Poker and Risk Management of Innovation
Prof. Eyal Maoz1
"The only difference between a boardroom table and a poker table is the shape." Bobby Baldwin (CEO of Mirage Resorts)
New product development, for every company, means walking a tightrope with an abyss on either side. On one hand, new products are recognized as the future of every business. They represent an opportunity for growth, for better meeting changing customer needs, for responding to competitors, and for replacing the declining sales of existing products. On the other hand, new products carry immediate risks both in terms of capital expenditure but also, indirectly, in terms of potential harm to company brand equity. Thus, new product risk can not be avoided nor embraced – it has to be managed and managed well! This is where poker comes in!
“Poker has become the hip, cool game — especially popular among young people .It is being branded, packaged and sold with the necessary elements of tension and anticipation that accompany reality-based programming.” USATODAY.Com
Poker players also find that their need to manage risk is paramount for long term success. Players who stay out of too many hands are just as likely to fail as those who rush recklessly into every hand. It turns out that the same rules for winning in poker apply just as directly to winning, long-term, in new products!
Microsoft billionaire Bill Gates claims he spent more time playing poker at Harvard than he did attending classes !
Eyal Maoz, an expert in the area of New Product Development, has developed a managerial workshop to bring home these lessons in a fun, interactive yet insightful and long-lasting experience. This workshop is suitable for boards of directors, top management meetings, strategic planning sessions and new products teams. This workshop has been successfully conducted with Israeli, American, Thai, Dutch and French executives and with companies as diverse as Verint, Google, IBM, Teva, HP, Amdocs, Orange, Adecco, SwissAir and many others.
1 Eyal Maoz is the Dean of the Haredi Campus at the ONO academic College in Israel and a Visiting Professor of Marketing at the Kellogg School of Management, Northwestern University and at INSEAD, France. He has received numerous teaching awards over the years and specializes in Innovation research and consulting