Original 2021 statement: The newest trillion-dollar company that will be common in 2035 came from a product that didn’t exist at the moment you read this
What Jim has written about this
From “Daily Inspiration: “It’s time to move from triage to tomorrow!”” (January 2023)
There is someone in a garage at this very moment with a really great idea that will become a billion-dollar company
50% to 80% of the revenue that a company will generate by 2030 will come from a product or service that does not yet exist today
Right now, there is a company that does not yet exist that will build a product not yet conceived, using material not yet invented, with a methodology yet to be discovered.
From “Daily Inspiration: Mastering Innovation - “World class innovators continually reinvent their revenue”” (March 2024)
The idea of ’ relentless revenue reinvention ’ emerged with my observation of what was happening in the tech industry at the time - particularly with the furious pace of innovation occurring at Apple. In particular, clarity came when I read a report that indicated that some 60% of the revenue of Apple comes from products that did not exist five years ago. That’s reinvention at a blistering speed!
Thinking about all the other clients I had been spending time with, there seemed to be a common thread that the CEO or others would talk to me about as I prepared my keynote. ” We need to enter new markets.” “We need to innovate faster.” “We must speed up our new product pipeline.” There was certainly a common theme to their thoughts!
Right around that time, I spent time with a company in the specialty chemicals business. Their CEO spoke to me about his plans for the fast-emerging LED TV marketplace. He saw that his company had a chance to get involved, become a dominant supplier, and sell a lot of products - and then, the run would be over. Why? He also saw that the era of LED TVs would be replaced by OLED TVs, which would NOT use the core product he sells. In his mind, he had a chance to get in, capitalize on the opportunity, and then move on to the next potential idea. He then spoke of his belief that he needed to do this with multiple different markets involving multiple different products - this ability would be core to the future of the company.
From “Daily Inspiration: Measuring Success - “A Gentle Reminder: One person’s concept of success is another person’s idea of failure”” (May 2024)
A few days ago, I finished the book “After Steve: How Apple Became a Trillion-Dollar Company and Lost Its Soul.”
In the case of Apple, both can be true. The book I read emphasized that while Tim Cook is a genius at maximizing the operations of Apple, becoming an efficient streamlined superpower, the company saw few great product innovations under his reign. Notably, only AirPods and the Apple Watch emerged as entirely new product lines, and so from that viewpoint, it was a product innovation failure. At the same time, he masterminded issues related to supply chain, production, manufacturing, and more, leading it to become an efficiency powerhouse. Failure and success wrapped up in one!
Read the full pieces on jimcarroll.com:
Daily Inspiration: “It’s time to move from triage to tomorrow!”
Daily Inspiration: Mastering Innovation - “World class innovators continually reinvent their revenue”
Daily Inspiration: Measuring Success - “A Gentle Reminder: One person’s concept of success is another person’s idea of failure”