CSIRO CEO Larry Marshall (Pictured) is urging big Australian companies to think like entrepreneurs “or else we’ll be standing still in a world that’s moving 20, 30 years ahead of us”.
Dr Marshall, former managing director of Silicon Valley-based Southern Cross Ventures, is a passionate advocate for innovation and Australian entrepreneurs and aired his views in a B&T roundtable with Google CEO Maile Carnegie, who is the guest editor of the next issue, David Kirk, co-founder and managing partner of Bailador and Kate Carnell AO, CEO, Australian Chamber of Commerce and Industry.
Carnegie held the roundtable to talk about her passions, Australia’s future, digital skills and STEM, and to see if they can give economy and innovation a bit of a nudge to make it move faster.
When she asked the boffins what they would pick out of the DNA of a successful start-up or small business and put into a larger one, Dr Marshall claimed big companies need to think like entrepreneurs, adding that we also “need to think very differently about failure and risk taking.”
“Nothing about the recruiting process, the promotion process or the operating processes of a large company lend themselves to entrepreneurship,” said Dr Marshall. “And if you believe in personality typing analysis, then entrepreneurs are less than one per cent of any population or any western population. I think most of the systems in a traditional corporate probably cull that down even lower.
“You might have the tenth of a per cent or hundredth of a per cent of entrepreneurial spirit in a traditional company. Given the pace of change in the modern world and criticality of innovation and entrepreneurship, companies have really got to change the way they recruit, the way they hire, the way they promote and in particular the way they punish or define failure and they way they punish risk taking. I think if we don’t do that, then we’ll be standing still in a world that’s moving 20, 30 years ahead of us.
Bailador’s Kirk agreed, saying that large global companies, even Google, need to get “laser clear” with their focus, incentives and getting the best people, and then leaving them alone to excel at what they do.
“It is genuine fundamental new business building,” he said, “something new and different that’s going to end up, if they get it right, being really big. And that needs a vision which is, firstly and fundamentally about solving a problem out there somewhere and a fear and understanding of what the stack from go to market, customer acquisition, the economics of all that right through to building the tech stack. And that’s what the best entrepreneurs have got.
“You’re never going to do it without the best people. So you’ve got put them in an environment and give them the incentives, which means they can get on and do what they do as if they weren’t in the corporate, almost. And that invariably means leaving them alone. And then they’ve got to do the start-up thing. Learn to run lean, bootstrapping and basically, fast failure and moving on.”
The full transcript from the roundtable and more offerings from guest editor Maile Carnegie will be in the next issue of B&T out August 13.
Independent brand and digital agency, Archibald Williams (AW) has been appointed to lead the NBA account across the APAC region. The NBA is one of the most prestigious sporting leagues in the world and basketball is one of the fastest-growing sports in Australia. Effective immediately, AW said it was “excited” to work across all digital, […]
B&T's shining a light on industry folk prior to adland. Preference given to anyone purporting actual UFO abduction.
Leading digital outdoor company QMS has announced it is the first-ever inaugural partner for Most Contagious APAC, the landmark London event by creative and strategic intelligence company Contagious, which will be showcased in Australia on Tuesday, 12 December in Sydney and Wednesday, 13 December in Melbourne. Most Contagious is an event that delivers key advertising […]
Omnicom’s data and analytics division Annalect has partnered with Meta, giving it access to Advanced Analytics (AA) – one of Meta’s privacy-focused measurement solutions – to provide Omnicom’s clients with future-proof, next-level measurement. Omnicom is the first holding company to have access to AA. AA allows advertisers to combine their first-party data with Meta’s ads […]
WPP’s AKQA has launched Fixmas.gift, an environmentally conscious AI-powered DIY assistant, affectionately known as Fixie, for a one-stop solution for all things repair. Fixmas.gift hosts an array of guides and inspiration to empower people to prolong the lives of their belongings or purchase pre-owned items that need a little love and care. Fixie can: Help […]
Marc Collister (pictured) of P2 Content Creators spills the beans on his 2024 predictions drawing from two decades of experience in the advertising, film and television industry. I’m certain it will come as no surprise that in 2024, we can expect our industry to move at breakneck speed again. With even more rapid shifts in […]
Zeno Australia has announced expanded creative design capabilities and the appointment of Jim Michell (lead image) to its senior leadership team. The new moves support strong growth in the region. Zeno Australia’s clients, including Abano Healthcare, Motorola and Yorkshire Tea, can now tap into a suite of creative design services to augment the agency’s work […]
Assembled Media, is drawing upon the creative power of TikTok Creator Marketplace to help generate unique, impactful content for iconic stationery brand, BIC. The social activation campaign titled ‘A Pen for Every Side of You’ promotes the flexibility of BIC’s 4 Colours pen and is active nationwide on the BIC Stationery TikTok account. The campaign […]
Pinterest reckons jellyfish & moody cowboys will be big in 2024. Refused to be drawn on the return of shoulder pads.
IAB Australia has launched ‘Evolution in Market Mix Modelling’, the fourth module in its Marketing Measurement Innovation Series, which has been developed by IAB Australia’s Ad Effectiveness Council. The module explores what is driving the increased use of MMM and how the technique is evolving with advances in computing power and machine learning to provide […]
Scope3, the collaborative sustainability platform leading the decarbonisation of media and advertising, announced the addition of digital out-of-home (DOOH) to its emissions measurement. With DOOH ad spending predicted to grow from $17B in 2023 to nearly $24B by 2028, measuring this channel brings us one step closer to understanding the total impact of digital advertising […]
NRF 2024: Retail’s Big Show Asia Pacific, is now open for online registrations for the main conference. Jointly organized by the National Retail Federation and Comexposium, Retail’s Big Show Asia Pacific will take place from 11 – 13 June, 2024 at the Sands Expo and Convention Centre in Singapore and is expected to draw thousands […]