Innovating from the Boardroom – Cultivating a future quotient
Amplify talk by Lucy Marcus
This is my second blog post from the AMP Amplify festival. The speaker for this session is Lucy Marcus. Some background:
Lucy is the founder and CEO of Marcus Venture Consulting which helps build sustainable success for funding organisations. She is also Professor of Leadership and Governance at IE Business School focusing on corporate governance, ethics and leadership. Lucy writes an opinion column and hosts a TV show, “In the Boardroom with Lucy Marcus” for Reuters on the intersection of boards and leadership.
This year I was lucky to attend AMP’s Amplify Festival in Sydney. My first session is ‘Emerging Shifts for Money and Wealth’ with Dr Tim Jones. Some notes on Tim:
“Tim is Founder and Program Director of the Future Agenda – the world’s leading open foresight project… Tim is a recognised expert in innovation and future growth. He is the author of numerous articles and eight related books and is a regular speaker at corporate events and public conferences on innovation leadership, growth platforms and future trends. He has a PhD in Innovation Performance and Masters Degrees from Cambridge, Imperial College and the Royal College of Art in London.”
Dr Tim starts off his talk, focusing on the difficulty of predicting and anticipating future changes and trends:
In 1977 Mark Markkula wrote a one page marketing and strategy position statement for Apple Computers. It was written as part of the company incorporation on January 3, 1977.
Apple was less than a year old and had only released the hobbyist Apple I. It was yet to really make an impact. Mark Markkula wrote:
The Apple Marketing Philosophy
We will truly understand their needs better than any other company.
In order to do a good job of those things we decide to do we must eliminate all other unimportant opportunities.
People DO judge a book by its cover. We may have the best product, the highest quality, the most useful software etc.; if we present them in a slipshod manner, they will be percieved as slipshod; if we present them in a creative, professional manner, we will impute the desired qualities.
MBA Schools love to educate us on various tools of thought or approach but over time many are proven wrong, not-quite-right, or just another management fad.
One that looks like it may go the distance, equally at home applied to existing businesses or new ventures – Porter’s 5 Forces.
Understanding Business Opportunity Porter’s 5 Forces
Porters 5 Forces model breaks down the attractiveness of a market to five categories- threat of new competition, threat of substitute products or services, bargaining power of customers, bargaining power of suppliers and intensity of competitive rivalry.
The following diagram illustrates it best: