Someone had to be at the Apple event today while I am at Finovate. I’m glad PandoDaily was there.
Apple
Sorry, But You’re No Steve Jobs
Today is Apple’s 36th anniversary. Appropriately, there was an amusing article in the March 30 Wall Street Journal (Bio as Bible: Managers Imitate Steve Jobs) that described managers who take their admiration of the Apple co-founder beyond inspiration to imitation.
Mindless repetition of another’s actions in hopes of repeating their success may work for a simple task, but not for something as complex and artful as leadership.
Not a new phenomenon
Blatant imitation in the quest for success is hardly a new phenomenon. When I joined the business world in the 1980’s, GE chairman Jack Welch was widely regarded as the prototype for the modern manager. There were a number of factors that contributed to his success, including his contribution to a strong internal culture of developing leaders throughout the company (not to mention the tail wind of a strong economy and stock market during much of his tenure).
But for much of the public and the popular press, he was known simply as “Neutron Jack” in a wry reference to the neutron bomb for his ability to eliminate mass amounts of people while leaving their buildings intact. Welch was not alone. “Corporate raiders” like Carl Icahn, arbitrageur Ivan Boesky, junk bond LBO king Mike Milken and later “Chainsaw” Al Dunlap all grabbed headlines for their particular brands of cost-cutting to “unlock shareholder value”.
Their ethos was personified in the star of Oliver Stone’s Wall Street– Gordon Gecko, who famously proclaimed that “Greed is good“.
Regardless of the unpleasant (and at times illegal) activities of some, there was a core of truth that many firms and many industries had become bloated with non-productive assets and expenses.
Imitation Without Integration
But other managers blindly imitated these activities, often without broader context.
Suddenly, managers of every level thought that the key to the corner suite was cost cutting. Never mind that some of those costs were actually investments in their firms’ very future– infrastructure, key activities and key people whose disappearance could prevent paying customers from becoming, well, paying customers any more. Let alone loyal, raving fans.
A unique version of this played itself out in the banking industry too. For sure there were too many competitors with too many expenses to be supported in an efficient market. That’s a big reason why the total number of banks has been cut in half in the past 22 years, as I discussed in my March 26 post Is Bank Merger Mania Imminent?
The New Corporate Buzzwords
But now, the corporate buzzwords that seem to be in favor are some of those favored by Steve Jobs– “innovation”, “ecosystem”, “product focused” and “obsession with perfection”.
Those are all fine traits in the right context, but simply lifting them out of Steve Jobs’s biography and forcing them on your team blindly is not necessarily going to lead your company to become the most valuable in the world.
I recently spent some time with a senior executive who confided to me that her colleague was driving her crazy with his obsessive attention to all the wrong details while major issues have been left unattended. Knowing I can default to sports analogies when trying to make a point, she smiled and said “Let’s put it this way– his team is only scoring two field goals a game, but he’s obsessing over the right shade of color on the uniforms and the selection of halftime music.”
Worse, he had recently read Jobs’s biography and was now using it to justify his unproductively obsessive behaviors.
After all, he was just trying to make the company “insanely great”…
“Sorry, but you’re no Steve Jobs” she wanted to tell him.
Most of us probably aren’t.
Be You Instead
It’s great to pull inspiration from other successful people, but you have to channel that inspiration in a way that is consistent with who you are, and in a way that works for your team.
There was only one Steve Jobs.
Be you instead.
Top Ten Geek Week Sneak Peeks – Part 2
Today: The GeekWire Summit
Startup technology news site GeekWire held its first birthday party on March 7 with the GeekWire Summit. Speakers included former Microsoft Chief Software Engineer and Cocomo co-founder Ray Ozzie, former Swype CEO Mike McSherry, Hulu CTO Richard Tom, T-Mobile CMO Cole Brodman, Rhapsody President Jon Irwin, venture capitalist/serial founder Oren Etzioni and other great technology minds. Nothing was focused on FinTech per se, but nonetheless here are some highlights and potential implications on the intersection of leadership, advice and technology in financial services:
“How do large companies innovate? They buy small companies.”
- On the rise of social collaboration in the enterprise, Ray Ozzie paraphrased Ethan Zuckerman (who also has a lot of interesting things to say about how we tend to interact with people who are most like us, but that’s another post) in describing the “scopes of voice” as public/private/secret/self :“I think when you get into enterprise and business scenarios, there are some organizations where speaking publicly in a public voice is very useful. Professional services firms promote an internal culture where speaking openly and being known as the professional who knows something about something works a lot better than certain manufacturing company, where the internal norms might be different in terms of secrecy and confidentiality.” There is still lots of opportunity, but also lots of work to do, since only 27% of financial professionals use LinkedIn, and less than 4% use any other social media methods at all.
- Do you think that building a massive base of clients/users/followers is in direct conflict with customizing your messages to be relevant individual users or subgroups? Consider that Hulu has 1.4 BILLION ad impressions per month, but they offer some innovative ways for users to customize their ad content. Ad Selector allows viewers a choice of three ads from one brand or one ad from a selection of three different brands. Ad Swap allows viewers to find ads that are most relevant.
- Great discussion on the state of mobile technology. All on the panel had praise for the Windows Phone platform, but noted that they have a long way to go with a 4.4% market share to Android’s 49% and Apple’s 30%. (IMHO, I think that RIM’s enterprise-centric 15% share is the most vulnerable to Windows, and it’s already down 2% in the last three months.) Former Swype CEO Mike McSherry said that Apple’s Siri natural speech style will help improve text entry over time too. This evolution to more natural interfaces and input styles was also noted at Micosoft Research on the prior day.
- Startup investor and advisor Hadi Partovi noted that the cost of sequencing the human genome has gone from $1 billion to $1,000, and predicts it is heading to $100. If that can be democratized, how naive are we about “big finance”?
- Facebook’s Director of Engineering Jocelyn Goldfein said that the company rolled out the new Timeline with a team the size of a startup. Facebook video chat? One guy. In Seattle. Although, that may be taking the lean approach a bit too far. (As someone retorted on Twitter “That explains a lot.”) Still– how many consultant engagements, project managers and steering committee meetings do we need to make meaningful change in our business?
“It’s not enough to encourage employees to innovate.
You have to protect them from the cost of failure.”
– Jocelyn Goldfein, Facebook
(P.S. – I live tweeted my new startup idea from the conference: Embedded QR codes in public carpeting. Remember, I get a 20% Founders Fee.)