Working With Startups
Accelerators can help your company get insight into that latest innovations in your field. However, forming a collaborative working relationship is essential. Pano Anthos, managing partner of New York-based retail accelerator XRC Labs, shared best practices for working with accelerators in our most recent live call. Topics included what causes innovation to fail inside of large organizations, the benefits of working with accelerator, and the hallmarks of an innovative culture.
Picking an outfit can feel like a chore. Even with a full closet, you may feel like you have nothing to wear. One of the most disruptive startups in retail, Rent the Runway, has been focusing on that issue. What if you could assemble the perfect outfit for an occasion online and rent it for a few days or weeks — rather than buying each individual item and keeping them forever?
“We are trying to drive the concept of ambidextrous leadership, recognizing that when you’re running the core big business, it requires a level of operational discipline,” says Kathy Fish, P&G’s Chief Research, Development, and Innovation Officer. “You can’t afford big mistakes. [In contrast,] when you’re creating the future, you don’t know where you’re going. It has to be a culture of experimentation. There has to be a lot of debate, and you need to go off and learn fast and continue to work. That is what we’re working to drive.” Our exclusive interview is inside…
In our most recent Master Class, Brian Christian from our strategic partner, The Inovo Group, offered advice on how to forge meaningful relationships with startups. He explored the reasons companies work with startups and how to integrate these partnerships into your innovation system. Watch the full Master Class video replay, read about some of the highlights, or download a PDF of the slide deck.
In nearly three years of existence, JetBlue Technology Ventures has put money into 20 startups, which are building everything from more localized weather prediction technology to artificially-intelligent assistants that can help small businesspeople manage their travel plans. “Our mission is to stay ahead of where JetBlue is now—thinking beyond the horizon, two, five, 10 years out—and how travel might change,” says Bonny Simi, President of the corporate venture capital group.
Why KeyBank is Investing in Digital Innovation, Acquiring Startups — and Betting on the Future of the Branch
KeyBank is one of the biggest in the US, with more than 1,100 branches, $137 billion in assets, and about 18,500 employees. And while it is steadily investing in its digital relationship with customers — in June it acquired Bolstr, a startup focused on small business lending — it remains committed to the old school, face-to-face interaction that takes place in a branch. Senior executive Dennis Devine explains…
Change is coming to the shelves of your neighborhood grocery store. And the $13.7 billion dairy giant Land O’Lakes is looking to startups to help it cope.
How ready are you to be engaging with the startup ecosystem, or how comprehensive is your current startup strategy? Answer these 15 questions and get an instant assessment.
With more than 52,000 employees generating about 300 inventions a year, the Cleveland Clinic doesn’t want for innovation. But the tough task facing Cleveland Clinic Innovations, a group founded in 2000, is to help as many of those inventions as possible find their way into the healthcare system. Executive Director Pete O’Neill explains how they do it…
Julia Jackson, the Managing Director of Mass General’s Healthcare Transformation Lab, explains the three pillars of what the lab works on, as well as the importance of having “boots on the ground.”
How does the staid world of car insurance not only survive, but find opportunities for new growth? $3.5 billion CSAA Insurance Group believes it will happen by upgrading its technology infrastructure, creating new programs for employees and leaders, and investing in innovation both inside and outside the company’s walls. Chief Strategy and Innovation Officer Debbie Brackeen explains…
In recent years, New York Life’s Ventures unit has been amping up its investments in “frontier technologies” that may be able to improve the client experience, streamline its own internal operations, and help grow the business for the future.
The Natural Launchpad initiative at Burt’s Bees is an annual grant program for natural products entrepreneurs. Ten startups are selected every year, each receiving a $10,000 grant, mentoring, and access to the other entrepreneurs in the cohort. Here’s a look at how it works…
Gearbox, KITE, and Startgrid are among seven digital services that help corporates map the startup landscape. Here’s our comparison chart.
Within Johns Hopkins Medicine, the Technology Innovation Center serves as a hub for budding innovators, helping them build, deploy, and test clinical solutions for the company. Here’s how it works…
At Corporate Innovation Night in Cambridge last month, seven multinational corporations, including Samsung, Embraer, Shell, and General Motors, described how they’re interested in engaging with startups. Includes audio from two of the “reverse pitches.”
