One of the things companies usually get wrong is that they try to be better instead of different. Why? Better is easy to package up. It's a playbook. You take an existing process and improve it. Humans are geared towards this type of progress – consistent advancement is (literally) in our DNA. Companies are the same way.
If there is a single point that is directly applicable to every business it’s this: the companies best suited for long-term survival are those who learn better than their competitors. The most successful firms operate as learning organizations: it’s part of their DNA and they organize themselves around it. These companies have swiftly reacted to the changes brought on by the internet and made learning a priority.
Have you ever struggled to choose what projects to prioritize? Capital and people are scarce. The world is constantly evolving. So what things should you focus on? The concept of strong and weak links can provide a lens on how to consider these types of questions.
Percival Everitt had an idea. Walking through a London railway station in 1883 he decided to purchase a postcard, the newest craze in Europe at the time. But it was late in the evening, which meant an early morning visit to the corner store. He started to think that there had to be a better way.
Ferran Adria is considered one of the world's best chefs. In 1994, he opened elBulli, a 3-Michelin starred restaurant in Spain that won “Best Restaurant in the World” five times before closing in 2010. Adria was a prolific innovator, ushering in the concept of “molecular gastronomy” and pioneering many other new kitchen techniques (you can thank him for all of that foam you see on food these days).
As a business owner, you face continuous complexity. The world is uncertain: times are changing, and you need to be prepared to deal with it. How do you know where to focus your effort and initiatives? One practical approach we have helped companies use is the “Known and Unknown” framework, especially when building new products.
Versett is an organization built for human development. Supporting our people in overcoming their limitations and growing isn’t just an employee perk; it’s a driver of profitability. We invest heavily in our team members so that we can deliver exceptional results for our clients. Our people understand that work and learning are not separate activities; learning is their job.
How do you make the leap and become a technology company? Last time, we talked about the evolving nature of a technology company, why you should embrace technology and the impacts of your perception of technology. What differentiates these two is rarely the use of technology, but a differentiated approach and mindset. In the following essay, I want to examine what sets these companies apart and how you can start to mimic them.
It’s no surprise that the proliferation of technology has disrupted how companies do business. Organizations are at a threshold moment in their history, fighting to stay relevant in the face of increasing competition while looking to grow and enter the next stage of growth. They know technology plays a part in their future, but are unsure to what degree.
Alpha is a way to track the performance of a specific investment. It measures the excess return relative to the return of some benchmark. For example, if you invest in a stock that returns 15% in a given year, while the Fortune 500 index returns 10%, your fund would have achieved positive alpha of +5 for the year. Essentially, you beat the market (time to plan for retirement!).
Versett wins the 2019 EY Entrepreneur of the Year Award in Technology
Versett is named one of Canada’s Great Places to Work
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