Nexus Spring 2009

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Nexus Spring 2009

  1. 1. 1 Warwick Business School Alumni Association magazine: spring 09
  2. 2. 3 message from the dean 3 As we move into 2009, the events of initiatives that we will focus on and, working with our advisory the past six months leave many of us boards, key volunteers, alumni and associates, we are aiming for daunted by the prospect of what a new success. year will bring. Needless to say it has been an incredibly challenging time across Success does not just equate to our ranking and our brand, industries and across the world. Indeed, although these are crucial, but to our commitment to addressing the events of the global financial crisis global issues and creating leaders who will direct and act to have impacted on many of our alumni conquer uncertainty and deliver value in management of health, and associates and we have acted swiftly global energy, low carbon, security and resilience, international to respond to your needs: from careers advice to relevant events finance, and government, to name but a few. These areas all and networks, tackling what can appear insurmountable challenges. contribute to the ‘WBS Vision’ which can be viewed online at www.wbs.ac.uk/downloads/#vision2009 and are being directly I cannot recall a time in the past five decades when business and supported through our Development Fund (see P21). management education was so crucial. We have a responsibility to ensure our current students and alumni are ready for the We hope our ongoing commitment to providing better services increasingly competitive markets and to lead and contribute to for our alumni and associates will continue to bring you value. We business and society as informed, focused and ethical global have asked you how we can improve, through our recent alumni citizens. survey, and in the next edition of nexus we will feedback the results of this and how we intend to respond. As I have reinforced Little did we know when we planned this edition of nexus, how over recent months to staff at WBS, this is not the time for us to relevant entrepreneurship as a theme would be. Not only do be complacent. Quite the contrary – we intend not only to explain successful entrepreneurs share their top tips, but we learn how the lessons to be learned from the current economic situation but to be more entrepreneurial and innovative in our approaches as also to rise above the economic challenges and to drive ahead our individuals, as businesses and indeed, here at WBS, through our strategies. We look forward to working with you in this process. enterprise activity. As we strive to securely place WBS in the top echelons of European schools, with a renowned global brand and international community and focus, we continue to be enterprising and innovative, articulating what we need to do over the next six years. As we look towards Warwick’s 50th anniversary in 2015, we have worked alongside other University departments to outline key contents In this edition of nexus we focus on entrepreneurship 6 11 15 4 Development and alumni relations 5 Alumni board 6–9 WBS news 10 Innovation rules! Professor Stephen Roper 11 The Reed interview Professor Alec Reed 12 Three decades of entrepreneurship Professor David Storey 13 The art of luxury Kevin Baker 14 The enterprise hub Professor Roger Mumby-Croft 15 IdeasForTheKids.com Manny Coulon Providend Christopher Tan 17 25 16 Skyrota Richard Chadwick Jargon PR Simon Corbett 17 Villas for travel Kathryn Bullock Moneyvidya.com Gautam Kshatriya 18 WBS Entrepreneurship Network 19 Warwick Entrepreneurs and Business Angels 20 Mentor programme launch 21 WBS development programme 22–24 UK & Overseas event reviews, SIGs and regional groups 25 Events calendar 2009 26–27 Alumni news
  3. 3. 44 nexus: spring 09 the development and alumni relations office WBS alumni and friends have achieved great things in 2008, despite the challenges of an unprecedented year. Many of you have shared your strategies and successes, both professional and personal. We continue to look forward to hearing from you and sharing your success. Collectively, our community remains a force to be reckoned with; together in 2008 we held over 100 events internationally, established new professional groups in Entrepreneurship , Global Energy and Finance, re-launched the WBS Mentoring Programme, held our first International Volunteers Day and greatly strengthened alumni groups, particularly in Canada, Hong Kong, India, Malaysia, Nigeria and Singapore. A huge thank you to all 2009 will bring challenges for each to fellow alumni, graduating students of you who have contributed to this and every one of us. WBS will continue and those just embarking on their momentum. to offer support and opportunities to studies. If you can offer advice, job take us through this period of volatility. vacancies, projects or ideas, please do The alumni survey carried out towards We already have plans to increase our get in touch. the end of the year attracted a huge network of social and professional response and indicated that 71 groups, to invest in the development In the words of Mahatma Gandhi, percent of those who responded wish of alumni online services and to ‘The future depends on what we do to actively increase their involvement broaden the range of careers services in the present.’ with our Alumni Association, whether for alumni. it be through the offer of time, Best wishes for a healthy and happy expertise or financially. This is excellent We can achieve so much more during 2009. news. Over the coming months we this challenging time though by shall be working hard with alumni drawing on the experience and energy Alison Bond and friends to build upon these of you, our alumni. Never has there Deputy Director opportunities and we will report back been a better opportunity for us to Development and Alumni Relations to you in the next issue of nexus. unite and to celebrate our community; contact details Pam Barnes Development & Alumni Relations Ben Plummer In–house photography by John Weatherly Alumni Publications Officer Administration Director of Development and Alumni Association t +44 (0)24 7652 4396 T +44 (0)24 7652 2813 Alumni Relations nexus is the magazine of the Alumni Warwick Business School e pam.barnes@wbs.ac.uk E alumni@wbs.ac.uk T +44(0)24 7652 4188 Association, Warwick Business School University of Warwick E ben.plummer@wbs.ac.uk T +44 (0)24 7652 4306 Coventry CV4 7AL Alison Bond Ann Jackson United Kingdom Deputy Director, Development Development and Alumni Charlotte Wilkes The views contained in nexus are those t +44 (0)24 7652 2813 and Alumni Relations Relations Officer (International Associate Director, of contributors and not necessarily f +44 (0)24 7652 3719 T +44 (0)24 7652 4176 Affairs) Development those of Warwick Business School or the E alumni@wbs.ac.uk E alison.bond@wbs.ac.uk T +44 (0)24 7652 8197 T +44(0)24 7615 0075 University of Warwick W www.wbs.ac.uk/alumni E ann.jackson@wbs.ac.uk E charlotte.wilkes@wbs.ac.uk Design by Morse–Brown Design Kathryn Chedgzoy w www.morsebrowndesign.co.uk Development and Alumni Tracy Lynch Jen Young Relations Officer (Corporate Development and Alumni Development and Alumni Affairs) Relations Officer (Student & Relations Events and Office T +44 (0)24 7615 0515 Regional Affairs) Co-ordinator E kathryn.chedgzoy@wbs.ac.uk T +44 (0)24 7652 8487 T +44 (0) 24 7615 0171 E tracy.lynch@wbs.ac.uk E jennifer.young@wbs.ac.uk
