“In 1987, when Bruce Springsteen wrote the song “Ain’t Got You“, he was the biggest rock star in the world. He had vast estates in New Jersey and Beverly Hills, and he had not long returned from a honeymoon at Gianni Versace’s villa in Lake Como. “Ain’t Got You” was Springsteen’s attempt to make a self-aware nod to his outrageous fortune, the Rembrandts on his walls, and how he had come a long way from his working-class upbringing.

Before he released it, Springsteen played “Ain’t Got You” to Steve Van Zandt, his best friend since they were teenagers and a key cohort in his E Street Band. Van Zandt was appalled. “I’m, like: ‘This is bullshit,’” he recalled telling Springsteen. “‘People don’t need you talking about your life. Nobody gives a shit about your life. They need you for their lives. That’s your thing.‘”

Underline mine. If every client I work for took this to heart I’d be out of a job. But that would be completely OK, because the world would be a much better place.

I can’t say I have a lot of sympathy for the fallen giants of the British high street, but I do find a lot of the criticism to be lacking a constructive side. Yes, the majority of dearly departed high-street stalwarts were just a bunch of cartelized warehouse operators. And yes, the retail game has been reduced to a commercial ‘who blinks first.’

What’s important to note is that the diversification that seems to upset a lot of analysts was a sensible transitional move for a business that for ages has been selling a very narrow range of merchandise, while the core market for that traditional product was experiencing staggering erosion.

There was little wrong with HMV’s strategy. HMV Live and HMV Tickets were both good candidate building blocks for a broader, more stable customer relationship and commercial platform. The problem was executional. Neither of these initiatives, nor HMV’s (often self-destructive) merchandising choices (iPods in their stores) could deliver the revenues fast and thick enough for the business to refinance or service debt. The end.

What stands out for me in all of this is the public’s reaction over HMV’s demise. It has been far more heartfelt than for most other businesses who met the same fate. And justifiably so – it was a British institution in the truest sense, with real cultural significance for anybody who’s ever sacrificed their lunch money in the name of a record, tape or a cd.

So while the company braces for a deeply demoralising restructuring and the inevitable distress-sale fiasco, I think it’s worth taking note of the one asset that holds the greatest promise – its brand. While it may have suffered in the over-diversified last days of its business, the recent public outcry is a testament to the fact that it matters hugely to a huge amount of people. And HMV are not alone in this. Many formerly well-regarded brands have come out of bankruptcy to meet one of two certain fates – they are either forever consigned to history, or (on a less dignified note) end up stuck in perpetual digital mediocrity (see Littlewoods, Woolworths, Zavvi and many others besides.) A select few graduate to adoptive foreign investor families, but they truly belong to a different category altogether (see Land Rover.)

There is no reason why the recently orphaned brands of the high street can’t make a meaningful return and get a lease of life that is more than just digital window-dressing and SEO-milking. HMV can set a powerful precedent by providing a truly comprehensive service – one that draws compelling connections between the different products it offers – be it music, live gigs, exclusive experiences or music patronage. It is a brand with significant cultural roots and a sphere of influence that covers almost the entire value chain – from artists, to labels, merchandise and gigs. All the key enablers are there. It can be done right, provided that the entity which acquires HMV has the necessary courage, sophistication and will to make it the success it deserves to be.

Speculation has it that this is an initiative designed to satisfy a number of agendas: to integrate a number of existing government agencies and support schemes, to encourage much needed innovation in the sector and to facilitate more cost-effective procurement.

Whatever the real purpose of the proposal, it is not unprecedented, and not without risk. Historically, such institutions have emerged in times of dire necessity – in Germany the state-owned KFW came into existence after WWII as part of the Marshall Plan and has been swallowing bad debt ever since. Which raises a couple of questions.

Firstly, just how will the bank afford to fund businesses that don’t meet mainstream lending criteria without exposing itself to the levels of risk that would cause it to fall out of favour with credit agencies? Are there ways in which you can meet the needs of these businesses such as secondments, consultations and leasing surplus capacity? And second, just how is this bank going to raise the funds necessary to offer advantageous rates to these businesses without being a part of the very market it is claiming is broken? Even without doing the math it is clear that corporate tax exemption is only part of the answer, the other part being government-backed securities on the capital markets.

