Your Next Move: Lessons on Pivoting in Life and Work

Produced by Inc. Magazine and Capital One Business

Introduction

In this episode of Your Next Move, host Aisha Bo engages in a profound conversation with Ping Fu, President and CEO of Geomagic Inc. Ping Fu is a revered figure in the tech sector, known for her innovative contributions and strategic pivots throughout her career. The discussion delves into her remarkable journey from childhood in China to leading a cutting-edge technology company in the United States, exploring the art of pivoting both in business and personal life.

Stephanie Mehta’s Insights on Business Resilience

Before diving into the interview with Ping Fu, Stephanie Mehta, CEO and Chief Content Officer of Mansuito Ventures, shares three essential strategies for founders to maintain resilience amidst challenges.

Key Strategies for Resilience:

1. Embrace Change and Pivot:

   • Quote: “Resilient businesses seek out new opportunities and aren't afraid to pivot when necessary.” (01:09)

2. Listen to Customers:

   • Understanding and incorporating customer feedback is crucial for adapting and thriving.
   • Quote: “More than half of business owners surveyed said that listening to customer feedback helped them implement changes more effectively.” (02:30)

3. Leverage Digital Tools:

   • Utilizing digital tools enhances efficiency and helps businesses reach new customers.
   • Quote: “9 in 10 small business owners said that digital tools helped them find new customers.” (02:50)

Mehta emphasizes that by being open to change, attentive to customer needs, and embracing digital advancements, companies can navigate turbulent times successfully.

Interview with Ping Fu

A Journey from China to the United States

Early Life and Challenges: Ping Fu begins by recounting her early years in China, raised by her aunt during the tumultuous period of the Cultural Revolution. Her life was marked by significant personal responsibility from a young age.

• Quote: “I lost a mom who raised me, a mom who born me, and I became the surrogate mom for my sister.” (04:01)

Path to the US: Her academic pursuits in Chinese literature were cut short due to political turmoil, prompting her relocation to the United States in 1984. Arriving in San Francisco with limited resources, Ping experienced firsthand the generosity of strangers, shaping her outlook on life and business.

• Quote: “My first lesson in the US was generosity.” (05:57)

Education and Career Beginnings

Transition to Computer Science: With a desire to become an astronaut thwarted by circumstances, Ping pivoted to computer science, leveraging her writing skills to excel in software design despite not being a traditional programmer.

• Quote: “I leveraged my skill in writing and I started to do software design.” (07:55)

Graduate Studies and Bell Labs: After graduating from UC San Diego, Ping received an enticing offer from Bell Labs, renowned for its innovative environment and Nobel Prize-winning researchers. Opting to join Bell Labs over her own startup, she immersed herself in significant projects, including contributions to the C language and digital communications.

Founding Geomagic and Navigating Pivots

Inception of Geomagic: Inspired by a demonstration of early 3D printing technology by Chuck Hull, Ping envisioned a "3D fax machine"—software that could bridge 3D imaging and printing. This idea led to the founding of Geomagic, initially focusing on creative industries but soon requiring a strategic pivot to scalable markets.

• Quote: “I called that 3D fax machine.” (16:37)

Strategic Pivot to Scalable Markets: Recognizing the limited scalability in serving creative professionals, Ping shifted Geomagic’s focus to high-value, high-volume industries such as dentistry and turbine machinery. This pivot was crucial in ensuring the company’s growth and sustainability.

• Quote: “We picked the dental and turbine machinery industries as our launch partners.” (25:32)

Leadership and Company Culture at Geomagic

Resilient Leadership: Ping candidly shares her struggles with confidence and leadership, including the pivotal decision to reclaim the CEO position during a near-death crisis for Geomagic. Her resilience and ability to adapt not only saved the company but also transformed her leadership approach.

• Quote: “I wasn't thinking about what I know or what I don't know. I was just thinking about saving the company.” (35:00)

Company Values: Under Ping’s leadership, Geomagic fostered a culture of innovation, open communication, and individuality, encapsulated in their core values:

• Make Magic: Ensuring every product and interaction is extraordinary.

• Don't Shoot the Messenger: Encouraging open dialogue and constructive feedback.

• Celebrate Individuality: Embracing and celebrating each team member's unique contributions.

• Quote: “When you have good people who love what they do, they will create something great.” (37:37)

Acquisition by 3D Systems and New Roles

In 2013, Geomagic was acquired by 3D Systems, where Ping took on the role of Chief Entrepreneur Officer. Unlike many entrepreneurs who leave post-acquisition, Ping chose to stay, aiming to leverage the larger company's platform to further innovate.

• Quote: “I wanted to stay longer because I wanted to see how public company operates.” (40:29)

Philosophy on Pivoting

Pivoting as a Mindset: Ping describes pivoting not just as a business strategy but as a life philosophy. She uses the metaphor of a mountain range, emphasizing that growth involves moving between peaks and valleys, embracing both ascend and descent as integral to the journey.

• Quote: “If you think about traveling, you don't want to just be on one peak with one view. You want to go to different peaks and to, but there's no way to go to another peak without going down.” (47:52)

Evaluating When to Pivot: Ping advises entrepreneurs to recognize signs such as stagnating revenue, declining market interest, or internal disengagement as indicators for pivoting. However, she also cautions against unnecessary pivots, advocating for a balanced approach that considers both rapid adaptation and sustained effort.

• Quote: “Always pivoting is not necessarily good nor the most efficient way to run business.” (56:44)

Resilience and Advice to Entrepreneurs

Building Resilience: Resilience, for Ping, is about designing for recovery and adaptability, whether in business or personal life. Drawing from her background in Taoism, she emphasizes the importance of embracing emptiness as potential for new opportunities.

• Quote: “Behind every closed door, there's empty space. Behind it, there is some other opportunity.” (52:26)

Advice on Overcoming Challenges: Ping offers practical advice for entrepreneurs facing tough times:

1. Pleasure: Engage in activities that bring personal joy and relaxation.
2. Flow: Pursue work that you are passionate about and lose track of time.
3. Calling: Contribute to something larger than yourself.

• Quote: “There are three words I use: pleasure, flow, and calling.” (50:06)

Future Plans and Personal Growth

Embracing 'Being' Over 'Doing': Looking ahead, Ping envisions a transition from constant action to a state of being—focusing on personal growth, mindfulness, and reflecting on her legacy. She aims to cultivate sensory literacy and deepen her relationships, particularly with her family.

• Quote: “My next move is about how to be that person who has sensory literacy rather than just doing literacy.” (58:03)

Conclusion

Ping Fu’s journey epitomizes the essence of pivoting—navigating through personal adversities, professional transitions, and strategic business shifts with resilience and adaptability. Her insights offer invaluable lessons for entrepreneurs and business leaders on embracing change, fostering innovation, and maintaining a resilient mindset. As Ping moves towards a more introspective phase of her life, her legacy continues to inspire the next generation of leaders to approach challenges with courage and creativity.

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