More on Purpose

Regular readers may be familiar with the name Carolyn Tate from my previous blogs on purpose, and the Slow School of Business. Last week, Carolyn launched her latest book, The Purpose Project, a distillation of the past seven years of her work, and quite possibly a road map for anyone wanting to take control of their own destiny at work.

I would describe The Purpose Project as a cross between a first aid kit for a disillusioned workforce and a survival guide for the modern workplace. But as with defining your own “purpose”, the value is in the mind of the reader, rather than in any prescriptive solution or outcome.

Having spent the past few years working with Carolyn at Slow School, I know that her views on this topic have subtly changed. Slow School itself initially appealed to, and was designed for, independent consultants (“solopreneurs”) and aspiring consultants (“corporate escapees”). But as the concept of finding purpose in our work has started to take hold, Carolyn now encourages her readers to find their own purpose where they are, rather than rushing headlong into a new job, a new company, a new career or even into entrepreneurship (which as we know, isn’t for everyone).

I first connected with Carolyn at the Slow School, when I was exploring my own purpose as an independent consultant (and sometime corporate escapee….). Slow School provides a community of like-minded souls with a “safe” space to test new ideas, a playground to kick around new concepts, and an environment to challenge our own assumptions. Unsurprisingly, a key part of The Purpose Project is a list of 50 questions designed to help readers dig deeper into their own purpose, modeled on the Japanese concept of ikigai”. There are also some tools and practices to bring purpose to life in our current work.

In my own case, I still think my purpose is a work in progress, and is never settled – much of my career has been driven by a need for new ideas and experiences, work that is intellectually stimulating, and a willingness to engage in continuous learning (while feeding an enduring curiosity and maintaining a healthy dose of skepticism). These factors, even more than formal qualifications or faddish management theories, have helped me to build resilience and navigate a rapidly changing work environment.

One point where I may disagree with Carolyn is this notion about finding purpose through staying in your current role or workplace – that it’s not necessary to leave. While I agree that it may be possible to reshape your current job to suit your personal needs and preferences, staying in an unrewarding job or remaining with an organisation that does not value you is like persevering with an unhealthy relationship.

In short, I’m quite pessimistic about the ability for large corporations and large institutions (as they are currently framed and constituted) to help us connect with our individual purpose, or even to provide the space to do so. And of course, rapid changes in the very nature of work, the way we work, the economic structures and business models that have traditionally underpinned employment and the value exchange of labour require us to take more control over where, how and with whom we choose to spend our working time.

Next week: Agtech Pitch Night at SproutX

 

 

Investor #pitch night at the London Startup Leadership Program

For the most recent pitch night I attended, I had a welcome change of scenery: I was invited to join fellows from the London chapter of the Startup Leadership Program (and a few from Paris) as they pitched to an audience of investors, mentors and well-wishers at Deloitte’s HQ.

In no particular order, the pitches were as follows (the names link to the startup websites):

Selified

This FinTech business is making customer identity management as easy as taking a selfie and photos of relevant documents, combined with multifactor verification. They claim to be able to “verify people anywhere in the world in less than a minute”.

Selified certainly seems capable of streamlining and automating new account on-boarding, and reducing the time it takes banks and card companies to collect customer data for loan and credit applications. However, there are many similar solutions out there, and some, like Proviso, are already installed at major banks. So, the challenges for Selified include: demonstrating a valid USP (or maybe the combination of what it does?); working out a SasS plus transaction pricing model; and new client installations versus displacement sales.

Re-Imagi

Declaration of interest: I have been working with, and sometimes mentoring the team at Re-Imagi for the past year or so. (Hence my ticket to tonight’s event). So, I’ll try to be objective!

Re-Imagi describes itself as “enabling decision makers to unlock human capital inside their organisation through collaboration”. By harnessing in-house innovation, creativity and collaboration among employees (through the use of design thinking, employee engagement, and unique data capture and analysis) Re-Imagi was able to change the behaviour of 42% of participants at a global bank, within the course of a two-week programme.

