How Entrepreneurial Spirit and A.I. Helped LivePerson Bounce Back From Disaster
Building a business is a path fraught with difficult decisions. For every hard-won success, there are equally hard-learned lessons. Fred Smith gambled FedEx’s last $5,000 to save the business, Henry Ford went through two bankruptcies before founding Ford Motor Company and for Rob LoCascio, the CEO of LivePerson, survival meant he had to do the unthinkable and cut two-thirds of his workforce just one year after taking the company public. He is the original bounce-back guy, having survived three major world disruptions: the dot-com bubble, the credit crunch and now, the pandemic. On this episode on Business X factors, LoCascio lets us ride shotgun on his journey, and he explains how LivePerson has been able to not only bounce back and become a massively profitable business, but how they have been able to revolutionize consumer communication with brands. He reveals his and his company’s X factor and he looks toward the future of business and technology.Main Takeaways: Hit the Brakes and Make a Turn: There are many entrepreneurs who hang on to their original idea long past its expiration date. It takes foresight and a good reading of the market to abandon an idea. But this tough step is necessary in order to move onto the next thing. Have a short memory and your eyes pointed ever forward, and don’t be afraid to make the hard decisions.Get it Out: Whether you’re ready or not, sometimes you just have to get a product out to the market and iron out the kins later. In fact, by getting the product into the hands of the user, you are better able to understand exactly where improvements are needed and can then make adjustments with velocity. A Different Point of View: Leadership is always one of the most important elements in the success of a company. As such, it’s easy to play it safe when hiring for key roles. But sometimes it’s useful to bring in a new perspective or a different kind of person for a role like CFO. When someone with a background counter to what is traditional is put into a role, that person can ignite a new spirit of innovation and bring new ways of looking at things that can spark growth in a company.---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.