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LEGO is one of the most beloved brands in the world, with 7 sets sold every second and 4 billion minifigures walking this Earth! The company's founding traces back 100+ years, as Ole Kirk Christiansen opened up a carpentry shop in the small Danish town of Billund. Over the years, he persisted through countless adversities - his wife passing away early, two World Wars, his workshop burning down - to build a high-quality toy company that gives his children joy. As Ole Kirk made the bold decision to shift from wooden toys to plastic, he set up his son, Godtfred, for the LEGO future we know today.
From the 1950s to the 70s, Godtfred executed the LEGO growth plan perfectly, running global ad campaigns to establish their brand, setting up international sales channels, patenting the ever-present interlocking brick, and building the first LEGOLAND location.
When the 3rd generation of LEGO family leaders, Kjeld Kirk Kristiansen, took over, he sparked life into a slow product development cycle and dominated the US market through a surprising partnership. It was all sunshine and rainbows until the 90s, when internal succession issues, creeping overleverage, and growing competition from digital media companies caused LEGO to have its first year in the red since its founding.
In this episode, we discuss the incredible evolution of The LEGO Group, spanning 3 generations of family leaders and global entrenchment. In the next episode, we'll discuss how LEGO was able to turnaround its financial woes and become the most profitable toy company in the world. Enjoy!!
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The LEGO Story: How a Little Toy Sparked the World's Imagination - Jens Anderson
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Recommendation of the Week: Silicon Valley - HBO
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The Web of Ideas: The LEGO Story (my notes on the book)
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Show Notes:
2:56 - Ole Kirk the carpenter
8:37 - Greenlights - the worst of times may lead to the best of times
17:09 - LEGO's Founding
30:06 - Discovering plastics after WW2
35:53 - LEGO System in Play
41:09 - Godtfred's ambitions - international expansion!
44:24 - The LEGO patent and the modern-day brick
51:59 - Become a company of GIANTS
59:58 - LEGOLAND
1:04:27 - Kjeld's turn as the 3rd generation Kristiansen CEO
1:06:28 - An epic co-promotion campaign to dominate the US market
1:11:14 - Hello digital competitors!
1:23:12 - 1998 was LEGO's first year in the read since its founding...
