“It’s never going to happen but I would love to be the next Joe Rogan.”
Tough calls
He said business leaders had a responsibility to make tough calls without knowing how things would turn out.
“Just because you can’t pick the future, doesn’t just give you licence to not do anything,” Mr Fitzgibbon told The Australian Financial Review Business Summit said. “You still have to make an informed view.”
No one can fully predict which species will thrive and survive and which will go the way of the Tasmanian tiger but you have to make educated calls as a business leader, Mr Fitzgibbon said.
As such, Mr Fitzgibbon said a business had to have four criteria present before NIB will invest in it.
Firstly, it has to be worth it in terms of scale and effort. So no to thermal coal, which has less of a future Mr Fitzgibbon said, but yes to something like travel insurance, as people are travelling more.
Secondly, it has to be related to NIB’s current business. So, while solar energy looks strong in the broader economic ecosystem, it has no direct relevance to NIB’s food web.
Thirdly, Mr Fitzgibbon stressed the importance of a prepared mind. And fourthly, “we only make small bets on innovation”. NIB doesn’t pour all its resources behind an “experiment”.
Follow the Financial Review Business Summit live blog updates here.
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