Where to start…..small steps go a long way!
The Oct 9, 2014 article by Fortune Magazine contributor @GilPress notes “By 2017, says Gartner, a significant disruptive digital business will be launched that was conceived by a computer algorithm. The most successful startups will mesh the digital world with existing physical logistics to create a consumer-driven network—think Airbnb and Uber—and challenge established markets consisting of isolated physical units.”
What, I ask, is an existing mature or growing company to do? First, don’t panic, there are strategies. Second, the all or nothing approach will likely not work either. There are, however, some transitional steps you can take to begin an integration process of new technologies into your current product plans. Most of us don’t have magic algorithms lying around! But you might ask yourself these questions:
- do you have great talent,
- do you have the best possible talent in place to drive growth,
- is that talent adept to change, technically competent and highly capable leading the way through complex data-driven environments,
- lastly, do you encourage risk taking (positive risks -we call them-are well thought out and anticipate both the up and downsides of any new endeavor)?
If you say no to one or more of the above, call me! We can help (a little self promotion this one time, hope you don’t mind and we’re always happy to help here at PBG).
What can you do on your own? A lot! Below are a few tips to help stack up those eggs on the way to discovering your Golden Egg opportunities!
1. Humans will still drive (for the time being) so strong influential leaders are critical to your future. These leaders need to have a strong grasp on segmented markets as well as technologies. Domain knowledge will be critical to the future of your product’s success.
2.The global opportunities are mega size. So many countries are just starting their path to growth which means there will be no lack of need for products you have to offer. Uber and Airbnb like Facebook and Google were not global day one. Translations, country localization, trusted partners are all part of a product roadmap whether you are launching a disruptive new toothbrush or a self-directed flying car or the next iteration of Uber.
3. Exponential Technologies (see article from @wired for more information) are moving at the speed of a SpaceX blastoff! One for the lesson books as SpaceX travel has changed what we once knew as space exploration. Yes, the travel vehicle has to change to accommodate you and me not astronauts, that is technically a business model of providing consumers with an opportunity they’ve never had, travel to see the world from space. This is a monster sized task of course but in simple terms, space exploration for only the highly educated and trained astronaut is transforming (with a great deal of collaboration, capital and engineering) into a new realm of vacation travel. Here are some opportunities you might think about that have less of a barrier to enter, less capital needed and are possible to do today:
- Let’s say you are a big data company and you see that workforces are not prepared for the shift to all things data… what if you started opened a data-college on your campus and for a low or free fee you offered college level classes. Immersive education for adults is a growing need and desire. Open it up! Create the the talent you need.
- In much the same way, you could host an IronYard-like coding program to create the development skills much lacking in our country. This talent is hard to come by these days because everything in the Internet of Things world requires technical talent.
- Or bring in a retired professor and create the Algorithm competition program for your company to begin collaboration on the next big thing.
These are just simple things that could get the company juices flowing and begin a transition path to this new everything is connected world.
4. One of the most overlooked is to learn how to present your ideas and get buy-in internally from your peers and from the executive committee that will approve your ideas. Whether the idea is to add a simple highly requested requirement that would change the product or services opportunity outlook significantly or a big idea that becomes a complete overhaul of current product or its a net new product offering. These ideas go nowhere fast without the proper business justifications and the rallying of your internal support teams that believe it your ideas with you.
5. Hold internal reverse pitches. Anyone can pitch to any manager and any manager can pitch to anyone in the company to gain insights, feedback and support.
In the end, you still have to answer the age old question: “What’s in it for them, your customer, your peers, your management team… your company!”
Plazabridge Group gets very excited about when helping development and integration of new products for our customer’s customers! How can we help you?
Follow Teresa Spangler @composerspang or @plazabridge.Teresa often speaks on trends, disruptive technologies, innovation and adoption and converting innovation into sales. She is the author of the Game of Life Book Series, a contributing author to OpenForum. Click to learn more about Plazabridge Group.
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