that they’re not in control of the narrative).
But it’s also absolutely essential.
Because, as those South Sea investors learned the hard way, there are no shortcuts to any place worth going.