AMBA Awards 2014 Hult wins MBA Innovation Award. 3-Minute Webinar Reads Digital Do s and Don ts Innovate or Die

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1 HULT Issue 9 January March 2015 AMBA Awards 2014 Hult wins MBA Innovation Award Page 3 3-Minute Webinar Reads Digital Do s and Don ts Innovate or Die Pages Alumni Spotlight Hult alumni talk consulting Pages hult.edu hult.edu 1

2 CONTENTS / MESSAGE FROM HULT WELCOME TO ISSUE 9 In this issue... Message from Hult General School Updates Campus Updates Global Webinars Overview Faculty Insight 3-Minute Webinar Read: Innovate or Die 3-Minute Webinar Read: Digital Do s & Don ts Other School Updates CR Update: Virtual Career Fairs Talent Solutions Ambassador Program Alumni Spotlight: Consulting Alumni Elecctives & Events Update Dear Hultians, Welcome to a new, updated edition of your Hult Magazine. I am delighted to present to you another great issue packed with exciting alumni news, campus updates, faculty news, and a whole lot more. Hult s Innovation Award win at the 2014 Association of MBAs (AMBA) Awards made major headlines in the world of business education. We are proud to be recognized by such a prestigious body for our redesigned One-year MBA curriculum. This, along with Hult s debut at #21 in the Bloomberg Businessweek MBA rankings, cements Hult s position as a pioneer of action learning. A great new feature to debut in this issue is a section dedicated to updates from Hult s five global home campuses, keeping you in-theknow about interesting new developments and events from London to Dubai, and beyond. Read about the lives of Hult alumni that have carved out a career in the consulting industry in Alumni Spotlight, and enjoy 3-minute reads from the interactive global webinars held with Hult professors Mike Grandinetti and Ben Hart as they discuss innovation and digital technology. As 2014 comes to a close, we hope you enjoy this updated issue and catch up on all that has been happening at Hult. We look forward to sharing more with you in the New Year. Here s to a fantastic 2014, and an even better 2015! Katharine Boshkoff Vice President, Global Career Development and Alumni Relations 2

3 GENERAL SCHOOL UPDATES HULT WINS ASSOCIATION OF MBAS 2014 MBA INNOVATION AWARD Hult recently beat over 100 other schools to become the recipient of the Association of MBAs (AMBA) 2014 MBA Innovation Award. Hult wins AMBA s 2014 MBA Innovation Award Hult is proud to announce its most recent accomplishment: winning the Association of MBAs (AMBA) 2014 MBA Innovation Award for the redesigned One-Year MBA Curriculum. Our new MBA curriculum beat over a hundred other educational institutions to win the acclaimed award. Hult redesigned the One-Year MBA curriculum to fully integrate the teaching of critical soft skills and measure students development in a systematic and comprehensive way. Using five key competencies (Adaptive Thinking, Communication, Building Relationships, Teamwork, and Execution) identified by employers as essential to success in the workplace, MBA students work on improving these competencies throughout the program through a blend of training, mentorship, and feedback from peers, faculty, and professional development specialists. Andrew Main Wilson, AMBA Chief Executive, had this to say of Hult s win: The fact that Hult International Business School created an MBA program in close consultation with leading employers, designed to deliver performance-ready MBAs to make a major impact in their roles from day one, is both extremely impressive and much in tune with the needs of modern business. Hult s redesigned One-Year MBA wins big Bloomberg Businessweek ranks Hult #21 The latest addition to Hult s rankings list is Bloomberg Businessweek s 2014 rankings of the best full-time MBA programs. Hult International Business School debuted at #21 in the international category, which brings Hult s global ranking count in 2014 to three, along with the Financial Times and The Economist. True to our mission to provide globally relevant business education, Hult also placed in the top ten for employer satisfaction. On Hult s latest ranking, President Stephen Hodges said, We re pleased to feature in these prestigious rankings as they are 90% determined by student and employer satisfaction. These are also the key criteria we use to judge how successful and effective we are as a school. hult.edu 3

