Intrapreneurs- And how to find them!

Bob Iger, (CEO-Walt Disney Company) – “The heart and soul of the company is creativity and innovation”. 

There is no denying that innovation plays a central role in the progress of a company and ,thus it would be wrong to undermine the value of self-motivated action oriented innovators of the company or as we now call them Intrapreneurs.[1]

In a Harvard Business Review blog post [2] Vijay Govindarajan and Jatin Desai list out 6 patterns for successful intrapreneurs, this not only was an interesting read but also a career tool as, considering the importance of intrapreneurial skill, being able to relate to and develop some of these traits is  great way to better equip oneself for our future in the business world.

According to them these patterns were-

  1. Money Is Not the Measurement- Most intrapreneurs are greatly driven by the freedom of will and creative insight rather than monetary incentive.
  2. Strategic Scanning. Intrapreneurs are constantly thinking about what is next, one step into the future.
  3. Greenhousing. Intrapreneurs  tend to ideas in their greenhouse, protecting them for a while from potential naysayers before actually presenting it.
  4. Visual Thinking. Only after an exciting insight do intrapreneurs seem able to formulate and visualize a series of solutions.
  5. Pivoting. Pivoting is making a significant, often courageous, shift from the current strategic direction. For example- CEO Tony Hsieh of Zappos pivoted from  selling only shoes to becoming an online customer experience company.
  6. Authenticity and Integrity. Intrapreneurs have confidence and humility, not boastful flamboyance.

Image result for Intrapreneurs

While this blog post did help to better explain, understand and interpret one of the big words that we come across in a business school, I do however feel it doesn’t blanket everything that could constitute an intrapreneur.

In my opinion another pattern common among intrapreneurs, lets call it Pattern #7, would be Problem hunting. An innovator can’t discover something new and analyse it’s future potential without first identifying a purpose; a purpose that usually comes from identifying the problem with current situation. Thus being able to correctly identify problems and responding to it is the start for a good environment for intraperneuship.

For example- Patrick Naughton, a developer, almost left Sun in 1995 because he believed they were missing out on the fast-growing PC consumer market. He was convinced to stay and help Sun set up a group dedicated to the consumer market. This is where group member, James Gosling, created an elegant object-oriented programming language called Oak, which was later renamed Java.[3]Thus, had Naughton not identified the problem of lack of responsiveness to a growing market, no innovative development such as Java could have been made.

Hence, we must keep looking for people showing such patterns to enjoy the benefits of progressive innovation.

 

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References-

[1] http://www.forbes.com/sites/davidkwilliams/2013/10/30/the-4-essential-traits-of-intrapreneurs/#f2ba1d014ce1

[2] https://hbr.org/2013/09/recognize_intrapreneurs

[3] https://www.vocoli.com/blog/may-2014/10-inspiring-examples-of-successful-intrapreneurship/

*image source hyperlinked to image

 

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Snapchat Sunglasses- Yes? or Big No?

I recently read  two very similar takes on Snapchat Sunglasses- a wearable technology launched by Snapchat Inc. In Farzan Masoodi’s blog [1]-he says how they may  be very a good idea by establishing a comparison between Snapchat sunglasses and Google Glass.

He writes on comparing the price- ‘ Google has already created a similar product, known as Google Glass, back in 2014, which did not generate nearly as much excitement from consumers as the internet software company had expected. Part of this may have been because the company lacked a mainstream marketing campaign that could appeal to consumers. Having spent presumably hundreds of millions of dollars developing Glass, Google should have spent at the very least $10 million explaining it.[2] In addition to that, Google Glass was selling for up to $1,500, which was in no way affordable for something that had the same features as a smartphone. In contrast, Snapchat is selling its “specs” for up to $130, which allows it to expand its target market to people of all incomes. Tying this together with the trendy look of the glasses, and its ability to work with the already popular app, I am convinced that this new product will be a growing success once it launches into retail markets.’

While I agree with him that lower pricing can be a major factor in success for Snapchat, it’s contrast with Google Glass is slightly misplaced. One majorly important factor being that Google Glass features highly advanced technology something that is even capable of teaching the Morse Code.[3] Thus, the price commanded by Google Glass can easily be explained by its technological edge.

Image result for snapchat spectacles vs google glass

Pravesh on the other hand in his blog [4] -provides a world view of what the technology is, again in comparison to Google Glass and perceives it as a step in the right direction. He writes-‘Marketing the product as a ‘toy’ as the CEO describes lowers the expectation of the product and makes it seem like a fun accessory to compliment snapchat rather than a product that takes on a completely new focus such as the Google Glass.’

