Monday 24 January 2011
Thursday 25 March 2010
Less Than Free
Google Redefines Disruption
Open Innovation
I have just read an interesting article in Science Business which talks about Open Innovation. At Longbow we have been long talking about open innovation, and how it is changing the way all companies do business. In fact, this is one of the reasons that Longbow has chosen to invest in life sciences. It is one of the first industries to embrace it.
Longbow is a founding partner in the Boots Centre for Innovation, a novel approach, in that it is a retailer and not a (primarily) product company that is putting such structures in place. Boots recognises its power as a strong launch partner for novel products and technologies and is prepared to puts its weight behind getting these to market.
However, as the report points out, most organisations have a long way to go before they are close to making this systemic within the organisation. It says:
"Open innovation requires skills such as relationship building, negotiating and the ability to pioneer novel legal arrangements. Despite this, training in open innovation is not prevalent. Some respondents believe the only way to learn about open innovation is on the job, while others suggest that formal training is an important part of its acceptance and its success."
Our experience with Boots is similar, but I think that I would place a different emphasis. Of course training is important, but unless the company reward system takes open innovation into account, people will not change their behaviour. Leadership is important, but for all staff levels to take it seriously, it has to hit their wallet. Unless open innovations is linked to bonuses/promotion, any attempt to implement it will falter - as it frequently does.
However, as the report points out, most organisations have a long way to go before they are close to making this systemic within the organisation. It says:
"Open innovation requires skills such as relationship building, negotiating and the ability to pioneer novel legal arrangements. Despite this, training in open innovation is not prevalent. Some respondents believe the only way to learn about open innovation is on the job, while others suggest that formal training is an important part of its acceptance and its success."
Our experience with Boots is similar, but I think that I would place a different emphasis. Of course training is important, but unless the company reward system takes open innovation into account, people will not change their behaviour. Leadership is important, but for all staff levels to take it seriously, it has to hit their wallet. Unless open innovations is linked to bonuses/promotion, any attempt to implement it will falter - as it frequently does.
Wednesday 24 March 2010
Social Media within the Enterprise
I don't know anyone who is using the newest forms of social media; certainly nobody over the age of 40. Under 40's that I know that have used Twitter, have tested it, found that they have no use for it and then ignored it.
This is set to change. Within 18 months I predict that many of us will be using Twitter, or a similar service. Not to organise our social lives, but to help us work more efficiently. Even in a small office it is sometimes difficult to keep up with what everyone is doing; which deals have closed, which are struggling to close, what we are working on.
I share this view with Marc Benioff, CEO of Salesforce.com who is integrating Twitter style functionality within its core product. We work in 'real-time', but few enterprise software applications are designed to work with us this way.
Here it is in his own words:
http://techcrunch.com/2010/02/24/the-facebook-imperative/
This is set to change. Within 18 months I predict that many of us will be using Twitter, or a similar service. Not to organise our social lives, but to help us work more efficiently. Even in a small office it is sometimes difficult to keep up with what everyone is doing; which deals have closed, which are struggling to close, what we are working on.
I share this view with Marc Benioff, CEO of Salesforce.com who is integrating Twitter style functionality within its core product. We work in 'real-time', but few enterprise software applications are designed to work with us this way.
Here it is in his own words:
http://techcrunch.com/2010/02/24/the-facebook-imperative/
Tuesday 23 March 2010
How to Pitch VC
This is written by a guy that invests in internet and software companies, but many of the lessons are pertinent to healthcare/life science companies too.
http://techcrunch.com/2009/12/13/how-to-pitch-vc/
Monday 22 March 2010
The Fallacy of Channels
This is a great article that is a 'must read' for any entrepreneur who thinks that his first big distribution deal is going to make the company.
At Longbow, we learned the hard way. When CyDen signed its first distribution deal in the US for its professional , we thought that the market would be blown away by our technology. In the end, CyDen backed out of the deal when it was clear that the sales team in the US was not performing. In hindsight it should not have been a surprise.
I doubt I can improve on Mark Suster's brilliant article, called The fallacy of Channels.
http://www.bothsidesofthetable.com/2010/02/23/the-fallacy-of-channels-startups-beware/
At Longbow, we learned the hard way. When CyDen signed its first distribution deal in the US for its professional , we thought that the market would be blown away by our technology. In the end, CyDen backed out of the deal when it was clear that the sales team in the US was not performing. In hindsight it should not have been a surprise.
I doubt I can improve on Mark Suster's brilliant article, called The fallacy of Channels.
http://www.bothsidesofthetable.com/2010/02/23/the-fallacy-of-channels-startups-beware/
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