Prosperity theme of economic summit

What it takes to prosper — whether for a creative film company or for a state battling a global economic downturn — was a theme Monday at the governor's third annual Utah Economic Summit in Salt Lake City.

A trio of keynoters addressed very different topics, but certain ideas ran like threads through the talks: Innovation, collaboration, creativity and trust, among them. Ed Catmull, president and CEO of Walt Disney and Pixar animation studios; Kelly Matthews, executive vice president and economist at Wells Fargo; and Gov. Jon Huntsman Jr. all had ideas about prospering despite economic challenges.

Matthews kicked off the summit with a hopeful view of recovery, noting he believes the "deflationary meltdown that was of grave concern" a few months ago is past. Despite anticipated negative growth through summer, he said, both housing and consumer demand for goods may have stabilized. And though it's still "ugly and difficult," it should start to get better if, indeed, that stability is real, he said. But he warned that unemployment has not yet bottomed out.

Catmull's version of prosperity hinges on assembling diverse teams of smart people who don't always see things the same and are willing to challenge each other. He set out from his home in Salt Lake and his education at the University of Utah determined to make a feature film using computer graphics. The result, "Toy Story," took longer than he expected, but what he learned en route was how to build a sustained creative community and thus a company that could last.

He urged keeping the standards high for all products. And if you must pick between a group that knows what it's doing and one that works well together and challenges each other, go for the latter. While other studios look for stories to make into films, he said his focuses on building strong teams; great films follow. "Toy Story" was built by a team that had never made a feature film before but worked well and challenged each other.

He also touted the benefit of very early collaboration, despite resistance from people hesitant to show their raw, unfinished work. They're now nine-for-nine with hit films, and he credits that early give-and-take. There's great value in learning from others' reactions and decisions as you go along, he said.

One of his best lessons came early when, despite his fear, Catmull hired a fellow he suspected was both smarter and more engaging than he was. You can't let fear stop you, he told the sell-out crowd of 1,200, and you need the best in order to be the best.

He also said he welcomes different viewpoints, because people working together must be able to be honest. There's an organizational hierarchy, but there is not a communication hierarchy and all thoughts are welcome. His company's success hinges largely on having people with strong opinions.

He also encourages some risk-taking. "It's easier to fix problems than try to prevent all of them," he said.

Huntsman, too, sees a bright future. He said Utah has taken steps to position itself well and "we have everything we need to support our future. "When the dust settles … I think we're going to do OK. If Utah were a stock," he said, "I'd give it a 'buy' recommend."

E-MAIL: lois@desnews.com