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Alberto Torres

Alberto Torres

Tech executive and author of "The Z-Curve"; Stanford CS PhD, ex-Nokia and HP senior executive, founding McKinsey Silicon Valley partner, now Senior Adviser at McKinsey, Adobe advisory board member, and adjunct professor at IE Business School in Madrid.

Sep 15, 2026

TobyHOST
0:40
Let's start with maybe distinguishing the Z and S curves, and then move on to why this is important right now.
0:47
Uh, thank you, Toby.
0:47
It's great to be here.
0:49
Um, as most of us know, the, uh, new technologies grow in a pattern called the S curve, where things go relatively slowly at the beginning, and then they really accelerate, uh, and then eventually, uh, taper down.
1:02
The, that is the S curve.
1:04
Uh, the Z curve is exactly the opposite.
1:07
If you are at the top of a, of a, of the curve, and if you are an incumbent with a, uh, dominant technology today, what happens when people disrupt you? That, uh, well, the same, the same pattern occurs.
TobyHOST
4:39
For people in other industries, do you see so many parallels? Um, a- as you say, not just the failures, but do you see parallels in consumer tech or, um, pharmaceuticals or do you see how this applies elsewhere?
MoragHOST
16:41
Is this something anyone can attain, or do you really need some kind of special sauce?
16:46
Yeah.
16:47
So, so let me, let me, let me back up a little bit.
16:51
I think the, the, um, uh, the truly Z- Zed proof company that, that cannot be disrupted does not exist.
17:02
I mean, every company can be disrupted, and even companies that have survived, uh, disruption once or multiple times, like, like Nokia did, for example, uh, can be disrupted again.
17:13
So, so I, I...
17:15
But, but what I talk about, uh, Z proof or Zed proof is really, um, a set of disciplines that make you, um, stronger in the face of disruption, 'cause there are some things that, um, that you, that you can do, uh, to, um, to deal with disruption.

5 MINS LATER

MoragHOST
22:44
Where, where do we sit on the z- [laughs] on the Z curve at the moment when it comes to AI disruption?
4:53
Why do organizations start to live in split reality?
4:57
Look, I mean, I think...
5:04
First of all, I think the topic of this difference between multiple organizations that people live versus what gets reported or what gets...
5:16
It's a real issue, and it was a real issue at Nokia as well.
5:23
Risto's book, I mean, it's very interesting in many ways, but I think it put a lot... too much emphasis on the lack of communication between leadership and the rest of the organization.
5:42
There was some of that.
5:44
But honestly, if I look at Nokia compared to many other organizations, I don't think that was the main reason.

36 MINS LATER

42:12
market multiples and getting something positive in the annual report.

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