case study virgin - futurethink · virgin atlantic in 1984 when his flight from puerto rico to the...
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Case StudyVirgin
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Case StudyVirgin
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Virgin Territory
When you think of the Virgin brand, its charismatic founder likely comes to mind. Since starting the company as a mail-order record service in the ‘70s, Sir Richard Branson’s successes (and failures) have been followed by consumers and market watchers around the world. The name of his empire was chosen when he was just 21 years old during a conversation with friends: “Since we’re complete virgins at business, let’s call it just that: ‘Virgin.’ ”1
Two parts entrepreneur and one-part adrenaline junkie, Branson is well known for embracing adventure in his public and personal life. From breaking world records and hosting reality shows to shattering business norms and pledging half his fortune to charity, Branson operates outside the realm of what’s expected.
Many of his Virgin ventures were born out of frustration with established brands or complacent industries. “We always enter markets where the leaders are not doing a great job,” said Branson. “So we can go in and disrupt them by offering better quality services.”2
Among the many sectors that Virgin has entered—and often transformed—are airlines, gaming, financial services, fitness, leisure, music, publishing, space travel, radio, telecom, transportation, spirits, and more.3 The company currently employs about 71,000 people in 50 countries and generates about $23 billion annually.3;4
What makes Virgin one of the most diverse, irreverent, and innovative companies in the world? How does Branson’s innovative spirit drive the culture even though he’s stepped away from day-to-day operations?4 There isn’t enough space in this study (or your day) to drill into each of Virgin’s businesses, but keep reading to learn how you can apply Virgin’s best practices to your own organization.
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The Four Innovation Capabilitiesfuturethink’s Innovation Case Studies are designed to provide insights on today’s leading innovators. Information about each of the companies we feature covers the four key innovation capabilities: Strategy, Ideas, Process, and Climate.
Set a foundation that defines innovation objectives and mobilizes your efforts. The notion of “serendipitous innovation” is dangerously outdated. The secret to success lies in crafting an action-oriented strategy. It means setting a vision for your company to follow and viewing innovation as an expected result, not a lucky one. Innovation should be handled like any business initiative: with an eye on growth, results, and profit.
Think differently to develop original ideas that drive business value. In today’s economy, the ability to continually fuel innovation is what separates winning organizations from the rest. Idea generation should be managed, purposeful, and clearly linked to business objectives. Leading innovators succeed by balancing out-of-the-box thinking with sound management principles.
Create a streamlined and flexible approach to shepherd innovative ideas to market. The reality in every organization is that money is limited. To make sure you’re spending effectively, you must have a streamlined process for innovation. A good process will help to consistently identify your best projects and enable you to move them forward more efficiently.
Build a thriving work environment that drives innovation across your organization. We live in a world where the new replaces the old very quickly. Only organizations that keep pace with the shifting marketplace will be able to stay ahead. So how do the best companies adapt? They cultivate a climate in which employees are encouraged to innovate in a continuous and consistent manner. The companies that stay ahead have made innovation part of their DNA.
Futurethink analysts develop case studies by drawing from a mix of extensive research, organizational and customer interviews, and firsthand interactions with the organization. Many thanks to the individuals who contributed to this case study and deepened our understanding of Virgin’s innovation process.
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Disrupting the Business ModelWith a venture-capitalist mindset, entrepreneurial spirit, and customer-driven perspective, Virgin Group has been successful across a wide range of industries—none of which are easy to break into. The markets in which Virgin operates are typically markets where the customer
is under-served or exploited. While Virgin may not always do exhaustive market analysis before a new venture, it does have a five-point criteria, to which four out of the following five must be met:
• It must have high quality;
• It must be innovative;
• It must provide good value for the money;
• It must be challenging to existing alternatives;
• It must have a sense of fun.5
When deciding if and how Virgin will fit within a new industry, Branson focuses on simplicity. To be effective and directed, he states that his teams should be able to define the business challenge they’re addressing in just a few words. He calls it the “pub sentence rule”: “If you’re waiting at the bar to be served and a bartender asks, ‘What’s the point of Virgin X?,’ you should be able to answer in a brief sentence.”6
After a new venture is launched, Virgin depends on several elements for success: “the power of the Virgin name, Richard Branson’s personal reputation, an unrivalled network of external partners, the Virgin management style, [and] the way talent is empowered to flourish within the group.”7
Since Virgin preserves the financial base of its core businesses in travel, entertainment, and lifestyle areas, it’s able to tolerate risk while it explores new territory. The senior investment team, tasked with spotting and selecting new investments, are required to meet
Branson’s financial criteria: 35 percent internal rate of return for startups, and 25 percent for projects requesting follow-on funding.8 By keeping this core business stable, the dedicated innovation team can place bets in new spaces.8
Culture + Values Over StructureTo traditional organizational consultants and analysts, Virgin’s management style and corporate structure may seem enigmatic. But much of Virgin’s success can be attributed to the company’s speedy approach and lack of organizational structure. By cutting down on red tape—less layers, no bureaucracy, a small board—Virgin remains nimble despite its huge size—and it works.
