HBR On Strategy

Pankaj Ghemawat, a Professor at NYU’s Stern School of Business and a globalization expert, dives into the intricate world of strategic planning reshaped by globalization. He discusses how companies need to rethink supply chains and embrace localization following NAFTA. The conversation highlights public distrust towards large entities and sheds light on Walmart's impact on lower-income populations. Ghemawat also emphasizes India's growing potential in global trade while addressing the myths surrounding technology's role in overcoming trade barriers.

Renée Mauborgne, a strategy professor at INSEAD and co-director of the Blue Ocean Strategy Institute, challenges the notion that innovation must be disruptive. She introduces the concept of 'nondisruptive creation' as a way to foster new markets without harming existing industries. Mauborgne highlights successful examples like Square, illustrating how innovation can thrive alongside job preservation. She also discusses the advantages of this approach, encouraging a shift in mindset to spot opportunities that enhance rather than displace.

Mark Kramer, former Harvard Business School senior lecturer and co-founder of FSG, delves into Enel's remarkable transformation from a major coal polluter to a leader in renewable energy. He explains the strategic changes that facilitated this shift, such as innovative long-range planning and addressing the innovator's dilemma. Kramer discusses the cultural shifts necessary for embracing sustainability and how traditional industries can adapt to modern challenges while balancing business needs and environmental responsibilities.

Stefan Michel, a professor of marketing and strategy at IMD Business School, dives into the essentials of not just creating but capturing value in business. He argues that many companies miss the mark by focusing solely on innovation without a strategy to capture that value. Michel shares a framework for defining the value of innovations and highlights real-world examples from companies like Nespresso and Google. He discusses value-based pricing, collaborative strategies, and the need to rethink innovation for enhanced competitive advantage.

Forest Reinhardt and Michael Toffel, Harvard Business School professors, dive into the Navy's approach to climate change. They discuss how the Navy's proactive strategies can inspire private sector adaptations. The talk highlights balancing short-term mitigation efforts with long-term adaptation investments. They also explore the potential shifts in market demands and supply chains due to climate impacts. Listeners will find valuable insights on merging scientific decision-making with strategic planning in a rapidly changing environment.

Paul Saffo, a veteran Silicon Valley technology forecaster and author, discusses the crucial difference between effective and accurate forecasting. He emphasizes that focusing on effective forecasting allows consideration of various future possibilities. Saffo shares six rules to enhance forecasting methods, including visualizing uncertainty and analyzing historical patterns. He also elaborates on the importance of recognizing unconventional indicators and learning from the past to navigate the complexities of rapid innovation in technology.

In this engaging discussion, Ayelet Israeli, a Harvard Business School professor focused on e-commerce, joins Kalam Dennis, co-founder of AptDeco, a furniture marketplace. They dive into how startups can transform failures into stepping stones for success. Dennis shares valuable insights from AptDeco’s journey, emphasizing the importance of understanding customer needs and leveraging data analytics. They also discuss shifting priorities from growth to profitability and learning from past expansion setbacks, showcasing innovative approaches to scaling in today's competitive market.

Mark Johnson, a senior partner at Innosight and co-author of "Lead from the Future," emphasizes the need for leaders to envision their desired future to craft effective strategies. He discusses how a 'future-back' approach, as seen in companies like Apple and Johnson & Johnson, can transform decision-making and innovation. Johnson highlights the importance of adapting to rapid changes in sectors like education and the power of grassroots innovation at organizations like Intel. By focusing on future possibilities, managers can lead teams towards greater adaptability and success.

Chris Zook, a partner at Bain & Company and a bestselling author, shares insights on redefining core businesses for sustainable growth. He identifies three critical warning signs that signal a need for transformation. Zook emphasizes the importance of uncovering 'hidden assets' within organizations to fuel future growth. He draws on examples from well-known companies like General Electric and De Beers, highlighting strategies for navigating market pressures and leveraging platform capabilities for success.

Bill Aulet, a seasoned entrepreneurship professor at MIT's Sloan School of Management and author of 'Disciplined Entrepreneurship,' shares his insights on launching a startup. He emphasizes strategic planning and the rising role of technology in lowering barriers to entry. Aulet discusses how entrepreneurship is evolving into a respected career path, highlights the challenges of commercializing tech innovations from research labs, and advocates for mission-driven initiatives that align with societal needs. His practical 24-step guide offers a roadmap for aspiring entrepreneurs.