Dean Kamen, CEO of Deka Research and Development, has defined his career by disrupting stagnant industries, but he said there are ways companies can position themselves to withstand disruptive forces, according to Chief Executive.
Here are seven tips for CEOs dealing with disruption:
1. Be a "technology CEO." Top executives can no longer allow specialized employees to inform them of technological advancements within their industry, and must instead be knowledgeable enough to lead technology discussions.
2. Watch biotech. The biotechnology field has transformative potential, Mr. Kamen explains. "There were ages of things: electricity; the Industrial Revolution; the golden age of physics," Mr. Kamen told Chief Executive. "Now we're approaching the golden age of biology, the basic understanding of life, of the human genome. And I think in doing so we're going to transform medicine and people's expectations of how they deal with biological issues, including aging."
3. Find role models. The best way to learn how to overcome disruption is to study examples of those who have already done it.
4. Failure is encouraged. Most CEOs "don't even understand the word 'failure' and are so afraid of it that many great opportunities never even get the chance to grow," said Mr. Kamen.
5. Blaze new trails. CEOs should not just think about how to solve existing problems or improve existing services, but look for new problems that no one has thought to confront.
6. Lead with your passion. The most successful people offer a product or service they believe in.
7. Don't be afraid of drive. It is important to have hobbies outside of your job, but if your zeal for any of those hobbies supersedes your passion for your work, you must examine how dedicated you are to the cause.