Tag: business

  • Having a culture of yes

    Having a culture of yes

    One of the biggest impressions from the AWS Re:Invent conference is the company’s rapid innovation with the firm’s executives boasting how they have offered over a thousand features on their services this year.

    That sort of rapid change requires a fairly tolerant attitude towards new ideas and risk, which was something AWS CEO Andy Jassy explained at the media briefing.

    “In a lot of companies as they get bigger, the senior people walk into a room looking for ways to say ‘no’. Most large organisations are centrally organised as opposed to decentralised so it’s harder to do many things at once,” he observed.

    “The senior people at Amazon are looking at ways to say ‘yes’. We don’t say ‘yes’ to every idea, we rigorously assess each on its merits, but we are problem solving and collaborating with the people proposing the idea so we say ‘yes’ a lot more often than others.”

    “If you want to invent at a rapid rate and you want to push the envelope of innovation, you have to be unafraid to fail,” he continued. “We talk a lot inside the company that we’re working on several of our next big failures. Most of the things we do aren’t going to be failures but if you’re innovating enough there will be things that don’t work but that’s okay.”

    While Amazon’s management should be lauded for that attitude, they are in a position of having tolerant investors who for the last twenty years haven’t been too fussed about the company’s profits. Leaders of companies with less indulgent shareholders probably can’t afford the same attitude towards risk.

    There’s also the nature of the industry that AWS operates which is still in its early days, sectors that are far more mature or in declines – such as banking or media respectively – don’t have the luxury of saying ‘yes’ to as many ideas as possible.

    Jassy’s view about encouraging ideas in the business is worth considering for all organisations though. With the world changing rapidly, having a workforce empowered to think about new ideas is critical for a business’ survival.

    Similar posts:

  • The shine goes off the wearable tech market

    The shine goes off the wearable tech market

    Friday was a bad day for former startup darlings FitBit and GoPro with both companies disappointing investors.

    GoPro, whose cameras for a while defined a new wave of adventure videos, announced a loss of $104 million dollars on the back of production issues and further disillusioned stockholders with a forecast of further poor sales in the upcoming holiday season.

    Those shareholders have many reasons to be disillusioned with the camera maker’s shares reaching $98 two years ago after floating at $24. Today they are sitting at $11.

    FitBit shareholders have suffered similarly, with the fitness band’s shares falling to eight dollars after listing at $20 almost two years ago. Their announcement of further problems on Friday saw the stock price dropping thirty percent on the day.

    It may be easy to scorn investors in hindsight, but both companies were emblematic of a new generation of wearable technology and much of their problems today owes as much to them trying to stay ahead of the curve as it does from smartphones developing most of their products’ functionality.

    The travails of FitBit and GoPro are typical of a time when new technology is changing business. Some companies  shine brightly then fade while others have a rocky road to success. We’ll have to wait and see if FitBit and GoPro survive.

    Similar posts:

  • Building a billion dollar business

    Building a billion dollar business

    Last week accounting automation service Blackline listed on the NASDAQ stock exchange with a valuation of over a billion dollars.

    The listing was a triumph for the company’s founder and CEO Therese Tucker who started the company in 2005 after a client asked her to find a way to manage the ten thousand spreadsheet their firm used for accounts reconciliation.

    We spoke to Therese last year during a visit to Australia where she described some of the challenges of building a business.

    Therese’s journey is an interesting, and inspiring, tale of how you don’t have to be a twenty something white guy to build a billion dollar tech business. Her story is worth listening to.

    Similar posts:

  • ABC Nightlife – building the businesses of the future

    ABC Nightlife – building the businesses of the future

    This Thursday night join Dom Knight and myself on ABC Nightlife to discuss what tools you can use to start or improve your business and how can we encourage more people to have a go.

    Last week the last Australian car making jobs finished and a survey of the Geelong Ford workers found only one percent were interested in starting a new business.

    If you missed the spot, you can listen to the podcast through the Nightlife website.

    Despite the reluctance to start new businesses it’s never been easier to do so with a range of tools making it simpler to run one. Tonight on the Nightlife we look at some of those tools and what we can do to encourage more people to have a go at running their own companies.

    For the program, I’ve a compiled a list of tools businesses should be using. It certainly isn’t exhaustive or definitive and if you have any suggestions on better or newer tools, I’ll be happy to add them.

    Some of the questions we cover on the program include;

    • who ran the survey of motor industry workers?
    • what were most of them going to do?
    • so what sort of businesses can these workers go into?
    • what programs are being offered to these workers?
    • how has starting a business changed over the past twenty years?
    • is the focus on tech startups intimidating people who might want to start a business?
    • what are the basic tools every business should have?
    • a few years ago social media was all the rage, does it matter any more?
    • what’s the number one advice for anyone thinking of starting a business?

