A Quote by Tony Fadell
Thermostats are made by very large companies with no incentive to innovate. Their customers are contractors or HVAC wholesalers, not consumers. So why spend to make them better? It's a good business.
Related Quotes
It's very hard to establish an economy of trustworthiness. The key is continuing to innovate and to keep your customers through innovation, because the customers can leave. But once you are a dominant player that continues to innovate and provide a good deal, customers will stay with you.
Companies are very, very good - better than consumers themselves - at knowing what consumers are actually craving.
There are companies that are good at improving what they're already doing. There are companies that are good at extending what they're doing. And finally there are companies that are good at innovation. Every large company has to be able to do all three - improve, extend, and innovate - simultaneously.
The stock market crash in October 1929 didn't destroy a particularly large amount of wealth or make people highly pessimistic. Rather, it made companies and consumers very unsure about future income, and so led them to stop spending as they waited for more information.
Most thermostats are built by plumbing companies. But you really need to understand how to build a phone to make them better.
One of the best ways to make growth personal is to give employees a share in their firm, a real incentive to go the extra mile, more of a 'John Lewis Economy' if you like...We know that firms where employees are engaged and own a stake do at least as well as other companies in the good times and have performed even better in recent bad times. Expanding and recruiting at a much faster rate and achieving better productivity...So, why do they make up just 2% of our business landscape?
People believe that companies have always had strategies, dating back at least to likes of Henry Ford or Andrew Carnegie, maybe to the contractors who built the Pyramids. As it turns out, it was only in the 1960s and 1970s that a new breed of "business intellectuals" began to develop the intellectual framework that allowed companies to look at the three "C's" of any good strategy - namely their costs, customers, and competitors - in an integrated way.
The profitable part of the online business is very likely several years away. Entering the business because it's the hot topic of the day doesn't make a profitable business nor satisfied customers. That's why it will be a part of Nintendo's strategy, not the mainstay, as other companies are attempting to do. There still are too many barriers for any company to greatly depend on it.
The reason why it is so difficult for existing firms to capitalize on disruptive innovations is that their processes and their business model that make them good at the existing business actually make them bad at competing for the disruption. Companies in fact are specifically organized to under-invest in disruptive innovations! This is one reason why we often suggest that companies set up separate teams or groups to commercialize disruptive innovations. When disruptive innovations have to fight with other innovations for resources, they tend to lose out.
The number one thing small business needs is to get more customers. Spend more time serving existing customers and getting new ones. The challenge for small business is knowing where customers are and reaching them effectively.
I think it's a completely good thing to want to do business, to want to make money and be a success in the marketplace, to get the attention of customers. I'm not in the business of pointing fingers or blaming companies, but there is a limit to everything.
When there were not very many Internet companies, the supply of Internet companies to the market was small and the appetite for them was large. Therefore, if you were in the business of creating Internet companies in 1996-98, you had a market that provided massive demand for that.
I've never gone into business to make money. Every Virgin product and service has been made into a reality to make a positive difference in people's lives. And by focusing on the happiness of our customers, we have been able to build a successful group of companies.
Why is Caterpillar bad if we create a new job in India or China to receive U.S. exports? It makes no sense to me. We want to drive all the exports we can from the United States. We want to concentrate on all those consumers, outside contractors, customers outside the United States that we possibly can.
Companies want to innovate. Companies that don't innovate wither on the vine. The connection between STEM fields (science, technology, engineering, and mathematics) and the financial stability of a nation is what needs to established.
If you wait for customers to tell you that you need to do something, you're too late. Good business leaders should be half a step ahead of what customers want, i.e. they don't actually quite know they want it. That's what innovation's about. With Plan A, we didn't wait for the consumers to tell us.
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