Entrepreneur caught up with Chris Cocks, CEO of 101-year-old toy company Hasbro at Collision conference in Toronto. The conference brings together business and tech leaders to discuss industry trends and innovation. It was a wide-ranging conversation addressing everything from the company’s nimble approach to change to some of Cocks’ most cherished toys. Below is a Q&A with the business leader, which has been edited and condensed for clarity.
Entrepreneur: Hasbro has a long and storied history. How does the company stay innovative in an evolving toy industry?
Cocks: Fundamentally, it’s about understanding the consumer and then putting super creative people who are passionate about the consumer in charge. 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 vein, how do you balance tradition and innovation at Hasbro?
It’s not so much balancing tradition and innovation; it’s understanding where you’ve been so you can understand where you’re going. One of the most surprising things about becoming CEO of an [over] 100-year-old company is that I’ve really become a student of our history. While history doesn’t repeat, it definitely rhymes — so major technology innovations and major changes in entertainment are something Hasbro has faced many, many times. Probably the biggest lesson I’ve learned from it is to embrace the change and not fight it. When we embrace [change], we win, and we come out on top.
What’s the most exciting project you’re currently working on?
The challenge with that question is the first seven I can’t tell you about because they’re still secret, but two are launching this year that I think are really cool: Beyblade X, which is the fourth generation of that product — it’s the best version ever and is already flying off the shelves. The second one is the refresh of Dungeons & Dragons fifth edition 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 tabletop to accelerate what digital play looks like as well.
What’s your favorite toy that Hasbro has ever produced?
Oh, that’s an easy one. It’s from my childhood — the USS Flagg. It was a six-foot-long G.I. Joe aircraft carrier that was my sole aspiration as a 10-year-old. I never got it, but I have one in my office now.
What is the most rewarding part of being CEO of Hasbro?
At the end of the day, knowing that the core of what you do is about making kids smile — that’s just amazing. Ever since I became 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. That’s really cool to be a part of.
What do your own kids think about your role as CEO of a leading toy company?
Of course, my kids are very proud. My son’s a nerd, just like I am, so he and I play games together all the time. My daughter isn’t really a nerd — she’s kind of rebelled against nerd-dom. But of course, she loves it when her dad lights up, and that’s true of my whole family. I was at Xbox back when it was founded and left a couple of years after it launched. At the time, my nephews were like, “Why the hell would you leave the best job in history?” They might have had a point, but things have worked out well.
What advice would you give to someone looking to enter the toy industry?
Follow your passion. When you go into the toy and games industry, you can make a great living; you can do a lot of good in the world. You’re basically working in an industry that generates smiles, laughter and companionship for people. But it’s not the industry where you’ll make the most money — if you want to do that, I know a couple of investment banks I can throw your way.
This article is part of our ongoing Young Entrepreneur® series highlighting the stories, challenges and triumphs of being a young business owner.