InfoSys Innovation Training 1
InfoSys Innovation Training
Lynn E. Black
CUR516
November 23, 2015
Dr. Keith Bennett
InfoSys Innovation Training 2
WELCOME TO INNOVATION TRAINING AT INFOSYS!
Infosys Brief: Company Profile
Phase I
Infosys is one of the world’s largest, global IT companies specializing in providing high tech
consulting services and software solutions to firms and individuals across the world. Their motto is “Sparking
a customer obsessed, innovation culture” (Infosys, 2015). This year, it broke the 8 billion ceiling in revenues.
Surpassed only by Cognizant, InfoSys caters to a list of some of the most prominent Fortune 500 companies
such as Bank of America and Apple and others (ET, 2015). It is in this environment that their new hires must
learn to problem-solve and innovate in order to maintain Infosys’ record of excellence in IT services and
support.
In keeping with the vision of Infosys to provide its clients with cutting edge solutions that will ensure
its clients’ places as leaders in the information revolution and technology services in the global economy, it is
extremely important that Infosys’ entry-level employees are well-versed in the processes involved in
innovation. This group of individuals plays a critical role in providing a level of excellence in innovation that
has made Infosys a leader and that will sustain its competitiveness.
Course Title: Innovation Training
Audience:
Recent new hires need instruction/indoctrination in various aspects of Infosys’ approach to customer
service and maintaining customer loyalty. The new hires are comprised of entry-level business analysts,
business management and marketing consultants, and technology specialists and consultants. The
characteristics of these employees are: well-educated in business or in their technical specialty, probably mid-
late 20s to early 40s; very diverse ethnic and cultural backgrounds, possibly lacking in global business
InfoSys Innovation Training 3
experience; these individuals may not possess strong leadership/team building skills. These individuals will
need a thorough understanding of the market that Infosys serves, powerful analytical skills, structured and
logical thinking skills, team-orientation, and excellent communication skills to be successful in the global
environment.1
Course Description:
This orientation training is designed for entry-level employees in software development and
consulting. In this training, participants will be immersed in Infosys culture, handing client problems, and will
be initiated into the intricacies and complexities of global business.
Participants will learn to: (see following chart)
• Trainees will demonstrate empathic listening to client concerns reassuring project success.
• Trainees will analyze the client's needs carefully based on market trends.
• Trainees will engage in team-building and strengthening through critical knowledge transfer.
• Trainees will develop global business thinking, which is holistic and innovative.
1 These skills and qualities are based on a perusal of entry-level positions in IT consulting on Indeed (2015).
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Course Format:
Mixed mode learning involving small amounts of lecture, problem-solving, case studies,
experiential/simulated learning, classroom discussion and collaboration. A 5-day intensive training during
standard work hours (8-5) will be necessary to initiate students into innovation thinking. Classes will be
limited to 20 employees for maximum effectiveness. The modular design permits flexibility and allows for
segments to be separated if deemed necessary.
Instructional Design – Phase II
Learning Environment
The format of the training employs both traditional and nontraditional learning methods. The training
is student-centered and relies upon the students for input and feedback at each juncture. Behavioral learning
objectives will be employed to achieve overall learning goals and develop students’ thinking abilities.
•
•Teams will engage in team-building and strengthening through critical knowledge transfer.
•Teams will learn to lIsten to client concerns empathically reassuring project success.
•Teams will develop global business thinking, which is holistical and innovative.
•Teams will learn to analyze the client's needs carefully based on market trends.
Cutting-Edge Business Analysis
Team-building
Interactive Client Communications
Creative
Problem-Solving
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The training comprises four (4) learning modules: Interactive client communication, cutting-edge
business analysis, team-building, and creative problem-solving. In each module, learning teams will
collaborate to produce documents or tangible outputs.
Participants will be divided into teams for collaboration at every level. Each team will have at least
one type of consultant/analyst (business analyst, business, management and marketing consultant, application
developer, and a technical analyst). Teams will decide who are the most skilled to lead the team through each
module or skill set. Teams will be required to make design decisions and develop a consensus (decide
together) on the proper course of action in difficult situations.
Infosys teams will be assigned clients with troubled account records with the goal of reversing the
trend. Training Facilitators will accompany Infosys teams throughout the training to provide mentoring.
Private rooms equipped with white/smart boards will be required for team discussion and analysis. Also,
CCTV installed in the training rooms will be helpful for recording sessions and maintaining a record of the
training for later analysis.
The objectives of this training program are project-based including experiential learning involving
interviews, project design, simulations, and encouraging higher, critical/creative thinking skills.
Participants will be tested in their ability to analyze data, synthesize information, cooperate with
difficult clients, collaborate in emotionally charged situations, and innovate where no visible solution exists.
These are the skills required for innovation, which is what Infosys hopes from its employees.
Participants will assemble in common classroom first thing in the morning each day for assignments
and any instruction that may be required for the day. This room should have a projection screen and projector,
a laptop, a document camera, whiteboard/smart board, sound system and highly sensitive wireless
microphones for sound amplification throughout the room so microphones do not need to be carried around the
room and students do not need to leave their seats.