Adding to it, I believe that another marketing feature that plays in favor of Snapchat glasses is their simplicity.[5] While Google glasses carry better technology they are in a nutshell quite complicated while Snapchat Sunglasses are trendy, comfortable and easy to handle.

In conclusion I agree with final view of both the bloggers that Snapchat sunglasses if marketed in the right direction and overcome the failures of google glass, they can be the next big thing in wearable technology.

 

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References-

[1]- https://blogs.ubc.ca/farzanmasoodi/2016/10/02/snapchat-explores-the-power-of-a-transient-advantage/

[2]- http://www.forbes.com/sites/siimonreynolds/2015/02/05/why-google-glass-failed/2/#259a7cd26d8c

[3]- http://indianexpress.com/article/technology/gadgets/google-glass-to-teach-you-morse-code-in-four-hours-3729507/

[4]- https://blogs.ubc.ca/praveshcomm101/2016/10/01/snap-inc-spectacles/ 

[5]- http://www.latimes.com/business/technology/la-fi-tn-snapchat-spectacles-20160926-snap-story.html

*Image source hyperlinked to image.

 

 

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A tool for a tool- Nielsen Design Navigator

It has been no hidden fact that marketing is one of the most important tools for the success of a business. But most of the times firms require private consultation or external advisory to effectively utilize this tool. One of such business development firms is Nielsen Co. and it has come up with a brand new service to solve one of the major marketing problems of- attractive packaging. According to industry data, as much as 90% of new package designs fail to deliver a measurable sales increase – and 50% of in-market designs actually hurt brand equity.

The key to addressing these challenges is Nielsen Design Navigator, which draws on patented technologies developed by recently acquired Affinnova. Nielsen Design Navigator solves the central issues of the current design process by enabling brands and designers to explore a much broader range of early stage design concepts and objectively assessing them based on visual stand out, consumer preference and brand equity.   These consumer-driven analytics provide unprecedented clarity for marketers, helping them identify design routes that will have the largest brand and financial impact.

Nielsen said the tool can help brand marketers and designers launch more effective package designs for new products as well as re-launched brands. According to early results from the company, brands using the Nielsen Design Navigator experience a 34 percent increase in package design stand out, a 28 percent increase in consumer preference for the product and a 5.5 percent increase in forecasted sales.

Consumer products brand design is wrongly predicated on the notion that shoppers make rational, informed decisions. In truth, most are purely instinctive and reactive. Eye-tracking studies show that consumers read on average only seven words in an entire shopping trip, buying instinctively by color, shape and familiarity of location. Best sellers succeed by appealing to the reptilian brain, which decides before logic has a chance.

Consider the processed food industry, its a simple logic the better it looks the better it is likely to taste as the person first “eats” via his vision and then proceeds. Thus, such tools not only enable the business to be able to better attract customers but also enhances it ground level attractiveness in the eyes of the customer.

 

BIBLIOGRAPHY

http://www.chiefpackagingofficer.com/new-marketing-tool-from-nielsen-to-help-create-effective-product-packaging-design/

http://www.forbes.com/sites/onmarketing/2014/07/23/the-five-things-product-packaging-must-do/#1b00931579a1

http://www.nielsen.com/ca/en/press-room/2015/nielsen-extends-marketing-effectiveness-expertise-to-package-design.html

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Blackberry Radar- A resurgence mechanism?

After more than a decade of business in the mobile phone industry, Blackberry announced that its no longer going to design its own smartphones.[1] Its inability to compete with the large market players in the industry such as Apple and Samsung, had pushed it into massive losses, consequently coaxing it to take this decision.

Can Blackberry still take off from where it has landed?

Definitely Yes!

It is no hidden secret that one of the most salient features of every Blackberry software is security. Sticking to what it does best, the company launched Blackberry Radar. Built on the firm’s cloud-based Internet of Things (IoT) software platform, Blackberry Radar is an innovative ‘Smart Trailer’ software and hardware solution. [2]

Existing tracking solutions, used by Freight transportation companies have complex user interfaces and infrequent data updates which make it difficult to maximize asset utilization and stop theft. BlackBerry Radar solves this problem by providing timely, actionable information in a solution that is easy to deploy, use, and maintain.[3]

Like any other new venture, Blackberry radar also comes with its own set of uncertainties and questions. The biggest of them all being- Whether it can help Blackberry reach a financial peak like that of 2010?

While Blackberry is bound to face competition from popular names like GeoTab and Cal Amp, its expertise and experience with security systems like QNX, short install time[4] and end to end monitoring platform, can act as match winners for Radar.