  4. 4. 55 alumni board 2008 was a busy year for your Alumni We have been building our Board and 2009 is set to be even understanding of what you need busier. Our primary focus is building to develop groups of your own and up the numbers of you who are share experiences with others, partly actively engaged in making alumni through direct contact and through activity happen, for the benefit of your the Volunteer’s Day, with virtual and alumni colleagues. This culminated physical participation from the USA, in the first Volunteers Day held at Canada, Hong Kong, Greece, the Warwick in September, an opportunity Netherlands, Italy and Nigeria. In 2009 for those of you who make things expect to see a focus on supporting happen to come together and the development of new groups in share experiences, find out what’s countries where there is a critical mass happening at Warwick and let us know of you and building a guide to good what you need to do an even better practice and support that you can all job. This event will now be a regular draw from wherever you are. fixture, and the date for your diaries in 2009 is 3 October. Underpinning all of this, we are focused on In 2009 we would like to build a group as they graduate and leave, secure in of volunteers to represent cohorts the support the Alumni Association • building a better web presence to and groups of students over the can offer as they develop their careers. make alumni and activity more last 41 years of the Schools’ history. visible and accessible If you have a passion for bringing Alumni professional groups have • helping those individuals who people together around your shared developed in Global Energy and want to mentor or support students experience, however long ago that Finance, and connections made with in a personal capacity get involved was, then this could be you. Do get in professional bodies. You can expect • making alumni more visible on touch to learn more. to see more of this in the spring. a day to day basis within the The WBS Entrepreneurship Network School buildings – all 24,000 of Alumni membership starts when (WBS–EN) has also gone from strength you, and the great work that the students arrive at Warwick, and we are to strength (see P18). several hundred committed active building strong bonds with existing volunteers do for you. students across all courses to enhance We focused internationally in 2008, as their Warwick experience and support 35 percent of you are based in around Gill Thewlis (FTMBA 1989–90) their transition into the outside world 135 countries worldwide. Chair of the Alumni Board Alumni board members join Special Interest Group volunteers Alumni board member Rob McCulloch to share ideas at the Volunteers’ Day in September trials a new ‘live’ remote access tool
  5. 5. 6 nexus: spring 09 WBS news teaching programmes At the annual US-based International Council for Small Business conference in Canada earlier this year, Professor David Storey was selected as one of three recipients for 2008 to be given the status of Wilford L. The Global Energy Initiative was formally launched in October White Fellow, for his ‘unwavering dedication to small business’. 2008. It is a Warwick MBA tailored for the energy sector, together with research projects and initiatives to tie in with current WBS and Professor Robin Wensley joins WBS Dean Howard Thomas in being University research on energy issues such as policy and regulation, granted the award of recognition as Companion of Honour of the UK’s climate change, energy sources, and security of supply. The Global Association of Business Schools (ABS). Companionship recognises the Energy MBA is aiming for an intake of around 50 and will commence significant contribution at national and international levels to making in May 2009. Taken over three years of part-time study, it will be a positive difference to the UK Business School sector. delivered through blended learning – a mix of face-to-face and online learning, and home study. David Elmes, Academic Director of the new MBA, comments, ‘The global energy industry is facing varying challenges and opportunities. Managers need a broader understanding of the industry, the skills to establish partnerships across the globe and the critical thinking to see options that are possible. This part-time programme also recognises the industry’s need for top-tier talent to remain in the workplace while accelerating careers.’ Another new programme will launch through WBS winning a major contract to work in partnership with the UK’s National Policing Improvement Agency (NPIA) to design, develop and deliver a new Masters and Diploma programme in Police Leadership and Management. This means that cohorts of at least 50 police per year will come to study at Warwick over the next nine years, led by the Public Management & Policy teaching group. For undergraduates, a new BSc in International Management will take its first cohort in Autumn 2009, with a target intake of 35. The third year will be spent outside the UK, with English the working language, either studying with a partner institution and/or undertaking an approved work placement . Finally, our MA courses have undergone a review and relaunch for 2009. This includes new names for the three degrees: the MA Industrial Relations and Managing Human Resources, (previously MA Sotirios Paroutis and Duncan Angwin in Industrial Relations and Personnel Management); MA International & European Employment Relations, (previously MA European Dr Sotirios Paroutis and Dr Duncan Angwin between them won the Best Industrial Relations); and MA Management and Organisational Paper for Practice Implications Award at the annual international Analysis, (previously MA Organisation Studies). These new titles Strategic Management Society (SMS) conference, held this year in better reflect the changes to be incorporated into the curriculum. Cologne, Germany. The primary criterion for this prize is practitioner relevance. staff news WBS Dean Howard Thomas was made an Honorary Fellow of the University of Swansea in Wales, for his contribution to the field of business strategy. Why Swansea? – Howard is a proud Welshman! Dr Andrew Sentance was one of several new members of staff for the WBS goes greener new academic year. With the role of part-time As well as the paper, plastic, CD and ink cartridge recycling ongoing Professor of Sustainable across campus, WBS is now using a higher percentage of recyclable and Business at WBS, you recycled paper for its printed stationery and brochures. would expect him to have another job, but Andrew’s It is also, thanks to the efforts of staff in the Information Systems other job is rather rare. Support Unit, to reduce its annual carbon footprint over the next year by He is one of the four around 40 tonnes. This is due to changes in power management settings external members of and the increasing use of virtualisation in our server infrastructure, and the UK government’s represents an annual reduction in the electricity bill of approximately Monetary Policy £7,000. Committee, which plays a key role in stabilising Other indirect savings are also likely, such as reduced air conditioning the UK economy against bills as less heat is being generated by the computers, the background of and longer equipment life. the ongoing financial Dr Andrew Sentance turmoil.
