Being aware of technology is not enough.
Much has been invested by traditional corporations in exploring the world of software, startups, and venture capital. Key people oversee these matters and top executives are properly briefed about the challenges brought by technology.
But progress must be made on converting awareness into action.
To remain competitive, established players need to become more like tech companies
And it’s a fascinating matter because no one really knows how to tackle that challenge. There are very few precedents of traditional companies that have tried to become tech companies. But it’s still early, and becoming a tech company is a discipline that is being invented and mastered as we speak.
There's too much confusion going around.
Becoming a tech company is not about going viral on social media. It’s not about R&D or launching new products. It’s rather about solving old problems because technology makes new solutions possible. And once you’ve done just that, it’s not about transforming your business model; it’s rather about redesigning your strategy at the highest levels of the organization.
Invention is key.
Nobody knows exactly how technology will change your industry and your value chain. It will all eventually be discovered by inventors: those who are willing to explore new territories and who are ready to fail in the process.
Invention is not only about technology per se: it’s about inventing new businesses, a new kind of relationship with your customers, a new strategy for your entire company.
Above all, becoming a tech company requires entrepreneurship.
Entrepreneurs succeed because they rely on a radical execution model. They’re animated by a sense of urgency in solving a painful problem. They’re obsessed with their customers, nothing else. They have nothing to lose. The key challenge today is reconciling the constraints of a large corporation with the unique advantages of entrepreneurship.
Not every corporation is in the same position when it comes to becoming more entrepreneurial.
Some have already mastered technology. Others still need to explore their environment and spot problems waiting for a solution. All should beware the old clichés, such as visiting Silicon Valley, investing a few millions in a corporate venture capital ARM or hosting random startups in a cool new incubator.
There's a better way, and we're here to help you find it.
Pathfinder’s mission is to work with you to understand what the transition is about, convert to a more entrepreneurial approach, and ultimately become a business that will thrive and create more value on today’s and tomorrow’s digital markets.