Priceline Founder Touts 'Applied Imagination'

"Innovation is a missing ingredient in business growth, especially in hard times," he said Wednesday morning to about 150 people attending the United Way of Western Connecticut's "Innovation and Leadership in the Marketplace" networking breakfast at The Amber Room Colonnade in Danbury. "The only real requirement is that you apply imagination."

The event, which was co-sponsored by the Greater Danbury Chamber of Commerce, was organized by the United Way of Western Connecticut's EDGE, an acronym for a group founded in 2008 to "engage, develop, grow and encourage" young professionals to succeed in business. Walker was the first speaker for the "Innovation Leadership" initiative.

During his half-hour talk, Walker gave several examples of business owners attaining success by thinking out of the box, such as a bar owner in California who put a sign out front that read "No apes will be served." The owner then had someone outside in a gorilla suit with a sign that read "Unfair to gorillas," thus causing a frenzy of people outside the establishment that eventually made their way into the place, he said.

"In a week, he sold the bar," Walker said, referring to the tavern's sudden success. "That's applied imagination."

Walker, the owner of Stamford-based Walker Digital LLC, shared another story of Gatorz Eyewear reaching success after its founder Ken Wilson decided to make sunglasses out of aircraft aluminum.

"They went to $15 million in sales in three years," he said.

Walker also shared how Priceline.com came about in response to a problem -- airlines flying with two million empty seats a day because they made more by selling tickets at higher prices.

"We thought that can't be a good idea," Walker said, adding that Priceline.com was created to allow customers to name their prices for those empty seats. "Search for problems. That's exactly how Priceline was created."

Owners of small businesses can innovate in ways that cost hardly any money, such as studying competitors, networking with industry colleagues and inviting customers out to breakfast or giving them rewards to solicit feedback, Walker said.

"Give out the reward first and then ask for the truth," he said. "How many of us do that?"

Customers also should be asked what would make the business and its offerings more exciting for them, Walker said.

"It turns out that excited customers come more, spend more and tell their friends," he said.

Business owners also should recognize their patrons for their loyalty, even if it's as simple as posting their photos, as Stew Leonard's grocery stores do, Walker said.

"It taps into something we all want," he said. "We all want to be appreciated, we all want to be thanked."

Innovation is simply about doing something new, Walker said.

"How much new is there?" he said.

Walker's talk contained a positive message for today's youth, said attendee Mary Vinton, managing director of development for Greenwich-based Kids in Crisis.

"We can instill in these kids, despite what's happening in the world, that they can apply innovation and imagination to make their lives better," she said.

His words were inspiring, said Jason Ginsberg, assistant vice president and branch manager for Danbury-based Union Savings Bank.

"It's exciting to hear from someone so successful and relate it to anyone in any industry, big to small," he said.