  6. 6. WBS news nexus: spring 09 7 student news Antuela Tako, WBS doctoral student from Greece, picked up the Dana Meadows Award at the System Dynamics Society Conference in Athens in the summer. She is only the second non-North American WBS students from all levels of study have been doing great things to do so in its eight-year history. The prize celebrates and recognises and winning great prizes. Here are just a few examples: high quality student work in the field of system dynamics. Stewart Robinson, Antuela’s supervisor, put her work in context, ‘In winning Jenny Leong, 3rd year undergraduate, this award her work is being recognised as a major contribution to visited China in July, after winning a the choice of simulation method.’ place on the China Synergy Programme for Outstanding Youth, a programme run The MBA sailing crew of Bobo Baudin, (Skipper), Panagiotis by the Chinese government to provide Anastasiou, Chris Best, Matthew Delaney, Emanuel Fasie, Alexandr talented students with the opportunity Galkin, Irina Motovilova and Filippo Riva did WBS proud in the to learn more about China and Chinese annual MBA’s Cup regatta, held off the Mediterranean coast near culture. Jenny was one of more than 200 Genoa this summer. They came 4th overall, ahead of other prestigious students from around the world to be business schools such as INSEAD, LBS, Wharton and Harvard. awarded a place this year, and was one of only three in the group chosen to give a Early November saw the arrival at Warwick Business School of 20 speech in the Great Hall of the People Jenny Leong in Beijing. executives from the prestigious Indian Institute of Management, Ahmedabad, to stay in Europe for five weeks and gain an international perspective of business. Other undergraduates heaped honours on themselves at WBS. Three second-year WBS undergraduate students won prizes for their outstanding performances in the Financial Management module, taught by Principal Teaching Fellow Dr Peter Corvi. The prizes were generously sponsored by the investment bank UBS. Keshav Bhajanka from India won first prize, whilst Erik Wottrich from Sweden, and Nancy Chen from China shared second and third prizes. IIM executives meet current students at WBS on a high note WBS has retained its top 30 world placing in the international Financial Times MBA rankings, our BSc Accounting & Finance is rated number one in the UK, and thanks in no small part to you, our alumni, WBS international media coverage rose by 12 percent UBS Director of Investment Banking, Marco Buonaguidi (centre) over the past year. presents the winner’s cheque to Keshav Bhajanka The Association of Corporate Treasurers donated prizes for the best stop press performances in Finance 1 and Finance 2 undergraduate modules. Finance 1 winners were Nicholas Morgan and Christos Symeou, and The UK government’s 2008 Research Assessment Exercise rated 75 Finance 2 Katarzyna Godlewska and Christos Symeou – again. percent of WBS research at 3* and the highest 4*, placing us in the top echelons of UK business schools. WBS submitted 130 academics Lily Fu, from China, helped to boost for assessment, nearly 90 percent of its faculty, so this statistic reflects WBS media coverage when project work the high quality running across the breadth and depth of research at for her MSc in Management Science and WBS. Operational Research hit the headlines. Her report revealed that the real cost of the disastrous summer 2007 floods in the Fore more news items, features, podcasts and media UK amounted to £90 million in our local coverage, visit our press centre county of Warwickshire alone. A county spokesman said, ‘As weather events W www.wbs.ac.uk/news become more intrusive, their effects need to be understood and prepared for in order that we can continue to deliver high quality services... this report is a crucial Lily Fu first step in achieving this.’
