The lastest from 60 Minutes chronicles the continued developments and growth at Khan Academy. Its inspirational. I love following this story. I remember when John Doerr came to speak to us about education at the Stanford Graduate School of Business back in 1999. I believe that even back then, the future he was imagining was the one that Khan Academy is brining forth.
I love this story, not because Sara is a friend of a friend, but because she made a billion dollars reinventing the girdle. Talk about building a better mousetrap. Also, living in Miami, I really appreciate where she found her inspiration while working door-to-door selling fax machines in Florida: “Uncomfortable in the sticky humidity she was desperate to find a pair of pantyhose that didn’t have seamed toes and that didn’t roll up the leg when she cut them.”
Does Sara invent Spanx if she is selling fax machines in North Dakota? Who knows, but I love that she took an old product and used her ingenuity, and guts, to solve a problem that was very real to her.
Also, the story says that she has never advertised and never raised a penny of financing. So she owns 100% of the company. Unbelievable. Mark Zuckerberg can’t say that. Of course, there was marketing genius along the way (“Spanx” is a great brand name…funny and memorable), luck (Oprah made the brand an overnight sensation) and a brilliant ability to create an emotional connection with her customers (As they say in the video, “We thank God for Sara and Spanx.”)
Sara’s connection to Richard Branson goes beyond having been on his TV show, “The Rebel Billionaire”, to sharing some marketing DNA as well. “No butts left behind,” is how Sara positions her future, global ambitions. That could just as easily be on a Virgin advert as one from Spanx.
Good luck, Sara. $1 billion worth of girdles and still going strong.
I received this article from a friend (thanks Dave Yoon!) before my recent trip to South Korea, and after having spent a few days here I decided to revisit it. I hear a lot of the “fast follower” talk, but I also see big aspirations that the country and its famous conglomerates are undertaking.
In re-reading this article, the following jumped out at me in relation to the recent article about Bell Labs, “It almost felt as though the company’s engineers had been tasked to play around with new technologies with little or no regard for their practicality or potential market viability. Products were built with a “can we do it?” mentality instead of a “will people buy it?” focus.” While it certainly seemed that Bell Labs had a more purposeful approach than this excerpt describes happening at LG, the same spirit of technological invention rather than productizing innovation seems to be at work.
How will this approach work for Korea vs. the sometimes incremental market-focused approach that is currently favored in the US and others? Only time will tell, but this model seems to fit well within the cultural norms as I’ve experienced it in Seoul and there is a lot to be said for that. And after reading the Bell Labs article from the weekend, such an apparent freedom to explore would seem to provide a real opportunity for continual discovery and breakthrough especially when you have the size and scale to back it up.
Comments welcome, especially from those who have a more in-depth knowledge of Korea than I’ve been able to cultivate in one week.