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Module 1 (Day 1) - Interactive Client Communications
Goal: Participants will demonstrate empathic (two-way) listening to client concerns reassuring
project success
Description: Participants will be required to review selected client files. Participants will conduct field
interviews and participate in extreme simulations. Discussion and analysis will be used to build a profile of
the company and its leaders. This will require a computer lab equipped with high-speed Internet access,
sophisticated business intelligence software (such as Rapid Insight (100% recommended) or SISENSE (97%
recommended) (Software Advice, 2015), collaboration software such as Redbooth rated a 5-success in all
categories (Capterra, n.d.), along with an Office Suite for creation and editing of documents. Recording
devices (smart phones may be used) or notepads, writing utensils, and highlighters maybe helpful with
interviewing.
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Module 2 (Day 2) – Cutting-Edge Business Analysis
Goal: Participants will analyze the client's needs based on market trends
Description: Participants will engage in deep investigation of the company’s image brand using Internet
research, social media tools, and business analytics. This will require a computer lab equipped with high-speed
Internet access, sophisticated business intelligence software (such as Rapid Insight (100% recommended) or
SISENSE (97% recommended) (Software Advice, 2015), collaboration software such as Redbooth rated a 5-
success in all categories (Capterra, n.d.), along with an Office Suite for creation and editing of documents.
Module 1
Objectives Audience Behavior Condition Degree
1. Infosys teams will conduct a thorough
initial client interview given a
complete topic list is provided.
Infosys
teams
will be able to
conduct an initial
client interview
Given a complete
list of topics are
provided
Thorough
2. Infosys teams will write a detailed
problem statement/analysis upon a
complete explanation of the problem.
Infosys
teams
Will be able to
write an problem
statement/
analysis
Upon a complete
explanation of the
problem
In detail
3. Infosys teams will remove all errors
their problem statement/analysis given
that all components are present.
Infosys
teams
Will remove
errors/grammatica
l problems from
the problem
statement/analysis
Given all
components are
present
Zero error
4. Infosys teams will present problem
statement/analysis to the client
immediately within 1 day of completed
redaction.
Infosys
teams
Will present
problem statement
to client
Of completed
redaction
Within 1 day
5. Infosys teams will solicit client's
formal acceptance of review within 3
days of delivery.
Infosys
teams
Will solicit client's
acceptance
will solicit client's
acceptance
Within 3 days
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Module 2
Objectives Audience Behavior Condition Degree
1. Infosys teams will conduct a
thorough business analysis of the
problem given the research
lab/materials are available.
Infosys
teams
will conduct
business research
and analytics
Given research
lab/materials
available
Thorough
2. Infosys teams will discuss all
research findings with team
members when all team members
have completed their research.
Infosys
teams
will discuss
research findings
to team members
when all team
members have
completed research
and are present
All
3. Infosys teams will prepare a formal,
comprehensive case analysis after
discussion of research findings.
Infosys
teams
will prepare case
analysis
Given research
discussion is
accepted.
Formal,
comprehensive
4. Infosys teams will transfer case to
design team given research has been
completely and thoroughly analyzed
and choice of a design team has been
made.
Infosys
teams
will transfer to
design team
Given research has
been analyzed and
a choice of a
design team has be
made.
completely and
thoroughly
Module 3 (Days 3-4) – Team Building
Goal: Participants will engage in team-building and strengthening through critical knowledge exchange.
Description: Participants will collaborate on the development and design of a tailored solution for the client.
This module will test participants’ abilities to think vertically and laterally, to resolve differences of opinion
and develop consensus through knowledge-sharing and collaboration. This will require a computer lab
equipped with high-speed Internet access, sophisticated business intelligence software (such as Rapid Insight
(100% recommended) or SISENSE (97% recommended) (Software Advice, 2015), collaboration software such
InfoSys Innovation Training 9
as Redbooth rated a 5-success in all categories (Capterra, n.d.), along with an Office Suite for creation and
editing of documents.
Module 3
Outcome Audience Behavior Condition Degree
1. Infosys teams will proffer 3 possible
solutions/scenarios based on correct
interpretation of data analysis.
Infosys
teams
will proffer 3
possible solutions/
scenarios
Based on correct
data interpretation
3 solutions/
scenarios
2. Infosys teams will decide on a
technical approach to solution given
100% consensus on interpretation of
research.
Infosys
teams
will decide on best
approach to
solution
Given consensus
on interpretation of
research
100%
3. Infosys teams will craft design
specifications on all aspects given a
complete consensus has been
achieved.
Infosys
teams
will craft on
specifications for
solution
Given a complete
consensus has been
reached on the
solution
on all aspects
4. Infosys teams will formalize error-
free solution design given
assignments have been made.
Infosys
teams
Will formalize
solution design
Given assignments
have been made.
Error-free
5. Infosys teams will simulate/test
solution design 10 times for errors
once coding is complete.
Infosys
teams
will simulate/test
design
once solution
design is complete
10 times for
errors
Module 4 (Day 5) - Creative Problem-Solving
Goal: Participants will develop global business thinking, which is holistic and innovative.
Description: Participants will present personal, individual experiences as learning content to be examined by
classmates and Training Facilitators. Participants will crystallize their learning experiences through discussion
and deep reflection. A formal written evaluation of the training process will be required.
