Why Business is like...

The Fosbury flop. Dick Fosbury, a virtually unknown athlete at the time, took the 1968 Olympics by storm.

He won a gold medal and setting a new Olympic record in the high jump. He'd spent years quietly perfecting a new technique and by '68 he was ready to turn the sport on its head quite literally, ditching the familiar Scissors and Western Roll in favour of his bizarre backward leap. According to his coach, he didn't have exceptional strength or speed. What he had was a revolutionary approach that worked.

Critics said he'd ‘wipe out a generation of high-jumpers with broken necks' and parents complained that the Flop was ruining their furniture. But the more serious resistance came from the US Olympic Committee, which banned the leap for six years. Fosbury is among those we must thank for ignoring the saying ‘If it ain't broke don't fix it'. Why wait for things to go wrong before we try to improve them? Blind acceptance of received wisdom is the kryptonite of innovation.

This autumn a survey found that FTSE-100 CEOs take home a whopping 127 times the pay of their workers, so one might expect they are raising the bar in business as Fosbury did on the athletics field. But Philip Hampton, boardroom veteran and current Sainsbury's chairman, has bravely suggested that huge pay packets discourage innovation. FTSE bosses, he asserts, stand to receive vast bonuses for simply ‘achieving targets', removing the incentive to take a risk and strive for more.

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