Harvard Business Review - 2021.07,08.pdf

TI ME,AN HERMS OBJECT.HERMS H08THE TEXTURE OF TI MEHB R.O R G J uly August2021You can improve your abilit y t o adapt62Change?41 AI-Powered Market ing82 Why St rat egies Fail102 SPACs:What You Need t o KEquity is an outcomeNot a strategy or an initiativebut business can lead the way.That means taking bold action now to challenge old patterns of behavior,dismantle oppressive systems,and build a new,equitable future.Read our perspective,The equity imperative,at 2021 Deloitte Development LLC.All rights reserved.41SpotlightAI-Powered Mark et i ng42 MARKETINGHow t o Desi gn an AI Mark et i ng St rat egyWh a t t h e t ech n olog y ca n do t oda y a n d wh a t s n extTh o ma s H.D a v e np o rt,A b h i j i t G u h a,a nd D h ru v G re w a l48MARKETINGWhy You Arent Get t i ng More from Your Mark et i ng AICh a n ces a re,y ou h a ven t a sked t h e rig h t quest ion s.Ev a A s ca rza,Mi ch a e l Ro s s,a nd Bru ce G.S.H a rd i e54MARKETINGDont Buy t he Wrong Mark et i ng TechIn st ea d,t a ke t h ese t h ree st eps.Ca rl F.Me l a a nd Bri a n Co o p e r“Of all a companys funct i ons,mark et i ng has perhaps t he most t o gai n from art i fi ci al i nt elli gence.”“HOW TO DESIGN AN AI MARKETING STRATEGY,”PAGE 42Il l u s t rat i on b y GIULIO BONASERACO V E R P H O T O G R A P HBruce PetersonSTYLISTLa ura NeroHarvard B usiness R eviewJu l yAu gu s t 20215ContentsJulyAugust 2021JulyAugust 2021102 ENTREPRENEURIAL FINANCESPACs:What You Need t o Know A g uide for t h e curious a n d t h e perplexedMa x H.Ba ze rma n a nd Pa re s h Pa t e l114BOARDSEngagi ng wi t h Your Invest ors A pla y book for t h e boa rdBi l l McNa b b,Ra m Ch a ra n,a nd D e nni s Ca re y12 4ETHICSEnt repreneurs and t he Trut h Th ey oft en ben d it.But don t demon ize t h em t h e problem is sy st emic.Kyl e Je ns e n,To m Bye rs,La u ra D u nh a m,a nd Jo n Fj e l d132 LEADERSHIP“Im Here Because Im As Good As You”Th e HBR In t erview wit h Ursula Burn s61Features62 CHANGE MANAGEMENTHow Good Is Your Company at Change?A n ew sy st em for mea surin g (a n d improvin g)y our a bilit y t o a da ptD a v i d Mi ch e l s a nd Ke v i n Mu rp h y72 SUSTAINABILITYThe Ci rcular Busi ness Model Pick a st ra t eg y t h a t fit s y our resources a n d ca pa bilit ies.A t a l a y A t a s u,Cl i ne D u ma s,a nd Lu k N.Va n Wa s s e nh o v e82 STRATEGYWhy Do So Many St rat egi es Fai l?Lea ders focus on t h e pa rt s ra t h er t h a n t h e wh ole.D a v i d J.Co l l i s94INNOVATIONThe Power of Anomaly To a ch ieve st ra t eg ic a dva n t a g e,sca n t h e ma rket for surprises.Ma rt i n Re e v e s,Bo b G o o d s o n,a nd Ke v i n Wh i t a ke rPhot ograph b y KELSEY MCCLELLAN626Harvard B usiness R eviewJu l yAu gu s t 2021Ti ffany Pham CEO of Mogul&SpeakerInvest s i n her t eam members by gi vi ng each empl oyee equi ty.The New Lexus LSInvest s i n Ti f f any s wel l-bei ng wi t h up t o seven avai l abl e shi at su massage f unct i ons and enhanced dri vi ng st abi l i ty wi t h reduced vi brat i on.Opt i ons shown.2021 LS vs.2020/2021 compet i t ors.I nf ormat i on f rom manuf act urers websi t es as of 10/8/2020.2021 LexusE N G IN E E R E D T O A H IG H E R S T A N D A R D T H E H U M A N S T A N D A R Dl H E N E W L E X U S L S19Idea WatchNew Resea rch a n d Emerg in g In sig h t s19INNOVATIONThe Problem wi t h Innovat i on Cont est sToo much compet it ion dimin ish es mot iva t ion a n d crea t ivit y.PLUS A brig h t er view of employ ee mon it orin g,h ow“virt ua l wa t ercoolers”ca n h elp n ew h ires,a n d more32 DEFEND YOUR RESEARCHCEOs wi t h Unusual Names Pursue Unusual St rat egi esIf y ou wa n t a lea der wh o will sh a ke t h in g s up,look bey on d t h e Joh n s a n d Jen n ifers.35HOW WE DID ITThe Founder of Qualt ri cs on Rei nvent i ng an Already Successful Busi nessIt s much ea sier t o ch a n g e from a posit ion of st ren g t h.Rya n Smi t hDepartments12 FROM THE EDITOR14CONTRIBUTORS152 EXECUTIVE SUMMARIES139ExperienceAdvice a n d In spira t ion139MANAGING YOURSELFThe Sci ence of St rong Busi ness Wri t i ngLesson s from n eurobiolog yBi l l Bi rch a rd144CASE STUDYWi ll a Banks New Technology Help or Hurt Morale?A CEO weig h s t h e g rowt h ben efit s of AI a g a in st t h e down sides of imperson a l decision-ma kin g.Le o na rd A.Sch l e s i nge r150SYNTHESISWhat s So Speci al About Founders?Popula r n ot ion s a bout t h em a re oft en wron g.Th o ma s St a ckp o l e156LIFES WORKMart i n BaronJulyAugust 202135Phot ograph b y KIM RAFFWe r e p r o u d t h a t t h e p a p e r we u se in o u r p r in t ma g a z in e is c e r t ifie d u n d e r t h e S u st a in a b l e F o r e st r y In it ia t iv e p r o g r a m,me a n in g t h a t it c o me s f r o m r e sp o n sib l y ma n a g e d so u r c e s a n d is a r e n e wa b l e r e so u r c e.Our Commitment to Sustainability“Every time weve torn something down,our business has come back stronger and better.”RYAN SMITH,FOUNDER OF QUALTRICS10Harvard B usiness R eviewJu l yAu gu s t 2021Your peopl e