Our digitalized society offers the opportunity for exponential growth. Companies with great ambition must take advantage of this if they want global reach. Jennifer Vessels, the leader of the Executive Growth Alliance, has a wealth of experience transforming companies' growth, and the highlights of her career include being a transformation leader for Adobe, Autodesk, Cisco, and ShoreTel+. In this Lørn masters, she guides you through exponential growth in four quick 30-minute podcasts available for free.
Chief Innovator at Executive Growth Alliance
In the first episode, Jennifer Vessels clarifies the definition of exponential growth. In this context, the doubling of computer power every 2 years since the 1970s is the origin of the digital transformation. Businesses can take advantage of this, and so can those with a great idea. This transformation is a significant reason behind how Silicon Valley has become the global hub for tech innovation we know today. It is a far cry from the agricultural town it used to be.
Adobe, Airbnb, and Amazon receive Jennifer Vessels' analysis in the second mini-lecture. Adobe experienced exponential growth when they changed their business model. They went from selling an upgraded software every 18 months to selling access to their range of products. They changed from a product-based model to selling access to the exact service each individual needed. The second part of the masters provides a more in-depth analysis of Adobe along with an analysis of how Amazon and Airbnb achieved global success.
Attitude and mentality play a significant role in seizing the opportunity to grow exponentially. Jennifer Vessels details her acronym PEACE:
- PURPOSE: Are you going to solve a problem, change consumer behavior, or both?
- EXPLORE: Investigate how you will achieve your purpose.
- ACTION: It is imperative that you act. Create a minimum viable product or service.
- COLLABORATE: Innovation is a team sport and so is exponential growth. Others will want to help you.
- EXPERIENCE: You gain experience from the process, but you also gain valuable feedback about your product's user experience. This will allow you to innovate and grow.
PEACE sums up the characteristics necessary for facilitating exponential growth and they are detailed in the third episode.
Digitalization allows platform-based companies the opportunity to grow exponentially. In the last episode of the masters, Jennifer Vessels guides Silvija Seres through the critical decisions, thought processes, and positioning questions a company must contemplate to scale up effectively. Listen to the complete masters here.