Episode 5: Why speed matters?
This episode will pack your head with the following food: - Nokia did not believe iPhone was the competition, they believed iPhone was threatening the PC. - Set culture from tight to loose. Experimental approach questions the status quo and must be open to first-hand outside stimuli. Execution requires tight grip. Know when to have which. Reward appropriately for improving # of experiments, not success rate. - Remember % hits correlates with % misses: the only way to get more hits is by trying more: so increase productivity and reduce batch size. Zara puts out 40,000 SKUs to market/year and ships every 1-2 weeks – faster than startups. - You will retain best entrepreneurial staff because they will shine in new roles. Change culture from top-down driven to "let the best ideas percolate." - Slack is one of the biggest unintended consequences in business apps, valued at $7bn. - It's not the speed that kills, but coming to an abrupt stop. Keep strong momentum and become the experiment factory (Jeff Bezos).