Commercial innovation in the 21st century is very focused on IT engineering and much less so on science. By way of example, I would suggest that over 90% of Silicon Valley’s investments over the last decade have gone into IT start-ups. At the moment, science is considered very ‘20th century’ in the tech investment world. The reason is that the comparative financial rewards for investments in IT are much higher, and with lower risks. It will take some time before this equation changes – we have a mountain of IT opportunities to work through and it will take decades before science once again becomes a primary focus of tech investment.
The comparative problem with a science [...]
LEGO has earned the right to celebrate. Not only are kids playing with more mini LEGO people than there are human beings on the planet but in 2015, they were nominated by Forbes as the most powerful brand in the world. For a company which was on the brink of bankruptcy in 2004, the toy maker has made an amazing turnaround. They restructured, hired a new CEO, and forged more licensing partnerships than ever before. Most importantly, they discovered the secret to some of the world’s most successful, low risk innovation strategies.
These strategies helped LEGO create a powerful brand envied by every other company in the world. However, successes like these are not, and need not [...]
Written by Christine Thong and Evan Shellshear
When was the last time you seriously thought about your blue chip investments going broke? At what point will those shares be worth nothing? Although it may sound ridiculous, the question is serious because at the current rate of disruption, it has been predicted that half of the S&P 500 will be replaced over the next 10 years. Where does that leave your investments?
The need and act of a business pivoting is natural. It can almost be seen as a form of corporate evolution. Over the years, the largest businesses only keep their top spots by evolving and chasing the sunrise markets and leaving the sunsets. Intel famously [...]
After six months of hard work, we were sitting together on a warm spring afternoon enjoying a beer in one of Melbourne’s new hipster bars. We had learnt a lot, travelled all over Australia and met amazingly passionate people. We’d put together a lean startup with a focus to test a simple business idea and we’d heard countless times how much our tools were needed. There was only one problem. We had failed.
It was over. We’d decided to fold the company. Our hypothesis that Australian Manufacturers would collaborate as a means to an end and thereby solve their problems was false. We had tested it with a dozen SMEs and a group of billion dollar multinationals. In both cases we had [...]