When Netflix started off, Blockbuster tried to stay competitive with a Rent DVDs by mail service. Blockbuster went from ninety thousand employees in 2004 to bankruptcy in 2010, much because of Netflix success.
It’s hard to innovate in an established company culture. Most companies have their own truths and best practises that are great for many things, but not for becoming the next big thing or even staying alive. Instead, companies with best practises and tons of experience often get runned over by unexpected, smaller players that don’t think like them.
The question we want to pass on today is this: How do you make sure that you don’t innovate within your own corporate culture? How do you own or become the next Netflix in your industry, instead of being runned over like Blockbuster?
If you want to read more about the Netflix / Blockbuster story here’s an article for you