4 CAMPUS UPDATE: BOSTON STUDENT LIFE: BOSTON CAMPUS Boston s Best on campus As part of the Boston s Best speaker series, Hult Boston welcomed some of the biggest business names in the city on campus this semester. Guest speakers from Boston s strongest industries finance, consulting, marketing, and innovation included Kevin Millsom, Vice President of Goldman Sachs; Brian Carty, Chief Marketing Officer at Steward Health Care System; David Bergers, Managing Director and General Counsel at LPL Financial; and Cathy Wissink, Senior Director of Technology and Civic Engagement at Microsoft. The events aim to give students a local perspective on job growth and career paths in Boston, as well as offering the chance to network with business leaders and hear their career stories, the lessons they learned, and what their job entails. Networking like a Rockstar event with Jaymin Patel Hult Boston s Career Services team hosted professional trainer, coach, and author Jaymin Patel s Networking like a Rockstar talk on campus. Over 250 students attended to hear Jaymin provide practical tips on networking at career fairs, landing your dream job, and building effective relationships with influential individuals. Jaymin also provided an insight into what a recruiter is really thinking, and how they make decisions. The event was a great success with students, who enjoyed Jaymin s entertaining presenting style and the applicable nature of his advice. Square One Challenge Networking like a Rockstar event with Jaymin Patel Square One Challenge On November 20, Hult Boston hosted the very first Square One Challenge (S1C) for this academic year. The S1C allows competing student teams to provide creative and practical solutions to real-life, current, and strategic challenges posed by two companies located in the Boston area. This year, Danielle Remis Hackel, Managing Director of State Street Global Advisors (the investment management division of State Street Bank and Trust), and KD Waltner, Design Director at Reebok, set their challenge to 120 MIB and MIM students, giving them 40 minutes to develop a solution and just three minutes to present. Congratulations to the winning teams: Baltic Team 4 for the State Street Global Advisors challenge, and Caspian Team 4 for the KD Waltner challenge! 4

5 CAMPUS UPDATE: DUBAI STUDENT LIFE: DUBAI CAMPUS A selection of top employers visited Hult Dubai this fall to address both students and alumni: Procter & Gamble presented the CEO Challenge to students Jeroen Vincent, Chief Operating Office for Averda, addressed students on why they should join the company John Smith, Head of Supply Chain for Coca-Cola, delivered a speech to over 80 MIB and MBA students Day in the life of event with EMBA alumna Andreea Danila, Director at Al Masah Capital LinkedIn presentation for current students and alumni Raghu Malhotra, President of MasterCard, Middle East, talks leadership behaviors and how to drive cultural change in organizations In October, President of MasterCard Middle East Raghu Malhotra addressed EMBA students during the EMBA C-Suite Breakfast, to talk about how to create a culture within the organization while delivering positive business results. This topic was particularly relevant for Dubai, as the city is a highly multicultural metropolis, made up of an 85% expat population. He highlighted that the importance of being a good leader is not about being popular, but rather fair, professional, and efficient. EMBA C-Suite Breakfast is a series for our Executive MBA students, where top-level management professionals share their views on topics such as leadership and emotional intelligence. Procter & Gamble presenting the CEO Challenge to students U.S. Ambassador Michael Corbin Visits Hult Dubai A full classroom welcomed the U.S. Ambassador to the U.A.E., Michael H. Corbin, on his second visit to the Hult Dubai campus, where he addressed our MBA, MIB, and EMBA students and alumni. Michael discussed economic and geo-political highlights in the MENA region, and the partnership between the U.S and the U.A.E. He also talked about entrepreneurship, and how the U.A.E. is a great place to set up a business and to network. U.S. Ambassador Michael Corbin visits Hult Dubai hult.edu 5

6 CAMPUS UPDATE: SAN FRANCISCO STUDENT LIFE: SAN FRANCISCO CAMPUS Start-up weekend: Hult Prize event, powered by Google From October 17-19, students and guests at Hult San Francisco spent an entire weekend working on new business ideas around social innovation, to help promote imagination and productivity for the 2015 Hult Prize challenge. Start-up weekends provide hands-on experience, where entrepreneurs and aspiring entrepreneurs can find out if their start-up ideas are viable. Beginning with open mic pitches on Friday, attendees put forward their best ideas to inspire others to join their team. Over the weekend, the teams focused on customer development, validating their ideas, practicing lean start-up methodologies, and building a viable product. On Sunday evening, the teams presented their prototypes and received valuable feedback from a panel of experts. With around 100 attendees, the event was a sell-out success! Career Discovery Series This fall, as part of the Career Discovery Series, Hult San Francisco welcomed panelists from top companies, including Accenture, Future State, Boston Consulting Group, Keystone Strategy, MapR Technologies, and Charles Schwab, to name a few. The ideal events for students figuring out which function and industry is right for them, the Career Discovery series gives students insights and answers from executives working in their field of interest. Featured speakers gave an overview to 150 students of what they could expect from careers in the finance, consulting, marketing, and tech industries, and shared their own professional experiences. The evening provided opportunities for students to ask questions and network directly with those already established in the fields they are considering. Career Discovery Series consulting event 6

