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This week, the entire home page of Medtronic’s website has been turned into a memorial for its founder, Earl Bakken, who passed away last Sunday at the age of 94. Bakken’s story is a classic American tale of success and innovation. Starting out in his garage, Bakken fixed medical equipment. He made $8 in his first month. Today, Medtronic makes $2.5 billion in monthly revenue and has a market cap of $120 billion. Its therapies and devices improve the lives of two patients every second.
While those are impressive numbers, it’s one story that has become part of Medtronic’s cultural heritage. I first heard the story this summer when I was invited to speak to leaders in one of the company’s fastest growing divisions. An executive told me that the Bakken story is told and re-told as a reminder of Medtronic’s mission and purpose.
The story is so ingrained in the corporate culture, both the New York Times and Wall Street Journal recounted the story in their features about the company's founder. The shortened story goes like this.
In 1957, heart pacemakers were large, bulky pieces of equipment attached to the patient and plugged into a wall socket. A patient could only walk as far as the cord would let them. In that year, a blackout hit Minnesota and Wisconsin. One baby connected to the electronic pacemaker died. Bakken was distraught at hearing the news. He went back to his garage lab and emerged with the world’s first battery-powered pacemaker. It revolutionized cardiac care. Today, Medtronic makes pacemakers the size of a vitamin that are implanted inside the heart.
The story has been shared for decades to remind Medtronic’s 86,000 employees, customers and partners that—since its founding—the company has been driven by a deep moral purpose and an innovative entrepreneurial approach to improving the lives of millions. The story inspired Bakken’s mission statement, which hasn't changed in 60 years. Medtronic exists to: “alleviate pain, restore health, and extend life.”
Signature stories help drive innovation and build cultures. The Medtronic story is what communication scholars call a ‘signature story.’ Two business school professors, Jennifer and David Aaker, wrote a paper defining the signature story as: “an intriguing, authentic, involving story with a strategic message that enhances the brand, the customer relationship, the organization, and/or the business strategy.” They say storytelling can shape a company's brand by touching customers and clarifying the company's values.
One powerful story can do what pages and pages of facts and information cannot—inspire employees and customers. One story can answer many questions such as:
- Where did the brand come from?
- What does the brand stand for?
- What makes the brand different?
- What are the brand’s underlying values?
- What is the brand’s relationship with its customers like?
I meet with executives from a wide range of companies touching nearly every industry—from technology to healthcare and from agriculture to energy. I often ask for a story that tells me about the brand. I find that very few companies have one consistent story that’s handed down from managers to new employees or from employees to customers. Instead, I’m sent binders full of data.
Data’s fine, but only stories inspire, motivate, and ignite the imagination. Every brand has a signature story. Find yours and tell it over and over again. Tell it on your website. Tell it in your presentations. Tell it at new employee orientations. You can’t afford not to. Employees crave purpose. Customers crave authenticity. A compelling signature story will do wonders for your company culture.