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Module 4
Outcome Audience Behavior Condition Degree
1. Individual participants will debrief,
present lessons learned in 5 - 10
minutes.
Infosys
teams
will debrief,
present lessons
learned
Given
completion of
the project
5 - 10 minutes
2. Individual participants will write 7
page position paper discussing why
this training was effective or
ineffective including 5 concrete
lessons learned, 3 emotional
moments and 3 suggestions for
improvement upon completion of
debriefing.
Infosys
teams
will write a
position paper
representing
discussing why
this training was
effective or
ineffective
Upon
completion of
debriefing
7 pages including
5 concrete
lessons learned
3 emotional
moments and 3
suggestions for
improvement
upon completion
of debriefing.
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Development & Implementation – Phase III
Program Schedule
The learning environment in this particular training is open-ended. The object is to present the
participants with unstructured activities for which the participants, themselves, will organize and draw out
meaning.
Day 1 – Client Interviews
Time Session Location Materials required
8:00 – 9:00 Introductions
Program
Team Assignments
Main meeting hall Introductory Packets
Program objectives &
activities
Schedule for the week
Participant profiles2
Team roster
Facilitator evaluation forms
9:00 – 10:00 Client Introduction Team room Client file review
Brainstorming activity
Research assignments
10:00 – 12:00 Client Research Team room Computers
12:00 – 1:00 Lunch
1:00 – 2:00 Client Interview Team room Questionnaires
Computers
Teleconferencing software
2 Participants will create online profiles on the company website upon hire and should be completed by the before
the first day of training.
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Recording equipment
2:00 – 4:00 Client Profiling Team room Client files
Client recordings
Computers
4:00 – 5:00 Profile Presentation –
complete, in-depth client
profile
Main meeting hall Multimedia Equipment
Day 2 – Business Analysis
Time Session Location Materials required
8:00 – 9:00 Daily Briefing Main meeting hall None
9:00 – 10:00 Problem Definition Team room Business Model Construct 3
Computers
10:00 – 12:00 Research Team room Computers, Business software
12:00 – 1:00 Lunch
1:00 – 2:00 Research Team room Computers, Business software
2:00 – 4:00 Case Preparation Team room Computers, Business software
4:00 – 5:00 Problem Statement
Presentation
Main meeting hall Multimedia Equipment
3 The Business Model Construct is the outline that the participants will use to profile the business that they
are researching.
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Day 3 – Team-building
Time Session Location Materials required
8:00 – 9:00 Daily Briefing Main meeting hall None
9:00 – 12:00 Situation Room Team room Computers
12:00 – 1:00 Lunch
1:00 – 2:00 Technical Specifications Team room Computers
2:00 – 4:00 Product Development Team room Computers,
Business software
4:00 – 5:00 Product/Solution
Presentation
Main meeting hall Multimedia Equipment
Day 4 – Team Building (Cont’d)
Time Session Location Materials required
8:00 – 9:00 Daily Briefing Main meeting hall None
9:00 – 12:00 Build Model/
Model Documentation
Team room Computers
12:00 – 1:00 Lunch
1:00 – 4:00 Testing/Debugging Team room TBD
4:00 – 5:00 Product Demonstration Main meeting hall Multimedia Equipment
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Day 3 – Problem Solving
Time Session Location Materials required
8:00 – 10:00 Product Evaluation by
Training Facilitators
Main meeting hall Multimedia Equipment
10:00 – 12:00 Debriefing Main meeting hall Multimedia Equipment
12:00 – 1:00 Lunch
1:00 – 2:00 Debriefing Main meeting hall Multimedia Equipment
2:00 – 4:00 Position Paper Main meeting hall Computers
4:00 – 5:00 Program Evaluation Main meeting hall Electronic Evaluation Form
Program Implementation
Innovation training is mandatory for new hires in the consulting fields, which would include business
analysts, business management and marketing consultants, application developers, and technical analysts
recently hired. Each new hire will be notified in writing of date that they are scheduled for Innovation
Training. These new hires have a minimum of a master’s degree or an MBA and most will be familiar with
basic business models and business software. A class will also include application developers who will be
familiar with general programming languages and web design. Therefore, each team should have all necessary
skills and resources available to make the program a success. If more classes are needed, then Infosys will hire
more Training Facilitators. However, the goal is to train our new hires well so that they have no difficult
navigating the Infosys culture or corporate ladder.
The Innovation Training Program will fall under the auspices of Human Resources and will be
directly implemented as an orientation to Infosys. The implementation of Innovation Training will be
conducted 4 times a year (February, May, August, and November), or more if necessary, at the corporate
InfoSys Innovation Training 15
headquarters or training facility depending on the amount of turnover in the consulting cadre of the company.
A maximum of 20 participants are allowed per class. The classes will be divided into five groups of four.
Approximately six weeks will be required to hire Training Facilitators and ensure all necessary materials and
equipment are available. Five (5) Training Facilitators will be hired to conduct the classes. Due to the fact that
it is the end of the year, preparation for the Innovation Training will not begin until the first week of January.
Therefore the first Innovation Training Class will convene on February 14, 2016.