  7. 7. 8 nexus: spring 09 research review Giles Hindle Alberto Franco Paul Edwards Paul Marginson Lynne Oates Penelope Tuck Dr Giles Hindle and Dr Alberto Franco, ORMS, Professors Paul Edwards and Paul Marginson, In recent years, Her Majesty’s Revenue and recently ran a series of stakeholder workshops IRRU, are to receive one of four 2.5 million Customs (HMRC) has recruited qualified as part of an Attitudes of health professionals Canadian dollar grants awarded in 2008 by accountants with significant professional to giving advice on fitness to drive research the Social Sciences and Humanities Research financial reporting experience gained in project, carried out by the University for the Council of Canada (SSHRC) through its Major professional practice in order to fill an Department of Transport. Their purpose Collaborative Research Initiatives programme expertise gap. However, a new report by was to collect qualitative data on healthcare (MCRI). They are part of an international Dr Lynne Oates and Dr Penelope Tuck professionals’ attitudes to the current DVLA team led by the Interuniversity Research of WBS has identified areas where their system to deliver Medical Standards on Fitness Centre on Globalization and Work (CRIMT) expertise could add more value. ‘There is less to Drive and to examine how barriers to that will conduct a vast study of work and recognition of the other management skills improved participation might be removed. employment in a global context. that they bring to the HMRC Large Business Service from their previous careers.’ Lynne Summaries were developed using Decision The CRIMT team will examine the explains. ‘For large corporate taxpayers, the Explorer software and a set of themes involvement of institutional players in increased use of accountancy expertise by identified within the data using modelling dialogues about change and seek to gain HMRC has potential to reduce antagonism tools from Soft Systems Methodology. One a better understanding of the capabilities resulting from Revenue officers pursuing set constituted ideas for improving or ‘tuning’ required to evolve and thrive in this new inappropriate issues during enquiries as a the existing system and the second alternative environment. Key issues include the cross- consequence of not fully understanding views or philosophies for possible system re- border organisation of production and the accounting which underpins the tax design. The summaries indicated differences care, citizenship in the workplace and the computations. At the same time there is in attitudes among the various healthcare implementation of public policies that reduced scope for taxpayers and their advisors professionals, although all groups were redistribute work rights and risks, new to ‘pull the wool over the eyes’ of Revenue concerned with the need to collect empirical forms of collective representation, and the officers and to some extent a diminution evidence linking medical conditions with social aspects of comparative institutional of the ‘knowledge superiority’ previously road safety. Views ranged from making the advantage. possessed by the taxpayer.’ standards more user friendly, providing faster web access, producing a range of simple hard WBS Associate copy guides and look-up tables, and making Professor of Current research by members of the Local the decision-making process faster. Operational Government Centre includes: Research, Dr The project forms part of an ongoing Action Vladimir Deineko, An ongoing major contract with the Research programme which aims to develop has been awarded Department for Work and Pensions and test methods and tools for the innovation funding of £200,000 looking at improved and joined up and development of large organisational by the EPSRC (the services for older people. Vladimir Deineko systems. government-funded Engineering & Physical Sciences Research Reviews of transport governance Council) for a two year project to study how arrangements in four major city regions Recently published Coventry City Council can make the best of the UK (Leeds and West Yorkshire; research by Dr Stuart possible use of their service vehicles. This Sheffield and South Yorkshire; West Fraser, CSME, has research project, called Special Structures Midlands; Tyne and Wear) – jointly with examined the small in Vehicle Routing Problems will look at Atkins. business credit optimising how Coventry City Council use market using data their fleet of vehicles for purposes such Ongoing evaluation of Local Area from the UK Survey as waste collection, repair services, and Agreements and Local Strategic Stuart Fraser of Small and Medium passenger transport. A trained mathematician, Partnerships, for the Department for Finances (UKSMEF) Vladimir will be overseeing research which Communities and Local Government. where summary comparisons have shown has a wider base than logistics alone, and that there are much poorer credit outcomes hopes to enable the Council to provide a A major development programme – for Ethnic Minority Businesses (EMBs). better service for less cost and less wear and the Leadership Academy – for senior tear on vehicles and staff. elected members (councillors) in local Analysis of loan denials and interest rates points to differences in creditworthiness government. rather than ethnic discrimination as an reason for the lack of discrimination in the explanation for poorer EMB credit outcomes. UK. The research has highlighted a number The ongoing activity of the Warwick Dr Fraser notes that the increasing use of of factors which need to be addressed in order University Local Authorities Research credit and behavioural scoring systems, to reduce ethnic variations in loan denial Consortium and the Local Authorities and which do not allow transactions to be tainted rates: lack of financial skills and advice; Social Exclusion Network. by dubious judgements based upon ethnic poor financial performance; and ethnic and perceptions by loan officers, is the main cultural differences.