However this evolves in the coming days it is important to bear in mind that fiscal measures alone will not solve the problems of the hugely varied and hugely important SME sector. This is an enormous market that has been truly ignored by high street banks, and creating a government institution to fill that gap is the equivalent of creating an NHS for small businesses. The dynamics of the FS industry are such that someone simply just has to take a confident first step in creating the right products, services and conditions for SMEs, and the rest fill follow. Having the government do that is dubious, heavy-handed and franky irresponsible.

Percentage of Logos Containing Leaves By Industry (C) Emblemetric

Ever wondered how has the percentage of logos containing leaves changed cince the 1950s? Wonder no more - Emblemetric has the answer, but the answer isn’t entirely surprising, it’s just a neat way to demonstrate the growth of corporate greenwashing.

I am pleased I never gained exposure to these stories, because the notion that innovation is elegant, structured and infinitely replicable would have confused me to no end. And even though some great innovations have introduced simplicity, elegance and quality to our lives (Apple’s products being the most obvious ones), a beautifully crafted product, service or experience alone does not constitute innovation. Profitability does.

It is difficult to think of an example more appropriate than Ryanair – by this measure they’d be one of the most innovative airlines in the world. They have over 3bn in cash reserves. They fly three times more passengers than BA, despite constant criticism of their furtive attempts to charge for the privilege of common courtesy. But is it this really innovation or fanatical frugality? Many might disagree, but I think there are many reasons to celebrate the flawed, ruthless and brave genius of Ryanair.

Firstly, and most obviously, the advertising. Crude, tasteless, consistently inconsistent and incredibly effective. Judging by the content and style of Ryanair advertising it’s easy to imagine that instead of an advertising budget they have a damages budget. And justifiably so. When one of their most high-profile ad aberrations angered Sarkozy and Bruni, Ryanair were ordered to pay £40k (€50k) for the trouble. Where would £40k get you in terms of traditional creativity? Not much beyond a YouTube video from some self-appointed ‘viral hot shop’. And what ad agencies are denied in fees, junior ad execs save on Ryanair flights to Ibiza.

Then there is Ryanair’s extravagant chairman, Monsieur O’Leary – a man who has proudly dedicated every fibre of his being to delivering rock-bottom prices to customers. He is famous for obtaining the taxi licence required to use the bus lane on his way to an office as comfortable as your average Ryanair flight. He is a vocal proponent of his empire, spreading ill-advised but memorable quips on subjects such as global warming: “It is absolutely bizarre that the people who can’t tell us what the fucking weather is next Tuesday can predict with absolute precision what the fucking global temperatures will be in 100 years’ time. It’s horseshit.” Charming.

Finally, and most importantly, Ryanair have committed the ultimate act of strategic subversion. They have embraced commodification in a world where everybody and their dog are trying to fight it. Mr. O’Leary has made the world realise that the experience of flying is as overinflated as its price. Back in the 1950s when consumer aviation started taking off, air travel was the preserve of the upper classes, and the service standard was suitably high. Someone would carry your bags onto the airplane, while you are chauffeured to the aircraft. A flirtatious attendant will pop open a bottle of the perfect accompaniment for your three course meal, all the while the pilot cracks jokes on the intercom during a flight that often lasted twice as long as it does today.

The world has moved on, airlines haven’t, and Ryanair is reaping the rewards. There are more people flying than ever, in an industry designed for the few. So why should passengers pay for a level of service that they don’t normally get, expect, or need on a flight which lasts1.2 hours on average?

While it’s difficult to defend Ryanair’s customer service perpetrations, it’s impossible to deny them the status of a true innovator – they have consistently resisted convention and have become incredibly successful by doing so. The absence of a wooly, new-age business lesson from their story doesn’t make their success less relevant, it reaffirms it.

2. Do not think it worth while to proceed by concealing evidence, for the evidence is sure to come to light.

3. Never try to discourage thinking for you are sure to succeed.

4. When you meet with opposition, even if it should be from your husband or your children, endeavor to overcome it by argument and not by authority, for a victory dependent upon authority is unreal and illusory.

5. Have no respect for the authority of others, for there are always contrary authorities to be found.

6. Do not use power to suppress opinions you think pernicious, for if you do the opinions will suppress you.

7. Do not fear to be eccentric in opinion, for every opinion now accepted was once eccentric.

8. Find more pleasure in intelligent dissent than in passive agreement, for, if you value intelligence as you should, the former implies a deeper agreement than the latter.

9. Be scrupulously truthful, even if the truth is inconvenient, for it is more inconvenient when you try to conceal it.

10. Do not feel envious of the happiness of those who live in a fool’s paradise, for only a fool will think that it is happiness.

Via @bornsandy