From experience, one challenge for the team is describing the essence of the business – since it cuts across innovation, enterprise platforms, people analytics and design thinking. At its core, it acts as a prism through which to view a range of social movements that all companies are struggling with: e.g., the Future of Work, the Future of Ageing, the Future of Money etc. But key to success will be connecting with corporate champions who “get” what the benefits are, and are willing to embrace change and welcome some external input and perspective to their current processes.

0tentic8

A very topical subject, namely a blockchain-based solution enabling agricultural producers to access financial services, and provide more transparency on supply chains.

According to the founders, there are around 500 million farmers in the developing world who do not have bank accounts. The platform will verify each stage in the supply chain – from providing a digital ID for each farmer through to tracking end customer purchases.

Part of the goal is to give farmers a verifiable financial profile that can enable financial inclusion and access to bank services, as well as supporting “field to table” provenance.

Unfortunately, on the night, the presentation was a little unclear as to strategy and execution. It’s certainly a great idea, and one of a number of AgriTech startups looking to deploy blockchain technology along the food production, manufacturing and distribution supply chains.

Secret Sessions

Here’s a business that is aiming to turn the music industry on its head. In some ways, it’s an A&R agency for the digital age; in others, it’s a curated service linking artists, fans and consumer brands, that can potentially generate more revenue for bands (from sponsorship, content creation and licensing) than traditional record label deals or license fees from streaming services.

With backgrounds in video production, digital media and music distribution, the founders are well-placed to execute on their strategy. Secret Sessions is already working with some major consumer brands who want to connect with new artists who have established a core fan base via social media, a dedicated YouTube channel, and special live events.

As a part-time musician (and one-time recording artist myself), I recognise the changing economics of the music industry. The model has been totally disrupted by digital, and the days of multi-album deals with multi-million dollar advances are long behind us. However, I can’t help thinking that if the only way people can discover and connect with new music is via a branded advertising campaign, does it in any way compromise or impoverish the artistic merit of the content? In the 1980’s and 90’s, when household brands started sponsoring world tours by major artists, it generated a bit of a fan backlash – but maybe I’m just old-fashioned, and no doubt I’m not the target demographic.

Owlmaps

Owlmaps is targeting the enterprise SaaS market, offering their take on a knowledge management platform. Organisations need a way to identify and access “hidden” skills that lie within their existing workforce, and Owlmaps does this using a talent-mapping and skill-matrix tool.

It aims to provide a dashboard solution so that users can identify skills distribution, and skills in demand, as well maintain an audit of current staff. Owlmaps places itself at the intersection of enterprise content management, learning management and collaboration solutions, and has launched several pilots with startup accelerators, academic programmes and member-based organisations. The business model is based on tiered SaaS subscriptions.

There are a plethora of software solutions that address, in some way the problem of “in-sourcing” the right skills and experience, especially for new projects or ahead of planned restructures. These platforms are either part of “traditional” HR tools (what I sometimes refer to as “human accounting software”), project management tools, or ERP applications. No doubt, some organisations are also using their recruitment tools to maintain “current” (at the time of hiring) profiles of their employees. But they are often laborious to use and update, and the tools themselves become the process…

Owlmaps may need to demonstrate it can integrate with legacy tools, but it may also need to help end users (employees) understand what’s in it for them – maybe it can serve as a prompt to take some further professional development or skills training? I also wonder if Owlmaps needs to identify a specific industry sector, rather than trying to appeal too broadly?

imby.bio

I have to say that I really like the intent behind this startup – helping a new generation of urban gardeners connect with their back yards. It’s essentially a gardening app with some built-in smarts, that also acts as a channel to market for the retail horticultural sector, by enabling users to connect with and buy from suppliers direct.

