Embrace smart riskĮvery good strategy involves risk, but it’s important to manage that risk as you go. Leaders should know blitzscaling only lasts a finite period: Only when competitors can no longer catch up should they stop. Elsewhere, markets are more global and hyperconnected, creating greater opportunities to blitzscale.
Today, technology is enabling every company to move with even greater speed. Speed, after all, is relative to what the competition is doing. This means prioritizing speed and deciding which actions must be taken now versus what can wait for later.
Now is the chance for businesses to make fast moves, and being first counts. So how can executives blitzscale their organizations? Below are four tips from Hoffman and Yeh. Rock adds that, even amid the disruption to global business caused by the pandemic, "we have seen some companies outpace their competitors by acting quickly and launching new products and services in a matter of weeks that have typically taken years." This is really a requirement to being successful today.” “They’re finding new sources of value, new sources of revenue, and creating new businesses. “The companies that have stayed at the top for decades are always regenerating,” says Ari. The importance of speed and innovation is something we've also seen in our own work with clients. And in times of uncertainty like COVID-19 the ability for organizations to move fast matters even more.Īri Libarikian, a senior partner and global leader of Leap, McKinsey’s business-building capability, and Rock Khanna, a senior partner and co-leader of our Marketing & Sales Practice in North America, led the discussion with Hoffman and Yeh on blitzscaling, a phrase the two use to describe the set of practices that enable companies to rapidly grow and beat competitors. Being the first to scale is extremely important.
They explained that ‘serial business builders’ are organizations that relentlessly come with new ideas and spin them into scalable businesses-businesses that can disrupt entire markets by creating value in radically new ways. In a recent webinar hosted by McKinsey, Reid Hoffman, co-founder of LinkedIn and partner at venture capital firm Greylock, and Chris Yeh, co-founder of the Global Scaling Academy, offered insights. What does that mean, and what do these companies have in common? July 31, 2020Six of the world’s ten largest companies fall into the ‘serial business builder’ category.
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