Live from the Summit: Be nimble and quick -- a discussion of the latest developments in business models

A diverse and seasoned group of panelists assembled to discuss the core attributes necessary for companies, large and small, to stay competitive and grow their business, and interestingly concluded that business models are frequently not the central issue in achieving success.

One participant, who noted that he had seen hundreds of business plans over the course of his career, commented that “everyone’s PowerPoint presentations are the same … all business plans say they will make it faster, cheaper, or better, but it all really comes down to execution. Execution is just as important as the plan.”

Alireza Mahmoodshahi, CTO with COLT, built upon this idea, cautioning that “most companies that transition to new business models are not focused enough on the customer. Companies need to focus on the things they do really well and that their customers really need.”

A key attribute discussed across topics was the need for companies to stay “nimble and quick.” Zach Nelson, CEO of NetSuite noted that the pattern tends to be that “the big guys need to and want to act small, to be more nimble, and the small guys are looking to get big” – with a key competitive advantage for small companies being their nimbleness as compared to larger competitors.

Corey Goodman, who runs Pfizer’s “alternative research” group noted that smaller organizations within larger global companies can retain the ability to innovate and influence the larger organization; however he cautioned that this “doesn’t happen suddenly or necessarily easily.” He further stressed the importance of protecting the culture of your organization.

The panel focused in a greater level of detail on the new opportunities to collect and “mine” data that can significantly impact the success of a business. Nelson noted that “many businesses really have little intelligence today … when you begin to simplify [and focus] how you manage your data you can do much more powerful things.”

Adam Selipsky of Amazon Web Services noted, “don’t be terrified of your competitors -- be terrified of your customers … make sure you are meeting their needs.”