The open innovation initiative HENRi “is all about taking on projects that matter,” explains Gerardo Mazzeo, Global Innovation Director at Nestlé. “That’s the way we want to differentiate HENRi from other open innovation systems that already exist out there.” And HENRi was set up with a clear mechanism for funding an initial pilot test with one of Nestlé’s 8,500 brands. Mazzeo shares more details on the program inside…
A list of acquisitions made by Walmart from 2011 to the present, including Jet.com, ModCloth, and Bonobos.
At the Finnish communications and IT company, there are essentially two kinds of scouting that take place: scouting related to mobile networks and how they’re used, and everything else. Leslie Shannon focuses on the “everything else.” She explains how science fiction can be an important bellwether of what technologies will take off.
From Ford to Walmart, GE to Amazon, here’s our run-down of the 10 most interesting corporate innovation happenings of 2017.
We asked our community: How do you collaborate with, or acquire, startups without “killing the butterfly?” Here’s a summary of the top answers…
“What we’ve done with the innovation lab is say, ‘Maybe there are other ways to create an experience for our passengers that also helps to increase and create different streams of revenue,’” says Rick Belliotti, the San Diego International Airport’s Director of Innovation and Small Business Development. Innovation Leader sat down with Belliotti to discuss the lab’s approach to creating partnerships, how the airport innovates in a regulated environment, and what it really takes to make airports better for travelers.
The entire insurance industry, argues Zia Zaman, has “lost its way by not focusing on the customer.” Here’s how Zaman, the Chief Innovation Officer for MetLife Asia since 2014, is working to change the status quo.
Startups often want to engage with big companies. And big companies know that startups are developing business models and technologies that will impact their industry. So where do things go wrong? We put that question to Peter Cherukuri, President and Chief Innovation Officer of 1776, the Washington, D.C.-based startup incubator.
Professional baseball franchises excel at scouting promising players and cultivating them in the minor leagues until they’re ready for the big show. But the Los Angeles Dodgers are unique in trying to do the same thing for startups working on sports and media related ideas. We sat down with Tucker Kain, CFO of the Dodgers, to understand how the accelerator was started, and how he is forming lasting partnerships with the startups.
As part of our next Field Study learning expedition, we’ll visit the Hatchery, the innovation lab at AARP. AARP is not only one of the largest nonprofits in the country, but it’s also one of the biggest insurers and magazine publishers. We talked about what happens inside the Hatchery with Andy Miller, the SVP for Innovation and Product Development at AARP.
The seven startups at XRC Labs’ 2017 Demo Day in New York represented the forefront of innovation in the retail space — from on-demand activewear manufacturing to indoor mapping services to artificially-intelligent visual search technology. In kicking off the demo day, XRC’s Managing Director Pano Anthos discussed some of the trends he is seeing in the retail space, and what retailers must do to stay relevant. Four of the trends he discussed are recapped inside, along with short descriptions of each of the presenting startups.
Part of Varley’s job is “supporting and encouraging managers tasked with developing ‘something new’ on a five- or ten-year roadmap to think differently, and consider that it may actually be faster and less risky for them to take a chance on working with a startup on the outside than trying to build everything from scratch in the lab.” Here’s his advice on bringing new ideas into a $15 billion company…
Saint-Gobain, the Paris-based building materials company has thrived for more than 350 years. “There’s an element within our DNA and within our R&D organization where we recognize that to be successful for another 350 years, which is our intent, we have to identify those things that are going to disrupt our current businesses,” says Minas Apelian, R&D and external venturing at Saint-Gobain. More insights inside on how the company works with startups and accelerators to innovate effectively.
Innovation Leader editor Scott Kirsner discusses what we’re seeing corporate innovation teams focusing on for 2017, including governance; more focused approaches to working with startups; adjusting the focus of innovation labs; some of the factors that lead to the sudden death of innovation initiatives; and the benefits of building networks of champions or catalysts. Kirsner also discusses metrics.
Tuoyo Louis has a very clear objective at Zaffre Investments, a corporate venture team that is part of Blue Cross Blue Shield of Massachusetts: Finding healthcare startups that can solve a problem for someone in the insurance company’s ecosystem, whether that’s a patient, an employer, or an administrator sitting behind a doctor’s front desk. Louis explains how he works with business-side leaders inside Blue Cross Blue Shield to get pilot tests underway that leverage new technologies from the startups.
