Last week, I returned to my alma mater at Justin Siljuer's invitation to join him and his Stellenbosch Business School MBA class for a fireside chat on Digital Leadership. I discussed our work at Sanlam Studios and framed the discussion using the analogy of David and Goliath. Instead of being adversaries, they were partners leveraging each other's strengths to create a formidable force of innovation.
Let me unpack some highlights of the discussion.
Even for a 105-year-old company like mine, self-disruption is paramount, as past success doesn't guarantee a future in our rapidly evolving landscape. Competitive advantages are fleeting, and what provides you an advantage today can be readily replicated tomorrow. To stay ahead, large organisations must develop the capability to disrupt themselves, constantly seeking new opportunities.
The beauty of our model lies in the potent collaboration between a hungry startup and a seasoned titan:
- David's Agility: Sanlam Studios excels at navigating change, experimenting fearlessly, and pivoting rapidly. We champion digital leadership by embracing cutting-edge technologies and pushing boundaries. Our entrepreneurial spirit attracts talent focused on tomorrow's solutions and fresh perspectives, which disrupts the status quo.
- Goliath's Strength: Sanlam provides brand recognition and capital to fuel innovation. It also provides access to crucial regulatory licenses and compliance structures, alongside deep industry expertise in areas such as (not limited to) legal, tax, pricing, underwriting, and claims.
At Sanlam Studios, we have adopted several values, principles and mindsets which guide our actions:
- The Right Team: You can accomplish anything with the right team. It starts with passionate, mission-focused team players. We are a no-drama team that respectfully challenges and calls each other to higher standards.
- Optimistic Expectancy: We operate in a blank canvas environment and often wander, charting a course into the unknown. We are energised and driven to break new ground and are eternally optimistic that we will find our way to that commercial pot of gold.
- Think long term, but start small: We frame opportunities in terms of their long-term potential but focus on starting small, as any venture is a test of a value hypothesis. The smaller scope helps us get out the door fast and collect the needed data to validate that value is to be achieved.
- It is my job: Although we have titles, we focus more on the work that must be done. We are fearless in rolling up our sleeves and doing what needs doing. As a small venture unit, there is no one to hide behind.
- Fierce Execution: Ideas and plans, while crucial to innovation, are only potential on paper. Execution is the fiery crucible of action that transforms those ideas into the gleaming gold of success. This intense focus on execution allowed us to go from idea to production on our AI Coach within a matter of months.
- It is my money: Corporates often have an abundance of resources, which can lead to a mentality of easy spending. At our internal venture, we treat every cent like it's our hard-earned cash. We operate with the same financial prudence as if we'd taken a second mortgage. Every decision is meticulously weighed to ensure we maximise the return on investment. After all, even within a corporate giant, success is measured by the bottom line, and we're committed to generating a positive return.
- It Is My Business: This isn't just another project. We think of it as our own company in the making. We shed the employee mindset at the door. Here, we embrace extreme ownership, taking full responsibility for every decision and action. This ownership mentality fuels our relentless drive to propel this venture to success.
- Customer Obsession: Customer obsession is our mantra. We don't just create features; we actively seek solutions that help our customers live with Financial Confidence. This relentless focus on customer outcomes drives every aspect of our development process.
We operate in a multi-stakeholder environment, and success hinges on creating value for everyone. We actively balance creating value for
- Customers: Empowering our customers with financial confidence is the foundation of everything we do. Our solutions are designed to improve their economic well-being and achieve their goals.
- Distribution Partners & Business Units: We believe in the power of collaboration, supporting our distribution partners and internal business units driving innovation that benefits everyone in the ecosystem.
- The Enterprise: Sanlam Studios plays a vital role in propelling the enterprise's overall growth and strategic direction. We contribute by developing solutions that align with long-term goals and unlock new opportunities.
- Shareholders: Our shareholders' trust and investment allow us to create a better future for all. We are committed to delivering returns that reflect the positive impact we generate for all stakeholders.
The David and Goliath model isn't just about innovation; it's about becoming entrepreneurial crusaders from within. It's about tackling blank-canvas challenges and building solutions from the ground up within the framework of a large organisation. It's demanding yet deeply rewarding.By combining the agility of a startup with the scale and expertise of an established enterprise, we can unlock a new level of innovation. This approach creates an outsized impact for our customers while delivering strategic value to the organisation, proving that giants can indeed dance with nimble Davids.
