The entrepreneur met Chris Cocks, CEO of the 101-year-old toy company Hasbro at the Collision conference in Toronto. The conference brings together business and technology leaders to discuss industry trends and innovation. It was a wide-ranging conversation that covered everything from the company's agile approach to change to some of Cocks' most beloved toys. Below is a Q&A with the business leader, which has been edited and summarized for clarity.
Entrepreneur: Hasbro has a long and storied history. How does the innovative company fare in an evolving toy industry?
Roosters: Basically, it's about understanding the consumer and then putting super creative people who are passionate about the consumer at the helm. That's what we did at Wizards of the Coast when I was there for six years, and that's what we're doing at Hasbro.
In that regard, how do you balance tradition and innovation at Hasbro?
It's not so much balancing TRADITION and innovation; it's about understanding where you've been so you can understand where you're going. One of the most surprising things about becoming the CEO of a (over) 100-year-old company is that I have truly become a student of our history. While history doesn't repeat itself, it definitely rhymes – so big technological innovations and big changes in entertainment are something Hasbro has dealt with many, many times. Perhaps the biggest lesson I learned from him is to embrace change and not fight it. When we embrace (change), we win and come out on top.
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What is the most exciting project you are currently working on?
The challenge with this question is the first seven I can't tell you about because they're still secret, but there are two launching this year that I think are really cool: Beyblade X, which is the fourth generation of that product—it's the best ever and it's already flying off the shelves. The second is the fifth edition refresh of Dungeons & Dragons this year. DnD Fifth Edition has been out for 10 years, and this is probably the most comprehensive rules update ever. We're pairing it with a really cool virtual table to speed up the look of the digital game as well.
What is your favorite toy that Hasbro has ever produced?
Oh, that's easy. It's from my childhood – the USS Flagg. It was a six-foot-tall GI Joe aircraft carrier that was my only aspiration as a 10-year-old. I never got one, but now I have one in the office.
What is the most rewarding part of being CEO of Hasbro?
At the end of the day, knowing that the essence of what you do is to make children smile – that's just amazing. Since becoming CEO of Hasbro, I can't walk through an airport, restaurant, or especially a toy aisle and not notice little faces that just light up with the wonder of a toy and the wonder of childhood. It's really cool to be a part of it.
What do your kids think of your role as CEO of a major toy company?
Of course, my children are very proud. My son is a nerd, just like me, so he and I play games together all the time. My daughter isn't really a nerd – she's kind of rebelling against the nerd. But of course, she loves it when her dad turns on, and that's true for my whole family. I was on Xbox when it was founded and left a few years after it launched. At the time, my nephews were like, “Why the hell would you leave the best job in history?” They may have had a point, but things have gone well.
What advice would you give to someone looking to break into the toy industry?
Follow your passion. When you enter the toys and games industry, you can make a great living; you can do a lot of good in the world. You are essentially working in an industry that generates smiles, laughter and companionship for people. But it's not the industry where you're going to do it MOST money – if you want to do that, I know some investment banks that I can throw your way.
This article is part of our continuity The Young Entrepreneur® series highlighting the stories, challenges and triumphs of being a new business owner.