Want to learn the best business insights from remarkable speakers at Slush 2023, but don’t have the time to watch the full speeches on YouTube?
You’ve come to the right place. Below is a summary of a speech by John Elkann, CEO of EXOR NV, and Marianne Vikkula, COO at Wolt.
(psst: the notes were automatically generated with Wudpecker's AI notetaking tool. If you'd like to check these notes + transcript + audio recording without needing to log in, press here.)
<p class="h1-rich">🤏 TL;DR</p>
TL;DR: Longevity and sustainability of companies depend on addressing a need in large markets, building resilience to overcome internal and external challenges, and successful leadership transitions. Clarity and alignment of objectives, ownership structure, and governance are important at the inception of a company, and a culture of entrepreneurial spirit with financial discipline is crucial for sustained success. Action items include investigating the potential of electric vehicles and the EV market in China, exploring partnerships with EV companies in China, creating a venture building activity to invest in early-stage companies, and continuing to align ownership, governance, and leadership.
<p class="h1-rich">✨ Summary</p>
Longevity and Sustainability of Companies
- Companies that have lasted for over a hundred years have addressed a need in large markets and have been able to compete effectively.
- Resilience is key in sustaining success, as companies face internal and external challenges.
- Internal problems, external problems, and the ability to overcome them contribute to a company's long-lasting success.
Importance of People in Longevity
- Long-lasting companies are built by people who have the perseverance to navigate through both ups and downs.
- Successful leadership transitions are crucial for the sustained success of a company.
- Alignment between ownership, governance, and leadership is important during leadership transitions.
Aligning Interests in Organizations
- Clarity and alignment of objectives, ownership structure, and governance are important at the inception of a company.
- Difficult moments, such as organic growth or acquisitions, require careful decision-making and priority setting.
- Clear set of values help in decision-making and finding a common ground among stakeholders.
Investing in New Technologies and Services
- Started a ventures unit and an early-stage fund to invest in new companies.
- Wanted to be in the top quartile of performance, not a typical corporate venture or venture capital fund.
- Believed that being an entrepreneurial organization with a long-term perspective would provide alignment and duration for founders.
Adapting to Changes in Industries
- Recognized the need to adapt to changes in the automobile industry, such as the shift towards electric vehicles.
- Created Stellantis, a company with 15 brands, to consolidate the market and capture exciting opportunities in the mobility space.
- Combining internal research and development with external investments to drive innovation.
The Role of Culture and Alignment
- Culture of entrepreneurial spirit with financial discipline is ingrained in the organization.
- Values such as humility and ambition, harmony and patience, guide decision-making and balance.
- Cultural alignment is crucial to managing the complexity of a growing organization and avoiding mediocrity.
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