    Join us

    Tune in on your local ABC radio station from 10pm Australian Eastern Summer time or listen online at www.abc.net.au/nightlife.

    We’d love to hear your views so join the conversation with your on-air questions, ideas or comments; phone in on 1300 800 222 within Australia or +61 2 8333 1000 from outside Australia.

    You can SMS Nightlife’s talkback on 19922702, or through twitter to @paulwallbank using the #abcnightlife hashtag or visit the Nightlife Facebook page.

    Similar posts:

  • Speaking American – learning the language of Silicon Valley

    Speaking American – learning the language of Silicon Valley

    This is the last of four stories I did for The Australian on why entrepreneurs are making their way to the United States’ Bay Area.

    “It is a very good time to be Australian in America,” says Dr Catriona Wallace , the Sydney based founder of Flamingo Customer Experience. Despite that goodwill she and those who’ve made the move to the US have found the ways of doing business in the two countries can be quite different.

    US decision making processes are one trap, Wallace observes. “Americans will say ‘yes, yes, yes then no’, whereas Australians will say ‘no, no, no then yes,’“ she told The Australian. “I had to learn that an enthusiastic “Yes” from an American is an expression of their interest and intention, not necessarily an action that can be followed through.”

    Swinging for the fences

    Casey Ellis, who relocated his Sydney security startup Bugcrowd to San Francisco in 2013, finds the scale of ambitions are a key difference between the two countries. “Americans are comfortable with those who swing for the fences whereas Australians aren’t.

    “I had a million dollars committed already but people weren’t buying my execution because the way I was selling it was that I had it all figured out, which is what I’d been taught what to do in Australia – we’ve figured how to make sausage machine then the key to making more money is to build a bigger handle and crank out more sausages.”

    The reality though is different in the United States warns Ellis. “If I’m pitching like that to VCs over here they’re like ‘we like what you’re doing but your vision is too small.’ I always had a big vision for Bugcrowd but I’d been taught not to put that at the front. In the US you put the vision first and the execution follows.”

    Figuring out the differences

    “I spent some time trying to figure out why it is different,” Ellis reflects. “If you think about it Australia is a country was formed by a bunch of people who were thrown out for stealing stuff, dropped on a rock and told to figure it out, so we’ve got this incredible culture of troubleshooting and innovation but we’ve also got this tall poppy syndrome of ‘don’t stick your head out too far.’ That’s a very strong cultural feature of Australians and how they interact.”

    “If you bring that over to America you will fail because this country was formed by entrepreneurs who set out to find a new land,” Casey concludes. “It’s not about saying Aussies are meek, they’re not, but Americans are completely comfortable with swinging for the fences and Australia’s aren’t.”

    Peter Grant of Safesite warns not to overplay the Paul Hogan persona. “Coming from Australia is a novelty but you can’t play the dinky di Aussie card, you have display professionalism and represent you are serious about being a US company and serving the US environment,” he told The Australian. “Americans are a lot more accepting of risk and have a fear of missing out on the next big thing.”

    “The country is founded upon going out and doing your own thing and being a maverick, so they are a lot more accepting of risk and have a bit more of a fear about missing out on the next big thing, “ Grant explains. “We’ve developed a strategy of saying ‘we’re working on this, this is going to happen and we’re talking to your competitors.’ That seems to work.”

    Watching the clock

    One respect where Australians’ laid back attitudes come unstuck is in time keeping warns Flamingo’s Wallace, “Americans are super punctual. Conference calls typically start 5 mins before the hour rather than 10 minutes after as it would in Australia. Meetings finish at quarter before the hour so people can get to the next meeting 5 minutes early.”

    “If people are delayed and get to a meeting a few minutes late they will apologise profusely for several minutes and then apologise again at the end of the meeting. American’s will warn of the need to finish a meeting at a certain time by saying, “I have a hard stop at quarter before”

    Humour lapses

    Another difference is the sense of humour, Dr Wallace warns. “Americans typically are not funny in business as we Australians are. There is not much joking in meetings. I once used the enormously funny expression of, ‘That customer experience would have been like having a hot chicken blood enema!’.”

    “Instead of this being outrageously funny I was surrounded by a group of 10 executives whose mouths hung open in shock that I had just said something like that. The meeting tanked from there on….”

    “All this being said, the American business community love Australians,” Wallace concludes. “They find us hard working, great at relationships, good at navigating politics, honest, authentic and transparent. In some ways they aspire to be more like us. We cut through the bollocks – although they don’t understand that word – or bullshit and get things done. Americans like that. We are generous. They like that too.”

    Similar posts: