by Todd Feldman
Founder & President,
The Rocket Factory
Normally, I would reserve this time of year to put out fun lists that go along with the year coming to a close.
But as we all know, this year is different.
I get it. You’re fatigued.
With entire industries at a standstill and millions of people out of work, resources are scarce. Those still employed feel “checked out.”
The problems in front of you seem insurmountable.
You may even feel stuck.
The Rocket Factory has offered a lot of advice throughout the year.
We even threw our own “Jam” in June to kickstart new ways of thinking.
But with some road in the rearview mirror, I realized I missed something important. In a crisis, we lean toward trying to fix what’s right in front of us.
It’s a normal reaction.
It’s been really hard to look deeper at the problems facing our individual businesses, and more broadly, many of our foundational industry sectors.
The quote from Harvard Business Review that leads this post is spot on.
Can you think of a business or industry sector that this quote applies to?
While there’s focus on the crisis in front of us, the reality is that the issues facing key sectors have been playing out over a great deal of time.
I’ve seen it firsthand – both on the inside as a full-time employee as well as a management consultant.
Time and time again, mature industry sectors are held back by established cultures and long-tenured people with little incentive to change – until it’s too late.
So what happens most of the time?
Individuals that are geared toward action leave established organizations and form new companies. With them comes a load of fresh talent (note: this is not about age) and disruptive frameworks for quickly blowing straight past well-worn business models.
You know the categories: FinTech. TravelTech. AdTech. EdTech. RetailTech. What else?
It’s not just adding “-Tech” on the end or the introduction of actual technology to the mix, it’s the culture that allows people who dare to think differently and the leadership that empowers them to take chances in the name of finding a better way forward.