Virgin Values. Branson established Virgin’s brand values several decades ago, and his set of values continue to inform decisions and define Virgin’s competitive edge:
• Be fun (but responsible);
• Give value for money (never be cheap);
• Offer quality and attention to detail (but not at the cost of affordability);
• Innovate (be willing to take risks);
• Competitive challenge (be ready to respond to customer needs);
• Customer service (always hire professional, empowered people capable of giving a great experience).9
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The Virgin Family. Branson keeps his teams small, spinning off any division that gets too large into its own company because smaller teams promote a flatter and more flexible management structure.10 Companies within the Virgin Group operate like a family rather than a hierarchy.11 Each one operates independently but has the benefit of the full Virgin family as a support system.11 If one company needs help solving a problem, ideas can come in from like-minded cohorts all around the globe. Often the companies are set up as joint ventures with other partners, so they all have different shareholders and boards. Virgin strongly believes that its shared ideas, values, interests, and goals are a key driver of its sustained success in unproven areas.
Virgin has a track record of promoting from within and hiring entrepreneurs. Virgin Group loves hiring aspiring entrepreneurs, even if it means they’ll lose them down the line.12 Virgin encourages employees to pursue their own ideas, and this gives their ambitious new hires the sense that they can make a genuine impact to the overall organization.13
It’s also hyper-focused on maintaining a positive organizational culture. From encouraging Virgin Hotel employees to moonwalk on the job and giving unlimited vacation time, a culture of fun is pervasive throughout the organization.15;16
Doing Benefits Better. A culture of caring is apparent in Virgin’s support of its employees with families. The company gives twelve months of paid leave to new parents who have worked at Virgin Management in the U.K. and Geneva for over four years. Those with less than two years receive 25 percent of their salary.17 The company “hopes to expand the policy” to its American employees as well.17
Virgin got into the health insurance sector after Branson was invited to Downing Street by then-Prime Minister Gordon Brown to discuss how “Virgin could use its business experience to help the NHS.”18 In 2010, Virgin Care became a private provider of services to the National Health Service in England.19
It extended into America and other markets with Virgin Pulse, which provides comprehensive health plans to employers like the Sandia Corporation and SAP.20 Using a combination of gaming mechanics and habit-building, Virgin Pulse “designs and develops technology to promote good lifestyle habits for employees,” which includes its own.20
“Excellent leaders believe their people come first,” said Branson. “The health and culture of teams should always be paramount. If you take care of your employees, they’ll take care of your business.”21
Rethink, Reinvent, Revolutionize With a reputation for building businesses almost overnight, Virgin leverages what it knows best and figures the rest out as it goes. It draws upon its hugely loyal consumer following, who tend to be very opinionated, ready to tell them exactly what they’re doing wrong—or right. An idea-submission channel on its website enables anyone in the world to offer up Virgin’s next big idea.
“We find great leaders everywhere: working hard
inside our company, executing entrepreneurial changes in large
corporations, and even selling auto supplies from the backs of
their cars.”—Richard Branson, Founder of Virgin Group14
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Employees are another fertile source of innovation. They’re the ones serving Virgin’s customers, and coming up with on-the-spot ideas to solve issues. Often with just the kernel of an outrageous idea, Virgin has planted its branded flag on Earth, in the sky, and beyond.
