HBR On Strategy Lessons in Innovation from a Legacy Firm
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Nov 29, 2023 Learn how Faber-Castell, a legacy pencil manufacturer, innovates and adapts to new technology. Discover their strategy for balancing brand stewardship and innovation, and their approach to sustaining their business for the longer term. Explore the challenges of adopting new technologies and the importance of vision and customer experience in driving change within an organization.
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Castle Pencil Drop Quality Test
- Count Anton Wolfgang literally tested pencil durability by dropping pencils from the family castle as a tradition and quality check.
- The ritual linked eight or nine generations of craftsmanship to a visible proof of quality.
Partner With Potential Disruptors
- Partner with potential disruptors rather than only trying to outcompete them.
- Moleskine partnered with Silicon Valley firms that could have killed paper but instead extended its value.
Stewardship Creates Pride And Inertia
- Family-run firms treat employees and leaders as stewards of a long-held heritage which resists radical change.
- That stewardship creates both pride and inertia when facing technological shocks.