A few of the app features seem so obvious when you think about them: take a photo of an unknown plant and get it identified; use your location data to get tips and recommendations on which plants to grow, and how to care for them; get reminders to water/weed/feed your plants. But why haven’t any of the existing gardening brands taken this market by storm? Apparently, this retail sector is very fragmented, with a large number of independent nurseries and garden centers, who rely on loyal, local customers. And many gardeners still like to use traditional printed seed catalogues from their regular suppliers.

The path to market is also slightly complex, since imby.bio is planning to work with local, offline communities to begin with, and offer the app for free (initially, at least). There are other market segments that could present opportunities (such as education, botanical gardens and parks, gardening clubs, even gardening magazines and TV shows), although the synergies between them are not entirely obvious. Plus there may be an opportunity to sell or license data captured via the app, although this is not a priority. But I applaud the vision, and an app that can help us to plant the right flowers to support our bee populations has to be encouraged.

Eligent

This is a solution born out of the founder’s personal need and experience – a multi platform task management tool for virtual collaboration within creative, digital and advertising agencies. The solution is designed to streamline the production process at each stage of a project, help co-ordinate better communication between teams (especially those working remotely), and track costs.

Also using a freemium and tiered pricing model, this cloud-based application already claims to have 100 active users across 20 teams. And with strong industry experience, the founders are pretty confident of their solution design. (There was also mention of a re-seller programme, although no details were provided.)

However, it does seem a crowded space, with the range of collaboration and project management tools seemingly growing by the month. And while I’m sure there are some unique aspects as to how the creative industries work, are they so really different? I myself have seen at least two other similar tools pitched before – Coin-Craft (architects), and Studio Ninja (photographers) – and in each case, the founders were adamant that their fields had specific needs that justified dedicated platforms just for their professions.

Capium

Capium is a suite of cloud-based productivity, client management and practice management tools for the tax and accounting profession. As part of the UK’s digital tax regime, everyone will need to have their own Personal Tax Account, and annual tax returns will be increasingly submitted online. So, Capium’s mantra is “making tax digital”.

In their two years of trading, Capium has secured 380 paid-for accounts with professional firms, representing 38,000 businesses profiles, plus around 4,000 freemium accounts (SMEs) being serviced direct.

So, rather like the successful Xero business model, Capium is recruiting accounting firms as their re-sellers and advocates. The founders also recognise that there are a range of new and existing competitors (with high, mid and low-tier solutions), but Capium is showing some impressive growth rates.

I’m not so familiar with the UK tax and accounting market, but my significant other is an Australian CPA and BAS agent, so I know what she likes (and dislikes) about each of the accounting platforms she has to use – meaning that no system is perfect, and each has one or more feature or function that is better than their competitors! Finally, even leading platforms like Xero, Quickbooks and MYOB have to build and maintain different versions for each market they serve, which can be an expensive operating model.

Taste Of Kenya

There was no doubting the founder’s passion and personal investment in this business – a project connecting coffee growers direct to retailers. Designed to offer growers a better deal and ensure they are paid in a more timely fashion, Taste Of Kenya is attempting to disrupt the existing supply chain by buying direct from Kenyan growers, and removing 5 levels of intermediaries to supply coffee retailers in the UK. Taste of Kenya pays at source at the time of purchase, and manages the processing, shipping and logistics.

Because of the competition, and due to their current limited capacity, Taste of Kenya has decided to target coffee retailers who want to source more ethically and more directly from growers. From four container shipments in the first year, volumes are designed to grow to 15 containers (240,000 kg) in year 3.

With around 30 farmers on their shortlist, and a target market of 200+ coffee retailers in London, I suspect that this may never be a business that can scale. But that’s OK (after all, weren’t we once told that “small is beautiful”?) as the business model and the social objectives are clear. Maybe the real opportunity will be in showing others how they can do the same?

Clikd

Clikd is a dating app with a couple of key features – first, it is photo-based; second, it allows users to set their own questions for prospective dates if they don’t want to use the built-in content. The founders describe it as “photo-social”. The pitch included a working demonstration, and it certainly looks like a lot of fun to use.

