TED: Two reasons companies fail -- and how to avoid them | Knut Haanaes

The video discusses the importance of balancing exploration and exploitation for sustainable growth. It highlights the pitfalls of focusing too much on either, using Facit and OncoSearch as examples. Exploration involves innovation and risk, while exploitation focuses on efficiency and short-term gains. The speaker emphasizes the need for companies to balance both to avoid becoming obsolete. Strategies include thinking in multiple time scales, inviting diverse talent, and being skeptical of success. The video concludes with questions to help companies assess their balance between exploration and exploitation.

What are the risks associated with only exploiting?

What is the 'success trap' as described in the text?

What lessons does the speaker suggest for companies to avoid becoming obsolete?

What questions does the speaker propose for self-reflection regarding exploration and exploitation?