Ex Legal & General CMO: what corporates can learn from startups
The threat to established firms across a huge variety of industries is becoming truly pervasive, and it has made corporate innovation more important than ever.
Of the names listed in the Fortune 500 in 1955, nearly 87 percent have either gone bankrupt, merged, reverted to private ownership, or lost enough in revenues to be removed from the list completely.
Founded in 1880 Kodak was a name synonymous with photography for a century, and at its peak employed over 145,000 people.
The business made George Eastman, Kodak’s founder extremely wealthy, whilst also providing jobs for several generations of middle-class Americans.
But in 2012 it all went wrong for the company that invented the roll film, and after the steady decline of analogue photography, Kodak retreated to bankruptcy.
Corporate innovation is more important than ever
In the same year ironically, Facebook bought Instagram, a company with 15 employees for 1 billion dollars.
Contrast this turmoil amongst the enterprise world with the value creation amongst some of the fastest-growing companies coming out of innovation hubs like Silicon Valley, London and New York.
Twitter, founded less than a decade ago is already worth close to $30bn, Deliveroo, the 3 year old London based startup is valued at $3bn. Not to mention other businesses such as Uber, Pinterest and Snapchat, all of which have been valued at mindboggling prices.
The difference between stagnant enterprises in comparison to their high-growth counterparts is no secret- these businesses are able to bring exciting products to vast markets at a rapid pace.
This week’s guest, Dominic Collins wants to help these businesses do just that.
And having had an illustrious career working for corporate businesses Sky, telecoms provider EE and financial services provider Legal and General, Collins has seen both sides of the coin. Now, “quite deliberately” Collins has taken his focus away from making “larger companies more digital” to helping “digital customer centric organizations be more large.”
For this week’s episode, and lessons on corporate innovation, listen above.