13 years ago, I gave a small talk at the Cannes Film Festival, evangelizing for more measured creative and business growth. I had been working with several startups and noticed a trend toward accelerated scaling that I found worrisome. I encouraged my audience (mostly independent filmmakers) to give themselves time to develop their properties, instead of desperately rushing to sell their idea, fearful that it would be illicitly co-opted by some unknown competitor.
In 2005, I joined a large multinational corporation and noticed that this trend was reflected in the sense of urgency with which budgets and projects were managed throughout business units, and even at the corporate level (usually in response to shareholder demands for the semblance of repetitive short term gains).
Instead of engaging in careful long-term strategic planning and consistent scaling at a manageable pace, enterprises large and small were increasingly (and often retroactively) chasing mythical goals. Business ventures want to convince investors, shareholders, and others that their offering is worth obscene valuation, yet they don’t want to “waste” time actually doing the work of conceptualizing, developing, testing, productizing, marketing, selling, and supporting any tangible offering. It takes less time to make a PowerPoint, it would seem, than it does to make a product. The collateral damage from this mentality continues to be ignored today, by too many people who ought to know better.
Permit me to jump to another topic, for reasons which will become apparent, I hope:
The C-130 Hercules remains the longest continuously produced military aircraft in history. The first flight of the YC-130 prototype was made on this day (23 August) 1954 from the Lockheed plant in Burbank, California. Burbank’s relationship with Lockheed was long and proud, but the city demonstrated a painful lack of strategic planning that left it in dire straits in the early 1990s, when Lockheed left town. The job losses and economic downturn were dramatic, to say the least. Burbank had relied too heavily on one industry, even though the signs of change in that industry had been evident for years. Today, the local economy in this charming SoCal city is once again relying heavily on an admirable and powerful industry. That industry is also showing signs of dramatic change, and Burbank must work proactively – in partnership with its resident businesses from the Media & Entertainment industries – to adapt and evolve, in order to stay aloft in turbulent times, economic, technological, and social.
Cities are growing, as populations increasingly urbanize. Too many of these cities rely on a very few large sources of tax inflow, instead of diversifying their portfolio of revenues. Given that 99.7% of businesses in the US are small businesses, and 48% of US employees are small-business employees, I continue to advocate (with increasing volume!) for municipalities to support sustainable small business incubation: providing for scalable workforce growth, complementary innovations within pre-existing business ecosystems, and more agile infrastructures, capable of adapting to the increasingly explosive nature of 21st century markets, without becoming unduly subject to that same volatility.
The window of opportunity narrows, the closer one comes to a point of inflection. Will Burbank adapt in time, so it is able to manage, rather than be subject to, dynamic market changes? Will the Media & Entertainment industries pull back (even just a little) from the precipice of quarterly performance, in deference to more long-term strategic measurements? Will business ventures invest more thoughtfully in smaller initiatives (subsidiary or autonomous), more capable of adapting to the creative, technological, and economic forces that wait around the corner?
In the words of my close personal friend, Dame Shirley:
“They say the next big thing is here,
That the revolution’s near,
But to me it seems quite clear
That’s it’s all just a little bit of history repeating.”