Facilitator Involvement/Training
By far the most challenging component of this experiential design is facilitator selection. The success of the
training largely depends on the functioning of the facilitator in each group. A super-imposing person will alter
the learning experience and remove the “real world, real time” element from the experience. The role requires
someone with real presence, but who does not diminish the value of the individual learning experience. An
outsider will require a lot of time to train in order to ensure that they have mastered the process. This may take
1 ½ - 3 months depending on how well the facilitator training is organized, which adds another level/layer to
the development process. A very promising option is to use well established Infosys managers to facilitate the
learning experiences for a week since they are well-versed and adept in Infosys culture and processes, and
since the training is only a two-week period at a time. Managers can be rotated in order that a manager serves
only once per year. It will not endanger the manager’s area/department while s/he is away. Another viable
option to make the process as “real-world” as possible is to introduce a “poorly performing”
employee/manager, someone who him/herself needs the training, as a facilitator in each group and let the chips
fall where they may. This person will be aware of many of the values and philosophies of the company, but
has yet to imbibe them. It will be a learning experience for all parties. The utilization of internal resources also
cuts cost by eliminating facilitator salaries.
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Using one of the aforementioned options, the facilitator training could be limited to developing rubrics for
performance and assessment measurements, which would reduce facilitator training time. Rubrics development
would involve a week long brain storming session.
Accommodations & Meals
It is my recommendation that the pilot training venue be a 5-star hotel. This addresses a number
of issues. First, lodging and meals are readily available. Also, hotels of this quality will have all
of the necessary training space and equipment required to operate the training such as the
conference room, private workrooms for individual teams, multimedia equipment and sound
equipment, etc. Only the server, laptops, smart boards, document cameras, thumb drives, and
possibly projectors. (These may be available at the hotel as well, but cost of renting them should
be weighed against bringing our own.)
Materials Acquisition & Implementation Schedule
This represents a general project schedule. Implementation process begins January 4, 2016 and the Innovation
Training Pilot will begin on April 4. Project completion is April 15, 2016. (Please see appendix A for a time
and resource breakdown)
1) Materials Preparation
a) Dedicated server space for facilitator/participant files
i) Program Admin Software
ii) Electronic Participant Profiles
iii) File storage for facilitator and participant files
b) Case Studies (5)
c) Forms/Evaluation Instruments
i) Business Model Construct
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ii) Daily journal pages/blog
iii) Interview Questionnaires
iv) Electronic Participant Position Paper Form
v) Electronic Facilitator’s Evaluation Forms
(1) Facilitator’s Evaluation Scheme – Formative Assessment
(2) Facilitator’s Evaluation Scheme – Position Paper
vi) Electronic Course Participant Evaluation Form
vii) Electronic Longitudinal Study Forms
2) Local logistics
a) Lodging/Meals (5-day week) (Lunch only provided)
b) Private workrooms (5)
c) General conference area equipped with multimedia capabilities.
3) Resource Acquisitions
a) Hardware
i) Dedicated Server or server space
ii) 30 laptops (20 participant, 5 facilitator, 5 admin)
iii) Smart boards (5)
iv) Projectors (5)
v) Document cameras (5)
vi) Thumb drives (30)
b) software
i) Complete Premium Microsoft Office Suite incl. with MS Project add-on for 30 laptops
ii) Microsoft Programming Suite (Visual Studio)
iii) Business Intelligence Software
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iv) Teleconferencing Software for Interviewing (There are free software programs for this need like
OOVOO, Skype, etc)
v) Personality Software – analyze participant personalities and suggest team matches
4) Human Resource Personnel
a) Program facilitator
i) Qualifications
(1) A minimum of five (5) years’ experience as a knowledge manager
(2) Adult Learning Competency
(3) Excellent communicator, both oral and written
(4) Strong leadership skills
(5) Excellent organizational skills
ii) Description
(1) Organize Training Design, Development, and Evaluation
(2) Manage program operations
(3) Fulfill human resource function (recruiting, motivating/mentoring, etc.)
(4) Manage program budget
b) Staff
i) Technology Manager
(1) Qualifications
(a) Technology management experience )
(b) Diverse technology background
(c) Customer Service-oriented
(d) Team-player
(2) Job Description
(a) Server Administration and help desk functions
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(b) Software Application Development
(c) Software acquisitioning
(d) Hardware and software installation
(e) Staff Consultant
ii) Educational/Organizational Psychologist (SME)(Contracted only during the developmental phase
of the program)
iii) Business/Corporate Training Consultant (SME) (Contracted only during the developmental phase
of the program)
c) Training Facilitators (5)
(1) Supervise participant groups
(2) Counsel/Mentor participants during training and after training if necessary
(3) Participate in summative evaluations
Training Platform
The object of this training is to introduce you to the culture and processes at Infosys.
You are being given approximately 4 days to turn a failing company around. You cannot copy the success of
any other companies. It must be completely new ideas.
You will be evaluated on your ability to:
analyze a business’ potential and the hindrances besetting it quickly and thoroughly
Work with a team to provide cutting-edge solutions that will restore/reinvent the company in trouble.
