Making Big Bets and Leaning into Operational Excellence: Building the Future of Cultural Heritage Institutions

Abstract

This theoretical article and applied case study examines the concept of academic research libraries adopting concepts that emphasize building the future rather than passively reacting through incrementalism and risk aversion which is standard practice. These include Peter Thiel’s “Zero to One” theory, Power Law concepts, and Nassim Taleb’s Black Swan theory, with the application of Lean Kaizen toward foundational existing systems. These concepts, taken together, catalyze the preparation for inevitable disruptive change. With them, there exists an opportunity to reduce the current climate of risk aversion and persistent incrementalism, stagnated growth, ineffectual leadership, and decreased morale and talent retention currently present within the industry. In a time where all industries are facing constant disruption that continues to compound, libraries and other cultural heritage institutions must take the initiative to challenge and change internally by building our future before we are disrupted by other more undesirable forces. In shifting away from incrementalism and risk-aversion, and focusing on building the future through calculated risks, constant experimentation, groundbreaking ideation, operational excellence, and strategies, libraries can redefine their roles, ensure relevance, and achieve long-term success in an ever-evolving ecosystem. This article introduces a 13-point comprehensive framework that integrates the preceding applicable theories that emphasize local innovation, agility, operational excellence, and a focus on embracing the Power Law, which contends that positive outcomes in every system are heavily skewed, and to win big we need to embrace these outliers and take balanced and calculated risks to succeed in an unknown future. This holistic approach empowers academic research libraries to revolutionize their operations, proactively address disruptions and build their future.