In our recent blog, Lessons from Startup Culture: Learning from a Minimum Viable Product, we examined how “the creation of an MVP itself isn’t the revelation – it’s the ability to learn and adjust based on the customer response that results.” One of startup culture’s strengths has always been the ability to take a big idea and pursue it, iterate it, or change it completely in the search for an end product that resonates with consumers.
In this way, successful startups have redefined failure as a pivot point instead of an end point. For larger, more “traditional” businesses seeking agility, there’s a valuable lesson to be learned.
The New Year is a time to reflect over the progress we’ve made in the last year and prepare ourselves for the opportunities and challenges of the year ahead. With all of the uncertainty and volatility in our news cycle, it can be tough to narrow our focus. I find that setting simple, achievable goals helps make even the most “unsolvable” problems seem within reach.
With that in mind, I’d like to close out the past year and begin the new with a simple question: How can we do better in our sustainability efforts?
In our first installment of Lessons from Startup Culture, we examined the importance of building a solution, not a product. What’s the difference? Many smart people have exciting ideas for new products but fail to consider whether there is a market need for that idea. In fact, 42% of startups fail because of a lack of market need for their flagship product, CB Insights reports.
A solution, on the other hand, is created based on need: entrepreneurs identify a problem that real people have and build a solution that those people will pay to implement. Here is where one of the most brilliant facets of startup culture comes into play. With limited funding and a short runway to validate their ideas, many companies begin their journey by creating a Minimum Viable Product (MVP).
Richard Edelman, a leading expert in public relations and marketing, recently gave a speech at the University of Notre Dame addressing the crisis in consumer trust. His firm, Edelman, is a long-standing chronicler of consumer trust in institutions including business and government (we’ve covered past Edelman Trust Barometer results on our blog). In 2017, their global survey found that “trust is in crisis around the world” with trust in media and government reaching record lows since before the Great Recession of 2008.
The results for 2018 offer little hope for rebounding from the previous year. The most recent Trust Barometer “reveals a world of seemingly stagnant distrust” as “people’s trust in business, government, NGOs and media remained largely unchanged from 2017.” What the survey does offer, alongside Edelman’s recent remarks, is a potential way forward for those companies seeking to re-earn and re-establish the goodwill of their consumer base.
Startup culture is here to stay. Entrepreneurs and innovators have remade the business world in their own image over the past few decades as technological change rapidly advanced and “traditional” businesses struggled to keep up. Even once they’ve made it big, the companies these visionary CEOs started continue to live by the scrappy startup ethos that is baked into their DNA.
What separates startup culture from the traditional business practices it is challenging? What lessons can those of us in more traditional working environments learn from the success of startup culture? I’ll be looking at those questions and more as we explore lessons from startup culture.
The Nebraska Tourism Commission recently unveiled a surprising new slogan: “Honestly, It’s Not for Everyone.” Unsurprisingly, it has garnered considerable national press for making this bold move. Conventional tourism campaigns rely on extolling the positives of a given location; European slogans include Germany’s “Simply Inspiring” and Norway’s “Powered by Nature,” while in the United States we have Utah’s “Life Elevated” and West Virginia’s “Wild and Wonderful.”
Nebraska’s new slogan takes a different approach, acknowledging that the state doesn’t get attention as a leisure destination or even a significant natural beauty. By turning conventional wisdom on its head, the Nebraska Tourism Commission is attracting attention of a different kind and ultimately achieving its goal.
This past weekend, a modern remake of the classic film A Star is Born opened in theaters across the country, earning deserved critical acclaim, powerful box office numbers, and praise for its stars Bradley Cooper and Lady Gaga. Some audiences may remember the Judy Garland (1954) or Barbara Streisand (1976) versions, or even the first A Star is Born featuring Janet Gaynor (1937). What many may not know is that Gaynor’s movie was an adaptation of the 1932 film What Price Hollywood?, making this the fifth time audiences have enjoyed this particular story.
In this era of reboots and remakes, what makes a storyline so compelling that a movie can be remade generation after generation? What in the American psyche keeps bringing us back to this theme?