“I was trying to shove innovation down their throat,” says Edoardo Manitto of Groupe Galeries Lafayette, the 120-year old French retailer. “That, in my case, didn’t lead to anything very productive.” Here’s what he’s doing instead.
When J&J makes a new investment in a startup, “50 percent of the deal funding from J&J Innovation, and the business unit provides the other 50 percent,” explains Darren Snellgrove, Chief Financial Officer for J&J Innovation. “We have found that both sides having skin in the game, and a say in the decision making is an important component of success.” More insights inside…
Last November, five years after starting a corporate venture capital group, carmaker BMW announced that it would invest up to 500 million Euros over the next decade, across a broad swath of the tech landscape, from 3D printing to on-demand transportation to smart logistics. BMW also moved its US office from New York to Silicon Valley, and accelerated the decision-making process for making new investments. We spoke to Managing Director Ulrich Quay to understand what’s behind all of the changes.
Coca-Cola has shut down its Founders program, which sought to work with entrepreneurs and invest in startups that would benefit the beverage giant in some way. The initiative was launched in 2013, and since then has backed eight companies. One possible cause? A back-to-basics focus on the core business.
How can insurance companies innovate effectively — in the face of strict regulatory oversight, customer concerns about privacy, and decades of ingrained thinking about “the way things are done”? Execs from AIG and John Hancock discussed those issues at a recent event. Includes profiles of startups working in the insurance sector.
Five startups participated in the accelerator’s first cycle in 2016. We talk to Matthew Wilcox, SVP of Marketing Strategy and Innovation, about what is changing in the second go-round.
When the $86 billion German engineering giant launched the Frontier Partner Program two years ago, it hoped to lower the barriers that kept startups from easily working with Siemens. Through Frontier, startups enter a low-commitment relationship in exchange for free Siemens software and mentorship. While the program is still in its infancy, Siemens seems pleased with the preliminary results of these relationships, and other companies are starting to take notice. Here’s how the program operates…
Several Innovation Leader members have inquired recently about programs that serve as an interface between large companies and the startup ecosystem — facilitating introductions, creating platforms for investment, or organizing events that bring the two worlds together. Here’s our comparison chart.
Innovation Leader editor and co-founder Scott Kirsner shares seven examples of how companies like Toyota, Disney, GE, and Amazon are working to innovate better, faster, cheaper — and more collaboratively. The webcast also explores some of the factors that lead to premature death for innovation initiatives.
How the labs group at publisher Houghton Mifflin is building an ecosystem of developers and partners
Can Houghton Mifflin Harcourt remake itself into a digital platform, distributing content, software, and cloud-based services to schools? That’s a big focus at HMH Labs, a group created in 2014. Labs chief Claudia Reuter explains how she has been building relationships with startups and software developers.
The startups that pitched at last week’s Demo Day ranged from instant interior design services to pop-up boutiques to a smart mirror that could change your morning routine.
Consumer packaged goods giant Unilever has launched more than 90 pilots with 90 different startups, and subsequently decided to scale about half of those. Jeremy Basset of Unilever Foundry explains how and why they’re doing it…
At a recent gathering of entrepreneurs, Innovation Leader editor Scott Kirsner led a session focused on the ways that big companies scout, negotiate with, and collaborate with startups. One thing that emerged from the conversation was a concrete list of things that large organizations can do to become more “startup friendly.”
“One the biggest knocks against corporate venture capital initiatives is that they are often a by-product of a booming economy and a pet project of the CEO. They’re here today, gone tomorrow. This reputation, unfortunately, is grounded in some truth, but it doesn’t have to be that way,” writes corporate VC Kyle Fugere.
Chris Kay of Humana discusses how the $48 billion health insurer is collaborating and co-creating with startups in the healthcare industry, and outlines his process for going from ideation to market.
Developed by Innovation Leader’s Editorial team, with input from corporate innovation executives, this assessment will help you evaluate the current maturity of your organization’s innovation strategy.
Pete Roney, VP of Innovation at Thales USA, the American arm of the $17 billion French aerospace and defense giant Thales Group, says that the rationale for launching a new innovation effort was pretty clear: The company just wasn’t thinking creatively enough to keep up with its peer group.