7 CAMPUS UPDATE: LONDON STUDENT LIFE: LONDON CAMPUS situations have helped Philippe to create an influential leadership legacy and a strong international reputation. Talking to postgraduate students about leading change and new thinking, he said, You need to fuel your engine with new ideas, new thinking the great thing about McKinsey is I meet a lot of young people. Very bright, probably much brighter than I am, very efficient young people. So this is something that fuels you. A lot. Store Wars The Changing Face of Retail talk Inspired Speaker Series events at Hult London: Phil Walker, COO, Capgemeni, talks consulting Phil Walker, Chief Operating Officer of Capgemini, the blue chip global consulting business, recently addressed postgraduate students at Hult London. It was an extremely informative and engaging evening, as students listened intently to Phil talk about the changing nature of work, and provide insights into why consulting will become even more important in the future. Store Wars The Changing Face of Retail event Around 100 guests recently attended the Store Wars The Changing Face of Retail event at Hult House. The event was presented by the Inspired Leaders Network, in partnership with Hult International Business School, and welcomed senior influencers from the world of retail, including Alan Giles, Former CEO of HMV Group PLC; Rebecca Singleton, Marketing Director at Morrisons; Chris Brady, Professor at Salford Business School; and Richard Cope, Senior Trends Consultant at Mintel. The event was opened by Chris Holmes, COO, Hult International Business School, and chaired by eminent broadcaster and entrepreneur René Carayol. The panelists delivered passionate insights and strong views on the topic of retailers facing tough challenges, and the decline of the high street. The event was an outstanding learning experience for both our students and invited corporate guests. Philippe Maso, former CEO of AXA Insurance U.K., visits Hult Hult London s postgraduate campus recently welcomed Philippe Maso, former CEO of AXA Insurance U.K. A key figure in building the AXA Group for 15 years, culminating with two years as CEO of AXA Insurance U.K., his adaptability, flexibility, and ability to effortlessly resolve complex Philippe Maso in conversation with René Carayol hult.edu 7

8 CAMPUS UPDATE: SHANGHAI STUDENT LIFE: SHANGHAI CAMPUS HR and Recruitment Innovation Talks: outlook on China s talent market This fall has seen Hult Shanghai host HR and Recruitment Innovation Talks, which addressed the trends and challenges in China s talent market. The latest talk invited speakers Simone Groeneveld, Director of Solution for ManPower Group, and Jacob Bonk, Recruitment Director for L Oréal China, to discuss the challenges in the Chinese talent market, and to put forward new ideas to help tackle the issues employers face. The session provided students with a great insider view on how the job market operates in China, as well as an opportunity to network with recruiters and hiring managers in the region. Robin Bew, Managing Director of The Economist Intelligence Unit, visits campus In November, Hult Shanghai kicked off The Economist Series with Robin Bew, Managing Director of The Economist Intelligence Unit, as guest speaker. As the global economy is seeing a major shift in growth patterns, the BRIC economies faltering, Europe stagnating, and the U.S. economy slow, Robin discussed how this is affecting investment patterns and consumers confidence in major markets, and highlighted recent global economic trends. The event was a major success, attended by current students, alumni, and even prospective students. International Cultural Festival November 14 saw the International Cultural Festival come to Hult Shanghai. Now in its third year, over 35 countries were represented at the festival, as the entire campus was transformed into an airport where students could travel the world in three hours! Students enjoyed tasting food and drink from around the world, while the national costume parade kept everyone entertained. A fantastic time was had by all our students, as they discovered more about their classmates homes countries. International Cultural Festival 8

