{"id":25348,"date":"2017-07-11T03:00:54","date_gmt":"2017-07-10T17:00:54","guid":{"rendered":"http:\/\/realestatetalk.com.au\/?p=12601"},"modified":"2017-07-11T03:00:54","modified_gmt":"2017-07-10T17:00:54","slug":"startups-shake-up-the-industry-2","status":"publish","type":"post","link":"https:\/\/channels.realty.com.au\/realtytalk\/startups-shake-up-the-industry-2\/","title":{"rendered":"Startup’s shake up the industry – Paul Broadfoot"},"content":{"rendered":"

Paul Broadfoot<\/strong> is an entrepreneurial strategist and author of a book called Xcelerate.\u00a0 <\/i>The book looks at how startups like Airbnb are shaking up and transforming industries and is a guide on how businesses can ensure they stay relevant in a time of massive change.<\/p>\n

Transcript:\u00a0<\/strong><\/p>\n

Kevin:<\/b>In our industry, in the real estate industry \u2013 and in many industries around the world \u2013 there\u2019s one thing that most people are talking about right now and that is disruption. Modern businesses have never faced so much disruption.<\/p>\n

Technology is evolving so rapidly that it\u2019s driving new business models, bringing with it new market innovation opportunities with start-ups like Uber, who we\u2019ve discussed on the show before, and Airbnb also we\u2019ve talked about, shaking up and transforming industries.<\/p>\n

How can leaders ensure that their own organizations stay relevant? I\u2019m referring now to a book that\u2019s been written by my next guest,Paul Broadfoot, and it is called\u00a0Xcelerate<\/i>.<\/p>\n

Paul, thank you very much for joining us in the show. I\u2019m keen to talk to you about this because it relates very, very strongly to our industry. The two examples that we gave there are two classic examples of what we\u2019ve talked about in the real estate industry for what seems like a year or two now.<\/p>\n

Paul, welcome to the show.<\/p>\n

Paul:<\/b>Thanks, Kevin. Glad to be here.<\/p>\n

Kevin:<\/b>\u00a0 Firstly, the book is a great read. I\u2019m just curious to know why current innovation efforts aren\u2019t working for businesses.We\u2019ve been very aware of disruption, but why isn\u2019t it working in all instances, Paul?<\/p>\n

Paul:<\/b>\u00a0\u00a0 I think there are a couple of reasons for that. Certainly, as organizations get larger, we know that they\u2019re harder to change. Something like 70% of change initiatives fail according to studies in the Harvard Business Review and things like that. Change is harder the bigger you get; that\u2019s one reason.<\/p>\n

But I think there\u2019s also a lack of application at the moment. There\u2019s not enough time spent scanning at the market level. There\u2019s a bit going on looking internally at your own organization and there\u2019s a fair bit going on looking at customers, but you have to go up another level to disruption. You have to go up to the market level, and there\u2019s not enough time being spent on that.<\/p>\n

Kevin:<\/b>\u00a0 Of course, when we talk about ways to combat this, we look very much at just our own products and our services because we think that\u2019s the weak point. But I think one of the points you make in the book is that we need to innovate the way we work. Could you talk a little bit about that?<\/p>\n

Paul:<\/b>\u00a0 Yes. For example, you mentioned Uber and Airbnb, and they\u2019re poster children for the disruption that we see. There are two interesting things about both of those. The first is theyhave different business models. You would find that they\u2019re often mentioned together as having the same one, as in the sharing economy. But if you flip them, if you change them, you don\u2019t get any choice of the ride that turns up for Uber but you can get on Airbnb and you can choose from a selection.<\/p>\n

If you flip them, if you press the button, if you are late out of a meeting \u2013 in Sydney, for example \u2013 you miss the last flight out, you hadn\u2019t booked accommodation for that night, and you just hit a button and you got \u201cRequest Airbnb now,\u201d you\u2019d have a close by hotel room booked for you and off you go.<\/p>\n

That\u2019s one thing. People need some frameworks to look at disruption and see how to go about it. That\u2019s very important.<\/p>\n

And Uber and Airbnb also didn\u2019t invent anything. The cars and the passengers were already there for Uber. They didn\u2019t invent the technology of location-based technology on phones. It\u2019s the same thing with Airbnb; it\u2019s just bookings over the Internet.But they changed the way the market operated.<\/p>\n