Branson vs. the Behemoth. Branson started his airline Virgin Atlantic in 1984 when his flight from Puerto Rico to the British Virgin Islands was cancelled.22 Rather than wait for the next available flight, he hired a plane—and borrowed a blackboard. “As a joke, I wrote ‘Virgin Airlines’ on the top of the blackboard,” he said. “ ‘$39 one way to BVI.’ I went out to round up all the passengers who had been bumped and I filled up my first plane.”22
Three decades after its launch, Virgin Atlantic became the second-largest U.K. carrier.22 But the journey was a bumpy one. When Virgin’s airline was still establishing itself in the 1990s, British Airways ran what became known as the “dirty tricks” campaign, according to Branson:
Branson took British Air to court and won $945,000 in damages, which he distributed as a Christmas bonus to his Virgin Atlantic team, but ultimately he had to sell Virgin Records in order to keep Virgin Atlantic afloat.22;23 With Virgin’s risk tolerance and Branson’s fearlessness, Virgin Atlantic’s survival was proof that even a legacy airline like British Airways wasn’t safe from a start-up.
Among the innovations Virgin Atlantic injected into the airline industry, said Branson, was a “first-class product, but at business-class fares, which transformed the comfort of traveling for business travelers.”24 Branson also takes credit for stand-up bars, seat-back video screens, and a premium economy cabin—all innovations that other airlines have since employed.24
In 2017, Branson sold part of his stake in Virgin Atlantic to Air France-KLM in a deal to create “a new globally oriented, four-way alliance that also includes China Eastern Airlines and Virgin’s existing partner, Delta Air Lines.”25
Virgin in Space. Having sold off much of his airline business—Alaska Airlines bought Virgin America in 2016 and will retire the brand in 2019—Branson now wants to provide travel that’s out of this world.26 Virgin Galactic is focused on dropping costs for sub-orbital space travel to offer consumers access to “a new generation of space vehicles to open space for everyone.”27
In 2013, Virgin’s SpaceShipTwo Enterprise became the first commercial vehicle to break the speed of sound.28 But a year later, the vehicle crashed during a test flight, killing one pilot. Design modifications were made during the manufacturing of a second SpaceShipTwo vehicle, Unity, which began successful test flights in 2017.29 The spaceship is designed to bring six passengers up into suborbital space before bringing them back to Earth.
We had about four planes flying, and [British Airways] went to extraordinary lengths to put us out of business. They had a team of people illegally accessing our computer information and ringing up our passengers and pretending that they were from Virgin, telling them that flights were cancelled and switching them onto BA.22
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Eventually, Virgin hopes to have a fleet of these space planes, allowing passengers to experience weightlessness and see Earth from above. Around 700 people have already signed up to for a ticket on SpaceShipTwo, but the date for the inaugural flight—which will include Branson and his family as well as passengers—has yet to be finalized.30
Virgin’s space missions also extend to satellites, which it’s launching in collaboration with SITAEL satellite, the largest privately-owned space company in Italy. The satellite uses a new electric propulsion-system technology in a cost-effective way and may enable further innovation for low Earth orbit missions in the future.31
In 2019, Virgin Galactic’s LauncherOne will perform thirty-nine satellite launches in conjunction with OneWeb. The goal is to build a global communications system together that will deliver affordable broadband to unserved or underserved areas on Earth.32
A Better Bank. Launched in 1995, Virgin Money is another success that speaks to Virgin’s brand values: giving consumers a better deal.33 Offering everything from credit cards and mortgages to insurance and pensions, Virgin Money serves around 3.3 million
customers.34 It has stacked up an impressive list of awards, and has been named “Best Credit Card Provider” many times by consumer and industry groups.35
Virgin on Tracks. During a 1997 interview with a journalist, Branson was asked whether Virgin would ever go into the rail business. He replied that “it could be a good idea.”36 A week later, “there was a headline in the Sunday Telegraph saying: ‘Branson to go into trains.’ ”36 He considered the good idea, built a team, and launched Virgin Trains.36
“I keep a notebook in my pocket all the time,” Branson says. “And I really do listen to what people say, even when we’re out in a club at 3 a.m. and someone’s passing on an idea in a drunken slur. Good ideas come from people everywhere, not just in the boardroom.”37
Operating in the U.K., Virgin Trains connects six of the region’s largest cities; London, Birmingham, Manchester, Liverpool, Glasgow, and Edinburgh. From low-cost, day-of tickets to free Wi-Fi and stylish interiors, Virgin is “determined to transform the rail experience into a reliable source of enjoyment and pleasure.”38 It’s also announced its goal to win 50 percent of the market share between Edinburgh and London by 2023 after it introduces a new fleet that will shorten the journey to just four hours.39
From Vine to Virgin. For many consumers, wine-buying is stressful, disappointing, or expensive. Virgin has challenged this by offering high-quality wine at supermarket prices. First established by the Virgin Group in 2000, within five years Virgin Wines had been sold and became a subsidiary of Direct Wines, one of Britain’s largest wine companies.40 But in 2013, Virgin’s management arm bought back Virgin Wines.40 That same year, Virgin Wines won the award for “Innovator of the Year” at the International Wine Challenge Merchant of the Year Awards.41
Trailblazing Sustainability In 2006, Branson pledged to invest $3 billion over a period of ten years into the development of clean fuels, environmental technologies, and renewable energies.42
According to him, “solar, wind, water, and smart use of biomass have the potential to meet nearly all of our energy needs in the long term and will eventually eliminate the need to dig up our beautiful planet in search for more fossil fuels.”43
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Since then, Branson has continued to use his position as a global leader to focus on environmental sustainability, climate change, and fossil fuels.