9 CAMPUS UPDATE: UNDERGRADUATE, LONDON AND SAN FRANCISCO UNDERGRADUATE STUDENT LIFE: LONDON & SAN FRANCISCO CAMPUS Welcome Week at Hult San Francisco We welcomed our first undergraduate class to San Francisco this term, with two weeks of arrival and Orientation activities. Welcome Week activities included: a welcome reception and group photo; San Francisco sightseeing tour; Giants baseball game; American sports day in the park; and outings to local neighborhoods and cities to get students acquainted with each other and the Bay Area. The week ended with a boat cruise on the Bay, and lots of dancing! Flux business simulations As part of Enterprise Week, around 40 Hult undergraduate students participated in FLUX business simulations. Students were presented with a case study for an ailing company and had just 25 minutes to deliver a business plan to help raise profitability and ensure long-term viability in a competitive marketplace. The student teams came up with some interesting suggestions for raising revenue a promising start to the global competition, which takes place in April, with student teams from other universities also competing. Dragon s Den campus battle Several Bachelor of Business Administration student teams went headto-head at our London campus to compete in a Dragon s Den-style competition. Students had limited time to come up with a winning business idea and pitch it to a panel of judges that included: David Woods, Editorial Director at LID Publishing; Lazo Freeman, a successful fitness entrepreneur-turned-lifestyle entrepreneur; and Dr. Melissa Willby, Dean of our undergraduate London campus. The fun, high-powered event saw the Ecuadorian BBA student duo behind the Expo-Prawn team crowned winners. Head of Talent from Enterprise Rent-a-Car visits Hult London Corporate Relations Europe recently welcomed the Head of Talent from Enterprise Rent-a-Car to Hult House East. The event featured a presentation on their International and European Management trainee programs and internship opportunities, and the BBA student turnout was great. The presentation was followed by a great networking session, filled with lots of pizza! Career Discovery Series In October, Hult San Francisco s BBA students were invited to a panel as part of the Career Discovery Series, to help them start exploring different industries and thinking about career paths. Over 150 attendees showed up, including panelists from Accenture, Boston Consulting Group, and MapR Technologies, to name a few. A highly informative and engaging evening was enjoyed by all. New accommodation opens for Hult London & San Francisco students For the first time this fall, Hult London and San Francisco welcomed undergraduate students to brand-new accommodation. Hult Lodge at Lake Merritt in San Francisco underwent a USD 10 million renovation, while the campus accommodation at Hult House East, Hult Tower & Studios, puts students at the heart of London, minutes from their classrooms. Welcome Week at Hult San Francisco hult.edu 9

10 GLOBAL WEBINARS OVERVIEW GLOBAL WEBINARS Join our global webinar series to interact with members of Hult faculty on a range of hot business topics and trends Sign up for a webinar, or listen again and download the summaries at: hult.edu/globalwebinar Engage with Hult faculty during these interactive webinars to gain an insight into a range of important business topics and trends, such as digital marketing, entrepreneurship, and innovation. Upcoming webinars: FEB Carlos S. Baradello Succeeding as an entrepreneur MAR Cari E. Guittard Women in leadership Listen in, as Carlos addresses what is key to success in starting a new business, how this differs around the world, and how to position your business on a local and global platform, as well as discussing key market trends. Tune in to hear Cari discuss how global organizations are being impacted by the rise of female leaders, and how companies can encourage young women to take up leadership positions and rewrite the boardroom rules. Dr. Baradello is a professor of Social Innovation & Global Entrepreneurship at Hult. With extensive experience in the telecommunications and computer industry holding senior executive roles at ITT, NYNEX, and Digital Equipment Corporation, among others Carlos has authored over 50 technical and management papers and has received U.S./E.U. patents for six of his inventions. Cari Guittard is a professor of Women s Leadership, International Negotiations, and Corporate Diplomacy at Hult. In 2012, she was awarded the Women s Leadership Hall of Heroes Award by MBA Women International. She regularly writes for the Huffington Post, and leads executive education seminars on a variety of global issues for corporate clients in the U.S. and abroad. Other webinars: Month Topic Speaker April Hult Prize Ahmad Ashkar, CEO, Hult Prize June Life In (campus series) Various July Entrepreneurship Professor Patrick Guerra 10

