You want to start innovating, but how do you pick a winning idea?

One can picture a food or wine connoisseur or a fashion analyst at the catwalks of Paris, or a highly skilled auto engineer at a super car company. These highly specialised experts in their fields know what works in their field. And, because they are so expert, arguably, they are not put off by ideas that to others may seem radical. To experts, who have seen and understand much, to explore newness is an invitation to continue developing rather than accept normal incremental improvements so often prevalent. Perhaps we need to be more like the ‘connoisseurs’ so we can actually spot a useful idea next to a fad, mad or bad one.

The question about how one might cultivate intuition might be considered through the way in which airlines teach their staff to ‘Notice. Understand. Think ahead.’ This process was introduced to actively teach their staff to think about the impact of what they observed in flight. For example, whilst it is fairly inconspicuous to see someone with a lighter, this is extremely dangerous on an aeroplane mid flight. Many people would notice such an activity and stop there, perhaps thinking (intuitively) “something’s not right there” but doing nothing about it. Cabin crew are trained to understand what they see – that is, stop when they get a ‘feeling inside’ and seek to understand the impact it might have. Finally, they are taught to think ahead. The process follows; a) notice a person with a lighter, b) understand that this could start a fire c) think ahead about the dangers this presents and the danger that person may be willing to cause. Then, set about a course of action to mitigate the risks.

Western Union described Alexander Graham Bell’s telephone as an electrical toy and had no use for it. History is peppered with lost opportunities like this one. So, if you are looking to start a business, analyse your idea first by noticing things, understanding the impact if you could change them and think ahead about the greater impact it could have. Follow this idea and you just might be onto a winner!

Finance and Funding – Part 1 – Setting the Scene

Picture it..A Blogging Virgin, a surely insurmountable challenge –Interesting, Finance and Funding all in the same sentence. Surely not possible. You’re in for a treat..

Me ?  I’m a recycled Bank manager , 26 years worth in a past life.  I loved the good bits, people, training, knowledge building, team building, customer service, service to the community, the seductive remuneration package but around the end of the last century I wanted to see if I could find what my customers kept calling the real world.

This isn’t the place to expand upon the very real world ‘early’ experiences but sufficed to say I’m not without a wide selection of development stories in my career work portfolio.. Kama of a sort, I expect.

Government grants were eventually my saviour, and Gamekeeper turned Poacher probably the best behavioural change descriptor….. to cut a long story short, I now work for the Sussex Innovation Centre where we help people to make businesses out of their amazing ideas. Big businesses. Just for good measure, I’m also a SFEDI accredited Business Advisor for our work with Business Link.

Grants, Risk Capital and standard Banking debt all feature in the day to day but thankfully there’s more to my current role and Strategy, Marketing, Sales, Operations, Planning all come into play…potentially far more interesting than finance…but not workable without it…you wont eat without it, to state the obvious. 

So the exiting Blog 1 message is this..‘Bankers are just Suppliers’ Build the right Professional Team. Choose carefully

One of my roles for the Innovation Centre is to match personalities – Bankers and Clients – so I’m always on the look out for Bankers who will work for their money and actually add value to their client’s objectives…even want to do a deal. Yes, they do still exist even when it’s a ‘High Growth Innovative Research and Development.’ Don’t deal with this every day. What no security!

Those we know, do it well and they talk and deliver big numbers. However we do ask them to do things they can do, which can be half the battle.

This isn’t new: searching for the right personality to support your goals. Building the right ‘professional’ team and recognising that the team will change as your business needs change. Historically the right team has always been a must have and sets aside business that works on achieving outcome that is ambitious, growing and  as consistent / predictable as possible.

The core team has always been; Banker, Accountant, Lawyer, though probably now you would want to add external expertise from Marketing, PR, Media/ Design and SEO as must have drivers for success. Sometimes I don’t think business spends enough time selecting the right people in the early stages and it can be the same with Banks and Bank managers.

Paul Jordan, Innovation Support Advisor

Getting thousands of website visitors….and then struggling to convert them to customers?

…….then ChatBadge may be just what you’re looking for.

ChatBadge.com is a highly flexible live chat tool developed NPN member, Binary Portfolio. Easily integrated into your current website ChatBadge enables your website users to ask questions, raise issues or concerns in a live chat environment. Andrew Gill, Director said “Live chat with your website visitors allows you to better understand their needs, increase empathy, attract new customers and cross-sell products.  The bottom line is increased sales. Customers love chatting to a ‘real’ person. ChatBadge is simple to add to your website and takes less than 5 minutes to set up.” If you’d like to find out more then please visit ChatBadge.com or email andrew@andrewgill.com

NPN member C-innovate presents at the UK’s biggest and most influential event for policing

Paul Hampton and Jool Heller Dixon from C-innovate have recently presented at the ACPO-APA International Policing Exhibition and Summer Conference (held July 7/8/9th) – www.acpo-apa.co.uk/ The joint presentation with Northamptonshire Police took place at a Vodafone seminar during the event. The presentation focused on Northamptonshire Police’s roll out of mobile technology and the benefits they were receiving from the implementation. C-innovate have been working with Northamptonshire Police since mid 2008 on the roll out. If you would like to know more about our work drop us an email at info@c-innovate.com or visit www.c-innovate.com

Is recession a good time to start a business?

