To watch the webinar click here. Summary transcript below.
Key take aways
- Understand how today’s tech corporates operate
- Key factors for companies built on science/technology
- Successful innovation frameworks
5 Innovation Essentials
- Sticky Vision
- Explosive Bets
- Focused Innovation
- Cooperative Teams
- Customer Obsession
Innovators present themselves not in terms of technology, but in terms of agents of change: how they believe the world should look like after they’ve finished changing it.
However, two similar organizations like NASA and SpaceX have not as equally compelling vision statements. Despite sharing audacious futures for everyone – NASA will reveal the unknown for the benefit of humankind and SpaceX will make humankind an multi-planetary species – the former becomes a magnetic spell with powers to move people into action.
Innovators bet the long-term. The business cycle is slow at the start with 2 or more years to revenue and 4 or more to profit, yet the right business model will take an explosive behavior (10x) after 7+ years.
Scalability factors are responsible for this effect: revenues growing faster than cost, network effects and increased adoption by users.
Innovators take concrete steps to make ideas a reality. From the vision, they come back with a list of objectives to fix what’s wrong with the world. Once identified innovators build a plan with specific actions and outcomes answering the questions how do we intent to solve the aforementioned problems and how the world will know that we fixed them. One of the best practices are Google OKRs
Culture at Silicon Valley is all about promoting collaboration, trust and transparency with a communication default to open based on regular all-hands; small empowered teams to make decisions by themselves; Feedback for individual learning but reliability and responsibility too.
Magic that happens at the intersection of solving deep user needs with the best technology in the world.
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