If you’re considering a competition or challenge to help your company get to know startups in your industry, read this advice from Scarlet Sieber of BBVA, the Spanish banking giant. Sieber explains how to attract the best startups and make sure business unit leaders are ready to work with them. Includes slides and audio…
Two key execs at Stanley Black and Decker and joint venture View Technologies explain a long-term bet on the growth of big data and the Internet of Things, and a concrete business proposition designed to work in the near-term.
How are you going to make change and deliver results in 2016? Whether you work in an innovation group, new product development, strategy, or R&D, we believe that these issues deserve a place on your agenda for the year ahead.
Our latest Q&A comes from a subscriber seeking best practices or guidance on how to make relationships with startups and entrepreneurs successful. To answer the question, we recruited Innovation Leader partner Michele McConomy, whose firm physically seats multinationals alongside disruptive startups.
What’s lightweight? Things that can generate results within six months, with a minimum of funding, internal debate, and approvals. Lightweight is a kayak you can assemble yourself; heavyweight is a cruise liner. Here are some suggested approaches.
Kim Yansen of Mondelez (think Chips Ahoy and Trident gum) talks with Innovation Leader about latest iteration of the $34 billion food company’s Shopper Futures program; the risks involved in working with startups; and the ways that consumers’ changing habits are forcing companies to be more nimble and forward-looking.
We’re a $1 billion+ physical products company that lacks software expertise; although we have some in-house, I wouldn’t say we’re “Google-esque” in our mastery of software development. Do any of your members or partners have any thoughts on how to think about the integration process re: “smart devices” or “the Internet of Things”?
We’re sharing some material here that came out of one of our whiteboard sessions at the recent New York Field Study, which set out to create a list of technologies and trends that will increase in importance over the next five years. The room included about fifteen executives from retail, media, telecommunications, financial services, consumer products, and other industries. Here’s what was on their radar screens…
Rob Chumley’s mission: help 7-Eleven Inc. become more than just a quick place to stop for a sandwich and a Slurpee. “What we’re really focusing on now is this transition from convenience, which is defined by the products, to a convenient store, which is defined by the solutions it provides,” Chumley says. Here’s what 7-Eleven’s SVP of Innovation has been working on since he took on the role in November 2011…
Senior Vice President of Innovation Michael Abrams discusses the upside of launching an accelerator program for media and entertainment startups, including some of the partnerships that it has sparked so far.
Do you need data to help justify, shape, and upgrade your innovation program? We’ve spent more than six months surveying nearly 200 innovation leaders, and the result is Innovation Benchmarking Report 2015, a 40-page report that gives focus to data and intelligence that can help solve the challenges innovation leaders face.
Florida Hospital has been deploying “Internet of Things” technologies — including RFID locator tags attached to equipment and worn by employees — since 2010. Innovation Leader editor Scott Kirsner spoke recently with Ashley Simmons, Director of Innovation Development, about what they’ve learned so far, in a session held at the Internet of Things Summit in Boston.
In the 1920s, the average time companies spent in the S&P 500 Index was 67 years. Today, it’s 15. Many of the also-rans fell victim to linear thinking at a time when the business and technological landscape was changing exponentially. Kyle Nel, Executive Director of Lowe’s Innovation Labs, explains how his company is working to stay ahead of the curve. Includes slides and audio…
Last month, innovators at USAA were among the first in their industry to get federal approval to test unmanned aircraft. Their objective? Speeding up the claims process for USAA members after a natural disaster strikes.
What’s the right approach for big companies that want to plug into the startup world? Invest? Acquire? Be a customer? Offer to house fledgling companies? Listen to a half-hour of audio and read highlights from a May 2015 session at the “Front End of Innovation” conference.
Was your company born to disrupt established industries? Or is its heritage in marketing and distribution, building brands that are recognizable around the world? Maybe the way your company obtains new products is by acquiring small startups. Every company has different DNA, which means innovation approaches need to differ.
Ford exec Jim Buczkowski discusses the strategy behind the expansion of the company’s Research & Innovation Center in Palo Alto, and shares several projects they’re working on.
Nicole Bell is executive director of the new Cambia Grove, a 9,000 square foot facility in downtown Seattle that brings together innovators and entrepreneurs with health plans, providers, businesses, government leaders, and academic minds from around the country. She talks about how and why her employer, Cambia Health Solutions, created the Grove. Includes audio, photos, and a video…
Group Head of Innovation Management John Sheldon shares the strategic objectives behind MasterCard’s Start Path accelerator program, and explains how his MasterCard Labs group collaborated with Whirlpool to rethink laundry.
