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E92: The Future of Crypto with Brian Armstrong, CEO of Coinbase
"Moment of Zen"
Venture Bets and Innovation at Coinbase
Expanding business through adjacent bets enables reasonable extensions of the core operations. Venture bets, defined as higher risk, ambitious projects, should consist of small teams, ideally two to five people, to avoid inefficiencies observed with larger groups, such as when an initiative with 60 people, like Coinbase NFT, failed. Additionally, decision-making for these venture bets should not rely on consensus or committee approval, reflecting the understanding that true disruptive innovation often comes from contrarian views. To foster innovation, organizations can encourage employees to pitch ideas, allowing for a diverse range of insights and fostering an environment where bold, unconventional thoughts can be explored.
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