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Dr. Sunil KadriFish Biology Group, University of GlasgowAquaculture InnovationOptoSwim TechnologiesEuropharmaTNC PartnersAQ1 Systems
Inventor record?Business experience?Track Record?
IR Sensor Feed Control Systems2500 Systems installed world wide
Used on 22 Species of Fish including Atlantic Salmon, Rainbow Trout, Sea Bass, Sea Bream and Cod
Leading research tool for feeding related trials
Salmon smoltification biotech
New concept in smoltificationNew concept in aqua tech sales model
License IP to each customerRoyalty paid on a per fish basisConsumables from 3rd parties
Fish exercise stimulationBringing the benefits of exercise to cage cultureBased on optomotor responseDelivers benefits to farmer, fish, processor and consumer
Why Innovation Matters
If you’re not Unique
you better be Cheap
Meaningfully
Quick Test for Meaningful UniquenessAre your profit margins...
10%20%
50%higher than your industry?
If not, then you areNOT meaningfully unique
0123456789
10111213141516
Low Cost Quick Delivery Voice ofCustomer
High Quality Innovation
Self Reported Company Strategy
n=738 - Georgia Tech
% Profit Margin
(Return on Sales)
Innovation Drives Profits
New ProductsDrive Profitable Growth
Divided in Thirds by % of Sales in Products Not Offered 3 Years AGO
New CustomersDrive Profitable Growth
Ave
rage
GR
OW
TH R
ATE
Number of NEW CUSTOMERS over the past 3 years
Companies ThatPatent Grow
5X Faster
It’s NOT theCertificate
It’s theMINDSET!
Also Creating, Communicating & CommercializingMeaningfully Unique Ideas for....
It’s about MORE thanNew Products & Services
• More Persuasive Sales/Marketing Messages • Cost Savings / LEAN / Green• Operational Improvement• New Business Models
RADICAL Innovationversus Incremental Innovation
Company Valuation
Marketing Effectiveness
7X
9X
FUTURE FOCUS
10X more predictive of success than “Voice of the Customer”
“If I had asked people what they wanted, they’d have said faster horses.”
Henry Ford
Henry Ford
"Businessmen go down with their businesses because they cannot bring themselves to change.
One sees them all about – men who do not know that yesterday is past, and who woke up this morning with last year's ideas.”
Innovating for the future is hardLong termRisky Flexibility, adaptabilityPassion
Alot of work for little rewardNo fear of failure
Who DeliversUniversity Inventions
Who Delivers Independent Inventions
Small Companies& Start Ups
LargeCompany
Sources: AUTM FY 2005 U.S. Licensing Survey
Academy of Management Journal 2005, Vol 48, No 5, p 814 - 829
The Economic Journal, 113 (January 2003) pages 226-239
Small Companies
Small Companies& Start Ups
Large Co.1.7% Odds
Small Companies& Start Ups
DELIVER
Small Companies Create JOBS
Source: 2004 - U.S. Dept. of Commerce, Bureau of the Census
Net gain of
1,860,000new jobs
Net LOSS of181,122 jobs
SmallCompanies
< 500 Employees
LargeCompanies
% of Innovations Still in Business after 3 years
Start Ups AreThe Real EXPERTS
of Innovation Commercialization
Since the mid-20th century more than two thirds of
all RADICAL INNOVATIONS that have lead to
dramatic and sizable transformations in the
economy have been adopted, improved and
developed by SMALL COMPANIES.
Federal Reserve Bank of Kansas City
ConclusionsCommercialisation of innovation is key to growth of companies, industries and economiesSmall companies are the key element in delivering innovation to the marketTo foster innovation, small companies need to be supported by:
InvestorsGovernmentLarge companies
Aqua tech/fish tech cluster?High tech spin outs from our core industry
www.entrepreneurshipnewzealand.com
I would like to acknowledge Zach Sorrells of Plant Eureka for providing some of the information in this presentation