Present your ideas cogently and coherently to the managers
Close the deal
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Types of Cases – Each team will select one of the cases from Appendix B: The 25 Worst Business Failures in
History (Knufken, 2009). Their responsibility is to take the failed business, revive it and make it relevant for
today.
Idea Creation/Generation
Team Management
Crisis Management
Interactive Interview
What are the company’s strengths and weaknesses?
What is the company’s competition?
Where is the industry going?
What are the niches?
Business Analysis
What are the company’s goals and products? (Company vision)
What is the culture of the company?
How has the company branded itself/its products and how effective is it?
How well capitalized is the company?
What is your analysis of the company budget?
What are the company’s strengths and weaknesses?
Problem-Solving
What are the weaknesses of this business today?
Generating new ideas
Vetting new ideas
Defining the selling points
Team-Building
Strategy building
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Dealing with aggressive personalities
Empowering and motivating others
Respecting diversity
Building credibility
Embracing competition within the team
“Teamwork is dependent on people completing their work without having to watch them all of the time.”
Companies must be run by ideas, not hierarchy (Jobs, 2010).
** Daily journals must be maintained by participants. (Create a page that students must log into to create and
maintain their journals.)
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Evaluation – Phase IV
Formative Assessments
Each day, each facilitator will to assess his/her team’s progress for that day and provide individual
feedback to team members regarding his/her performance based on Infosys culture and policy. The feedback
will include, but not be limited to, the participant’s individual productivity, team contribution, creative
thinking, and level of organization. Also, facilitators will be responsible for reviewing daily participant
journals and writing comments regarding the participant’s learning experiences.
Summative Assessment
Position Paper – Each participant will submit a position paper at the end of the training. This paper
will describe in detail five (5) of the participant’s significant learning experiences, three (3) ways in which s/he
was affected by them, and three (3) concrete suggestions for improving his/her training experience. Each
position paper will be evaluated by the Team Facilitators and the results of the evaluation will be
communicated to the participant in writing within 5 business days. The position paper will be used to identify
the critical issues/concerns related to each module as well as the overall training program.
Product Evaluation – Training Facilitators, as a panel, will review the value of each team’s product
solution and provide feedback to the teams on the performance of the product and their presentation before the
audience. Product presentations will be evaluated on quality of the solution, profitability prospect,
adaptability/scalability of the model, and innovativeness of the solution. The team which obtains the highest
overall score will be afforded the first choice in duty assignments.
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Grading Scheme
ASSESSMENT WEIGHT POSSIBLE
POINTS
OBSERVATIONS (5) 20 10
JOURNALS (5) 20 10
POSITION PAPER (1) 30 40
PRODUCT EVALUATION (1) 30 40
TOTALS 100 100
Program Evaluation
Each applicant will submit a comprehensive program evaluation form at the end of the training that
will be used for overall enhancements to the Innovation Training Program. The program evaluation will
address critical issues/concerns related to the formation of the participants as well as the structure of the
program.
Program Efficacy
The Position Paper and the product evaluation will be the primary indicator of the Innovation
Training’s efficacy. Training Facilitators will be specifically looking for indicators of higher learning, e.g.,
creative thinking development, deeper reflection, cultural diversity and understanding, and general business
skills development conveyed through the Position Paper.
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A longitudinal study will be conducted charting the direction and development of each participant
after program completion. One hopeful side benefit is that the Training Facilitators will generate meaningful
relationships with their team participants in order that they may continue to mentor each of them after program
completion
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Appendix A: Project Schedule
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Appendix B
Appendix B
THE 25 WORST BUSINESS FAILURES IN HISTORY
By Drea Knuksen
I T I S S A I D T H A T U P T O 5 0 % O F B U S I N E S S E S F A I L W I T H I N F I V E Y E A R S O F
I N C E P T I O N . M O S T O F T H E S E B U S IN E S S S T A R T A N D E N D I N O B S C U R IT Y . A FE W
O F T H E M , H O W E V E R , S T A R T U P W IT H T H E V E R V E O F A C A N N O N B A L L , O N LY T O
C R A S H W IT H E Q U A L FA N FA R E . S O M E O F T H E C O M P A N IE S L I S T E D B E L O W , L I K E
E N R O N A N D D E LO R E A N , E X E M P L I FY T H I S C A T A C LY S M I C A P P E A L. O T H E R S , L I K E
P A N A M A N D W O O LW O R T H ’ S , J U S T T U G A T O U R H E A R T ST R IN G S .
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25. Fashion Café
Want some Newports with that iceberg lettuce?
A restaurant that serves gargantuan burgers and fried appetizers founded by a bunch of supermodels and fey
fashionistas didn’t work? Hmm, I wonder why. “The
$20 Salad Extraordinaire,” created exclusively for
Naomi Campbell, reportedly consisted of a glass of
champagne, a pack of Newports and two slices of
tomato accompanied by an iceberg leaf. Famed
restaurateur Tommaso Buti was the “brains” behind
the operation. He over-franchised the cafes, was
accused of mismanagement, then followed Christy
Turlington in selling his stake in the company. Buti,
already accused of defrauding investors, was arrested
in 2000 and charged with wire fraud, conspiracy, money laundering, and transportation of stolen property.