  8. 8. research review nexus: spring 09 9 FTSE 100) who participated in the research in HSBC, Jermyn Consulting, Leeds City the ‘Assessing Organisational Resilience: The Council, Government Office for London and Capacity of Organisations to cope with the London First. Threat or Actuality of Extreme Events’ project. The study and the findings have been 13 round table focus groups have been held showcased at a number of academic and across four regions of the UK (Midlands, practitioner internal and external events. North West (Manchester), North East (Leeds) Bridgette and Layla are now in the process of Bridgette Sullivan-Taylor Layla Branicki and South West/London) to collect data on analysing the data and will be developing a the current perceptions and action being survey in 2009. For further information visit: Since Spring 2008, Dr Bridgette Sullivan- taken in relation to the risk and threats facing W www2.warwick.ac.uk/fac/soc/wbs/ Taylor, Strategy, Organisational Learning a wide range of organisations. These events research/solar and Resilience (SOLAR) Research Director were co-hosted and supported by AWM, BT, and Dr Layla Branicki, Research Fellow, have Birmingham City Council, Birmingham developed networks and partnerships with International Airport, Birmingham Resilience More information about WBS research can a range of almost 200 companies (including Forum, CBI, Co-Operative Financial Services, be found via the Press Centre in news and features w www.wbs.ac.uk/news hot off the press Political Dilemmas Managing to Improve The Truth about at Work: How to Public Services co- Innovation by Max Maintain Your Integrity edited by Professor Mckeown, WBS and Further Your Jean Hartley, IGPM, Doctoral Researcher, Career co-authored published by Cambridge published by Pearson. by Colin Gautrey University Press. Shows Transforms today’s most (DLMBA 1999–2007), how management important innovation published by Wiley. can be harnessed to research into 50 proven Based on the authors’ improve a range of ‘truths’. Provides experience of coaching public services (eg guidance to overcome managers, they offer policing, health, local the innovation-related practical tools and real-world tips for turning government) by examining them through problems all managers dilemmas into opportunities. different theoretical lenses (governance, face and improve managerial effectiveness. W tinyurl.com/6xtkfl innovation and change, performance metrics w www.maxmckeown.com and management). W tinyurl.com/5qvot8 Public Services Inspection in the Your GPS for outstanding UK co-edited by Strategic Marketing, 9th leadership co-authored Howard Davis, LGC, edition, co-authored by Per-Egill (Frosty) published by Jessica by Professor Nigel Frostmann (BSc ManSci Kingsley. Provides a Piercy, MSM, publisher 1971–74), published detailed account of McGraw-Hill/Irwin. by HKG. The fourth the changing role of With a clear emphasis in a series it aims inspection in public on analysis, planning, to help members of services management – and implementation, organisations spend outlines the continuing this new edition uses a more time on strengths debates about providing inspection that decision-making process and less on weaknesses, encourages not only accountability but also to examine the key concepts and issues in order to significantly boost their effective service provision and best practice. involved in analysing and selecting strategies. performance. w www.yourgps.no w tinyurl.com/6kkrc6 w tinyurl.com/6246fq Challenges in Accounting Reform Postdemokratie by European Employment in Transition and Professor Colin Relations: employment Developing Economies Crouch, IGPM, Part regulation, trade union by Professor Robert W of the Themes for the organisation, equality, McGee (PhD 1982– 86), 21st Century series, flexicurity, training and published by Springer. published by Polity. new approaches to pay The fourth in a series First published in edited by Professor about the dramatic 2004, now available in Linda Dickens, IROB, changes that have to be German translation, published by Kluwer. made to the accounting Postdemokratie goes Offers a deeply and financial system of beyond current informed comparative a transition economy. complaints about perspective, drawing on empirical research on W tinyurl.com/5nvhno the failings of our democracy and explores changing conditions within and beyond the the deeper social and economic forces that EU. w tinyurl.com/5zcqjb account for the current malaise.