Kwikset had been experimenting with various keyless entry products — but nothing clicked until the California company partnered with a startup to create the Kevo lock, which can be controlled with a smartphone and opened with a simple touch. Execs from Kwikset and Kevo take you inside the partnership…
Brian Tilzer says the $139 billion company is navigating two revolutions: omni-channel retail and what he terms “the digital enablement of healthcare.” It wouldn’t be possible without dialing up spending, and bringing new talent to the company. Here’s what he’s doing (includes slides)…
VP of Innovation and Entrepreneurship David Butler talks about his work to combine entrepreneurial ideas and speed with Coca-Cola’s scale and brand power. Includes a half-hour of downloadable audio.
Late December brought another unfortunate example of corporate budget cuts bringing the curtain down on an innovation team — this one at Turner Broadcasting, part of $30 billion media giant Time Warner. The team had launched an accelerator program called Media Camp, which made small investments in 27 startups.
In this audio excerpt from a recent event promoting his book “Zero to One,” Thiel discusses how internal politics can tilt decision-making in large companies towards conventional ideas and away from what is truly disruptive.
“If you just talk a lot about innovation and make a lot of noise, it can backfire,” says Rick Smyers, VP of the Center for Accelerated Innovation at Fidelity Investments. “People can hear a lot about it and think, ‘It’s just another management fad. It’ll go away.'” Smyers explains in this webcast how you can put the right strategy, tools, and people in place to make a real impact — and details some of his team’s successful projects.
As more consumers look to pay for things without whipping out a credit card or carrying cash, Visa exec Bill Gajda explains the $12.6 billion company’s thinking behind a new 500-person innovation center in San Francisco.
Audio and notes from our recent call with Lesley Solomon, who has overseen the launch of the Innovation Hub at Brigham & Women’s Hospital in Boston. Brigham & Women’s has 1300 researchers and 1700 clinicians, along with about $650 million in annual funding. Solomon talked with IL members about running hackathons; her steering committee; and how she gets busy doctors, nurses, and researchers engaged with innovation initiatives, among other things…
Managing director Frankie James talks about how her Silicon Valley-based team identifies high-potential startups and new technologies and interacts with teams at GM headquarters back in Detroit. Includes a slide detailing their four-stage process, from scouting to transferring.
In March, the $9 billion videogame retailer created the GameStop Technology Institute to help it develop new experiences and offerings for the “empowered consumer.” Senior director of technology innovation Charlie Larkin gives us a look at their first project, launching this month.
How do busy organizations build innovation capacity? London’s Heathrow Airport handles 72 million passengers a year, with a plane landing or taking off every 45 seconds. Amidst the need for operational efficiency, safety, and security, Head of IT Strategy and Innovation Richard Harding explains what the innovation team has achieved.
Beth Comstock talks about how the $146 billion behemoth is pursuing speed and growth through partnerships: investing in startups, crowdsourcing solutions, inviting inventors to use selected patents to create new products, and more. “You have to recognize that no matter how good you are, you don’t have all the answers,” Comstock says. Here’s our exclusive interview…
Audi of America is rolling out telepresence robots at 18 of its highest-volume U.S. dealerships, in an effort to accelerate repairs and improve customer satisfaction. Here’s what they’re measuring before they roll out the bots more broadly.
Kyle Nel, the Executive Director of Lowe’s Innovation Labs, explains why the home improvement retailer created a comic book to help executives evaluate possible future scenarios. Nel also discusses why he doesn’t think labs should be located at corporate headquarters, and how his team is measured.
“Education is changing — there’s no denying that,” says Diana Stepner, VP of Innovation Partnerships at Pearson plc. Here’s what the British publishing company is doing to connect with tech startups that may help Pearson develop new products — and new kinds of connections with consumers. Also inside: the list of 10 company challenges that Pearson shared with startups.
Fay Arjomandi talks about the “xone” initiative to help Vodafone, the world’s second-biggest telecom company, identify and work with startups that can improve its network and customer experience. “When we invest in any company,” Arjomandi says, “we’re not like a financially-driven VC. They want a 10x or 20x return. For us, the most important thing is that we see that customers are using [the product], or it enhances our network.” Slides and video inside…
Innovation Leader had ringside seats at a Harvard Business School event, where GE’s marketing chief Beth Comstock discussed the company’s views on crowdsourcing, the Internet of things, the lean startup movement, and more. Quick bullets from her presentation and the complete audio are inside.
