Too often companies treat the crux of “having a strategy” as a formal question – is there a document that lays out in writing a direction forward, a set of targets and a plan? The point of strategy is both intellectual and operational: having a clear understanding of what matters and why, so that an organization’s multitude of choices add up to a result of great value. Our thinking on strategy moves back and forth between the traditional context of corporations, and the very different questions faced by start-ups and organizations that aim to change a larger system.