Fighting back - against old mindsets and new threats...

The World Economic Forum's annual Davos event starts today. It's online this year, with five days of high octane discussion and content available to all here.

Today is also the first anniversary of the publication of my book FightBack, written with Felix Staeritz, and endorsed by Klaus Schwab, founder and Executive Chairman of the World Economic Forum (see below).

The book was written as a guide and manifesto for how incumbent organisations (public and private sector) can fight back against the disruptive threats of digitisation and sclerotic ways of thinking and acting to create a brighter future for their stakeholders - customers, employees, partners, shareholders and society in general.

The imperative was pretty strong back in January 2020, as digitisation was negatively impacting the performance of many players in traditional sectors. Since then the Covid pandemic has both accelerated and increased the threats and heightened the importance and urgency of system-wide business model innovation.

As a result, the new approaches for effective transformation proposed within FightBack - platform and ecosystem thinking baked in to corporate strategy, bold re-allocation of capital towards digital business models, true ambidextrous organisational structures, collaboration with entrepreneurs to create new ventures within new growth portfolios - apply even more strongly today than they did a year ago (as does Martina Larkin's foreward to the book).

This year I'm particularly focusing on important sectors like financial services which are critical to the world's recovery and sustainability post pandemic and which need a dramatic overhaul to meet the needs of humanity today and in the future.

Many thanks again to those who contributed to the book, and to the business leaders, entrepreneurs, thought leaders and academics who so kindly endorsed its messages:

“The Fourth Industrial Revolution is creating a rapid, comprehensive transformation – technologically, economically, socially and politically. To shape this transformation, we must take collective responsibility. FightBack demonstrates how to embrace digitalization and how to overcome disruption.”

Klaus Schwab, Founder and Executive Chairman, World Economic Forum

“Digital transformation too often fails. FightBack offers strategies for how to get your people to work differently and reap the benefits of your digital investments.”

Linda Hill, Wallace Brett Donham Professor, Harvard Business School 

“There are so many opportunities for traditional industry to benefit from digitization. FightBack provides food for thought and inspiration as to how such opportunities could be realized.”

 Marcus Wallenberg, Vice Chair, Investor AB

“To solve global challenges in the context of climate change and shifting demographics, we must learn to think differently. FightBack stands for a new mindset.”

Anne Berner, Entrepreneur and Finland’s former Minister of Transport and Communications

“A must-read for everyone working in a traditional industry.“

Gisbert Ru?hl, Chief Executive Officer, Klo?ckner

“Established corporations have the chance to become pioneers and actively initiate change to revolutionize entire industries. FightBack showcases how entrepreneurial thinking can help to make this possible.”

Daniel Krauss, Co-founder, FlixBus

“By highlighting the complexities and opportunities of the platform economy, the authors bring much-needed attention to the nuances of the computing challenges facing Industry 4.0.”

Karthik Suri, Senior Vice President and Chief Operating Officer, GE Digital

"A must-read for every company that wants to stay ahead of disruption. Boards and executives will learn to leverage new sources of growth by partnering with entrepreneurs.”

 Gunnar Groebler, Senior Vice President, Renewables, Vattenfall

“Digital transformation is one of the biggest changes of our time, and we cannot escape it. Traditional business models are being turned on their head. FightBack helps leaders to constantly reinvent themselves.”

Dr Rahmyn Kress, Chief Digital Officer, Henkel

"The authors deliver clear and succinct messages to big corporations in a compellingly readable book. Corporate venturing with technology entrepreneurs through platforms is a proven and actionable proposition for new growth. Disruptive technology may traumatize big corporations thanks to obsolete cultures and organizational inertia – and digitization is no exception. To those reluctant corporates, it is time to fight back!”

Dr Wanli Min, Former Chief Scientist, Alibaba Cloud

“Established companies have all the necessary resources. [The authors] bring entrepreneurship to large corporations, unlocking their potential and turning it into competitive advantage.”

Markus Fuhrmann, Co-founder, Delivery Hero

“FightBack is for those leaders who recognize the exponential pace of digital change, as real-time information, AI, 5G and ubiquitous connectivity continue to disrupt business models. Staeritz and Torrance have produced a perceptive, well researched book with a wealth of insights, a handbook for platform-based reinvention in the digital age. An excellent introduction to business model change, digital leadership and how to turn digital intent into tangible results.”

Mark Spelman, Head of Thought Leadership, World Economic Forum

“Corporate innovation requires a radical rethink as we enter a new world increasingly mediated by digital ecosystems. Western industry, in particular, needs to create a new dialogue with investors, look to the longer term, adopt new metrics and co-opt new entrepreneurial talent. FightBack provides a coherent blueprint for doing this.”

Michael G. Jacobides, Sir Donald Gordon Chair of Entrepreneurship, London Business School

“Using data-driven insights to radically improve lives is one of the biggest opportunities of our time. FightBack shows that collaboration is key for innovative start-ups and proactive corporations to become the drivers and the winners in this digital transformation.”

Ida Tin, Co-founder and Chief Executive Officer, Clue

“Digital transformation is a significant opportunity for Trumpf to accelerate, becoming more flexible and thus more competitive. It is our goal to further expand our technology and market leadership on the basis of digital technologies.”

Dr Mathias Kammüller, Chief Digital Officer and Member of the Group Management Board, Trumpf

“To have a chance of survival, corporates need to embark on a learning journey, willing to fail fast. FightBack shows how to embrace such a mindset.”

Rolf Schroemgens, Co-founder and Chief Executive Officer, Trivago

“A must-read primer for leaders of big companies and society considering taking an entrepreneurial journey and creating new sources of growth from existing assets." 

Dr Ralf Belusa, Chief Digital Officer, Hapag-Lloyd

“Corporations and society must harness entrepreneurs in order to bring forward game-changing innovations that are humane and environmentally friendly.”

Brigitte Mohn, Board Member, Bertelsmann Foundation and entrepreneur

“FightBack showcases that, as an established organization, you need the brightest minds and the greatest visionaries to fight back against old ways of thinking.”

Taavi Kotka, first-ever Chief Information Officer, Estonia

“Get the founder’s DNA from the early days back into the corporation. Giving wings to new ideas and pursuing new growth is the key to sustaining a long-term competitive advantage.”   

Andreas Gall, Chief Innovation Officer, Red Bull Media House

"We need to harness the ingenuity of tech entrepreneurs to solve pressing global issues. FightBack fosters readers' entrepreneurial spirit, sharing learnings on how to create significant sources of growth with positive impacts." 

Nicolas Brusson, Co-founder and Chief Executive Officer, BlaBlaCar

“Current digitization efforts have been largely fragmented, untuned and lacking consistency and persistency. FightBack pushes leaders to stop being over-cautious and start boldly innovating.”

Peter Borchers, Former CEO, Allianz X and Founder, Hubraum, Deutsche Telekom’s tech incubator