I’m somewhat wary of dating apps. I’m not the target audience, I’ve never used one, and I know that some investors dislike the business model – there’s the reputation risk, plus if the app is really good at its job, customers won’t be subscribers for very long, so there is considerable churn.

But, maybe it appeals to the social media generation, who are more comfortable using these tools, or who have different social attitudes. Certainly for people who have just moved to a new city where they don’t know anyone, such an app could help them meet new friends.

User adoption is key to success, and the founders have scoped an in-depth marketing and launch campaign. They have also formed a significant partnership with an outdoor media brand.

Adalys

This MedTech business is enabling smart medical data through patients’ profiles and unpublished clinical trial data, by structuring, analyzing and aggregating the growing volumes of medical data and delivering it to doctors, clinicians, pharmacies, hospitals, Big Pharma and health care groups.

Part of the goal is to make clinical trials more effective (by providing structure to the data, and making greater use of data analytics), and by allowing new data to build on existing and real-time data more easily, it should help take some of the data costs of current practices. The business model is based on SaaS subscription revenues.

With a number of trials and installations at hospitals, plus 700 individual patients on the platform, Adalys is connecting “clinical trials with real world data”. E-health solutions for managing patient records, resource planning and tracking prescription drug costs are high on most governments’ public health agendas. However, issues of patient privacy, low take-up among GPs and a lack of “incentives” makes traction challenging.

Or Du Monde

This was probably a first for me – a jewellery startup. Not only that, Or Du Monde claims to be the leading green jewellery business in France, by only using ethically sourced diamonds, recycling gold, and as far as possible using local craftspeople, to support its sustainable goals. Gold mining generates huge amounts of ore waste, and most people will be aware of the issues associated with “blood diamonds”.

The gems used by Or Du Monde are sourced direct from mines that have established appropriate working conditions, also enabling country of origin certification.

With a strong family presence in the industry, the founders probably knew their business better than anyone else in the room. But one thing that wasn’t quite explained was the B2C click and mortar retail model. From my limited knowledge, the diamond market is closely controlled by just a handful of companies, so I’m not sure how direct sourcing works. Also, on the retail side, there are obviously high-end luxury brands, and mass-market high street chains.

I’m guessing that Or Du Monde aims to sit in between, as a niche or boutique brand, appealing to a certain customer profile. The pitch made reference to the “branded jewellery” sector (representing 20% of the market, and growing), but I assume this involves intensive brand marketing and strong distribution networks – again, not much explanation, although the business plans to have 9 stores around the world by 2020.

Finally, because much of the business is made-to-order, they company does not have to hold large inventories, and more than half of the revenues come from online sales.

Checkit-Out

Quoting some research that 90% of buyers use online customer reviews, Checkit-Out is aiming to update this now well-established model. In fact, the founders believe that there has been “no evolution in 15 years”, and there is some suggestion that customer reviews are now a less trusted source. (I suppose search result rankings and paid-for SEO have distorted the market?)

Incorporating gamification and aiming for an “influent” audience base, Checkit-Out allows users to upload 1 minute videos of their restaurant visits, from the restaurants themselves. (This is the first market segment the founders are targeting.)

I wasn’t sure what the revenue model was – restaurants pay a commission on bookings or referrals made via the app? – and it wasn’t clear how or how often the video content gets updated. I’m also sure that some restaurants may not be too happy about diners filming their experiences and posting them online, while they are still dining – managers and waiters probably have enough to do coping with diners taking photos of every dish for their social media pages….

Finally, as with most user-defined and user-contributed content platforms, we tend to gravitate to the reviewers whose views and tastes appear to align with our own – understanding how that model works would be incredibly valuable.

 

Note: I’m extremely grateful to Steven Hess, Program Leader, and the team at Re-Imagi for inviting me to participate in the dress rehearsals, and to attend the pitch night itself. It was a very interesting and worthwhile experience, and noticeable that the program fellows had taken on board much of the feedback that myself and other mentors had provided at the rehearsals.

