Legacy Company, Startup Culture w/ Peter Gunder and Ryan Rist

What’s the first industry that comes to mind when you hear the word innovation? What’s the second industry that comes to mind?  How about the third?

My guess is that the insurance industry did not make your top three.  But I think you may change your mind after you listen to today’s episode.

I talk with Peter Gunder, Chief Business Development Officer, and Ryan Rist, Director of Innovation, on the genesis of American Family Insurance’s deep dive into innovation - including relocating part of their team away from headquarters to focus on innovation, creating a world-class venture capital business, acquiring new technology and business expertise through acquisitions, as well as developing innovation internally.

They are dealing with the tension that exists in legacy companies.  On one hand, the core business drives near term success, but at the same time, things that make you successful today are often the same things that get in the way innovation.  As Ryan said during our conversation:

“You have to anchor yourself in the transformational side of things, in the long term, but you don’t get unlimited rope... Every year we need to be showing up with value.”

Our discussion gets to the core of innovating as a large enterprise. Peter and Ryan provide some incredible insights including:

• The necessity of leadership to fundamentally drive innovation

• The need to view their competition not as other legacy companies, but as the up and coming startups

• And how customer expectations are often set outside your own industry

Please note this podcast was recorded in American Family’s Spark Building in Madison, Wisconsin. 

Please check out the episode in the above link. If you have an opinion on these topics, please feel free to email us through the contact page. The best ideas often stem from the intersection of different points of view. The episode is also available on Apple Podcasts, Spotify, or wherever else you listen to podcasts. Enjoy!