The 7 myths of speed .
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Many of us have seen the quote "If things seem under control, you’re just not going fast enough.” ... This presentation talks about the need for speed and myths that keep us from achieving our speed potential. There are also 2 cases at the end..
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The 7 myths of speed .
- 1. Over 200 independent consultants in 16 countries… helping companies get from here to there www.fast-bridge.com
- 2. Who am I to talk about Speed ? 10 Start-ups, 6 countries, 8 wins, 1 loss, 1 I am trying to figure out Professor new product marketing (KU Leuven) and Entrepreneurship (Solvay) Fast Bridge: I didn't have a good business idea, so I decided to help others ▫ A network of +/- 200 people that want to help start-ups ▫ I see lot's of business plans and hopeful entrepreneurs ▫ We work with about 1 in 40 2
- 3. What you’d expect me to say about speed .. Pick a direction Be committed to your ideas Get cash now Get partners you can trust Make sure you are first Go as fast as you can Do more and more And success will follow… 3
- 4. “If things seem under control, you’re just not going fast enough.” —Mario Andretti
- 5. Wrong .... 5
- 6. These are comfortable, logical ideas and what we have been taught…. But, they are not the whole story 6
- 7. 7
- 8. Myth: Pick a direction and stick to it. Focus on needs, keep your options open 8
- 9. Needs first, not ideas first ! Success Rate* Ideas First Needs First Develop a solution Find a need Find a need Develop a solution Find a market Find a market 5-10% 70 % * According to Strategyn research on outcome driven innovation… 9
- 10. A test... Who are these companies personal podcasting and sharing audio content 10
- 13. “If people are not buying they are not stupid… they might not want what you’re selling.”
- 14. Myth: Be committed to your ideas Don’t drink the Koolaid 14
- 15. The biggest 2 mistakes of Entrepreneurs/ Innovators 1. Investing in the wrong business 2. Staying too long in the wrong business.. (after you should know it is time to change…)
- 16. • Lots of products only a mother could love • Think in terms of base rates: 9 out of 10 products fail • Be prepared to be wrong (more than once) 16
- 17. The big innovation Paradox Whoever Makes the Most Mistakes Wins Richard Farson & Ralph Keyes 17
- 18. Costs per stage
- 19. Introduction 19
- 20. A checklist … Talk to 20 people (that are not your friends) If no one hates the idea, be scared Ask people “if this fails” why would it fail (you’ll get a lot more information than asking what they think of the idea !) Keep it simple … check do people really understand
- 21. Myth: Get cash now Stay lean, until your business model is proven 21
- 22. You lose money
- 23. Lessons learned (the hard way) • Way too much time spent looking for cash • Fail fast, fail cheap • Go for cheap and easy on the cash, prove your business then cash will come to you Failure is easy !!! Are you spending more time looking for money than building your business model 23
- 24. Myth: Get partners you can trust Learn to trust almost everyone 24
- 25. The facts... • Ideas are cheap • Original ideas are rare • Great ideas are built through friction A question: Is there any idea someone hasn’t talked about on the Internet (If they haven’t talked about yours be scared… ) 25
- 26. The Power Laws of Innovation As cities grow and contact increases… innovation increases (25 X bigger = 2X more innovative) Innovation = Size ^ power value Power value Cities Companies 1.3 0.7 Why: contact increases … As companies get bigger and have more resources… innovation falls (25 X bigger = 60% less innovative ) Why: contact decreases Innovation output Size 1 5 25 100% 690% 4759% 100% 309% 952% Innovation per person Size 1 5 25 100% 138% 190% 100% 62% 38% Source: Geoffrey West: The surprising math of cities and corporations 26
- 27. Imagine this… BMW has some of the best designers in the world and sells their designers by the day below cost Why: to build creativity… 27
- 28. Myth: Make sure you are first Fast seconds are also a viable option 28
- 29. The glory of fast seconds … • A fast second lets other companies innovate and experiment to create new market. • Entry just as the dominant design is about to emerge, helps create dominant design, and uses its [size] position to capture the market • Famous fast seconds – Desktop printers (HP) – Disposable diapers (Pampers) – Discount shopping (Walmart) – Search (Google)… 29
- 30. Myth: Go as fast as you can Build in pauses and time to reflect 30
- 31. 6 Operational speed vs. strategic speed • A study by Economist intelligence unit 312 companies ▫ Go, go, go ▫ Companies that paused at strategic moments ▫ 40% higher sales, 52% higher profits 31
- 33. Build in tripwires to stop and think • Set up times for decisions • Define how you will be decision before the time comes... (1000 sales might be great, but not if you predicted 25,000) 33
- 34. A detailed contract for companies setting up the installations Buried deep “M&Ms, but no brown ones” If they found a brown M&M they wouldn’t play
- 35. Myth: Do more and more Do less to do more (write a do not do list)
- 36. The productivity Paradox • Even good people, spend most their time doing the wrong things or things wrong Right thing Right thing Done wrong Done Right Wrong thing Wrong thing Done wrong Done Right 36
- 37. “With so many things to do and so many great ideas… what we decide not to do is infinitely more important than what we decide to do” – Steve Jobs
- 38. Research on innovation 211 companies Worst Avg Best Top vs. bottom % of revenues from new products 17% 28% 47% 2.76 % of profits from new products 11% 25% 44% 4.17 % of products that meet profit targets 43% 48% 66% 1.53 Go / Kill criteria set up front 26% 57% 85% 3.28 Decisions are objective / fast based 15% 42% 57% 3.85 Decisions are made in review meetings 26% 51% 60% 2.32 Cooper, Robert G. "Perspective: The Stage‐Gate® Idea‐to‐Launch Process Update, What's New, and NexGen Systems*." Journal of Product Innovation Management 25.3 (2008): 213-232.
- 39. Summary Pick a direction Be committed to your ideas Get cash now Get partners you can trust Make sure you are first Go as fast as you can Do more and more Focus on needs, keep your options open Don't drink the koolaid Stay lean, until your business model is proven Learn to trust almost everyone Fast Seconds are a not bad Take some time to think Do less to do more (write a do not do list) And success will follow... 39
- 40. Case: Sophie’s Shopping Club vs. Consodata 40
- 41. 41
- 44. The Belgian Context Stop, please stop thinking about Belgium as a market Find some one you can fight Stop thinking about doing it alone Get out of the office, belly to belly with10 people per week 44
- 45. Discussion: A live case, Nomadesk 45
- 46. Nomadesk is a leading provider of file sharing, storage and synchronization software that enables users to access, share, synchronize and safeguard files from any location, whether online or offline. There were the first and might still be the best
- 47. Not even identified as an alternative ! On 9 of 10 sites
- 49. Interview with CEO Mobile user and nomadic professional Work with / without 100% internet access Better file security
- 50. Not cloud But seen As cloud
- 51. Discussion • What would you do if you were Nomadesk now ? My thoughts Guidelines Your thoughts Focus on needs, keep your options open Don't drink the koolaid Is all about unlimited and security Stay lean, until your business model is proven trust almost Learn to everyone Fast Seconds are a not bad Take some time to think Develop and test alternative business models... Do less to do more (write a do not do list) Cut away from 80% of work being done now (eg no consumer) Say we're like XXX, but better in the following ways Work with 4-5 of the smaller companies in the same space Change the dialogue, make dropboxes strengths weakness Set up tripwire and real market tests 51
- 52. Key take aways… • Don't go for speed before you have a business model • Don't grow so fast you can't follow • Don't grow just to grow • Don't worry too much about being second • Stop thinking about “Belgium” as a market unless it is really the market.. But when you have it right, go, go , go ... 52