Moreover, considering the floating good word about the company in the market post its deal with Caravan Transport Group[5], Blackberry is on its way to an uphill road towards profits and greater revenue.[6]

Another aspect that could contribute to its success would be its recall from the smartphone hardware sector. While most would consider this a bane, I’d differ by calling it a blessing in disguise.

With assurance of greater focus in the other areas of the company like security systems,the company can now divert its attention from trying to restore its position in  the smartphone industry, to innovating with its products and services and forming a brand new customer space.

Also, a shift towards a Business to Business (B2B) form of commerce from its earlier Business to Consumer (B2C) model with the smartphones shall prove to be beneficial.

Agreed it does have its cons but in the current scenario its traits like lengthier relationships with customer, ease of adaptation according to the buyer’s choice and extensive product knowledge based pitching instead of mere competitive marketing [7] shall help the firm to gain a less riskier and more stable position in the marketplace.

Here’s hoping that the Blackberry boys bounce back soon.

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References
[1]-http://www.telegraph.co.uk/technology/2016/09/28/blackberry-to-stop-making-phones/
[2]- http://www.supplychaindigital.com/logistics/4499/Where-next-for-Blackberry-The-IoT-of-the-transportation-industry-of-course
[3] [4]- http://press.blackberry.com/en/press/2016/blackberry-radar-to-drive-higher-profits-for-the-trucking-industry.html
[5] –http://fortune.com/2016/09/23/blackberry-radar/
[6]- http://blogs.blackberry.com/2016/09/software-and-services-revenue-doubles-in-q2-for-blackberry/
[7]-http://www.forbes.com/sites/chuckcohn/2015/06/16/differences-in-selling-b2b-vs-b2c/2/#33ea42c269bb
*image source has been hyperlinked to the image
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Influence of expectations on ethics in business

There have been a string of speculations, discussions, arguments and discussions over the existence of ethics and the importance of social responsibility in the field of business. While one could be easily swayed by glorious promises, shiny marketing campaigns and tons of fancy speeches, people are largely  aware of the said ‘dark’ or ‘negative’ side of business, the unethical side. This brings us to the questions of how or why are unethical business practices taking place? The answer to those questions,in my opinion, would be- Mismanaged expectations. Let’s take for example one of the biggest accounting scandals in Japan that came into media attention in the September 2015.

Image by Financial Times

The 140 year old electronics conglomerate- Toshiba Corp. accepted to overstating operating profits by at least $1.2 billion between 2008 to 2015.[1]  Manipulation of company’s profits, understatement of costs, lack of communication etc. serve as a major threat and bane towards healthy transparent business. This overstatement of profits was a cause of massive trouble for the company’s 400,000 shareholders including domestic and international investors, clients and authorities. The main catalyst for this scandal was the intensive target achievement pressure that was mounted on the subordinates by the company’s heads. Post the 2008 global recession, Toshiba’s CEOs put intense pressure on the people working under them to meet targets that were practically impossible to achieve.[2] The employees who were grappling with the pressure that often came right before the end of a quarter or fiscal year, were pushed to postpone losses or push forward sales on accounting, hence inflating the divisional results. Thus, this accounting scandal can be called as the consequence of wrong expectations, and excessive pressure to meet those expectations. Hence, there is a strong relation between behavior of people (ethical or unethical) and what is expected of them.

Image by News10

Another incident that came into light last year, was the 4000% increase in price of a drug called Daraprim by Turing Pharmaceuticals.The CEO, Martin Shkreli,the critical decision maker for this price hike, in an interview with Forbes stated that he was pressured by the company’s board to make the company profitable and that his shareholders expected him to make more profit.[3] In his strive to meet  shareholder expectations, the young CEO ignored important social objectives like public welfare and healthcare affordability. The company not only faced immense amount of opposition and negative response for this decision but was also shackled in various legal and political proceedings.[4] At the heart of this wrong move, was yet again a blind chase towards meeting monetary expectations, whose feasibility and future impact remained unchecked. Thus, not only is it important that expectations laid out for a business be realistic and practical, but their consequences must also be weighed correctly.

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References:

[1]- http://www.wsj.com/articles/toshiba-slashes-earnings-for-past-7-years-1441589473

[2]- http://blogs.wsj.com/briefly/2015/07/21/5-things-to-know-about-toshibas-accounting-scandal-2/

[3]- http://time.com/4153512/martin-shkreli-pharmaceuticals-arrested-turing-daraprim/

[4]- https://www.washingtonpost.com/news/to-your-health/wp/2015/09/21/ceo-of-company-that-raised-the-price-of-old-pill-hundreds-of-dollars-overnight-calls-journalist-a-moron-for-asking-why/

*image source hyperlinked to image

 

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