Kevin:\u00a0\u00a0<\/b>In the book, there\u2019s a huge amount of research, obviously. I believe you\u2019ve looked at about 5000 businesses and looked at the average life span of those. What did you learn about what they do in terms of developing new growth?<\/p>\n

Paul:<\/b>\u00a0 At the moment, with disruption, new growth is about creating some new demand. There are two things. You have to worry about what\u2019s happening to your current market share, what\u2019s happening to your current pie, what\u2019s happening to your slice of that pie, but a lot of disruption can actually unlock new demand and can expand markets.<\/p>\n

More people have entered the ride-sharing industry. The actual taxi industry has increased in size because if people are running late for work and it\u2019s raining, they\u2019ll grab an Uber because it\u2019s cheaper, whereas in the past they would have just been late to work. One way to generate new growth is to expand the size of the market \u2013 have your disruption change how people buy.<\/p>\n

Kevin:<\/b>\u00a0 It\u2019s identifying a need, too, and then catering to that need.<\/p>\n

Paul:<\/b>\u00a0 Yes, that\u2019s one way of looking at it and that\u2019s the customer innovation side of things. The market innovation side of things is leading people to something new. If you ask them, they may not know \u2013 that old adage of you ask the customer what they want and in the old days they would have said a faster horse; they wouldn\u2019t have said a car.<\/p>\n

The frameworks that are in the book actually show people how to disrupt markets and create some new demand, not just ask customers for what they want.<\/p>\n

Kevin:\u00a0\u00a0<\/b>Could that lead to a lot more business failure because maybe what you perceive they need is not what they really want?<\/p>\n

Paul:<\/b>\u00a0 Yes.Or someone could be doing something else that could change the game on you. That\u2019s the danger of disruption. You can\u2019t always see where things are coming from.<\/p>\n

There was a study done in South America about why the car-wash industry had declined by half over 10 years. They went through everything \u2013 competition, pricing, types of cars, economy, and all that sort of stuff \u2013 and they actually found better weather forecasting was the reason for the decline. So, it is hard to see disruption coming sometimes.<\/p>\n

Kevin:<\/b>\u00a0 You know how we go through the process of doing research to find out what our customers will think about us but also what they need, trying to determine what direction we should take a business in. Is that a mistake that we ask those sorts of questions in this new age?<\/p>\n

Paul:<\/b>\u00a0 It\u2019s never a mistake to engage with customers; that can only be a good thing. But if it\u2019s not done in conjunction with looking at potential changes of business models in your market, then you\u2019re still going to be prone to disruption. It\u2019s a very important thing to do, but it can\u2019t be done to the exclusion of looking at what\u2019s happening.<\/p>\n

Kevin:<\/b>\u00a0 The book is called\u00a0Xcelerate<\/i>. The author is Paul Broadfoot. It\u2019s available, I guess, at all good bookstores, Paul, is it?<\/p>\n

Paul:<\/b>\u00a0 Yes, it certainly is \u2013 all the good bookstores that are still around that haven\u2019t been disrupted by Amazon. Yes, it\u2019s on all the online bookstores as well.<\/p>\n

Kevin:<\/b>\u00a0 It is on Amazon, is it?<\/p>\n

Paul:<\/b>\u00a0 It is on Amazon, yes.<\/p>\n

Kevin:<\/b>\u00a0 Paul, thank you so much for joining us. I wish I could spend more time with you because it\u2019s a fascinating subject. Read more about it \u2013 as I certainly will \u2013 in the book called\u00a0Xcelerate<\/i>.<\/p>\n

Paul, thank you so much for your time.<\/p>\n

Paul:<\/b>\u00a0 Thanks, Kevin. Great questions. Thanks.<\/p>\n","protected":false},"excerpt":{"rendered":"

Paul Broadfoot is an entrepreneurial strategist and author of a book called Xcelerate.\u00a0 The book looks at how startups like Airbnb are shaking up and transforming industries and is a guide on how businesses can ensure they stay relevant in a time of massive change….<\/p>\n","protected":false},"author":176692473,"featured_media":14391,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7,10,11,13,22,25,27],"tags":[101],"class_list":["post-25348","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-case-studies","category-kevin-turner-sponsored-channels","category-kevin-update","category-latest-story","category-research-topic","category-sponsored-channels","category-trends-topic","tag-podcast"],"yoast_head":"\nStartup's shake up the industry - Paul Broadfoot - Realty Talk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/channels.realty.com.au\/realtytalk\/startups-shake-up-the-industry-2\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Startup's shake up the industry - 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