Why would the Innovation Leader in a top 5 consulting firm sign up with Uber to drive drunk people around at 2am? Ted Graham, now Head of Open Innovation at GM outlines 3 learnings as a UberX driver (while at PWC). Highly regulated industries (like transportation aka Taxi industry or even Accounting) are in for major disruption. Unless disrupted already.
1. Partnership – Recruit partners as you will recruit customers with the same energy and focus. Figure if an equivalent of ‘Surge Pricing’ can work in your industry.
2. Build a two way Feedback system with consequences. Fire a customer who is mistreating your employees, for example. Customer is always right, well almost.
3. Balance Risk and Reward. While working in highly regulated and complex industries like Health, Education and Transportation there will be issues with regulators and entrenched players but the reward will oftentimes be many times the initial rough ride.