  9. 9. 10 nexus: spring 09 entrepreneurship innovation rules! Stephen Roper, Director of the Centre for Small and Medium Sized Enterprises (CSME), explains how recent research suggests that innovative firms are better able to withstand market downturns. Global markets are weakening and even For example, CSME has recently been selecting appropriate team members and Ireland, the Celtic Tiger, has moved into given £660,000 to support new innovative assigning team leadership roles all emerge recession as declining GDP replaces annual Knowledge Transfer Partnerships and CASE as important management competencies growth rates of 4–7 percent pa over the last studentships. Jacky Swan, Harry Scarbrough in boosting innovation outputs. So the decade. In China too and the other rising and others in the IKON group have also third rule is to develop cross-functional powers – India, Brazil and Russia – economic helped firms and other organisations to innovation teams wherever possible and give growth is weakening if not stalling entirely. develop effective innovation partnerships. them scope and resources to develop creative So how should companies respond? solutions. Even for a partnership, however, R&D and One necessity is keeping lean – minimising innovation can remain a risky activity and Finally, innovation is something that most costs wherever possible and re-engineering ensuring the effectiveness of your process companies will do on a regular basis and business processes to take out cost. Strategies remains a key concern. To help firms with so learning from success and failure is also based on cost-reduction will only take managing effective innovation we have important. After action reviews or debriefs, you so far, however, in the face of global developed the notion of the innovation internal intranets and effective knowledge competition from low-cost economies. value chain. There are three key links in this management all become important here Instead, all our research suggests that chain: in helping to capture the ‘learning’ from building sustainable competitive positions projects and avoid repeating mistakes. Rule depends on effective innovation, or the • knowledge gathering – collecting together four then is to ensure that learning from successful application of new knowledge. the knowledge you need to create a new innovation projects is captured, codified and Innovative firms – our research suggests innovation utilised. – grow faster, are more profitable and • knowledge transformation – the process of productive and, vitally in the current translating knowledge into a new physical Choosing to invest in innovation in difficult economic climate, are better able to product, process, or organisational times can be a tough call. Hopefully, the withstand market downturns. structure rules will help to ensure your success and • knowledge exploitation – marketing and lead to new, exciting and profitable services selling the new product or service to or products. ...all our research suggests generate value for the business and its stakeholders. that building sustainable the author in minute competitive positions This all sounds very complex but it really is a recipe anyone can understand. Think of it depends on effective like baking a cake – gather the ingredients, Stephen is Professor of Enterprise at WBS innovation. bake the cake and then sell it! The key point and was recently here is that this is a value chain comprising appointed Director different links. If each link is not working of the CSME. He So where do we start with innovation? effectively then the whole process can be was previously a Professor of Business Well, let’s start with the obvious. You don’t wasteful and costly. So the second rule is to Innovation at Aston know everything – but you may know ensure your organisation’s innovation value Business School and someone who does. Or, at least, you may chain is working effectively. Assistant Director of know someone who knows someone who the Northern Ireland knows what you need to know! So the WBS can help here too. Jean Hartley and Economic Research first rule is don’t do it alone. Innovation John Benington and their IGPM research Centre Belfast. He is a collaborative process undertaken in group have been working with public sector is currently Director of InnovationLab partnership or networks. These reduce risk, organisations to strengthen their innovation (Ireland) LTD, a consultancy specialising in bring new knowledge to the problem and value chains. While Giles Hindle, ORMS, Innovation Policy. accelerate the process. Moreover, research and Simon Collinson, MSM, have worked at Warwick and elsewhere has shown that with firms to help diagnose weaknesses in Stephen is a member of the Economic and Social this ‘co-innovation’ leads to more and better their innovation value chains and develop Research Council Strategic Priorities Board, UK innovation. effective and creative solutions. Committee of the Regional Science Association and a fellow of the Higher Education Academy. He has acted as a consultant for OECD, DTI, Your choice of partners is also important. It is worth stressing two other key lessons BERR, Small Business Service, EMDA, AWM, For the majority of firms their innovation from recent research. The first relates to Scottish Executive, Invest Northern Ireland, Forfas partners are suppliers or customers, but the power of cross-functional teams to (Dublin), Enterprise Ireland, Northern Bank, increasingly companies are also partnering boost firms’ innovation outputs. These InterTradeIreland, Department of Enterprise with universities in market-focussed can help to increase creativity, improve Trade and Investment (Belfast), Department of projects. And, here WBS may be able to help. knowledge sharing and accelerate further Education and Learning (Belfast). the innovation process. Empowering teams,
  10. 10. nexus: spring 09 entrepreneurship 11 the Reed interview Highly successful entrepreneur, educationalist, and philanthropist Professor Alec Reed, CBE, founder of Reed, one of the largest recruitment solution providers in the UK, kindly agreed to be interviewed for nexus. Topics ranged from his second book and its current relevance; to the development of his philosophy from his early days as an entrepreneur. He also shares his top tips for success. What was the background to your last book Capitalism is Dead: Peoplism Rules? ‘Its content is proving extremely relevant today, especially in the light of the current financial downturn. In an age where human talent is the only provider of competitive advantage, economic, political and social power has shifted from capital to people, and what I term ‘peoplism’ has now superseded How do you respond to new ideas? • know the real profit margins capitalism. ‘Peoplism’ defines the economic • continuously innovate state where individuals own and control the ‘I have always been proactive and this is • nurture young talent most important factor of production: their fundamental to the philosophy of the Reed • think radically human ability. Group. Naturally one has to react to things • be pro-active like dot-com but then you need to ‘think, • think and re-think ‘There has been a paradigm shift – a re-think and Reed-think.’ Hundreds of ideas • keep questioning technological revolution in business has continually come in from co-members and • don’t always look for something new replaced the industrial revolution. Profit they are dealt with, in my terminology, in a • keep a portfolio of plan B’s you could do margins are far lower and most assets are not quick and dirty fashion. Nevertheless, ideas ready for when something doesn’t work.’ what they used to be. Furthermore, intangible regarded as valuable are always rewarded even assets such as patents and copyright are no before testing to see if they work.’ And Alec Reed’s final word of advice is: longer important; even brands have lost value ‘People aren’t remembered for being good as products are commoditised.’ ‘It is important to think through ideas despite business people, but for bringing about a desire to drive ahead, because otherwise you change – change for the good.’ ‘All of this therefore poses an opportunity and can leave an opportunity for a competitor. a threat for entrepreneurs. There is more of an One doesn’t really need to always find w www.reed.co.uk intellectual market base to be tapped into, but something new – you’re just increasing the it is harder to create sustainable business in risk – you can reinvent and bring additional this context. So I believe that the antidote to value.’ Alec Reed in minute these paper-thin margins is the innovation of better products and services.’ Through the Reed graduate trainee scheme, Professor Alec Reed CBE is the founder of Reed many new ideas have been generated and Executive, one of the largest recruitment solution Where and when did you start your company? acted upon. For example, Reed developed providers in the country. Reed has over 400 its own job search engine, reed.co.uk, and branches in ten countries and online, www.reed. co.uk is currently Europe’s largest commercial job ‘I opened my first branch of Reed Executive listed its own jobs on the site. However, site. The Reed Group comprises: Reed Executive, in May 1960 in Hounslow, West London, one bright graduate trainee proposed the Reed Personnel Services, Reed Employment, and by September 1961, I was married and company should make their website free for Reed HealthCare, Reed Learning, Reed Managed already establishing my third branch in the competition to use. Through this radical Services and Reed in Partnership. Kingston. Rather than trying to compete thinking, Reed went massive overnight, twice in generalist headhunting, we became as big as any competitor (and the graduate With an abiding interest in education, Alec Reed specialists. For instance, Reed Executive was trainee earned a £100K reward). Now Reed set up the Reed Business School, The Academy online keeps a core service free, with tailored of Enterprise and the West London Academy. He launched to recruit qualified accountants, as has published two books Innovation in Human we recognised that a different approach was pages for which there is a charge. Resource Management and Capitalism is Dead: needed to help recruit for such positions.’ Peoplism Rules, published in 2002 by McGraw Hill, Do you have any advice for budding with contributions by two WBS Board members, And the rest as they say is history… Reed now entrepreneurs? Professor Andrew Oswald and Sir George Cox. has over 400 offices in 10 countries and over Alec Reed is also involved in a range of charitable 4,000 co-members (employees). ‘My top tips for how to succeed in business activities and is the founder of Womankind would be: Worldwide, Ethiopiaid and The Big Give. He was appointed as an Honorary Professor at Warwick Business School in 2003.
