The Innovator who Rebuilt Lego

by The Bearing Wave on September 5, 2015

“In some ways, I think he’s a better model for innovation than Steve Jobs”
– David Robertson, Professor of Innovation and Product Development at the Wharton School and an author of “Brick by Brick” about Lego.

Screenshot 2015-09-05 10.12.15One of the most popular articles here on the Bearing Wave is The Lego Innovation Story, about how the toy company turned around a situation at the brink of financial collapse to renewed growth and success.

The Financial Times today (September 5th) includes a portrait of Jörgen Vig Knudstorp, the former McKinsey consultant who became Lego Group´s CEO in 2004. The results during his time as CEO have been spectacular. Between 2007 and 2014 Lego’s revenues more than ­tripled and its net profits rose sevenfold and today the company is the worlds largest toymaker by turnover.

Lego toys promote lifelong learning. While the bricks themselves teach children the fundamentals of construction and creativity, the Lego company’s almost century-old history of management change and recent decade of recovery has important lessons for business people. Managing sustainable growth is also about controlling innovation and managing a balanced business system.

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