During his time as the vice president of strategy, innovation, and venture capital at State Farm in Bloomington, Illinois, Haden Kirkpatrick was responsible for a P&L of $160 million, $85 million in operating expenses, around 1,000 employees, and six direct reports. He played a key role in turning around struggling State Farm Subsidiaries such as the Corporate Venture Capital Unit, the Insurtech Subsidiary, and HiRoad Assurance Company, as well as in-house new product and research and development units. Reporting directly to the chief transformation officer, Haden Kirkpatrick frequently collaborated with cross-functional business development and innovation teams.
Haden Kirkpatrick spearheaded a more aggressive investment approach at State Farm that yielded an 88 percent return on capital and startup attachment rates of 60 percent, up from about 20 percent. His efforts decreased operational costs by $2.2 billion over five years. His other achievements at State Farm ranged from leading a $1.2 billion ADT partnership to heading an innovation group that became one of the most profitable units in State Farm history.
Haden Kirkpatrick studied mechanical engineering at the Rose-Hulman Institute of Technology. He holds a political science degree from Indiana University and has completed numerous executive education programs with the Booth School of Business at the University of Chicago.
What is your typical day, and how do you make it productive?
My typical day starts early, around 4 am, with breakfast, stretches, and then off to the gym. After that, I’m off to work, where I like to get in early and get done with my personal tasks before anyone else is in the office. That ensures that I’m done with my work and can focus on my team for the rest of the day. Work is usually done by 5 pm, when I like to go home and listen to podcasts while I cook dinner. After that, I like to unwind by watching some TV or reading a book before going to bed at about 8 pm.
How do you bring ideas to life?
Start small and then go big. All good innovations start off as ideas and are iterated on over time, but you don’t want to bet the farm early until you know you have something right. Once you get enough feedback to know you are on the right track, push your chips in, but not before. Bet too much too soon, and you may find yourself out of chips too early in the game.
What’s one trend that excites you?
Artificial intelligence, but not for the reasons one might think. I don’t believe that we will ever reach “A.G.I.” or that A.G.I. is even a thing. I do believe, however, that the tools of AI have the ability to make whole industries and whole fields more effective and accessible to broader swaths of the population than ever before, potentially launching a golden age of productivity and prosperity for all of us.
What is one habit that helps you be productive?
Daily exercise and daily reading of at least one chapter of a book.
What advice would you give your younger self?
The moment you get access to a 401(k), start investing in it and as soon as you can, max out your contribution.
(Second advise…when you meet those kids in 2010 at the mobile trade show in Singapore, and they tell you to invest $5K in bitcoin and forget about it, do it!)
Tell us something you believe almost nobody agrees with you on?
That there is objective truth in the world and not all opinions are equally valid.
What is the one thing you repeatedly do and recommend everyone else do?
Meditate…it will change your life.
When you feel overwhelmed or unfocused, what do you do?
Meditate…it will calm you down.
What is one strategy that has helped you grow your business or advance in your career?
Focus on insights and intelligence—consumer, competitive, market, and business intelligence is the golden thread and will lead the way.
What is one failure in your career, how did you overcome it, and what lessons did you take away from it?
I invested in a business with my high school best friend, and he ended up being a thief, fraudster, and con man. Years later, I found out that he had defrauded a second friend of $10K, and that second friend was going to sue us. I removed my first friend from the business and gave his stake to the second friend to make the situation right by him.
The lesson that I learned in this situation was that friendship and business likely shouldn’t mix. I also learned that you should assume that if someone treats one person a certain way, they are treating everyone that way. My first friend had a penchant for treating people badly, right in front of me…and I’d say nothing. Now I know better. Now, if I see something, I say something, and I never assume that I’m somehow special.
What is one business idea you’re willing to give away to our readers?
The insurance industry needs to move from waiting for the problem (a car crash, a house fire) to happen and move to preventing a problem from happening in the first place. The person who figures out how to help people prevent their homes from burning down will be a billionaire. Go build a two-sided marketplace to offer services for customers that do this and get rich!
What is one piece of software that helps you be productive? How do you use it?
ChatGPT + Perplexity…those two generative AI solutions, when combined, craft amazing insights and aggregate up tons of great content. You should NOT let them do the work for you, but they can do the research for you and synthesize for you to interpret.
Do you have a favorite book or podcast you’ve gotten a ton of value from and why?
The Exponential Organization is one of the most insightful books I’ve ever read and is still relevant, if not more relevant than ever.
I get daily benefit from the Daily Stoic podcast. Somehow, whatever topic Ryan Holiday picks somehow always seems to be absolutely perfect for what I’m dealing with on any given day.
What’s a movie or series you recently enjoyed and why?
Andor…beyond being a Star Wars geek, it is a stunning commentary on modern politics and has amazing characters with even better acting.
Key learnings
- Good friends and being choiceful about your friends is a far more impactful aspect of life than anyone can ever fully articulate with words.
- Start small, then go big when bringing ideas to life, but seek feedback and ensure you’re on the right track before placing your bets.
- Meditation improves focus, helps manage stress and overwhelm, and supports overall well-being.
- Insights and intelligence are the keys to success and professional growth.