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Reinventing Work Max Farrell / Create Reason
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Max Farrell @MaxOnTheTrack
My story: Startups -‐> Community -‐> Companies
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Focus: -‐Overview of corporate innovation -‐Share frameworks popularized in large companies -‐Practical tips to get started internally
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My goal today:
To help you all thrive as the current and future leaders of your companies
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There’s a shift underway: a massive change in how companies build, how teams work together, and how individuals execute
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We are in the middle of a work (r)evolution
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Millennials in the workplace Freelancers Startups Disengagement
Trends
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70% -‐Gallup State of Work 2013
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51%
-‐Job Seeker Nation Study
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$550B
-‐Gallup
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These are crucial moments for every industry
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We are going through the fastest evolution of how we
work.
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Why we do what we do is important now more than ever
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Our people are the catalyst
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The secret to engaging all employees
Treating people like people
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The secret to engaging all employees
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The secret to engaging all employees
Autonomy Mastery Purpose
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So how can we start to apply this to our companies?
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Innovation is a great starting point
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Innovation: Create new value for new needs OR add value to exisKng needs
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Two types of innovation
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Two types of innovation Continuous
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Two types of innovation Continuous “The ability to combine operational effectiveness and strategic flexibility”
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Two types of innovation Disruptive
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Two types of innovation Disruptive “Where good ideas seem like bad ideas”
-‐Ben Horowitz
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by Ideo
As with anything, there are limitations
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Some companies didn’t innovate
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“That will never work”
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Companies don’t “own” markets, we merely rent space in them
“It is not the strongest of the species that survive, nor the most intelligent, but the one that is most responsive to change.”
—Charles Darwin
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Some companies are actively rethinking…
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Then there are some that innovation slip away...
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lost the founders of
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found ways to work with this
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Enter the internal entrepreneur or “intrapreneur”
-‐voccoli.com
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Intrapreneurs: Adapt, integrate and reconfigure organizational skills and resources to tackle changing environments
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Established companies are seen as the masters of process, efficiency and stability
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BUT, with the opportunity to play the startup game on easy mode
Unfair advantages: Brand, Talent, Resources, Capital
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The biggest barrier to innovation? Education.
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The Frameworks
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Lean Startup
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Steve Blank“A startup is a temporary organization formed to search for a repeatable and scalable business model.”
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Eric Ries“A startup is a human institution designed to deliver a new product or service under conditions of extreme uncertainty.”
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Lean Startup in a nutshell
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Ideas
Data
BuildLearn
Product
Measure
Build Measure Learn
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Customer Development
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Horizon 1 -‐ 60% / 1-‐3yrs Horizon 2 -‐ 30% / 3-‐6 yrs Horizon 3 -‐ 10% / 7-‐10 yrs
Horizon Time/ Resource used
Products Return Timeline
1 60% ExisKng product / exisKng customers
1-‐3 years
2 30% Existing product / new market OR new product / existing market
3-‐6 years
3 10% New product / new market
7-‐10 years
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Create a testing culture (embrace experimentation)
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Zappos “The Wizard of Oz”
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AirBnb example:experimented on Craiglist
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Stripe: landing page
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Dropbox: showed video
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So how can a company start to innovate?
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Things needed: Senior leader buy-‐in Communication Capacity Autonomy
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Start with why
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Identify your company’s “secrets”
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There has to be a person, a process or a culture that encourages innovative ideas
-‐Ben Horowitz on corporate innovation
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Create metrics that maeer: •AcKonable -‐ with clear cause & effect •Accessible -‐ easily understood •Auditable -‐ proves true & tells story
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Identify the internal champion/ executive decision maker
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Yes and… // Yes if…
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Embrace experimentation
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Run innovation experiences
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Put together a cross-‐functional strategy / innovation team
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Final Thoughts
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Our industries are changing rapidly. We have an opportunity to play a large role in that innovation.
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Our people are our most important asset. We have to continue approaching employee engagement in new ways to empower our talent to thrive.
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Innovation isn’t just for the startup. All of our companies can do more and continue on the path to success.
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My challenge to you all: Develop a minimum viable change in your organizaKon
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Thank you!
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Debrief
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● What is one thing that surprised you today?
● What is one thing that confirmed what you
already know?
● What’s one thing you can try tomorrow?
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My digital business card:
Max Farrell @MaxOnTheTrack CreateReason.com [email protected] 501.231.5554
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