The Importance of Company Culture in a Successful Organization

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The time spent at work is as much as time spent asleep for Americans, emphasizing the significance of the relationships formed with coworkers. The ability to form large networks of cooperating strangers, combined with fast learning, sets humans apart as the species capable of building spaceships. To apply cultural evolution in running successful companies, four crucial norms are highlighted: speed, ownership, science, and openness.

What's different about companies that accomplish amazing things? Perhaps surprisingly, says Andrew McAfee of MIT, it has nothing to do with being agile or with better technology. Instead, they've developed what he calls "geek" cultures, which emphasize intense cooperation, rapid learning curves, and a lack of hierarchy. Listen as McAfee talks about his book The Geek Way with EconTalk's Russ Roberts and how focusing on company norms, as opposed to organizational charts and structure, is a key to realizing big ambitions. They also discuss the role that data and evidence play in geek companies' decision-making and why the willingness to embrace failure is a winning strategy.