The Executive Study Group (ESG) online seminar named “The
Strategy of Experimentation – Motivating Your Teams for Innovation and
Ownership” was held by the ESG, Asia Pacific Institute for Strategy Limited
(APIFS) on 2nd Sep 2020. It is first time I attended the ESG online
seminar during COVID-19 period. In the
beginning, Dr. Mark Lee briefed that this year is the 10th
anniversary of Asia Pacific Institute for Strategy Limited (APIFS). Then he
briefed the history and goal of APIFS.
Dr. Mark Lee briefed the
content including “The Strategy of Experimentation”, “Ownership & Strategy”,
“Risk and Experimentation”, “Entrepreneur Mindset” and “Execution Strategies”. I summarized some key points for sharing
below.
Firstly, Dr. Lee briefed
how success of Amazon (based on their rapid increase of stock market price) and
then described how Amazon become the world’s most innovative company because
they encouraged relentless bottom-up experimentation.
Then he quoted Jeff Bezos
definition on experiments that “If you know in advance something is going to
work, it’s not an experiment.” Moreover,
Jeff said their success depended on how many experiments they did per year, month,
week and day. One of example is showed
on their package of good named “Amazon Frustration-Free Package” that is more
environmental and convenience for customer.
Dr. Lee raised a first poll
and got the result that most company seldom conduct business experiment.
Another example he raised
was junior staff opinion was not accepted by VP in Marketing. Greg Linden was that staff in the past and
then joined Amazon. His experiment based
on data to offer every customer an assortment of items uniquely tailored to their
preferences that got very success in Amazon.
Then Poll 2 survey the senior management believed on tradition way or
data way. It was found more event distribution.
And then Dr. Mark Lee quoted Charlie Graham (Founder and CEO, Shop It To Me) that “Proper experimentation can be beneficial for the company but can also be empowering and fun for employees. It gives everyone a chance to make different.” Staff ownership for results were mentioned.
After that he quoted Elliot
Shmukler (VP of Product, Instacart) to explain Leadership should take the ego
out of decision making.
The last items of “Ownership &
Strategy” was to link to overall strategy so as to focus on the bigger picture.
That clear direction could enhance self-achievement, compass-like and across
all levels.
Dr. Mark Lee asked us to
select the most important on experimentation among Ownership, Leadership and Strategy.
It was found very close each other.
For Risk Optimization vs
Risk Minimization, Dr. Lee explained that taking risk like buying
insurance. This insurance strategy optimized
the risk organization taken.
Then the poll 4 used to
exam how many risk attendee would propose an experiment to their boss. Most people selected to 70%.
Then next topic was “Entrepreneur
Mindset”. Like Hairer that they proposed
zero distance to customer not decision from PowerPoint in the office. Scott Cook (Foounder Intuti) was quoted that “Each
and every employee is expected to think like an entrepreneur, and it’s everyone’s
job to create, to invent, and to look for new and better ways to improve our
customers’ lives.”
Finally, Dr. Mark Lee
introduced Execution Strategies that included top management support to form
(1) Experimental Team, provide (2) Innovation Training and (3) Time for Experimentation,
obtain (4) Dedicated Funding and (5) Enabling Functions.
In Poll 5, it surveyed that
most participants invested below HK$50,000 for experiment budget. We are more conservative.
After explained five
strategy and Poll 6 asked which one was the most difficult. Enabling Functions (26%) and Time for
experimental (25%) were most people selected.
Lastly, Dr. Mark Lee said
Company as a Laboratory (CaaL) such as Amazon, Intuit and Toyota and their
culture was “Show, Don’t Tell”. He
concluded that everyone is a maker.
Reference:
ESG facebook - https://www.facebook.com/groups/esg08
Notes
pdf Downloads - https://drive.google.com/file/d/1g5TrRxyrlyGcut1PFN6R0_vY3l3LukaW/view?usp=sharing
Remaining
Sessions - https://docs.google.com/forms/d/e/1FAIpQLScMs3A-i-2-TMn-7l46bdpnVEzMLNmTjwwWE9yKOr8pOXQydg/viewform
Q&A
at Facebook Group - https://www.facebook.com/groups/esg08
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