Three things I learned about disruptive innovation as an UberX driver | Ted Graham | TEDxQueensU

Summary

In this insightful talk, the speaker reflects on their diverse career journey, from publishing a volleyball magazine to becoming a senior executive at a leading consulting firm. They explore the idea that innovation isn't limited to small startups or large enterprises but can thrive when combining experiences from both. Drawing lessons from driving for UberX, the speaker discusses recruitment strategies, feedback with consequences, and balancing risk and reward in regulated industries. Ultimately, the message encourages entrepreneurs to blend these diverse lessons to create meaningful impact and drive change in any setting.

Takeaways

• 😀 Entrepreneurs can innovate in both large enterprises and small startups, but the key is applying experiences creatively across contexts.
• 😀 The speaker's journey started with a volleyball magazine that led to an MBA, highlighting the importance of using unconventional paths to reach success.
• 😀 Innovation in a large organization, such as accounting, can be driven by entrepreneurial thinking, as demonstrated by the speaker's role in a large firm.
• 😀 The speaker took on the role of an UberX driver to better understand innovation and the gig economy firsthand.
• 😀 Ride-sharing services, like Uber, challenge traditional industries like taxis by offering cheaper, more convenient options, disrupting established markets.
• 😀 Technology, such as automated software in accounting, is making industries like finance more vulnerable to disruption, urging companies to innovate or risk being left behind.
• 😀 Companies can create flexible talent networks, encouraging innovation by hiring people on a seasonal or part-time basis to work on specific projects.
• 😀 The speaker learned valuable lessons about recruiting, feedback, and consequences while working as an Uber driver, including how to incentivize workers effectively.
• 😀 Feedback with consequences is crucial in ensuring customer and employee satisfaction. Drivers can rate passengers, and passengers can rate drivers, creating a system that holds both parties accountable.
• 😀 Balancing risk and reward is essential when innovating in regulated industries, as seen with the challenges faced by ride-sharing services in terms of insurance, regulations, and competition with taxis.
• 😀 Innovation requires entrepreneurs to adapt and piece together various life experiences, applying them to create a significant impact on the world.

Q & A

What career experiences does the speaker discuss in the video?

The speaker shares a diverse set of experiences, including being an entrepreneur who published a volleyball magazine, working for the FBI on innovative projects, and driving for UberX. They also mention their current role as a senior executive at a 150-year-old accounting and consulting firm.

What is the key theme of the speaker's message regarding innovation?

The key theme is that innovation is not confined to startups or large corporations. The speaker emphasizes the importance of applying entrepreneurial thinking and creativity in both environments to drive change and make a significant impact.

How did the speaker use their magazine to advance their career?

The speaker used their volleyball magazine to gain entry into an MBA program. The magazine’s success allowed them to stand out and secure a place in a program, despite having a philosophy undergraduate degree.

Why did the speaker decide to drive for UberX despite their high-ranking corporate position?

The speaker chose to drive for UberX as a way to gain firsthand insight into the ride-sharing industry and to apply entrepreneurial thinking in a real-world context. This experience allowed them to draw lessons for applying innovation within their large company.

What lesson about recruitment did the speaker learn from their experience as an UberX driver?

The speaker learned that companies should recruit talent in the same way they recruit customers, by putting effort into finding and engaging the right people. This means creating a compelling experience for potential workers, even if their involvement is flexible or short-term.

What role does feedback play in the speaker's vision of business success?

Feedback is critical in maintaining high standards. The speaker highlights how UberX drivers are rated by passengers, and vice versa, to ensure accountability. They suggest that businesses should implement similar feedback systems with consequences to ensure consistent quality and service.

How does the speaker relate balancing risk and reward to their UberX experience?

The speaker discusses the risks they faced as an UberX driver, such as challenges with taxi drivers, insurance, and local regulations. Despite these risks, the rewards included reducing drunk driving rates and increasing the efficiency of vehicle usage, which contributed to a larger social impact.

How does the speaker suggest companies should approach innovation in the face of regulation?

The speaker advises that companies should be brave in navigating regulations and balancing risks and rewards. They suggest working with regulators to find innovative solutions, as seen with the speaker's collaboration with the Ontario Chamber of Commerce to innovate within the regulated transportation sector.

What is the significance of the speaker's comparison between the corporate world and UberX?

The speaker compares the corporate world and UberX to emphasize that innovative thinking can and should be applied in both contexts. They argue that corporate entrepreneurs, much like UberX drivers, can make a big impact by adopting flexible, disruptive practices that challenge traditional models.

What is the speaker's final message regarding entrepreneurship?

The speaker concludes that innovation and entrepreneurship are not about choosing between large companies or startups. Instead, it's about drawing from diverse experiences to have a massive impact. They encourage others to apply entrepreneurial thinking to drive change, regardless of the context.