Kjell A. Nordström outlines the challenges of future businesses at the Management Innovation Forum

Receiving a standing ovation from the audience, after speaking at the Leaders Presents Management Innovation Forum, Dr. Nordström declared that in a world of economic competitiveness, survival is a question of being fit or sexy. He explained:

"A 'fit' business is one that can change quickly molding itself to meet changing market dynamics. Such businesses adapt and react to consumer trends or competition more effectively. A 'sexy' business appeals to human emotions by creating a connection or a 'feel' between consumers and the product or service."

During the two hour session, Dr. Nordström stated that in order for a company to succeed in this competitive world, it should express its individuality by developing innovative ideas. "The rules of running a successful company have changed. In order for a company to succeed and survive in the new world, or what I call the 'Karaoke Capitalism,' companies need to start with an idea, model or vision that creates a temporary monopoly in the market. Innovation is the key to creating this monopoly. Technology is also required for successful business, but it is not a differentiator. Innovation is."

According to Nordström, "Karaoke Capitalism is an environment where everything and everyone looks the same, uses the same words, attends the same conferences, looks for the same products and reads the same books." The challenge for companies however, is to be creative and create a market positioning and a competitive advantage that is above the competition. "Remember that most successful businesses do not beat their competitors; they simply do not have competitors," he stressed.

Dr. Nordström is the co-author of two globally celebrated and international best selling books: Karaoke Capitalism: Management for Mankind and, Funky Business: Talent Makes Capital Dance, which has been translated into more than 31 languages. He was ranked at No. 9 by the Thinkers 50, which identifies the world's most important and influential business thinkers and is currently the No. 1 management thinker in Europe.

The Management Innovation Forum was sponsored by Etisalat and AIS>Brand Lab. Media Partners included BBC World and CNBC Arabia.