“neither redbox competition.” · 8/15/2019 · “neither redbox nor netflix are even on the...
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“Neither Redbox nor Netflix are even on the radar screen in terms of competition.”
– Jim Keyes, CEO, Blockbuster, Dec 2008
Bankrupt in 2010
7 Tenets of an Exponential Mindset Yuh-Mei Hutt
President, Golden Lighting
Chair, Domi Station
SparkHumanity.com
The New Kodak Moment
1996 2012 April 2012
Market Cap: $28B Bankrupt Market Cap: $1B
Employees: 140,000 Employees: 17,000 Employees: 13
Now 326 companies
Incremental vs Exponential • Scale
• Speed
• Deceptive
– 1% is only 7
doublings from
100%
Which Mindset Are You Using?
Incremental
10%
Make better
or Exponential
10x
Make different
Which Mindset Are You Using? Incremental Mindset – 10% Exponential Mindset – 10x
Set realistic goals Set ambitious goals
• Think moonshot!
• Golden Lighting’s budgeting process
– 10% vs 10x
• Domi: One billion dollars of impact in Tallahassee
Which Mindset Are You Using? Incremental Mindset – 10% Exponential Mindset – 10x
Follow the plan Follow the vision
• Driven by a massively transformative purpose (MTP)
– Massive: Audaciously big and aspirational
– Transformative: Change industry, community, or world
– Purpose: Unites and inspires action
Tesla’s MTP • Accelerate the world’s transition to sustainable energy
• Tesla’s “Secret” Master Plan
• All automakers have an electric vehicle in their plans
Which Mindset Are You Using? Incremental Mindset – 10% Exponential Mindset – 10x
Minimize risk Maximize learning
• Adapting to change is like a trapeze bar
• Key to adaptability is unlearning 1. Recognize old mental model is no longer relevant or
effective
2. Find or create a new mental model that better achieves goals
3. “How should we be thinking about this?”
Mental Models vs Business Models
• Southwest
– Southwest serves people using airplanes
– Other carriers fly airplanes that carry people
Which Mindset Are You Using? Incremental Mindset – 10% Exponential Mindset – 10x
Standardize Personalize
• Scalable efficiency: generic, low price, limited selection
• Scalable personalization and unlimited selection
• Customization at the same cost or speed as
standardization
• Chipotle
Which Mindset Are You Using? Incremental Mindset – 10% Exponential Mindset – 10x
Centralize decision-making Empower decision-making
• Military and the fog of war
• Create doctrines for decision-making…mindsets
– A new tool besides mission, vision, values
– How to think and make decisions
– Not a process manual
Golden Lighting: Empowerment
• Company-wide dashboards
• Exponential mindset and decision-making
– Front line – manage current state
– Management – gets to future state
– CEO – considers multiple futures
Which Mindset Are You Using? Incremental Mindset – 10% Exponential Mindset – 10x
Expand authority Expand influence
• Authority = Transactional relationships
• Transform authority to influence by creating gravity
• ORBITs
– Ongoing Relationships Beyond Individual Transactions
• Starbucks and 3rd spaces
• Diverse Computing culture
Which Mindset Are You Using? Incremental Mindset – 10% Exponential Mindset – 10x
Make your numbers Grow your network
• Set the conditions for a network effect
– Dominoes vs Ping pong balls
• Exponential companies use a platform business model
– Single to Many Many to Many
• Unconstrained by physical limitations such as supply
Platform Model Examples
• Uber
– Unlimited drivers with cars matched to unlimited riders
• BitMED
– Free healthcare in exchange for health data
• Amazon
– Even competitors can be customers
Which Mindset Are You Using? Incremental Mindset – 10% Exponential Mindset – 10x
Set realistic goals Set ambitious goals
Follow the plan Follow the vision
Minimize risk Maximize learning
Standardize Personalize
Centralize decision-making Empower decision-making
Expand authority Expand influence
Make your numbers Grow your network
Source: Mark Bonchek, Shift Thinking
7 Tenets In Practice • Anyone, anywhere, small or large problems
• Solutions or ideas that follow
– 1 tenet is good
– 2 tenets is excellent
– 3 or more tenets is probably a winner!
• For a copy of these slides, send an email to
“The best way to predict the
future is to create it.”
IDEA LAUNCH BUSINESS
startups.com
TALLAHASSEE MENTOR NETWORK
HELP ENTREPRENEURS GROW & OUR COMMUNITY PROSPER
Shared platform for the city
Serve across multiple programs
○ Domi Station ○ Jim Moran School ○ Innovation Park
○ TCC Spark
○ FAMU REACH
Common guiding principles
