How are innovations like artificial intelligence already impacting business strategy and leadership decisions?

This was one of the questions asked on a live Twitter chat hosted by YPO as it prepares for the second-annual YPO Innovation Week, a series of in-person and virtual events happening all around the globe from 8-12 May 2017 focused on innovation and disruption.

The featured guest was Frank Holmes, CEO and Chief Investment Officer of U.S. Global Investors and a YPO member since 1991.

Holmes is a much-sought-after keynote speaker at national and international investment conferences. He is a regular commentator on the financial television networks CNBC, Bloomberg, BNN and Fox Business, and has been profiled by “Fortune” as well as “The Financial Times.” He is a regular contributor to “Forbes,” “Business Insider,” “Seeking Alpha” and “Wall Street Journal’s” Experts Corner.

Search #ThisIsInnovation on Twitter to see the full discussion with @bulldogholmes and @YPO.

*Editor’s note: Some of the responses have been edited for clarity and do not reflect Twitter’s 140-character limit.

LEADERSHIP AND INNOVATION

What is one thing all business leaders must know about innovation?
Innovation is never-ending. It’s a process, not a destination. Business leaders must adapt to improve.

How can leaders spot opportunities for innovation or entrepreneurship?
Go where the innovative hubs are. Surround yourself with curious, like-minded individuals to cultivate ideas.

How is artificial intelligence already impacting business strategy and leadership decisions?
As artificial intelligence continues to improve we will continue to feel its impact. AI is the heart of innovation.

In Forbes, you wrote about meeting Cisco’s John Chambers at the 2017 YPO EDGE conference. What can we learn from him about innovation?
Simply put, disrupt or get disrupted. First-mover advantage is critical, no matter what industry you’re in.

INNOVATION IN THE FINANCIAL SERVICES INDUSTRY

What is the top innovation in the financial services industry in the past 5 years?
Artificial intelligence and machine learning have both transformed the financial industry by creating smarter solutions.

What innovation is most going to impact your industry in the next 5 years?
We’re more strategic and aware of AI’s impact. It forces us to manage expectations in order to have first-mover advantage.

When it comes to investments and AI, what is the number one innovation you are seeing?
The Trump & Dump Bot may not be the number one innovation, but I believe it’s important to understand.

What are some of the innovative ways traders are gaining an edge in the market?
Algorithmic trading is one example, allowing for a cleaner, more transparent process with less human-made errors.

What can leaders outside financial services learn from the disruption you are seeing?
Disruption can and will happen in any industry, so be open to change. Look out for new opportunities and embrace them.