Sustainable Aviation. Virgin Atlantic made headlines in 2008 when it flew the first-ever commercial aircraft on a biofuel blend.44 In 2015, Virgin hosted proving flights in New Zealand and China for the low-carbon fuel it developed in partnership with LanzaTech.45 By the time Virgin stepped away from the airline business, Virgin Atlantic has reduced its total aircraft carbon dioxide emissions by 22 percent since 2007.46
On a smaller scale, it recycled old crew uniforms into blankets and pillows for the homeless, and had partnered with air-traffic control groups to develop more efficient flight routes.47 Through a partnership with the Sustainable Restaurant Association, its in-flight meals were sourced from ingredients that don’t contribute to deforestation.48
Virgin Earth Challenge. In 2007, Virgin announced a $25 million contest, one of the biggest science and innovation prizes in history.49 The competition seeks solutions on how to permanently remove greenhouse gases from the atmosphere.49 Once an entry meets the criteria, it advances through the technical review process and is then evaluated by judges for a final verdict. More than a decade later, solutions from a dozen finalists are currently being judged by scientists and academics, as well as Branson and Al Gore.50
Virgin Unite for Change. The goal of Virgin’s nonprofit charity is to “unite great people and entrepreneurial ideas, reinventing how we live and work to help make people’s lives better.”51 The foundation focuses on:
• Incubating New Global Leadership Models. This includes initiatives such as The Elders, a group of ten visionary leaders who work to help humanity, founded by Nelson Mandela, Peter Gabriel, and Branson. Virgin Unite also hosts Connection Trips, which take business leaders to far-away places where entrepreneurial communities are driving change.
• Mobilizing Business Action. This initiative includes the Branson Centre of Entrepreneurship, which offers skills and resources to aspiring entrepreneurs around the world. Another program is the B Team, a group of global business leaders who champion solutions for making capitalism a driving force for social, environmental, and economic benefit. They are working to challenge other world leaders to commit to a global goal of net-zero greenhouse gas emissions by 2050.52
Branson believes that success doesn’t lie in how much money you’ve got or how much your companies are worth: “You’ve got to go make a real difference in people’s lives if you’re going to be successful.”53
A History of Also-RansYou don’t achieve a decades-long, global empire worth billions without a few failures. Okay, a lot of failures. Most people remember the flop that was Virgin Cola, but how about the short-lived Virgin Vodka? Were you aware of Virgin Brides, Branson’s failed foray into the wedding industry? Or Virgin Oceanic, which planned to send a submarine to the deepest points of the world’s oceans? Did you ever see a Virgin Car on the road?
In the wake of failure, Branson said, being able to recognize mistakes and recover are essential skills for an entrepreneur. “Over the years, my team and I have not let mistakes, failures, or mishaps get us down,” said Branson. “Instead, even when a venture has failed, we try to look for opportunities, to see whether we can capitalize on another gap in the market.55
“You don’t learn to walk by following the rules. You learn by
doing and falling over.”—Richard Branson, Founder of Virgin Group54
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Successful innovators must be able to adapt quickly, either by changing strategy or ending operations. Branson has admitted that some of the company’s failures are a result of Virgin spreading across too many varying industries. But, he said, “the company still succeeded in concentrating on one single thing—to find brand new ways to help people have a good time.”56
What’s Next for Virgin?After decades of disrupting some of the world’s biggest industries, the Virgin Group of the future will most likely focus on technology, hospitality, and transportation. Informing all of its new ventures will be an ongoing commitment to sustainability in hopes of solving the climate crisis.