Next week: Tribute

 

 

 

 

 

 

The Future of Work = Creativity + Autonomy

Some recent research from Indiana University suggests that, in the right circumstances, a stressful job is actually good for you. Assuming that you have a sufficient degree of control over your own work, and enough individual input on decision-making and problem-solving, you may actually live longer. In short, the future of work and the key to a healthy working life is both creativity and autonomy.

Time to re-think what the “dignity of labour” means? (Image sourced from Discogs)

Context

In a previous blog, I discussed the changing economic relationship we have with work, in which I re-framed what we mean by “employment”, what it means to be “employed”, and what the new era of work might look like, based on a world of “suppliers” (who offer their services as independent contractors) and “clients” (who expect access to just-in-time and on-demand resources).

The expanding “gig economy” reinforces the expectation that by 2020, average job tenure will be 3 years, and around 40% of the workforce will be employed on a casual basis (part-time, temporary, contractor, freelance, consultant etc.). The proliferation of two-sided market places such as Uber, Foodera, Freelancer, Upwork, Sidekicker, 99designs, Envato and Fiverr are evidence of this shift from employee to supplier.

We are also seeing a trend for hiring platforms that connect teams of technical and business skills with specific project requirements posted by hiring companies. Many businesses understand the value of people pursuing and managing “portfolio careers”, because companies may prefer to access this just-in-time expertise as and when they need it, not take on permanent overheads. But there are still challenges around access and “discovery”: who’s available, which projects, defining roles, agreeing a price etc.

Contribution

Meanwhile, employers and HR managers are re-assessing how to re-evaluate employee contribution. It’s not simply a matter of how “hard” you work (e.g., the hours you put in, or the sales you make). Companies want to know what else you can do for them: how you collaborate, do you know how to ask for help, and are you willing to bring all your experience, as well as who and what you know to the role? (As a case in point, when Etsy’s COO, Linda Kozlowski was recently asked about her own hiring criteria, she emphasized the importance of critical thinking, and the ability for new hires to turn analysis into actionable solutions.)

In another blog on purpose, I noted that finding meaningful work all boils down to connecting with our values and interests, and finding a balance between what motivates us, what rewards us, what we can contribute, and what people want from us. As I wrote at the time, how do we manage our career path, when our purpose and our needs will change over time? In short, the future of work will be about creating our own career opportunities, in line with our values, purpose and requirements.*

Compensation

From an economic and social policy perspective, no debate about the future of work can ignore the dual paradoxes:

  1. We will need to have longer careers (as life expectancy increases), but there will be fewer “traditional” jobs to go round;
  2. A mismatch between workforce supply and in-demand skills (plus growing automation) will erode “traditional” wage structures in the jobs that do remain

Politicians, economists and academics have to devise strategies and theories that support social stability based on aspirational employment targets, while recognising the shifting market conditions and the changing technological environment. And, of course, for trade unions, more freelance/independent workers and cheaper hourly rates undermine their own business model of an organised membership, centralised industrial awards, enterprise bargaining and the residual threat of industrial action when protective/restrictive practices may be under threat.

Which is why there needs to be a more serious debate about ideas such as the Universal Basic Income, and grants to help people to start their own business. On the Universal Basic Income (UBI), I was struck by a recent interview with everyone’s favourite polymath, Brian Eno. He supports the UBI because:

“…we’re now looking towards a future where there will be less and less employment, inevitably automation is going to make it so there simply aren’t jobs. But that’s alright as long as we accept the productivity that the automations are producing feeds back to people ….. [The] universal basic income, which is basically saying we pay people to be alive – it makes perfect sense to me.”

If you think that intellectuals like Eno are “part of the problem“, then union leaders like Tim Ayres (who advocates the “start-up grant”), actually have more in common with Margaret Thatcher than perhaps they realise. It was Thatcher’s government that came up with the original Enterprise Allowance Scheme which, despite its flaws, can be credited with launching the careers of many successful entrepreneurs in the 1980s. Such schemes can also help the workforce transition from employment in “old” heavy industries to opportunities in the growing service sectors and the emerging, technology-driven enterprises of today.

