Iwata gave his talk at the B Dash Camp startup conference in Osaka, and The Bridge has translated it.
When we talk about Nintendo we cannot ignore (former president) Hiroshi Yamauchi who just recently passed away. He always said that if you have failure, you dont need to be too concerned. You always have good things and bad, and this reflects the history of Nintendo. If you do the same thing as others, it will wear you out. Nintendo is not good at competing so we always have to challenge [the status quo] by making something new, rather than competing in an existing market.
On the risk of bringing Japanese IP and ideas to the western market, Iwata reflected on initial fears that he Pokemon brand would fail in the US. Will America accept cute monsters? he asked, No, they said. Some people even recommended to make Pikachu more muscular. If we followed their advice Pokemon would never have been the success that it was. Brain Training software (Brain Age) became a hit in Japan, and I proposed that we sell it globally. And even as I said that as the president, no one listened.