How to Attract and Retain Real Entrepreneurial Talent

“23% of startups fail because of team. How do you think the numbers would compare for corporate innovation initiatives?

In corporate innovation we put a huge amount of emphasis on assessing “ideas”: how much should we invest? How fast can they scale? What’s the best go to market approach?

But how are we systematically assessing, recruiting and keeping the best team incentivised? Can we find the talent we need inhouse? How do we outsource it when we can’t? Maybe most importantly, are these the questions corporate HR is really set up to answer?”

Short answer: you need completely different processes and rewardstalent

Via How to Attract and Retain Real Entrepreneurial Talent https://www.eventbrite.com/e/how-to-attract-and-retain-real-entrepreneurial-talent-tickets-84134818507

 

How To Keep Your Company Alive – Observe, Orient, Decide and Act

“Survival = (speed of your understanding of the situation) x (the magnitude of the pivots/cuts/lifeboat choices you make) x (the speed of your time to make those changes)”

Via Steve Blank https://steveblank.com/2020/04/01/the-ceo-playbook-for-keeping-your-company-alive/

OODA Loop

Growth

“I’ve got this” is more problematic. The leader acts like they know what they are doing, but they don’t. And everyone around them knows it except them. I like to provide a leader with “I’ve got this” syndrome with a lot of tough love but that is usually not enough. The answer to “I’ve got this” is usually failure of some sort, often a very significant one. The key is to be there for the failing leader in that moment and help them get through the failure and come out of it with self awareness and a desire to address the issues that have gotten in the way.

Via Fred Wilson https://avc.com/2020/05/growth-2/

 

Businesses that don’t seem to be about technology also solve hard technical problems

It’s obvious that biotech or software startups exist to solve hard technical problems, but I think it will also be found to be true in businesses that don’t seem to be about technology. McDonald’s, for example, grew big by designing a system, the McDonald’s franchise, that could then be reproduced at will all over the face of the earth. A McDonald’s franchise is controlled by rules so precise that it is practically a piece of software. Write once, run everywhere. Ditto for Wal-Mart. Sam Walton got rich not by being a retailer, but by designing a new kind of store.

via How to Make Wealth

Most people who got rich by creating wealth did it by developing new technology

If you look at history, it seems that most people who got rich by creating wealth did it by developing new technology. You just can’t fry eggs or cut hair fast enough. What made the Florentines rich in 1200 was the discovery of new techniques for making the high-tech product of the time, fine woven cloth. What made the Dutch rich in 1600 was the discovery of shipbuilding and navigation techniques that enabled them to dominate the seas of the Far East.

via How to Make Wealth

Measurement and Leverage means the possibility of failure

I think everyone who gets rich by their own efforts will be found to be in a situation with measurement and leverage. Everyone I can think of does: CEOs, movie stars, hedge fund managers, professional athletes. A good hint to the presence of leverage is the possibility of failure. Upside must be balanced by downside, so if there is big potential for gain there must also be a terrifying possibility of loss.

via How to Make Wealth

Technology = Leverage

What is technology? It’s technique. It’s the way we all do things. And when you discover a new way to do things, its value is multiplied by all the people who use it. It is the proverbial fishing rod, rather than the fish. That’s the difference between a startup and a restaurant or a barber shop. You fry eggs or cut hair one customer at a time. Whereas if you solve a technical problem that a lot of people care about, you help everyone who uses your solution. That’s leverage.

via How to Make Wealth