24. CBGB
A legend turns into a men’s store
In 2006, after 33 years of offering up legends like the Talking Heads,
Blondie, Misfits and the stalwart Ramones, CBGB, the most famous
underground alt-rock/punk club in the world, closed its doors. It was
shuttered to make way for a high-end men’s fashion store. Patti Smith
gave the historic club an emotional, if punk, goodbye by tearing the
stage and room apart. Ironically, the very same shrine that so many
skinny-jean hipsters and adrenaline-fueled punks would come to
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mourn was originally started by Hilly Kristal as a venue for his favorite music: “Country, Blue Grass and
Blues.”
23. The Edsel
Ford’s biggest flop
In 1958, Ford’s newest vehicle, launched on “E-Day,” flailed, flopped, and imploded. Ford kept the Edsel
under wraps as a new kind of
futuristic, experimental car. One
fateful day in 1958, the Edsel was
revealed…and immediately
faceplanted. This car of the future
was blah by anyone’s standards. By
November 1959, when Ford finally
mercy-killed the Edsel, it had lost an estimated $250 million–nearly $2 billion in today’s dollars. Edsel is now
synonymous with a marketing business failure.
22. Flooz.com
The name says it all
Flooz.com blew through up to $50 million dollars trying to convince new Internet
users that money online would work like frequent flier miles or gift cards. Part of
that money went to a notoriously bad ad campaign featuring Whoopi Goldberg
(before she was cool again). And the name? Flooz is derived from the Arabic
word for money. In August, 2001 the company folded their chairs and went home.
Apparently, people could just use their credit cards. Whoops!
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21. The Hit Factory
A New York classic goes condo
Deep in New York, in the heart of Hell’s Kitchen, The Hit Factory was one the world’s most recognized
recording Studios. Started by Edward
Germano in 1975, it saw everyone
from Tony Bennett to U2 record
amazing tracks. After Germano’s
death in 2003, his wife Janice took
over operations. Citing the “digital
age,” she closed the doors and sold
the building, moving the operations to
an existing Hit Factory in Miami.
Troy Germano, Edward’s son, later
acknowledged publicly that his mother simply closed it out of greed. She wanted to move to Miami and
thought she could make good money on the building’s sale. It is now a luxury condominium complex, with
prices starting at $1 million.
20. Betamax
BetaWrong
I could give you facts, figures, and dates to support why Betamax failed
so miserably, but that would be a blog post unto itself. Suffice it to say:
Betamax was bulky, complicated, ugly, expensive, publicly ridiculed,
horribly marketed, disdained by the media, and only capable of limited
recording and playback. The capper? Most Hollywood movies that people
rented were just a little bit over one hour. Too bad…and good riddance.
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19. SwissAir
The “Flying Bank” ends up buried
The former national airline of Switzerland, Swissair, used to be so financially stable that it was known as the
“Flying Bank.” Founded in 1931, Swissair
epitomized international transportation until the
late 1990s, when the airline’s board decided to
follow an aggressive borrowing and acquisition
policy called the Hunter strategy. Then, the
terrorist attacks of September 11, 2001 put a void
in the company’s plans Swissair found itself
hamstrung with debt. Unlike some other airlines,
however, Swissair couldn’t handle the financial hit. Mismanagement and bad ideas—trundling large sums of
cash to purchase fuel at foreign airports, for example—left the airline gasping for oxygen. In 2002, Switzerland
was embarrassed to lose its national icon for good.
18. Ponzi’s Security Exchange Company
Bernie Madoff’s famous forebear
It’s quite an achievement to have a breed of financial scam
named after yourself. Charles Ponzi, an Italian immigrant, ran a
staggering 6-month pyramid scheme in 1920 by gaining
investments (over $15 million) from an ever-growing pool of
more than 40,000 investors. Ponzi would use “profits” from new
investors to pay “interest” to old ones. Using a trade system of
international reply coupons for postage stamps and leveraging
exchange rates, Ponzi made a lot of people money through the
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“Securities Exchange Company,” which claimed to leverage exchange rates through an international postage
stamp reply coupon trading system (this mouthful of a phrase reminds me of how people described derivatives
in 2008). But his scheme ruined lives–including Charles’ own. After jumping a few bails, he did prison time
from 1926 through 1934. Years later, he died, penniless, in a Brazil charity hospital, half-blind and partially
paralyzed.
17. Woolworth’s
The bad economy bullies Woolies towards its own demise
Brits, who held
“Woolies” close to their
hearts, were were crushed
when this comfort food
and houseware retailer
closed its last 807 stores
after nearly 100 years of
service on High Street
and beyond. At one time,
Woolworths was the
leading music retailer in
the entire U.K. During
the 1950s and 60s, the store was instrumental to the Beatles’ sales success Indeed, Woolies also played a role
in breaking Madonna to the rest of the world. Hey, she’s a Brit now. Maybe she’ll pony up the cash to save
them? Not likely.
