Reinventing Work: How Established Companies Innovate to Combat the Rise of the Startup

CreateReason.com @CreateReason

Reinventing Work Max Farrell / Create Reason

@CreateReasonCreateReason.com

Max Farrell @MaxOnTheTrack

My story: Startups -‐> Community -‐> Companies

Focus: -‐Overview of corporate innovation -‐Share frameworks popularized in large companies -‐Practical tips to get started internally

My goal today:

To help you all thrive as the current and future leaders of your companies

There’s a shift underway: a massive change in how companies build, how teams work together, and how individuals execute

We are in the middle of a work (r)evolution

Millennials in the workplace Freelancers Startups Disengagement

Trends

70% -‐Gallup State of Work 2013

-‐Job Seeker Nation Study

-‐Gallup

These are crucial moments for every industry

We are going through the fastest evolution of how we

Why we do what we do is important now more than ever

Our people are the catalyst

The secret to engaging all employees

Treating people like people

Autonomy Mastery Purpose

So how can we start to apply this to our companies?

Innovation is a great starting point

Innovation: Create new value for new needs OR add value to exisKng needs

Two types of innovation

Two types of innovation Continuous

Two types of innovation Continuous “The ability to combine operational effectiveness and strategic flexibility”

Two types of innovation Disruptive

Two types of innovation Disruptive “Where good ideas seem like bad ideas”

-‐Ben Horowitz

by Ideo

As with anything, there are limitations

Some companies didn’t innovate

“That will never work”

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

Some companies are actively rethinking…

Then there are some that innovation slip away...

lost the founders of

found ways to work with this

Enter the internal entrepreneur or “intrapreneur”

-‐voccoli.com

Intrapreneurs: Adapt, integrate and reconfigure organizational skills and resources to tackle changing environments

Established companies are seen as the masters of process, efficiency and stability

BUT, with the opportunity to play the startup game on easy mode

Unfair advantages: Brand, Talent, Resources, Capital

The biggest barrier to innovation? Education.

The Frameworks

Lean Startup

Steve Blank“A startup is a temporary organization formed to search for a repeatable and scalable business model.”

Eric Ries“A startup is a human institution designed to deliver a new product or service under conditions of extreme uncertainty.”

Lean Startup in a nutshell

BuildLearn

Product

Measure

Build Measure Learn

Customer Development

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

Create a testing culture (embrace experimentation)

Zappos “The Wizard of Oz”

AirBnb example:experimented on Craiglist

Stripe: landing page

Dropbox: showed video

So how can a company start to innovate?

Things needed: Senior leader buy-‐in Communication Capacity Autonomy

Start with why

Identify your company’s “secrets”

There has to be a person, a process or a culture that encourages innovative ideas

-‐Ben Horowitz on corporate innovation

Create metrics that maeer: •AcKonable -‐ with clear cause & effect •Accessible -‐ easily understood •Auditable -‐ proves true & tells story

Identify the internal champion/ executive decision maker

Yes and… // Yes if…

Embrace experimentation

Run innovation experiences

Put together a cross-‐functional strategy / innovation team

Final Thoughts

Our industries are changing rapidly. We have an opportunity to play a large role in that innovation.

Our people are our most important asset. We have to continue approaching employee engagement in new ways to empower our talent to thrive.

Innovation isn’t just for the startup. All of our companies can do more and continue on the path to success.

My challenge to you all: Develop a minimum viable change in your organizaKon

Thank you!

Debrief

● 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?

My digital business card:

Max Farrell @MaxOnTheTrack CreateReason.com max@createreason.com 501.231.5554

Reinventing Work: How Established Companies Innovate to Combat the Rise of the Startup

Marketing

The Veterans Health Administration Experience Thomas L. … · 2013. 7. 25. · Healthcare agenda. ¾. Reinventing Government Initiative. ¾. Secretary of VA. ¾. Combat injured war

Reinventing the Physicist - APS Home · Reinventing the Physicist ‐2014. Reinventing the Physicist ‐2014 WHY HOW WHAT Simon Sinek – TED.com. Priorities Reinventing the Physicist

Reinventing Responsibility

Reinventing - itecgroup.co.uk

Reinventing Detroit

Reinventing depsos

Reinventing schools through brain-based learning.kimberlysheppard.wiki.westga.edu/file/view/Reinventing schools... · Reinventing Schools Through Brain-Based Learnin ... contrast,

Reinventing HR

Reinventing Organizations - complete summary v6blog.convergeforimpact.com/wp-content/uploads/2015/02/Reinventing... · Reinventing Organizations In his 2014 book Reinventing Organizations,

innovate - Solus Information/Range PDF... · innovate 5EGT111. innovate 5EGT114. Colours supplying your imagination innovate Induct 2EGT106 Conceive 2EGT111 Sire 2EGT119 Form 2EGT120

Reinventing Bazaar

Video Technology Reinventing Social Skills Intervention Innovate & Implement Proven Strategies

Reinventing State Budget Formulation Through … · Reinventing State Budget Formulation Through Outcome Management ... The traditional approach to budgeting simply ... ReinvenTing

Reinventing Classic

Reinventing Sales

To innovate, or not to innovate, that is the question · or not to innovate, that is the question ... Innovation & Product Development ... to innovate or not to innovate?

Reinventing Leadership

Reinventing Health Care Choicesnorthamericanhealthplans.com/.../4x9-NAHPPALIC_HCS-brochure_2-2.pdf · REINVENTING HEALTH CARE CHOICES. REINVENTING HEALTH CARE CHOICES. PALIC_HCS_10/17

Reinventing Engagement

Reinventing Your Business, Reinventing Your Self - Karen Post