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<v ->The human brain uses failure</v>

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as a way to build new neural pathways.

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So if you take the sense of biology

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and move it into business,

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it should tell companies that after failure

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is a perfect time to learn and to grow.

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(orchestral music)

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Through our purpose work at BrightHouse,

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we have learned that a bad time

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in a company's history can be both a blessing and a curse.

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A curse in that it can bring about pain,

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but a blessing in that it offers an opportunity

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to make change and to create new ways of working.

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<v ->I think the natural response of a system when</v>

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it's stressed is to defend and to mitigate damage,

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and of course that's entirely appropriate.

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But a crisis isn't just a temporary thing.

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A crisis normally changes the world

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so there must be an element of recreation and rebirth.

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<v ->That's right!</v>

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And this sense of reinvention often lies within the DNA

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of great companies.

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<v ->Well it's interesting, Kodak,</v>

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which of course isn't around anymore,

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and Fujifilm were in the same business

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at the same time facing the same challenge,

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namely the birth of

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and the rise of digital photography.

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One succeeded, one didn't.

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And the difference is on this creative dimension,

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the embracing of new ways of doing things

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and the investment in new pillars of growth

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to iterate towards a better future.

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<v ->Yes, they were able to find that reinvention</v>

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that lied within their DNA.

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But over time, it can be hard to maintain the energy

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to continue to pull it out of the system.

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<v ->Yes, I think it's harder and harder</v>

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for a large company to maintain this capacity

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for reinvention over time.

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I think it's also hard

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for successful companies to walk away

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from the historical recipe for success

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and embrace something untried.

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And also it's especially hard to do that

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during the crisis when one's natural instinct

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is to look inwards and stick to the knitting.

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(bright music)