Lay-offs, redundancies, reduced working hours and financial hardship are headlines that seem to dominate the news, and with the UK officially in recession we will doubtless hear much more of them over the coming months. Companies like KPMG are taking unprecedented steps and asking employees to accept shorter working weeks or time out to prevent colleague redundancies.

But could this hardship also reveal an opportunity for some people to start their own business? During the last recession in the early 1990’s, redundancy and lay-offs lead thousands of people, otherwise seemingly content in their day to day lives, to strike out on their own. Many famous entrepreneurs including James Caan, of Dragon’s Den fame, found their first business successes when the chips were down.

In a recent article in The Times, Sir Richard Branson made clear his belief that the next generation of self-made billionaires will emerge from the corporate wreckage of this recession. In his words “Fortunes are made out of recessions. A lot of entrepreneurs get going in the economic depths because the barriers to entry are lower.”

So, if you’re caught up in the present turmoil and find yourself out of work or with extra time on your hands, should you consider revisiting that great business idea that’s been lurking in the back of your mind?

The team at the The New Product Network can help you answer this question. We’ll help you test the strength of your idea, give you impartial feedback as well as help you take the first steps into business. As part of one of the UK’s most successful business incubators we’ve got a wealth of experience to share .

Call us on 01273 704400 or email npn@sinc.co.uk

Recession starts global collaboration trend

I went to a talk last year on trend spotting, hosted by Marcus Lindkvist, which explained that most trends sneak up on you and then one day suddenly (it seems) they are commonplace and you don’t remember life before that. They are not things that are easy to see coming. Facebook is a prime example where relatively few people knew of it only 3 years ago and now if you are not on Facebook, you are making some sort of statement.

There have been many efforts to collaborate and understand innovation and the globalisation of business and it just feels like this year, ‘suddenly’ it is everywhere we look. We are involved in CLIQ, (Creating Local Innovation through a Quadruple Helix), an EU project to optimise the benefits of globalisation and innovation to SMEs and entrepreneurs in medium sized towns.

There are many similar initiatives we are involved with simultaneously ‘suddenly’ and all of these things combine between 15 and 20 countries working together on getting innovations to work across regions. The premise “together we’re stronger” has never been truer and maybe a global recession – or even the idea of one for those sceptics out there – is the tipping point we needed to push many organisations from Government, corporates and SMEs alike into being more collaborative, innovative and receptive to new ideas. In a sense, we are all forced to innovate to survive. With this backdrop, it is easy to see why, in times of crisis, new ideas have a strong track record of flourishing. In fact, a company in Bristol recently suggested that it’s lower risk right now to start a business than get a ‘proper job’.

In any case, we welcome the surge in collaboration and the focus on innovation funding from the Government and corporates alike. Long may it continue for the sake of our growing number of brave entrepreneurs.

What’s your game? Psychology meets technology

In this podcast, we speak to Dr David Lewis, Director of Neuroscience at The Mind Lab, about how he and his colleagues research and analyse peoples’ emotional responses to a range of real-life issues, products and situations; and to Dr Graham McAllister, the founder of Vertical Slice, who discusses with us his cutting edge work in the computer games industry.

Message in a bottling economy

Its hard work, it has taken long enough to persuade the techie to think about marketing at all, then it was benefits rather than features and now we have to go back and say re-think it all as the economic climate has changed.  A good example is the number of new clean-tech products I see where the only marketing message presented is about the reduction in the carbon footprint, that’s great but it will probably save you money as well and this year that counts.  So keep reminding yourself that your marketing has to align with your potential customers’ need and these can change – recognising and reacting to these changes are the mark of a successful company – even in a recession.
Mike Herd

Accelerated Business Growth – The Superincubation Story Podcast

In mid 2007 Greig Holbrook, Managing Director of Oban Multilingual, knew he had a huge opportunity with his expertise in Multilingual search engine optimisation but was struggling to take full advantage. Based at the Sussex Innovation Centre (SInC) he decided to use a new SInC product, Superincubation, to help him structure and focus intensively on the growth of his business. In this podcast Greig gives his frank feedback on the process and how it worked for Oban.

All for One and One for All

‘I know, lets start a business, we’re all good mates – we don’t need a lawyer’. 

 

So went one company I worked with recently, they created a great new company as four friends and to cement their egalitarian business philosophy set-up a shareholders agreement which required unanimous agreement between them for all major decisions.

 

So who wants to involve a lawyer in these matters, its not the money, they are just so depressing, all they do is make-up what-if-bad-things-happen scenarios and nothing bad will ever happen to us!

 

I’ve worked with groups of mates, husband & wife teams, brothers & sisters, extended families – the one common factor, they’re people and people fall out, get incapacitated or just have different outlooks or future plans.  It is always worth recognising that company shareholders, directors and management have different roles and that having some basic contingency plans will make life simpler if things get sticky.

 

As it is we have a good company caught in legal limbo while ex-friends expend too much energy hurting each-other – and the lawyers still get paid.

 

Starting a business – get a lawyer– keep a friend!

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