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We believe this is the time for real leaders to come forward. This is the time for long-term thinking. The best time to prepare for expansion is during recession. Every recession is followed by growth. But how do you get started? Here are five steps.
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It’s the ultimate bottom-of-the-pyramid challenge: How do you create a well-designed, safe, and affordable house for the world’s poorest people?
When Vijay Govindarajan and Christian Sarkar posed that question in an HBR.org blog post in August 2010, they offered their own simple sketch of a possible solution—and wondered if a version of it could be mass-produced for $300. Since then the $300 house has become a full-fledged movement.
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The three-box approach is not reserved for those in the C-suite or for multinational companies. In fact it can be applied in any organizational setting: non-profit, for profit, in a factory or in a service organization, in a big conglomerate or a small family-run business.
To give readers a sense of how to apply the approach to their own setting, we interviewed Vijay Govindarajan and Brian Goldner, the CEO of Hasbro, Inc.
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We published the article article, "The CEO's Role in Business Model Reinvention," in January-February 2011 Harvard Business Review. The article urged forward-looking CEOs to manage reinvention with a "three-box approach": manage the present (box 1), selectively forget the past (box 2), and create the future (box 3). Leaders need to operate in all three boxes simultaneously. That's easier said than done, for the CEO must not only balance resources across the three boxes but also know what to destroy and what to create.
Brian Goldner, the CEO of Hasbro, Inc., was the chief architect of Hasbro's turnaround strategy in 2000, which focused on leveraging the company's core brands, reducing costs, and lessening its reliance on its licensed business. To do this, he relied and continues to rely on the three-box approach. In this edited conversation with HBR, Govindarajan and Goldner talk about how executives can implement the approach: http://hbr.org/hbrg-main/resources/pdfs/extras/transforming-your-organization-with-the-three-box-approach.pdf
In recent years Stanford University's BioDesign program has sent teams of engineering, business, and medical students into hospitals, hoping to identify medical problems that new devices could help solve. The students observe medical procedures, come up with ideas, and develop prototypes for the best ideas.
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