Creativity

I am increasingly of the opinion that, whatever our chosen or preferred career path, it is essential to engage with our creative outlets: in part to provide a counterbalance to work/financial/external demands and obligations; in part to explore alternative ideas, find linkages between our other interests, and to connect with new and emerging technology.

In discussing his support for the UBI, Eno points to our need for creativity:

“For instance, in prisons, if you give people the chance to actually make something …. you say to them ‘make a picture, try it out, do whatever’ – and the thrill that somebody gets to find that they can actually do something autonomously, not do something that somebody else told them to do, well, in the future we’re all going to be able to need those kind of skills. Apart from the fact that simply rehearsing yourself in creativity is a good idea, remaining creative and being able to go to a situation where you’re not told what to do and to find out how to deal with it, this should be the basic human skill that we are educating people towards and what we’re doing is constantly stopping them from learning.”

I’ve written recently about the importance of the maker culture, and previously commented on the value of the arts and the contribution that they make to society. There is a lot of data on the economic benefits of both the arts and the creative industries, and their contribution to GDP. Some commentators have even argued that art and culture contribute more to the economy than jobs and growth.

Even a robust economy such as Singapore recognises the need to teach children greater creativity through the ability to process information, not simply regurgitate facts. It’s not because we might need more artists (although that may not be a bad thing!), but because of the need for both critical AND creative thinking to complement the demand for new technical skills – to prepare students for the new world of work, to foster innovation, to engage with careers in science and technology and to be more resilient and adaptive to a changing job market.

Conclusions

As part of this ongoing topic, some of the questions that I hope to explore in coming months include:

1. In the debate on the “Future of Work”, is it still relevant to track “employment” only in statistical terms (jobs created/lost, unemployment rates, number of hours worked, etc.)?

2. Is “job” itself an antiquated economic unit of measure (based on a 9-5, 5-day working week, hierarchical and centralised organisational models, and highly directed work practices and structures)?

3. How do we re-define “work” that is not restricted to an industrial-era definition of the “employer-employee/master-servant” relationship?

4. What do we need to do to ensure that our education system is directed towards broader outcomes (rather than paper-based qualifications in pursuit of a job) that empower students to be more resilient and more adaptive, to help them make informed decisions about their career choices, to help them navigate lifelong learning pathways, and to help them find their own purpose?

5. Do we need new ways to evaluate and reward “work” contribution that reflect economic, scientific, societal, environmental, community, research, policy, cultural, technical, artistic, academic, etc. outcomes?

* Acknowledgment: Some of the ideas in this blog were canvassed during an on-line workshop I facilitated last year on behalf of Re-Imagi, titled “How do we find Purpose in Work?”. For further information on how you can access these and other ideas, please contact me at: rory@re-imagi.co

Next week: Designing The Future Workplace

Talking Innovation with Dr Kate Cornick, CEO of LaunchVic

As a nice segue to last week’s blog on Techstars, I was fortunate to hear Dr Kate Cornick speak, just before the latest LaunchVic grants were announced. Organised by Innovation Bay, hosted by Deloitte, and facilitated by Ian Gardiner, the fireside chat plus Q&A was a useful insight on a key part of the Victorian Government’s innovation strategy.

launchviclogo innovationbay-feat-800x500At the outset, Dr Cornick stressed that LaunchVic is not an investment vehicle, and it doesn’t fund individual startups. Rather it seeks to support initiatives that help grow the local startup eco-system. (See also my blog on the consultation process that informed LaunchVic’s formation.)

