12

Learning from Crises to Change

Until 1697 it was believed that swans should be white because all the records reported swans with white feathers.

However, a Dutch expedition led by explorer Willem de Vlamingh in 1697 discovered black swans in Australia.

The Lebanese researcher and mathematician Nassim Nicholas Taleb developed a theory of the Black Swan concept to refer to any surprise and highly improbable event, one that is unexpected, is difficult to predict, that we tend to ignore, and has high impact and magnitude.*

* Nassim Nicholas Taleb, The Black Swan (Random House, 2010).

The black swan theory is a metaphor that describes events that come as a surprise and has a major effect.

There are unpredictable acts that can alter the equilibrium. ...

Get Corporate Risks and Leadership now with the O’Reilly learning platform.

O’Reilly members experience books, live events, courses curated by job role, and more from O’Reilly and nearly 200 top publishers.