Time Travel. In early 2018, Virgin released a prototype for a levitating pod that’s designed to zoom at speeds as high as 760 mph through a Hyperloop connecting Dubai to Abu Dhabi.57 The 87-mile journey usually takes ninety minutes by car, but the Hyperloop will take a mere twelve minutes, due to an innovative tube track that creates a vacuum inside.57 The company plans to have three working Hyperloop systems in service by 2021.57
Next-Gen Banking. Virgin Money spent millions in 2017 to develop a digital bank that challenges established players like Monzo and Revolut.58 App-only banks have become a major trend in finance, with fully licensed players such as Monzo, Atom, and Starling Bank emerging alongside aspiring banks such as Tandem and Revolut.58 Virgin—ever the challenger brand—is hoping that its new digital bank will allow it “to expand into the current account and linked primary savings markets.”58
Slow cruising. To target adult travelers who are cruise skeptics, Virgin Voyages is blowing up the traditional cruise model to cater to the younger, experience-centric traveler by 2021. With its typically outsider approach, Virgin hired ten design firms that have never worked with cruise lines, as well as a naval architect to coordinate all the ideas into a nautical context.60 Expect Virgin Voyages to be sans children and Broadway-style entertainment, but loaded with the kind of boutique details you’d expect from a Starwood hotel.
Move over, Starwood. The first Virgin Hotel opened in Chicago in 2015, and Las Vegas, New York, and Nashville properties are currently underway.61 Virgin got into the hotel game because—you guessed it—it’s ripe for disruption: the industry in recent years is more imitative than innovative. Virgin’s hotel experience will incorporate Artificial Intelligence, no rigid check-in or check-out times, and the kind of appreciative details—free Wi-Fi and a sexy, ergonomic ambiance—Virgin is known for.61 Over the next decade, look for Virgin properties to spread across South America and Europe, iterating along the way.
Future of Work. Like Silicon Valley, Virgin Group will pioneer the workplaces of the future. Centralized offices will become extinct as technology removes the need for a physical location. Virgin team members will work where they want, when they want—while placing a premium on the human interactions that are necessary to strategize and problem-solve.62 Virgin’s existing digital detox—email is switched off over a period of time every Wednesday—will extend to more corners of the company and for a longer period of time.63
The Virgin Group was born out of a single innovative idea and has been cheerfully disrupting industries around the world ever since. Although Branson has stepped away from operations, the people of Virgin are more than capable of sustaining the value-centered culture he created for years to come.
“New innovations are altering the way we work and live at an unprecedented speed. It is
important we prepare our future entrepreneurs for what’s coming
round the corner.”—Richard Branson, Founder of Virgin Group54
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What Can You Learn from Virgin?Set a foundation that defines innovation objectives and mobilizes your efforts.When considering entry into a new industry or market, Virgin asks fundamental questions: Is this an opportunity for restructuring a market and creating competitive advantage? Is the customer underserved or exploited? Answers to these questions provide a platform for discussion and decision-making around innovation investments. • What is your organization’s process for exploring new ventures?
• Which criteria questions can you create in order to evaluate new opportunities?
Think differently to develop original ideas that drive business value. Virgin is a customer-driven organization. Consumers and users are invited into the feedback loop and employees are encouraged to observe and innovate based on customer behavior.
• How does your organization observe and interact with customers?
• How can you better engage customers in your innovation efforts? What mechanisms can you create to consistently solve for their needs?
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Create a streamlined and flexible approach to shepherd innovative ideas to market. Virgin’s organizational structure is designed to empower leaders at the business level to make rapid decisions and get to market quickly. Teams are encouraged to leverage the expertise and learning lessons of other businesses in the Virgin family.
• Which untapped resources in your organization could you better utilize?
• Which areas or processes could you streamline so you can get to market faster?
Build a thriving work environment that drives innovation across your organization. At Virgin, innovative thinking is role-modeled by Richard Branson, and emphatically encouraged across the organization. From failures to successes, employees are empowered to innovate on an incremental or disruptive level—and anywhere in between.
• How can you motivate innovation from all levels in your business?
• In what ways could you better support a culture that embraces change and encourages disruptive thinking?
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