Can entrepreneurial innovation survive company growth?
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5 lessons from nurturing entrepreneurial innovation in a growing software company. Presented at Seacon 2019 in London.
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Can entrepreneurial innovation survive company growth?
- 1. Can entrepreneurial innovation survive company growth? Seacon 2019 Mark Cheverton Chief Technology Officer, Redgate Software
- 2. 5 lessons 1. Know where your products are in their lifecycle 2. Spot your entrepreneurs and empower them 3. Focus your innovation efforts 4. Leadership is a team sport 5. Share insights not data
- 3. 5 caveats 1. Everyone’s situation is different 2. Redgate is co-located, b2b, global … 3. Organic innovation isn’t the whole story – product-market fit can be acquired 4. What you do today won’t work tomorrow 5. Luck matters more than anything else – maximise your return on luck
- 4. The Reboot Redgate’s Story The WildernessThe First Age 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Acquired SQL Server Central Founded Business of Software conference Founded Springboard accelerator Early adoption of Adwords Business of Software spun out Data Masker acquisition Flyway acquisition Techstars US merges with Springboard Gearset founded Octopus Deploy investment 3Tacquisition Readyroll acquisition
- 5. Lesson 1 Know where your products are in their lifecycle
- 6. Know where your products are in their lifecycle STARTUPS ARE SINGLE-PRODUCT COMPANIES, ALLOWING THEM TO DESIGN THEIR ORGANISATION AROUND THEIR PRODUCT’S MATURITY. MATURE PORTFOLIO COMPANIES NEED TO BE GOOD AT EVERY STAGE.
- 8. The Challenges of a Portfolio Company RetireExploitExplore Sustain
- 9. Goals Change Across the Lifecycle RetireExploitExplore Sustain Find Product Market Fit Increase Serviceable Addressable Market Maximise Return On Investment Maximise Profit
- 10. Methodologies Change Across the Lifecycle RetireExploitExplore Sustain Find Product Market Fit Increase Serviceable Addressable Market Maximise Return On Investment Maximise Profit
- 11. Lesson 2 Spot your entrepreneurs and empower them
- 12. Spot your entrepreneurs and empower them PEOPLE ARE NOT FUNGABLE UNITS PEOPLE IN STARTUPS ARE OFTEN T-SHAPED PEOPLE IN LARGER COMPANIES ARE OFTEN SPECIALISTS THEREFORE YOU MUST WORK HARD TO SPOT YOUR ENTREPRENEURS
- 13. • Autonomy • Mastery • Purpose
- 14. • Giving control, not taking control • Pushing decisions to the information • Leader-leader model
- 15. Lesson 3Focus your innovation efforts
- 16. Focus your innovation efforts IF AN INNOVATION CAN’T GRADUATE INTO THE CORE BUSINESS, THEN IT CAN’T SUCCEED. YOU NEED TO MAXIMISE YOUR THROUGHPUT OF IDEA BY FAILING FAST AT LOW COST. ONLY RAMP UP YOUR INVESTMENT AS KNOWLEDGE INCREASES.
- 17. Horizon scanning – set an innovation focus
- 19. • How to ask the right questions • Look for commitment not compliments • Focus on a customer segment
- 21. The intersection of MVP and ICP
- 22. Lesson 4Leadership is a team sport
- 23. Leadership is a team sport AN ENTREPRENEUR IS OFTEN AN INVENTOR. AN INTREPRENEUR HAS TO BE AN EXPLORER. IN A STARTUP FOUNDERS PLAY A KEY ROLE. IN A MATURE BUSINESS THERE CAN BE NO CULT OF THE INDIVIDUAL.
- 25. Design Thinking
- 26. Don’t build fences; overlap roles
- 27. Lesson 5Share insights not data
- 28. Share insights not data EVERYONE CAN’T KNOW EVERYTHING IN THE SAME DETAIL AS WHEN YOU WERE SMALL. THERE ARE MORE PEOPLE NOW – YOU CAN’T BANK ON THE ALIGNMENT YOU NATURALLY HAD. FOUNDERS ARE USUALLY DOMAIN SPECIALISTS, ENTREPRENUERS IN MATURE COMPANIES OFTEN WON’T BE.
- 29. Personas
- 30. Customer journey
- 31. Jobs to be done
- 34. 5 lessons 1. Know where your products are in their lifecycle 2. Spot your entrepreneurs and empower them 3. Focus your innovation efforts 4. Leadership is a team sport 5. Share insights not data
- 35. Good luck! Mark Cheverton @ennui2342 mark.cheverton@red-gate.com Image credits: Kecko, Joeshlabotnik, matthewmcvickar, vancouverfilmschool, dipfan @flickr
Editor's Notes
- I joined 2011 At the time Redgate was a simple business – end user tools Under threat from Microsoft getting its act together and eating our lunch Innovation was focused on finding the next big thing that would replace Redgate – new products to new markets, not leveraging Redgate strengths -- Access to most SQL Server DBAs through smart content acquisitions -- Dominant DBA tools vendor for SQL Server Got into adwords early, Download try buy based on solving immediate customer problems 2006 acquired SQL Server Central, it now has 819,000 members (as of right now), 2.5 million pageviews/month 2007 Business of Software 2009 Springboard 1st age: We were successful. We’d got past our first product, built a portfolio of tools, and had a good DTB model supported by content marketing. Simple engineering model of a team owning a product, close to the customer. Innovation was very entrepreneurial with individuals or very small teams taking a lean startup approach leveraging our reach to the DBA market. Revenue flattened and Microsoft started eating our lunch. Innovation stalled for 5 years. Revenue had risen to a size that small tools ‘minnows’ were not enough any more and the growing portfolio of minnows was too large to have dedicated teams so the engineering was degrading. We tried to enter whole new markets with no advantages. Acquisitions and investments.
- Pay attention to the organizational design of every stage
- Investment across the lifecycle Kent Beck’s explore, expand, exploit
- Investment across the lifecycle
- Pay attention to the organizational design of every stage
- The end goal is graduation Fast feedback loops
- Ideas are cheap, execution is everything Continually challenge assumptions - learning Avoid local maxima, know when to pivot – from experience, mentoring
- Statistics vs signals – this isn’t b2c Codesign Avoid vanity metrics Are they really customers
- Hunting for ICP The value of charging, the importance of P&P and marketing
- Single focus – invention, money later
- YOU’LL NEED TO CREATE ARTIFACTS AND PROCESS AS YOU GROW.