Making Lots of Small Bets: Embracing Failure To Achieve Repeatable Innovation Success

Andrew Humphries & Tom Salmon

Co-founders at The Bakery

as recorded on 23 February 2021 as part of Innov8rs Connect on Foresight, Ecosystem Engagement and Startup Collaboration

Innovation with startups often means that in order to succeed you need to fail. No-one knows what will work with certainty. In a corporate world where failure is often unacceptable, taking the right risks and making the right decision is hard. Investors approach this by creating a portfolio and through “making lots of small bets”.

In this session, Andrew & Tom discussed the challenges that corporations face in collaboration with startups and approaches they can learn from VC’s and investors in order to manage risk, create an innovation pipeline, embrace failure and achieve success in innovation at volume and speed.

You will learn:
– How to construct and build an innovation pipeline
– How to overcome the obstacles to creating repeatable innovation success
– How to calculate the ratio of success to failure for your innovation pipeline

About the speaker

Andrew & Tom are the co-founders of The Bakery. Since 2013 they have been responsible for delivering on the vision of building a unique innovation business, bringing together the world’s biggest corporates with the most talented entrepreneurs and startups from around the world. The Bakery’s past and current clients include AXA, BMW, Centrica, Deloitte, GSK, HSBC, Kier, Lloyds, LV, Sanofi, Mondelez, P&G, RBS, Rolls-Royce, RS Components, UCB Pharma, Vale and J&J.

Andrew has a long and successful history in both the corporate world, with Siemens, and as a serial entrepreneur with multiple exits – most notably with Adeptra, a Fintech Startup, raising $43million and exiting to FICO in 2013 for $135M.

Tom is FCA Approved, an angel investor, and has extensive experience in working with Startups and accelerators – most notably Entrepreneur First, Ignite and The Difference Engine (now part of Techstars in the UK), as well as the founder of Traffic Digital and co-founder of a coding school for women – 23 Code Street.

This content is available for Innov8rs Community members only.

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