WEBVTT 1 00:00:00.260 --> 00:00:01.980 The human brain uses failure 2 00:00:01.980 --> 00:00:03.540 as a way to build new neural pathways. 3 00:00:03.540 --> 00:00:05.430 So if you take the sense of biology 4 00:00:05.430 --> 00:00:06.590 and move it into business, 5 00:00:06.590 --> 00:00:09.350 it should tell companies that after failure 6 00:00:09.350 --> 00:00:11.710 is a perfect time to learn and to grow. 7 00:00:11.710 --> 00:00:14.627 (orchestral music) 8 00:00:22.330 --> 00:00:23.760 Through our purpose work at BrightHouse, 9 00:00:23.760 --> 00:00:25.390 we have learned that a bad time 10 00:00:25.390 --> 00:00:28.810 in a company's history can be both a blessing and a curse. 11 00:00:28.810 --> 00:00:30.710 A curse in that it can bring about pain, 12 00:00:30.710 --> 00:00:33.050 but a blessing in that it offers an opportunity 13 00:00:33.050 --> 00:00:35.840 to make change and to create new ways of working. 14 00:00:35.840 --> 00:00:37.970 I think the natural response of a system when 15 00:00:37.970 --> 00:00:41.320 it's stressed is to defend and to mitigate damage, 16 00:00:41.320 --> 00:00:43.830 and of course that's entirely appropriate. 17 00:00:43.830 --> 00:00:46.800 But a crisis isn't just a temporary thing. 18 00:00:46.800 --> 00:00:49.000 A crisis normally changes the world 19 00:00:49.000 --> 00:00:51.780 so there must be an element of recreation and rebirth. 20 00:00:51.780 --> 00:00:52.613 That's right! 21 00:00:52.613 --> 00:00:55.560 And this sense of reinvention often lies within the DNA 22 00:00:55.560 --> 00:00:56.743 of great companies. 23 00:00:57.640 --> 00:00:59.350 Well it's interesting, Kodak, 24 00:00:59.350 --> 00:01:01.910 which of course isn't around anymore, 25 00:01:01.910 --> 00:01:05.650 and Fujifilm were in the same business 26 00:01:05.650 --> 00:01:08.210 at the same time facing the same challenge, 27 00:01:08.210 --> 00:01:09.417 namely the birth of 28 00:01:09.417 --> 00:01:12.170 and the rise of digital photography. 29 00:01:12.170 --> 00:01:13.540 One succeeded, one didn't. 30 00:01:13.540 --> 00:01:16.910 And the difference is on this creative dimension, 31 00:01:16.910 --> 00:01:20.080 the embracing of new ways of doing things 32 00:01:20.080 --> 00:01:22.710 and the investment in new pillars of growth 33 00:01:22.710 --> 00:01:24.670 to iterate towards a better future. 34 00:01:24.670 --> 00:01:26.760 Yes, they were able to find that reinvention 35 00:01:26.760 --> 00:01:28.540 that lied within their DNA. 36 00:01:28.540 --> 00:01:30.670 But over time, it can be hard to maintain the energy 37 00:01:30.670 --> 00:01:32.630 to continue to pull it out of the system. 38 00:01:32.630 --> 00:01:34.640 Yes, I think it's harder and harder 39 00:01:34.640 --> 00:01:36.910 for a large company to maintain this capacity 40 00:01:36.910 --> 00:01:38.940 for reinvention over time. 41 00:01:38.940 --> 00:01:39.900 I think it's also hard 42 00:01:39.900 --> 00:01:41.840 for successful companies to walk away 43 00:01:41.840 --> 00:01:44.470 from the historical recipe for success 44 00:01:44.470 --> 00:01:46.400 and embrace something untried. 45 00:01:46.400 --> 00:01:48.130 And also it's especially hard to do that 46 00:01:48.130 --> 00:01:51.490 during the crisis when one's natural instinct 47 00:01:51.490 --> 00:01:54.021 is to look inwards and stick to the knitting. 48 00:01:54.021 --> 00:01:56.604 (bright music)