11 FACULTY INSIGHT HOW CRM SKILLS CAN MAKE YOU A MARKETING HERO Individuals with CRM skills can rapidly scale the marketing career ladder, says Felix Velarde, Adjunct Professor of Digital Customer Engagement at Hult. CRM (Customer Relationship Marketing) or ecrm (the digital version, although the terms are interchangeable) is founded on a deep understanding of customers. The skills required include the ability to interpret data, extract customer insight, and act on it, alongside the ability to plan ahead based on customer behavior over the span of several years (think: buying a car). CRM skills mark you out as a winner Over the past dozen years that I have been working in CRM, my team has delivered global strategies for major brands like Virgin, News International, and McCain, while I teach marketers CRM skills at the Institute of Direct & Digital Marketing and Hult Business School, as well as running master classes for marketing bosses at the Groucho Club. During this time, I have noticed something remarkable about people who have these skills: they make unusually rapid progress up the career ladder. While the average marketer tends to get caught up in the day-to-day delivery of campaigns, CRM people manage to do this while understanding the overarching context of the campaigns. Usually, a campaign within a CRM program will not drive instant revenue, but will increase the value of the brand to the customer over the course of several campaigns something that requires a long-term vision. Even though the inevitable daily pressures (get a campaign out, check copy, chivvy along an agency, test an app) do get in the way of thinking big, how does a savvy marketer make it work? Steady measure of success It all comes down to measurement and markers. CRM requires an understanding of the lifecycle a customer is on, from the initial consideration of a brand to loyal consumption and recommendation. Using data skills to help map this out provides several fantastic tools at once: a long-term view of the customer relationship; a sequence of stages in the lifecycle, from engagement to conversion to retention; and a series of timed steps along the journey. Those that started out in the geeky bit of marketing, CRM, are now superstars leading their organizations growth. Think ahead and reap the rewards This customer journey map is wonderful, because it allows us to think long-term while giving us sight of the next few steps. By applying some numbers to each step let s say, one percent fewer customers who stop engaging at the end of the step when they get added up over ten steps, that may lead to a significant increase in revenue. In other words, you can focus on the next immediate improvement, and will find after a while, that a significant change has been achieved. It is a really simple principle. And that same principle is why some of those who started out in the geeky bit of marketing, CRM, are now superstars leading their organizations growth. At each step they set a target and saw what happened. Their success was measured. They proved their value to their employers, and in return, rose rapidly. Many of today s superstar marketers have CRM skills to thank for it. About Felix Velarde Felix Velarde is chairman of CRM consultancy Underwired and teaches at Hult International Business School and the IDM. Follow him on hult.edu 11

12 3-MINUTE WEBINAR READ 3-MINUTE READ: INNOVATE OR DIE The objective In order to thrive in a competitive business climate, creative disruption is an absolute must leading disruptive innovators are recognizing this need, and exchanging success for reinvention. The solution To avoid the Innovator s Dilemma, some organizations are pushing forward through continual reinvention and collaboration, while others adopt a lean start-up approach to doing business. In these times of uncertainty, faster, smarter, and bolder decisions provide a lifeline. The outcome Global giants such as Nike, IBM, and Apple have all reaped the rewards of shaking up the business-as-usual model better products, a bigger market share, and successfully pioneering technologies for a consumer-powered globe. In order to grow, all industries must undergo significant disruption the business world s equivalent of a wake-up call. Business professor Clayton Christensen first used the term disruptive innovation back in 1995, to describe the process by which a product or service starts out in its simplest form at the bottom of the market, before moving up to eventually displace established competitors. Creative disruption: it s unavoidable The waves of creative disruption technological or digital have caused the acceleration of change across industries. For example, 3D printing has revolutionized the manufacturing and healthcare industries, and companies such as Netflix have changed the way we consume ondemand media. Leading disruptive innovators recognize the need to move away from the beaten path of success and security, in order to connect with the engaged and empowered consumer: Apple s takeover of the mobile phone industry, after starting out with computers, and Google s expansion into ads, causing advertising giants to sit up and take note, are just some examples of the direction innovation has taken over the last decade alone. How to become a leading innovator: collaboration and continual reinvention As creative disruption continues to blur the lines between industries, and organizational leaders come to realize that they cannot continue business as usual a concept referred to as the Innovator s Dilemma innovation is affecting the way many organizations operate. The life expectancy of companies has been compressed by 80% since the 1920s, and by 2021, 40% of Fortune 500 companies will simply have disappeared. The threat of death at the hands of tradition and custom is pushing companies to collaborate in order to stay relevant, and forcing the CEOs of leading companies to ask: do we have innovation in our bones? After selling off its low-end server business to Lenovo, tech giant IBM entered into a partnership with Apple, distributing ipads offering industry-specific enterprise mobile solutions a smart move by IBM to exploit the power of one of the world s most powerful brands. Another method of innovation being employed by companies is one of continual reinvention, explained by the Three Horizons model: Horizon one: extend and defend products Horizon two: drive emerging products Horizon three: create new, viable opportunities The unwillingness to let go of the old and look beyond past and current successes is something Bill Gates summed up perfectly, when he said, Success is a lousy teacher. It seduces smart people into thinking they can t lose. Past success doesn t guarantee it in the future, so we all have to be lifelong learners, beginning with the CEO. Be brave, innovate When it comes to innovation, courage yields the best results and the pay-offs have been huge. Consumer goods giant Procter & Gamble s open innovation initiative, Connect + Develop, reaches out to external 12

