Why multiple bets matter in corporate Innovation
The corporate innovation graveyard is full to bursting of stuff that didn’t work.
Here are just the ones from Google
The really weird thing is that many of the roaring successes started as “little side projects”
Google – Android was a side project that they never imagined would be so mega
Facebook – Their self serve ad system generates billions but was built by a handful of people (37 minutes https://youtu.be/vISe0-z3iZU)
AWS – Was a product built to solve an internal problem
The narrative in the world is that these companies were Nostradamus geniuses. But really they were just prolific. They made a lot of bets.
Most Fortune 500 corporates worry too much about ‘getting it right’ vs ‘doing lots of things’…..oh, and they pretend their graveyards don’t exist.
Ps Nicolas taleb writes a lot about this in his book antifragile…for instant he argues the Petri dish of ‘trying lots of random things’ = more health breakthroughs, penicillin was one great example