Recently, Reed Hastings shared a story about how Netflix had surpassed Blockbuster. A company that had refused to buy Netflix for US$50mn had declared bankruptcy in just a decade. When he was asked for an explanation for this triumph despite Blockbuster’s larger than life brand, power, resources and vision, he responded:
“…we had one thing that Blockbuster did not: a culture that valued people over process, emphasized innovation over efficiency, and had very few controls. Our culture, which focused on achieving top performance with talent density and leading employees with context, not control, has allowed us to continually grow and change as the world, and our members’ needs.”
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