Waterfront Toronto to review document â€” possibly 1,000 pages long â€” for up to a week before releasing it
Corporate parental leave policies are earning their share of headlines: Netflix offers 52 weeks of paid leave, Microsoft offers 22 weeks to birth parents and 10 to those who don’t give birth (and now will only work with companies that offer paid…
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How many hours a day do you spend comparing your life to that of others? It might sound like a strange question, but if you’re an average internet user, you are probably spending more than two hours every day consuming social media content….
Many companies love to tout the success of their Diversity and Inclusions programs. Glassdoor publishes an annual list of the Top 20 companies with diversity programs. Fortune partnered with A Great Place to Work to create a list of the best workplaces…
Every self-employed person talks about the joy of wearing your pajamas to work. As a business owner, I was happy in my comfy pants and T-shirts—until I read a study indicating that dressing up can change the way you think and work.
During our 2019 Bootcamp last week, we had the pleasure of hosting Anton Affentranger, former CEO of Implenia, a European construction company with CHF3.8BN in revenues. Alex and Anton discussed innovation within the context of an existing organization. Anton consistently referred to the challenge of innovating at an existing company (exploit portfolio) and how to convince stakeholders to assess innovation differently than execution.
Anton Affentranger has been a high level executive of several large, public companies (CEO of Implenia, Executive Management Member of UBS, CFO of Roche, among others). Anton offered an interesting perspective on innovation within existing companies as he and Alex took the stage at our Bootcamp. Here are some takeaways from Antonâ€™s discussion with Alex.
CEOs are forced to have a short-term perspective. They are bound by quarterly results and expectations. Innovation is not part of an annual report. As a result, there is a mismatch with stakeholder expectations.
Innovation Culture & Readiness:
Innovation has always been a difficult thing to do from a management perspective. CEOs must determine if they have the right innovation culture, the right mindset. While the need for change and growth are constantly growing, CEOs must ask if their organization is ready and capable to innovate and can move as fast as the competition.
Innovation vs Acquisitions:
Spending money on acquisitions is almost easier than engaging in innovation processes. The acquisition price is typically capitalized on the balance sheet. Innovation investments however need to be expensed through the P&L. Also of note, the cost of acquiring innovative companies has grown, and often, startups do not want to be a part of the corporate culture – they want to remain separate entities.
Innovation is a black box. It must be transparent. Executives are often fascinated by innovation but they do not have the toolbox and the confidence to engage in innovation.
Separating Innovation Teams:
One of Antonâ€™s most successful innovation projects was when he created a separate division, gave them a blank piece of paper and gave them one challenge – growth.
It is impossible to have an entrepreneurial mindset and job description within a large company. By definition, an entrepreneur is one whose company ceases to exist when their ideas fail. At an existing, large company, an entrepreneurial mindset is often blocked by layers of management and hierarchy.
Traditional corporate cultures needed several layers of middle management in order to achieve effective communication. Today, anyone can communicate, can reach out to executives, customers, competition, etc. Hierarchy is no longer necessary and can be a roadblock.
The Most Innovative CEOs:
CEOs with control over the company are often the most innovative (like Amazon and Jeff Bezos). These CEOs have a constituency/stakeholders that go beyond quarterly earnings. Crisis can also open the door to innovation – in order to survive, innovation is a must (like Bracken Darrell at Logitech).
For more information on managing innovation in an existing company please check out our blog posts on Execution vs Innovation, Innovation Readiness, the Portfolio Map and the Ambidextrous Organization.
Gloria Vanderbilt was reportedly worth around $200 million at the time of her death. Here’s why she may not will it to her sons.
“Gloria Vanderbilt was 95 years old when she died. What an extraordinary life. What an extraordinary mom. What an incredible woman.”
Regulation has a critical role to play to protect customers and businesses operating in industries that are sensitive to various threats. In complex industries such as the financial industry, regulation is often perceived as a barrier and a burden.
The Pentagon said the deployment includes security forces and troops for additional surveillance and intelligence gathering.