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By Conor Humphries
DUBLIN (Reuters) – An unemployed Irish artist has built a home from the shredded remains of 1.4 billion euros ($1.82 billion), a monument to the “madness” he says has been wrought on Ireland by the single currency, from a spectacular construction boom to a wrenching bust.
Frank Buckley built the apartment in the lobby of a Dublin office building that has lain vacant since its completion four years ago at the peak of an ill-fated construction boom, using bricks of shredded euro notes he borrowed from Ireland’s national mint.
“It’s a reflection of the whole madness that gripped us,” Buckley said of what he calls his “billion-euro home.”
“People were pouring billions into buildings now worth nothing,” he said. “I wanted to create something from nothing.”
A wave of cheap credit flowed into Ireland in the early 2000s after Ireland joined the currency zone fuelling a huge property bubble that transformed the country.
The bubble’s collapse since 2007 plunged Ireland into the deepest recession in the industrialized world, forcing the former “Celtic Tiger” to accept a humiliating bailout from the EU and the IMF.
Buckley was given a 100 percent mortgage at the peak of the boom to buy a 365,000 euro home on the far reaches of Dublin’s commuter belt, despite the fact he had no steady income.
He has separated from his wife who lives in the home, which has since lost at least one-third of its value.
Living in his “billion euro home” since the start of December, Buckley is working on adding a kitchen to the living room and hall.
The walls and floor are covered in euro shreddings and the house is so warm Buckley sleeps without a blanket.
Pictures made from notes and coins decorate the walls, including one of a house, made from Irish 5 pence pieces.
“There are houses in Ireland worth less than that,” Buckley quips.
Buckley said he wants Europe’s politicians to solve the eurozone debt crisis without destroying its currency. But if the currency ultimately fails, he will happily use the euro zone’s defunct notes as fodder for future projects.
“Whatever you say about the euro, it’s a great insulator.”
($1 = 0.7704 euros)
(Reporting by Conor Humphries; editing by Carmel Crimmins and Paul Casciato)
Innovation is an indispensable force that turns ideas into money. It is the lifeblood of any organization. In order to implement sustainable innovation in 2012, you need to define innovation in a manner that makes strategic sense for your organization, and have the know-how to properly construct and use a process, plus the will to keep the process on course.
The task may seem daunting at first, but it’s possible to develop a disciplined strategy that delivers Innovation time and time again for sustained long-term profitability. Make developing that strategy your 2012 New Year’s resolution.
“Robert’s Rules of Innovation” outlines specific steps to implement Innovation. Here are some tips:
1. Define your organization’s needs. What type of innovation are you trying to achieve? An incremental innovation that introduces a new process or feature? Or a transformative breakthrough that completely changes the marketplace? The latter is more difficult to achieve but holds the greatest potential. Choosing the path that makes the most sense for your organization will help in the Innovation process.
2. Formulate a new product development process. Each organization’s NPD process can have a different number of steps, so long as they form a structured plan. A three-stage plan may include: Stage 1 product definition, where a product is examined for its brand strategy, profit potential, and competitive analysis. If the product is a “go” then it moves to Stage 2: the qualification process where a first article product is made and tested for quality assurance. Finally, Stage 3 is Revenue where the product is launched.
3. Create a road map to success. The key elements are examining quality of projects, capability of managing them successfully, and capacity of the organization for maintaining a portfolio of well-managed projects. No matter what NPD process you decide to use, stick to the road map to ensure that each stage, and tasks within each stage, are clearly defined.
4. Some more guidelines for progress: remember to stick to your go/no-go criteria for moving forward with developments. All projects should undergo the same scrutiny, regardless of who suggested it! Also, many organizations are incorporating a “discovery phase” into the Innovation process to allow for more experimentation. This step is beneficial for making decisions based on long-term sustainable Innovation, and not on current budget restraints alone.
In a world of increasing business competition, Innovation is key to a company’s survival. Creating an Innovation strategy that makes sense for your organization is entirely feasible, and an absolute must for creating profit for your company.
Here’s to a New Year of innovation!
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