Reid Hoffman is one of Silicon Valley's grown-ups. After helping to found PayPal, he moved on to launch LinkedIn in 2002--an endeavor that turned him into a billionaire. He was an early investor in Facebook and now serves as a partner at the venture capital firm Greylock. In this edited interview with Tim Sullivan, of HBR Press, Hoffman explores his idea of "blitzscaling"--the discipline of getting very big very fast. In today's networked landscape, the path to high-growth, high-impact entrepreneurship can be chaotic and grueling. It involves rapidly building out a company to serve a large and usually global market, with the goal of becoming the first mover at scale. And there's no playbook to guide you, Hoffman notes. "You throw yourself off a cliff and assemble your airplane on the way down." Hoffman emphasizes that blitzscaling is not just about growing revenues and the customer base but also about scaling the organization. People naturally focus on the first two, and "if you don't get those right, then nothing else matters." But very few businesses can succeed on those fronts without also building an organization that has the capability and the capacity to execute at a high level in the face of extremely rapid growth. The challenges, risks, and headaches of blitzscaling go beyond the operational; they can take a toll on organizational happiness. "But the thing that keeps these companies together--whether it's PayPal, Google, eBay, Facebook, LinkedIn, or Twitter," Hoffman says, "is the sense of excitement about what's happening and the vision of a great future."

For most of the 20th century, the relationship between employers and employees in the developed world was all about stability and lifetime loyalty. That has recently changed, giving way to a transactional, laissez-faire approach that serves neither party well. A new arrangement is needed, the authors argue--one built on alliance (usually temporary) and reciprocity. The high-tech start-up community of Silicon Valley is pointing the way--and companies that wish to be similarly agile and entrepreneurial can learn valuable lessons from its example. Under the new compact, both employer and employee seek to add value to each other. Employees invest in the company's adaptability; the company invests in employees' employability. Hoffman (a cofounder of LinkedIn), Casnocha (a technology entrepreneur), and Yeh (an entrepreneur and angel investor) outline three simple, straightforward ways in which companies can make the new compact tangible and workable. These are (1) hiring employees for explicit "tours of duty," (2) encouraging, even subsidizing, employees' efforts to build networks outside the organization, and (3) establishing active alumni networks that will enable career-long relationships with employees after they've moved on. In the war for talent, such a compact can be a secret weapon that helps you fill your ranks with the creative, adaptive superstars who fuel entrepreneurial success.