The magazine for alumni and friends of the UB School of Management
Issue link: http://ubschoolofmanagement.uberflip.com/i/1546147
there have always been shocks, like the dot-com bubble in 2000 or the 2008 financial crisis, but they used to be less frequent. So, it's not about setting yourself up for relatively infrequent shocks, it's about living in a world full of shocks." But while most companies prioritize innovation, they still struggle to make it happen. Through his research, Nandkumar found four ways to turn that around: • Start by understanding what your shareholders actually need and build your innovation plan around that, not the other way around. • Place small bets on many new ideas instead of just one or two big ones, and be sure your current business stays strong so it can fund those new ideas. • Keep your new, experimental teams separate from your main business so they have room to try things, but don't cut them off completely. • And finally, stop only rewarding results. Reward people for trying, experimenting and learning. Hire fast learners, not just people with impressive résumés. Throughout his career of more than 40 years, Kevin Murray, BS '83, partner at Wexford Capital Partners, and CEO of Fuse Sport Inc., has weathered many economic storms and sees parallels between today's economic environment and previous disruption. "History has taught me numerous times that you always come out of it," he says. "You go into a situation thinking it could be the worst outcome ever — and some- times when you're in the thick of it, it feels that way — but you continue to come out stronger as a nation and even globally time and time again." Looking ahead, Murray says leaders should prepare for continued disruption from AI, workforce evolution as entry-level roles continue to shi, and geopolitical and supply chain risk through overreliance on single-source suppliers for resources like energy and semiconductors. In the end, he says the leaders who stay curious and optimistic are the ones who will thrive in disruptive times. "Don't view adversity as totally negative," ays Murray. "Some of the best opportunities come out of uncertainty if you can figure out how to take advantage of it. It may just be your opportunity to look at things in a totally new way." Some of the best opportunities come out of uncertainty if you can figure out how to take advantage of it. Kevin Murray, BS '83 Partner, Wexford Capital Partners CEO, Fuse Sport Inc