The Speed of Trust

The first keynote at the SIIA Content Forum was by Stephen MR Covey, author of The Speed of Trust.  This Covey is the son of Stephen R Covey, who wrote The 7 Habits of Highly Effective People.  Quick summary - business happens faster and at lower cost among people who trust each other.  Trust has value and according to Covey is the currency of the new economy.  Examples:  Legal communication is so expensive and slow because there is no trust.  A solo coffee vendor doubled his business when he trusted customers to pay and make their own change - making change was slowing down his line and stifling business.  Lack of trust leads to increased regulation - you can't trust public company management so you get Sarbanes Oxley.  Warren Buffett, since he's trusted by all, can do a deal faster than less trustworthy dealmakers.