Other industries seem to be going through similar innovative transformations (such as venture capital and market research firms) and it would be interesting to keep an eye on strategies employed by some of the larger, more established companies in order to keep up with disruptions in the field.
In the VC community, specifically in Boston, newer firms such as NextView Ventures, a firm that focuses on the seed stage round for Internet businesses, has grabbed the attention of young Internet-focused entrepreneurs, putting pressure on larger, legacy investment firms. Atlas Venture has trimmed the number of partners they have significantly in order to become more nimble in search for the right investments, emphasizing the importance of seed stage investments at the same time.
On a national level, we’ve seen more significant “disruptions” in the VC world such as Chamath Palihapitiya leaving one of the country's most established funds, the Mayfield Fund out in Silicon Valley, to start his own fund where he claims: “I’m trying to be as un-VC as possible”. Even founder of TechCrunch, Michael Arrington, jumped ship on his popular tech blog to tackle the investment industry with his own fund, aptly named the CrunchFund.
The question that remains is: how successful will these “disruptors” be at actually disrupting the investment ecosystem? And subsequently, what will the larger funds do in response, if these disruptors begin to pull business away? The three points @edwardboches brought up as to why the industry needs to innovate: to keep up with changing consumer behavior, to create new products and IP, and to assure long-term growth, are all relevant in the VC community. While not a perfect parallel to the advertising industry, the venture capital industry’s transformation might happen more quickly than other industries' transformation, making it one that will be worth keeping an eye on to see if specific strategies might apply to other fields.
I’d love to hear some of the thoughts on innovation from the MIMA Summit