In the last 15 years, Pixar has put the major movie studios to shame.
The small studio has released 10 films, and each one has more than doubled its budget at the box office.
Its latest release, Toy Story 3, is now the highest grossing film in Pixar’s history.
Tom Davenport, who holds the president’s chair in IT and Management at Babson College, wrote a piece for the Harvard Business Review on the secrets to Pixar’s success.
He outlines five elements of the company’s culture that have helped the Pixar to make better decisions and prosper as a result.
1. It give its directors a lot of freedom. Putting bean counters in the background allows the director’s vision to shine.
2. But doesn’t spare the feedback. The film in progress is shown to the entire animation team for criticism and comments.
3. A complete postmortem is mandatory. After a film is wrapped, Pixar always brings teams together to analyse what could have gone better (even when the product has been a success.)
4. The company is willing to admit mistakes. When Toy Story 2 wasn’t developing well, Pixar wasn’t afraid to pull the plug and start over from scratch.
5. It educates its employees. Pixar’s staff learns to manage, fail, and recover together in more than 110 different courses at Pixar University.
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