SEE ALSO: Carl Icahn Becomes Second Largest Stakeholder In Xerox
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16. Premier Smokeless Cigarette
Taste-wise, charcoal just doesn’t cut it
A smokeless cigarette has been the holy grail of
tobacco ever since Reagan lit up a Chesterfield on
broadcast TV. In an effort to reduce the harmful
effects of inhaling cigarette smoke, RJ Reynolds
launched the Premier cigarette, a “smokeless
nicotine delivery mechanism that looks and feels
like a premium cigarette,” in 1988. The product
ended up a miserable flop. Not only did this
expensive cig taste like charcoal, it ended up
being employed by drug users as a handy “delivery mechanism” for substances other than tobacco. The cost of
the project? A cool $1 billion.
15. Bre-X Minerals
Fool’s gold strikes again
If someone tells you they’ve struck gold on the isle of Borneo, grab your money and run the other way. In
1995, Bre-X Minerals was a tiny mining
company based in Calgary with stock
worth under $1 when they announced they
had found extensive deposits of Gold in
Busang, Indonesia. As a result, their stock
shot to almost $300 CAD a share. A series
of strange events, including a man fallen
from a helicopter and eaten by tigers,
roused enough suspicion to unravel the
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fraud. By 199, an outside analysis of the sites samples revealed that Bre-X had faked their findings by
“salting” samples with gold dust. Within weeks, the NASDAQ and TSX delisted the company, which at one
point held a market cap of $4.4 billion. Investors slapped their foreheads, and Bre-X Minerals slunk into
history as a major business failure.
14. IndyMac
IndySplat
On July 11, 2008 the FDIC seized the assets of the
largest Savings and Loan in Los Angeles and the 7th
largest loan originator in the country. The seizure
sparked rumors of bank runs. It also gave the public the
first real, Main Street glimpse of the Financial Crisis of
2008. IndyMac was founded in 1995 as Countrywide
Mortgage Investment. Its purpose was to provide a means of collateralizing loans too high in value for Fannie
Mae and Freddie Mac to service. At the time of its seizure, IndyMac held nearly $30 billion in assets, making
it the fourth largest bank failure in history.
13. Edison Records
First isn’t always best
It’s always difficult being first. Thomas Edison founded the first record
company and invented the phonograph, the first device made for recording and
playback of sound, in 1877. This achievement led to all of the music industry
as we now know it. Surprisingly, it was also the first dictaphone in history used
by businesses. World War I shortened the supply of materials Edison could use
for his highly secret wax recipe, used in manufacturing. The company’s market
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share fell. As other companies seized the opportunity the make “needle-cut” records (an Edison Labs
invention) Edison Records lost customers and credibility. It closed its doors in 1929.
12. Tucker Automobiles
There’s a reason only four of them ever died
The ambitious car company that Preston Tucker
started was only in business one year (‘47-‘48).
It produced a mere of 51 cars, but its story
remains enshrined in museums, car clubs, film
and even a video game where everyone drives a
Tucker. The fatal flaw? Offering customers the
option to buy their accessories before their car
was built. This program started a witch-hunt by
the SEC. Amid accusations of fraud and the “Big Three’s” influence over government, Tucker Automobiles
went belly-up. I will spare you the argument of whether it was the best car ever made, but out of that original
51, 47 Tuckers still exist today. Let that be your clue.
11. Sharper Image
Buy, but do not inhale
Started in 1977 as a catalog selling jogging watches, the Sharper Image eventually grew
into a high-end customer electronics store. As iPods and other branded, high-tech items
took over the store’s traditional market share, it launched into the infomercial business
with the Oreck vacuum and Ionic Breeze. Unfortunately, the Ionic Breeze did not purify
the air as it said it did. After losing a lawsuit against Consumer Reports for a negative
review, the testing company released findings that the Ionic breeze actually produced
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trace levels of ozone. In 2008, the store went bankrupt, forcing shoppers to buy their overpriced, Japanese
made, brushed steel, throw-away executive gifts elsewhere.
10. Washington Mutual Bank
See bank run
WaMu was America’s largest Savings and Loan
association, the sixth largest bank in the U.S., and
(drumroll please…) the largest bank failure in history. Let
that sink in for a minute. After a 10-day run on the bank in
late September 2008, with total withdrawals in excess of
$16 billion USD–almost 10% of the deposits–the FDIC
seized WaMu’s assets. JPMorgan Chase bought WaMu
subsidiaries the next day for what many suspect at pennies on the dollar. The holding company is currently in
Chapter 11.
9. Enron
They made the E crooked for a reason
Enron was an energy sector leader that started to dabble in e-commerce
and exotic investment areas, such as weather futures. In 2001, Enron, once
valued at $90 billion and the 7th largest company in the United States,
went bankrupt. It took jobs, investor savings, retiree futures and even some
lives with it. In following years, it emerged that they shredded documents,
started partnerships with their own shell companies, and engaged in
massive inside trading. Enron is now synonymous with the business
outcomes of galloping greed.
