Book Review - Brick by Brick the Lego Story

BOOK:

Brick by Brick: How LEGO Rewrote the

Rules of Innovation and Conquered the Global Toy Industry

Business

 Book

 Summary

 –

 HRM

 Assignment

ABSTRACT

  “Brick

  by

  Brick”

  takes

  you

  inside

  the

  LEGO

  you've

  never

  seen.

  By

  following

  the

  teams

  that

  are

  inventing

  some

  of

  the

  world's

  best-­‐loved

  toys,

  it

  spotlights

  the

  company's

  disciplined

  approach

  to

  harnessing

  creativity

  and

  recounts

  one

  of

  the

  most

  remarkable

  business

  transformations

 in

 recent

 memory.

Submitted

 by

 Mazin

 Meaboob

 C

 [roll

 no.102]

Summary

"Brick by Brick" takes you inside the LEGO you've never seen, spotlighting the company's disciplined approach to harnessing creativity and recounting one of the most remarkable business transformations in recent memory. In 1998, LEGO suffered its first major loss in company history. Faced with the digital toy revolution, few barriers to entry for competitors, and ultra-demanding consumers (nineyear-old boys), the company hired consultants and implemented the standard rules of innovation. Instead of growth, these changes brought the company to the edge of bankruptcy in 2003 and demonstrated that what works in theory can fail spectacularly in the brutal reality of the global economy. It took a new LEGO management team to reinvent the innovation rulebook and transform LEGO into one of the world's most profitable, fastest-growing companies. "Brick by Brick" reveals how LEGO: became truly customer-driven by cocreating with kids as well as its passionate adult fans; looked beyond products and learned to leverage a full-spectrum approach to innovation; opened its innovation process by using both the "wisdom of crowds" and the expertise of elite cliques; discovered...