  11. 11. 12 nexus: spring 09 entrepreneurship three decades of enterprise culture WBS researchers Francis Greene, Kevin Mole and David Storey of the Centre for Small and Medium Sized Enterprises (CSME), review the role of enterprise and enterprise policy in Teesside. Official government statistics on new firms show official government data, over the period from What is worrying is that despite these that in 2001, Teesside in North East England had 1980 until 2005, if anything formation rates improvements in the policy environment a rate of new firm formation that was about half in Teesside are somewhat lower compared there has been little change in the number, the national average. When official data was first with the national average than they were in quality or performance of new firms. published in 1980 Teesside rates were slightly 1980. However, the research does not focus higher, and the national average rates were exclusively upon official statistics. Indeed Three Decades of Enterprise Culture: slightly lower, so if anything its relative position about 40 percent of the new businesses on Entrepreneurship, Economic Regeneration and on the entrepreneurial league table has slightly Teesside that appear are not registered for VAT. Public Policy by Francis Greene, Kevin Mole declined over twenty years. However, even for unofficial businesses there and David Storey, published by Palgrave is little evidence of an increase in enterprise MacMillan w tinyurl.com/53eoxz Our controversial book Three Decades of creation in the period. Enterprise Culture is important, partly because Teesside has amongst the lowest new firm Turning now to the performance of new formation rates in England, but also because firms, we find that new firms established in three authors in minute the area has effectively been an ‘enterprise either the 1980s or the 1990s are no more laboratory’ for more than two decades. During likely to grow in terms of employment and are that time just about every UK enterprise policy no more profitable than new firms established has been implemented on Teesside so as to in the 1970s when there was no enterprise encourage the creation of more and better new support policy. The typical new firm has three firms. workers and less than half have more workers than when they began to trade for the first Its purpose is to ask what has changed in this time. 45 percent of all new firms fail within enterprise laboratory as a result of the policy four years. focus. It is in a unique position to assess change because prior surveys by David Storey examined In terms of changes in the characteristics of new firms in Teesside, both at the end of the people starting new businesses, we do see 1970s and the 1980s. The book moves this on some changes, primarily in the new firms to include new firms in the 1990s. This enables started in the 1980s. During that time many a direct comparison to be made between new more new firm founders were likely to be Dr Kevin Mole is Associate Professor of firms created in the 1970s – when enterprise unemployed immediately prior to starting Enterprise. Kevin’s expertise ranges across a policy effectively did not exist – with those the firm than was the case during the 1970s variety of qualitative and quantitative research created in the 1980s and 1990s when enterprise or 1990s. This is likely to reflect both the techniques: on external advice to small firms, policy was in full swing. higher prevailing unemployment rates during the diagnosis of firm problems, policy choices in that decade and the government policy business support, firm growth and the adoption A second comparator is that new Teesside (Enterprise Allowance Scheme) that financed of new working practices in SMEs. He has worked firms can be compared with new firms in the new business creation by the unemployed. for the Advanced Institute of Management and his client list includes the Small Business Service entrepreneurial county of Buckinghamshire – What changes hardly at all is the gender and Business Link University. where new firm formation rates are virtually composition (30 percent female) the age when double the national average. people start (35/36) or those that have been in Dr Francis Greene is Associate Professor of business before (30 percent). Enterprise. Francis’ client list includes the UK’s The research suggests that if policies to Small Business Service, Shell UK plc, New encourage enterprise have been successful one So, what is clear is that the normal indicators Zealand’s Ministry of Economic Development, would expect to see in Teesside: of business quality suggest that there is little Business Insight, the Work Foundation and Her Majesty’s Treasury. evidence of improvement in new firms created • an increase in the number of new firms in Teesside during two decades of policy. In Professor David Storey was formerly WBS • an increase in the number of new firms short the new firms started in the 1990s look Associate Dean – Research and Director of the compared with other areas in the UK little different from those started in the 1970s Centre for SMEs. David is Visiting Professor • a faster growth and improved performance of when enterprise policy did not exist. at the University of Reading, the University of new firms Manchester and Durham University Business • new firms being established by a different type Does this mean that policy has failed? Our School. He is EIM (Netherlands) International of person. overall judgment is that, in terms of the Fellow; a winner of the 1998 International Award for Entrepreneurship and Small Business objectives policy makers set for themselves Research; and a Member of the UK Small Business Unfortunately, there is very little evidence in 1980, they would have been pleased to Council. In 2008 David was awarded the status that, despite its role as an enterprise laboratory, see some improvements. For example, we of Wilford L White Fellow by the International there are marked changes in any of these four feel they would have been pleased with our Council for Small Business. The award honours dimensions. evidence that the take-up and satisfaction individuals who have demonstrated an with business advice had improved markedly unwavering dedication to small business and Although there have been fluctuations in the and also with our finding that overall, access generated a significant impact on the field. rates of new firm formation, judging from to finance amongst new firms had improved.
  12. 12. nexus: spring 09 entrepreneurship 13 the art of luxury Kevin Baker (FTMBA 1982 –83) CEO of Thomas Lyte, describes his entrepreneurial journey and the ethos behind this luxury consumer brand. My entrepreneurial journey really began making combined with a modern marketing at WBS on the MBA course; where I was management team. Our crafts people have inspired, nurtured and developed by made or restored iconic sporting trophies a brilliant group of course leaders and like the refurbished FA Cup or a replica Ryder classmates. Using a case study teaching style, Cup almost completely by hand. We are the School produced an atmosphere of ‘real investing in silversmithing, with a mission to business’, highly competitive, team problem ensure the industry survives and grows. solving, but with a fantastic opportunity to shine. Undoubtedly, the seed corn of my The Thomas Lyte brand generated just under business success in large corporates and £2 million of sales in the first twelve months subsequently as an entrepreneur was planted to October 2008, with an expectation of at WBS. doubling this turnover in year two. The commercial map leading to the launch 2010 and beyond will see the global of Thomas Lyte began during my time at expansion of our English luxury brand. I Alfred Dunhill, which I joined in 1989 have always wanted to build a global brand as International Marketing Manager. By and believe organisations should make a 1992/93 most global luxury markets were In October 2007 Thomas Lyte was launched difference to their environment. Thomas dealing with recession. As we shall see during in defiance of this erosion in critical product Lyte is both luxurious and principled. Our 2009, in recession new markets develop. values. In the planning stage we decided employees will benefit directly from the on five core values which would guide our growth of the company and by the time of A new market sector to emerge in the early product development programme, our the retail launch in autumn 2009, our range to mid 