Commenting on why Victoria (and Australia) has the potential to become a world-class centre for innovation, Dr Cornick pointed to a number of factors:

  • A collaborative culture
  • Positive economic conditions (comparatively speaking)
  • Governments (mostly) open to innovation
  • Strong research base

However, a few of the obstacles in our way include:

  • The notorious tall poppy syndrome, whereby Australians are suspicious, sceptical and even scathing of local success – except when it comes to sport and entertainment!
  • An inability to scale or capitalise on academic research
  • Insufficient entrepreneurial skills and experience to “get scrappy”
  • Lack of exposure for highly successful startups (c.$20m market cap) that can help attract more investment

From a startup perspective, Australia also has the wrong type of risk capital: institutional investors are more attuned to placing large bets on speculative mining assets, typically funded through public listings, and with very different financial profiles. (Or they prefer to invest in things they can see and touch – property, utilities, infrastructure, banks.)

So there is still a huge gap in investor education on startups and their requirements for early-stage funding. Part of LaunchVic’s remit is to market the local startup community, promote the success stories, and foster the right conditions to connect capital with ideas and innovation. After all, Australia does have one of the largest pool of pension fund assets in the world, and that money has to be put to work in creating economic growth opportunities.

As I have blogged before, we still see the “expensive boomerang”: Australian asset managers investing in Silicon Valley VCs, who then invest in Australian startups. Although when I raised a question about the investment preferences of our fund managers, Ian Gardiner did point out that a few enlightened institutions have invested in Australian VC funds such as SquarePeg Capital, H2 Ventures and Reinventure.

Dr Cornick also provided a reality check on startups, and added a note of caution to would-be founders:

First, it tends to be an over-glamourised sector. For one thing, founders under-estimate the relentless grind in making their business a success. And while eating pizza and pot noodles might sound like a lifestyle choice, it’s more of an economic necessity. Thus, it’s not for everyone (and not everyone should or needs to build a startup…), so aspiring entrepreneurs would be well-advised to do their homework.

Second, the success of any startup community will be reflected by industry demand. “Build it and they will come” is not a viable strategy. And I know from talking to those within the Victorian Government that unlike their inter-state counterparts, they are not willing (or able) to fund or invest in specific startups, nor in specific ventures such as a FinTech hub. Their position is that industry needs to put its money where its mouth is, and as and when that happens, the Government will look to see what support it can provide to foster and nurture such initiatives – particularly when it comes to facilitating between parties or filling in any gaps.

Third, don’t expect too many more unicorns, and don’t bank on coming up with simple but unique ideas that will conquer the world – meaning, new businesses like Facebook, Uber and Pinterest will be few and far between. Instead, drawing on her earlier comments about research, Dr Cornick predicts that it will be “back to the 90’s”, where innovation will come from “research-based, deep-tech solutions”.

If that’s the case, then the LaunchVic agenda (for the remaining 3 years of its current 4 year lifespan) will include:

  • Getting Victoria on the map, and positioning it as a global innovation hub
  • Raising the bar by educating startups and investors
  • Bringing more diversity to the startup sector, by providing greater access, striking better gender balance, and building a stronger entrepreneurial culture
  • Introducing a more transparent and interactive consultation process
  • Continuing to support the best accelerator programs that focus on startups
  • Making more frequent and smaller funding rounds, each with a specific focus

Asked what areas of innovation Victoria will be famous for, Dr Cornick’s number one pick was Healthcare, pointing to the strong research base coming out of both the Monash and Melbourne University medical precincts. Also in the running were Agriculture, and possibly Cyber-security. (Separately, there is a list of priority industries where the Government sees growth, employment and investment opportunities.)

If one of the biggest hurdles is commercializing research, Dr Cornick suggested that Universities have to re-think current IP practices, including ownership and licensing models, developing better career options in research, and doing more to re-calibrate the effort/reward equation in building research assets compared to building companies and commercial assets.

Finally, Dr Cornick offered an interesting metaphor to describe the current state of Victoria’s innovation potential:

“We have everything we need for baking a cake, but the missing ingredient is the baking powder to make it rise.”

Next week: Gigster is coming to town….