Innovation Leader regularly keeps innovation executives apprised of startups that merit attention, and we’ve found another one in Placemeter. Inside, we describe why this disruptive Manhattan-based startup (or one like it) may have an impact on global retailers and other large corporations.
Delphi Labs director John Absmeier explains how the automotive components giant is partnering, investing, and plugging into the Silicon Valley ecosystem — and hoping some of the “experiment-and-fail-fast” culture rubs gets absorbed by HQ.
GE chief executive Jeff Immelt called a meeting in 2012 to rethink the company’s investing strategy. The result was the creation of a new GE Ventures team headquartered in Silicon Valley that builds on past experiences — and mistakes. Managing director Noah Lewis explains what changed.
Changing culture inside a large company is really, really hard. Mondelez VP Bonin Bough explains how the company’s Mobile Futures initiative tackled culture change by connecting managers from nine of the company’s brands with nine startups — and shipping them out to spend a week working in the startups’ offices.
Textron set an audacious goal: Get a new military plane from concept to the runway in less than two years, to fill what the company saw as a major market gap. Execs Bill Anderson and Dale Tutt, who led the Scorpion project, shared what they learned on the journey from blueprint to the blue yonder.
Innovation exec Lesley Solomon explains how Brigham & Women’s Hospital in Boston set up its first hackathon, what the event achieved for the organization, and what they will do differently next time around.
After getting out of the venture capital game a decade ago, Dell recently jumped back in with both feet. Jim Lussier, managing director of Dell Ventures, explains how the tech company’s approach is different, and offers his advice for keeping corporate VC aligned with the business units. (Includes slides.)
We talk to serial entrepreneur, investor, and former big company innovation leader Andy Palmer about the relationship between startups and big companies, the topic of our latest “Peer to Peer” report. Includes audio.
Innovation Leader’s Q1 “Peer to Peer” report explores the ways that leading companies are tracking, investing in, and partnering with entrepreneurs and disruptive startups in their industries. The report includes examples and case studies from Time Warner, Constant Contact, GE Appliances, Google Ventures, and Qualcomm, among others.
Want an innovation injection? Start an accelerator. At least, that seems to be the thinking at a growing number of companies, from from Barclays to Volkswagen to Disney. But a key player in the corporate accelerator movement, TechStars exec Dave Drach, says there are some important reasons why you shouldn’t start one.
Major players like Disney, Airbus, and Deutsche Telekom have all launched their own accelerator programs to attract entrepreneurs working on ideas related to their businesses. But before going that far, you’ll probably want to explore the low-risk opportunity to have your employees serve as mentors for existing programs, and attend demo days.
GE hunts for breakthrough ideas by engaging with startups and academic researchers in new ways. Says exec Venkat Venkatakrishnan, “Our challenge has become, how can I find a technology that I will be the first to apply, not, what do I invent tomorrow?” Here’s a look at how Vankatakrishnan’s group held a first-of-its-kind event last fall.
Here’s what author and management guru Tom Peters thinks you ought to be reading as we head into 2014. It’s a fantastic collection of 50 books, on topics ranging from big data to robotics to gamification to loyalty to neurotechnology.
Execs from Time Warner, Blue Cross Blue Shield of Massachusetts, and TechStars talk about the potential upside in starting or supporting accelerator programs for entrepreneurs. “If the customer is your greatest concern, some of the best ideas can always come from outside,” says Sandy Khaund of Time Warner’s Turner Broadcasting division. “We may not find the next Facebook, but we’re looking for companies with that same kind of game-changing potential.” Should you follow suit?
What if consumers could adapt and personalize products you’d designed, and have them created in lots of one? What if employees could easily create alternate versions of products you already sell, to meet the demands of particular customers? Is that scary, or a massive opportunity? Web-based 3D modeling software from a startup called Matter Labs takes a step toward those possibilities.
Colin Angle, co-founder and CEO of the robot-maker, says one of his most important jobs is protecting innovative products that have left the safe confines of the R&D lab but haven’t yet grown into significant businesses. At that stage, he says, “it’s just a big, ugly, non-revenue producing, pimply, adolescent, cash-sucking thing that most companies are lethally effective at killing.”