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8. Polaroid
Go digital or die
Shake it like a Polaroid picture! You know you’re good when
your name is the product. (Hello, Kleenex). But while you and
I were buying our first digital camera, printing pictures and
later taking photos with our phones and PDA’s, the execs at
Polaroid were snapping and shaking their pictures into
oblivion. So loved was the brand that countless people took
daily shots of and created art, diaries and literature using these
magical snapshots taped to their walls or to the street. The
leader of an amazing niche technology that so enriched anyone born before 1980, Polaroid went bankrupt in
2005. The name may emerge again, but the brand and the impact will always be retro.
7. Atkins Nutritionals
Fadkins takes a bad fall
Apparently, bread won. Remember when all of your friends ordered their
lunch without the bun and no potatoes, but with lard-laden beef and cheese?
Atkins engineered the “low-carb” craze, a fad diet claiming you could “lose
fat by eating fat.” Dr. Robert Atkins released Dr. Atkins’ Diet Revolution
in 1972. In 1992, revised version gained popularity; the fad really took off
at the beginning of millennium. Questions arose from the medical
community about the diet’s long-term effects. Countless others, from the
FDA to top chefs, also lined up to take shots at it. In 2003, it was reported to a skeptical public that the good
doctor slipped on an icy sidewalk and died. The company went bankrupt within two years amidst the suspicion
InfoSys Innovation Training 38
that his diet killed him. Meanwhile, a fickle public ditched low-card for the next fad. A year later, a leaked
medical examinations report revealed that Dr. Atkins, 72, had a history of heart attack and congestive heart
failure. He weighed 258 pounds at death.
6. Bethlehem Steel
When service kills steel
Everything you know about historic America has Bethlehem Steel in it. Founded when James Buchanan was
our nation’s president, Bethlehem Steel was the backbone of the first blasting furnace, railroads, skyscrapers,
coal, nuclear reactors, warships, cargo vessels, large construction projects like arenas, and other major
infrastructural accomplishments. However, the company never adjusted to the new service-based economy that
gained ground in the 1990s. Cheap imports worsened the situation. Bethlehem Steel, a piece of American
history, disappeared forever when it filed for bankruptcy in 2001.
5. Pets.com
Big isn’t better
Pet’s can’t drive, and sock puppets make bad spokespeople, but
Pets.com made the dot-com bubble their own in 2000. They
overexpanded by opening a nationwide network of warehouses
nationwide too quickly (taking a hint from Starbucks).
Unfortunately, profits never caught up with media buys for
commercials. In marketing, nothing is worse than having
everyone know who you are and no one interested in what you
sell. Widely recognized as the icon or poster child for dot-com
failure, its stock went from over $11 in early 2000 to just $.19
on Election Day that same year, when the company closed its doors.
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4. White Star Lines’ “Titanic”
A disaster of titanic proportions
White Star Lines, which built the
Titanic, has oddly disappeared from
the lore surrounding the fated giant.
The fated vessel was conceived of in
1907, when executives Bruce Ismay
and Lord Pirrie drastically changed
and expanded their shipping
transportation business to compete
with Cunard’s new luxury oceanliners.
The result was a line of gargantuan
luxury liners that moved more passengers and freight than anyone else on the market. Three ships came out of
the venture: The Olympic, the Titanic, and the Brittanic. You know the rest of the story. Cue the music!
3. Commodore Computers
You can’t kill the C64
Between 1983-1986, Apple, IBM, and
Atari computer were quaking in their
boots. The reason? The Commodore
64 was selling 2 million units a year
and dominated nearly 50% of the total
market. As the company tried to
innovate by releasing the Commodore
plus/4, a faster, smarter version with a color screen, they alienated their original customer base. The new model
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was incompatible with the cherished C64. Commodore tried to discontinue the old line in the US by 1990 and
announced it would stop shipping them in 1995. The tactic didn’t work. Customers all over Europe continued
to snap up the C64s until it became impossible for the company to manufacture them at a reasonable price
without selling new, more expensive models. As they say, “you can’t kill the C64.” The company went
bankrupt in the spring 1994.
2. DeLorean Motor Company
A man, his cocaine, and his car
As is often the case in the automobile industry, it’s hard to separate the man from the vehicle. John DeLorean
was a hero amongst the very rich for
creating the kind of car the future promised.
With a stainless steel-skinned body, sleek
lines and doors that opened vertically (gull
wings), his DMC-12 hit the streets in 1980.
Over the next three years, only 8,900 cars
would be made. The car played a feature
role in “Back to the Future” and become a
potent status symbol. Then, in 1983, a sting
revealed John on tape saying “this cocaine is
as good as gold,” referring to a suitcase full of drugs valued at $24 million. Later acquitted on entrapment
grounds and cleared of defrauding his partners, he would never gain the investor’s trust again.
1. Pan Am
The icon that didn’t pan out
It’s amazing how a country’s identity can be so
closely tied to a business. Such was the case with
PanAm. Founded in 1927, the airline was a part of
American culture for the better part of the 20th
century. It led the industry in international flights and
luxury travel. It was also the first airline to make
widespread use of jumbo jets, and the first to use an
air staff of stewardesses as a PR focal point. Little
girls grew up wanting to be PanAm stewardesses,
and boys grew up wanting to pilot one of the fleet.
Heck, the Beatles arrived on one. Unfortunately, as
an American icon, PanAm was also a target for terrorism. A few horrific incidents, coupled with the increased
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global competition that came with deregulation, caused the airline—and its accompanying era—to collapse in
1991.
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