From 600+ conversations with the world’s leading thinkers.
At Dyson our philosophy has always been to invest in the long term. To power our 25 year pipeline of technology we have just announced a further £1.5 billion investment into new research and development on top of our current spending of £3 million a week. You cannot create disruptive technology without investing heavily in the long term.
I went to collect my prize… it was an American dictionary! Well…when we were looking for a name, I picked up this dictionary and started to flick through. I remember the letter 'R' felt like a good, strong letter and I was flicking through I got to the word R-E-E-B-O-K – a small African gazelle! Well, that felt like us!
Brands work on the principle that if you break down people's confidence, they will be much more vulnerable to advertising, and much more likely to go out and consume… much more likely to buy things to fix problems they didn't even know they had if it weren't for brands breaking their confidence in the first place.
Never was wealth the driver for me. – it was always hey, there's a cool idea here, let's make something of it. It was nice to be well rewarded, but the interesting part was working the problem, thinking about new things and how to bring them forward from being ideas to being products or new ways of doing things.
To make those markets work well, they have to make the market thick, they have to attract enough participants to get good transaction levels. They have to deal with the problem of congestion that can be symptomatic of thick markets. You have to also make the market safe enough for people to transact in!
Look at Jeff Bezos telling his 1.5 million employees to 'wake up every morning terrified and stay terrified all day.' They're not getting rich; they're barely scraping by. Yet he wants them living in terror so he can get even richer. That's crazy. That's a crazy society and a crazy life.
In a bit of a unique proposition, this exchange was created before the ecosystem existed. When you look at the growth and development of WTI, you have Houston which has production, New York which provides financing, the refineries on the Gulf Coast, the traders, marketers, banks and many other pieces of the puzzle which are already there. The DME was a bit of a unique experiment, we created an exchange before all parts of the ecosystem were in place.
Out of all the startups that approach investors, less than one percent will secure funding. If you don't grasp this reality, you'll struggle to successfully raise capital. It's a critical point. Many first-time entrepreneurs don't comprehend this 1% ratio, but it's not about them—it's about the investors' selection process.
I've met many entrepreneurs who feel it's almost cheating themselves to have time-off, relax, or indulge things which are not directly profit-generating- but then the overwhelming majority of those I meet who have really made it are also the ones who do actively make time to feed their interests, have periods of mental space, and allow their brains to work creatively.
If you're managing that way in the age of outrage, basically you're saying your organization will be in constant firefighting mode. That's unsustainable. The organization will very quickly wither and die.
We have open and transparent pricing through our futures exchange- that means price is determined by buyers and sellers and not an 'official' selling price set by a producer.
Without truthfulness I would never have been able to grow anything of any significance, I would have been 'found out.' Having truthfulness and ethics within a business creates trust among employees at all levels and is critical. I led the company with an approach of complete honesty.