13 talent in order to innovate and improve. The lean start-up approach adopted by General Electric allows the company to act like a start-up, by unlearning perfection in order to manage new product development effectively disrupting the market with faster, smarter decisions. Digital innovation is another area Nike has influenced for some time now. Collaborating with Apple to create the Nike+ Fuelband allowed Nike to merge fitness with smart mobile technology a bold move in uncertain times, and something competitor Adidas has been slow to adopt. The unwillingness to let go of the old and look beyond past and current successes is something Bill Gates summed up perfectly, when he said: Success is a lousy teacher. It seduces smart people into thinking they can t lose. Past success doesn t guarantee it in the future, so we all have to be lifelong learners, beginning with the CEO. Mike Grandinetti Professor of Entrepreneurship, Innovation, Management, and Marketing MBA, Yale School of Management Professor Grandinetti is an award-winning faculty member, having received four Global Teaching Excellence Awards from Hult and been named Professor of the Week by the Financial Times in He is a serial entrepreneur with extensive experience working with global start-ups and venture capitalist firms. hult.edu 13

14 3-MINUTE WEBINAR READ 3-MINUTE READ: 10 DIGITAL DO S & DON TS FOR BUSINESSES The objective In an increasingly connected world, customer attention is in short supply. How can businesses use digital technology to engage their target audience? The solution Digital platforms provide endless opportunities for businesses to meaningfully connect with consumers. Aligning their operations with these digital do s and don ts will enable any company to leverage digital technology with strong returns. The outcome From small-team start-ups to corporate giants, the effective use of digital technology has boosted both revenue and user experience, leading to increased customer attention and retention. 1. Do think big, but don t neglect to start small In the words of IBM CEO Mark Rolfe, Be bold, but be realistic. Starting out with a small vision allows for expansion in a more organic, consumer-led way. The rapid pace of consumption means businesses need to act fast, and not get lost trying to put together the bigger picture. Instagram started out with just 13 employees and 17 image filters, before being acquired by Facebook for an astonishing USD1 billion. 2. Do gather a great team, but don t gather a sum of egos The famed geek is responsible for making the digital world relevant today. These so-called tech nerds are interested in exploring the idea of businesses digitally connecting with customers, so invest in these people. Gathering a great team opens up the doors for collaboration, too, allowing businesses to give back to the community something that coders forum Stack Overflow and Starbucks have benefited from. 3. Do focus on customers needs, but don t try to fulfill all their demands Delivering solutions in a simple way is the key to business success: make it easy and rewarding, then turn it into the norm. Ridesharing service Uber, valued at USD18 billion in June 2014, has based its business model on this principle. Uber understands its customers basic needs (trackable transport and a sense of urgency), but doesn t necessarily deliver on their every demand. 4. Do have a plan, but don t forget to act A reactive business will survive in a competitive and saturated market. Endless hours spent drafting complex strategies in the boardroom are pointless when considering ever-evolving consumer habits. Growth depends on how fast businesses react to the customer, not the other way around. 5. Do listen to your customers, but don t keep them away from new ideas User experience can only improve with time, which means businesses need to become more agile. Social media management tool Hootsuite s initial design was met with criticism from users, even though the idea was a winning one. This feedback paved the way for new ideas, which led to substantial improvement, and ultimately a better user experience. 6. Do fail, but don t neglect to understand why Learning from previous mistakes can help companies to create an adaptive business model. Using digital technology to correct past failures, and to avoid potential future issues, will not only allow businesses to build and retain a strong consumer base, but also to exploit opportunities that did not appear obvious at first sight. 14

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