Why You Should *Not* Niche Down with Formlabs CEO, Max Lobovsky
You’ve heard it time and time again: “A jack of all trades is a master of none.” In growing businesses, this phrase has often been taken to heart… from creating highly focused job roles, to identifying a hyper-targeted audience, to putting full investment into a singular product, service, or solution. Business owners are being told to niche down and dominate their lane. Max Lobovsky, the co-Founder and CEO of Formlabs, a company designing high-performance 3D printers for professional use, has a different philosophy. He leads an international team of 600 engineers, designers, and problem-solvers who are transforming the industry — but getting to that point required contrarian thinking every step of the way.So how did Max and Formlabs think differently? How did Formlabs go to market and produce printers differently than everyone else? And what X factor carried the company from 0 to 100 million? Find out on this episode of Business X Factors. Main Takeaways: Swim Against the Current: It’s easy to do what everyone else is doing, but swimming against the current and pursuing a unique vision could blaze new trails for a business. The risk of going against the crowd is greater, but so are the rewards. Detractors will make it hard to achieve everything you want, but without as much support, you are forced to think more creatively. Shout From the Rooftops: Many start-ups and brilliant ideas fail to make it into profitable businesses because of a lack of funding. They rely too much on the traditional funding routes when viable alternatives are sitting right in front of them. Crowdfunding and awareness campaigns can be the gasoline on the fire that will take a business from an ember to a full-on blazing force. Get Your Hands Dirty: What sets successful companies apart from those that are left in the dust is the ability to adapt, transform, and shift cultures. One of the most powerful tools for leaders is modeling. If you want your workers to follow good practices, do it first and set the example. Getting up close and personal and dealing with detailed aspects of your own company can lead to big “ah-ha” moments and business strategy comes easier if you have a deep understanding of the nitty-gritty of what everyone is working on/struggling with.---Business X factors is produced by Mission.org and brought to you by Hyland. For over a decade, Hyland has been named a Leader in the Gartner Magic Quadrant for Content Services Platforms, leading the way to help people get the information they need when and where they need it. More than half of 2019 Fortune 100 companies rely on Hyland to help them create more meaningful connections with the people they serve. When your focus is on the people you serve, Hyland stands behind you. Hyland is your X factor for better performance. Go to Hyland.com/insights to learn more.