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Summary
So many companies want to innovate in order to find new business models. But what happens when your company already has a business model? How do you disrupt your business model without destroying your business? Why would you even bother? Innovating inside an already successful company requires a new set of tools for overcoming internal resistance, not losing your current customer base, and knowing when to give up existing revenue streams. In this talk, Laura Klein, author of “Build Better Products” and “UX for Lean Startups” shares some tips for companies who want to find new business models before the old ones stop working.
Key Insights
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Large companies often express a desire for innovation but resist the changes required to achieve it.
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Successful products emerge from collaboration and the support of various stakeholders, not just from individual brilliance.
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Involving affected employees early in the innovation process can reduce resistance and foster excitement.
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Large organizations face bureaucratic hurdles like legal and HR departments that can impede innovation.
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Innovation requires secure funding tied to learning goals rather than traditional financial metrics.
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Clever strategies can help navigate organizational politics and gain support from upper management.
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Building trust with legal departments can facilitate smoother innovation processes.
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Employees' resistance to change often stems from a genuine fear of losing their established roles and processes.
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Clyde emphasizes that innovation is ultimately a team sport and needs high-level protection within companies.
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The metaphor of building a new plane in mid-air illustrates the risks companies take with innovation. Uncertainty is inherent in the innovation process.
Notable Quotes
"I love building new products. There's something amazing about building something from scratch."
"Many of the folks that I work with have been through big tech transformations before and they're typically not looking forward to the next one."
"Success has an entourage. Successful products are created by people who have a stake in the status quo."
"It's less about making tiny improvements and more about creating something entirely new."
"Nobody wants to change their job entirely, even if you're telling them it's going to be better."
"Involving coworkers in decisions helps build the new company where they all want to work."
"You can't switch to an outcome-driven model if your incentives are tied to shipping features."
"Innovation requires buy-in from the highest levels; otherwise, it's very hard to succeed."
"You need air cover from upper management to pursue innovative projects effectively."
"The plane doesn't land until the new engine is built; you have to maintain the existing model while innovating."
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