1990s was the use of luxury brands marketing associations and our company of luxury goods will be as ethically sound as in corporate gifts. Promoted and developed operational practices. possible. by Tiffany & Co. in the US, they offered businesses the opportunity to celebrate The team decided Thomas Lyte would be; My top tips: milestones with a beautiful piece of silver English in personality; incorporate where • Don’t wait for your perfect idea to come or crystal. This could be engraved or etched possible elements of England’s heritage; the along. Passion and persistence will fine with a company logo and commemorative brand would be ethical, ensuring we support tune most reasonable ideas into a perfect message, supplied in quantity at a specific all workers who make our products and proposition. time and to a budget. Clearly this new market minimise any damage to the environment • Invest in technology especially your offered a strategic window of opportunity for through the manufacturing process; to be web strategy – it is the future to brand a new entrant. strongly associated with art; and a modern building and selling. brand, capturing the free-thinking spark of My first entrepreneurial venture was innovation of English artists from the sixties W www.thomaslyte.com launched to exploit this newly emerged through to present day. sector in 1995. Sitting inside a holding company called The Phoenix Luxury It has been an incredibly busy first year. In the author in minute Company Ltd, under licence we launched January 2008 we introduced The Thomas the British luxury brand Aquascutum into Lyte Modern Heritage Award with the Crafts Kevin Baker is a leading commentator on the the business gift sector. We raised £60,000 Council to search out and inspire new design trends and dynamics of the international luxury and extended the brand into the business-to- and craft talent in this country. Our winner, brand market. Born into a family of eminent business market with an extensive range of glass artist James Maclachlan is now working scientists, Kevin studied Material Science at Brunel sterling silver accessories, jewellery, writing on designs for our products to be released University and won an MBA scholarship to the University of Warwick. His first jobs were brand instruments and timepieces. this year. management positions at SmithKline Beecham Consumer Products (now GlaxoSmithKline) and Thomas Lyte was born out of a passion We also launched our own charitable Hawker Siddeley (now BAe Systems). for luxury and a strong determination to trust, The Thomas Lyte Foundation, with a protect and nurture the industry’s original commitment to support designers and artists In the late 1980s he was International Marketing philosophy. The original concepts of luxury as well as art initiatives throughout England Manager with Alfred Dunhill – at the time the were born out of the principles of the Arts and abroad. We give 10 percent of profits world’s largest luxury brand for men. In 1994 he launched Aquascutum Corporate Gifts Ltd, and Crafts movement that valued products to this foundation and are planning new and built it into one of the most successful which were bespoke, individual, handmade initiatives. business gift brands in the UK. Drawing from and exquisite quality. The consequence of this experience he launched Thomas Lyte in this ‘craft’ philosophy being replaced with a We opened our own silver workshops, October 2007, a new quintessentially English ‘bottom-line’ philosophy has meant luxury Thomas Lyte Silver, by buying and merging luxury consumer brand focused on craftsmanship, goods companies have been big contributors with one of our suppliers. The new company design, innovation and excellence. to the closure of craft workshops. can boast a history of over 100 years in silver
  13. 13. 14 nexus: spring 09 entrepreneurship the enterprise hub Roger Mumby-Croft, Professor of Enterprise, charts the progress of the Enterprise Hub since its inception. Established in August 2007, the role of the interest group which aims to be a truly global Enterprise Hub is to support the development group within the next eighteen months. of enterprise education within the Business Alongside this is a potential collaboration School as well as offering services to regional with corporate partners to create a Global SMEs and other organisations within the Enterprise Network based in their offices School’s hinterland. WBS has an enviable around the world, offering not only help research reputation in this area through its to alumni and students but also regional Centre for Small and Medium Sized Enterprise entrepreneurs. (CSME). The Hub aspires to match this research profile within its own field of applied Work with schools: There is an exciting enterprises. collaboration with the Reed Foundation to look at the provision of enterprise education The emphasis of the Hub in the first year has to the 16–19 age group within regional been to take an integrated approach to setting schools and companies, as well as the up initiatives within its internal and external University and Warwickshire College. The IGGY students at the Enterprise markets. aim of this programme is to create a template summer school that can be used by all the parties involved. Working globally: Whilst the Hub is This programme will culminate in a Summer supporting different internal and regional A series of short courses are planned on School and Conference in July 2009. groups, it is vital for three main reasons to subjects aimed at helping local SMEs to have an international perspective: be better equipped to deal with becoming IGGY: In 2008 the Hub was involved in [i] it allows us to interact with enterprise recession resistant. the development and delivery of a two- initiatives in other countries, week Enterprise summer school for the [ii] it adds to WBS’s high profile Work with students & alumni: There is a International Gateway for Gifted Youth internationally Business Growth Programme which has been (IGGY) Programme which the university [iii] it allows the School to offer enterprise running for over seven years, and recently a boldly took on to deliver last summer. The support to our alumni around the world. WBS alumni meeting was hosted with over programme, for very bright 11–16 year olds, 50 SMEs in attendance. This will lead to close was a great success and in December we A specific project has been launched with the two-way links with the group as we support delivered it again, this time in Singapore. Gothenburg Region of Municipal Authorities their desire to be a more effective network in Sweden taking thirty students from twelve and they come into the School to work with European countries to Sweden annually for a our students. the author in minute ten day intensive enterprise programme. In 2008 two Warwick first year undergraduates The Hub has supported the excellent attended. We hope to take four Warwick undergraduate programmes in enterprise Roger is Director of the Warwick students in 2009. taught to both engineers and WBS students Enterprise Hub. He was by Nigel Sykes and Francis Greene. The previously Assistant Work in the region: A major social initiative Hub has responsibility for the delivery of Dean at Oxford with a national magazine has resulted in the enterprise electives on the MBA programmes, Brookes Business Hub supporting four social enterprises in the delivery of which was rated by students School from 2001– various areas of deprivation in England. at 4.7 out of a maximum of 5. 2007. He founded and ran his own company (Seaking) from In conjunction with Warwick Science Park Another initiative aims to look at the 1980–1991. Prior to (WSP) we are launching an innovative two provision of enterprise education and that he was Marketing year online business start-up and development business awareness training for science- Director at Herronstowe from 1974–1980. Roger programme branded ‘Business Life’ that will based PhD students, Research Fellows and has links with DTI/HGFCG, is a Business Fellow, help to improve survival rates for new SMEs in faculty across the University. The Hub is also a Management member of Enterprise Education the West Midlands . working with the Student Society of Warwick UK, Management member of EFMD Enterprise Network and Fellow of Chartered Institute of Entrepreneurs to provide a programme to Marketing. He is also a member of the Institute The Hub is also creating strong links with the support those students who either want to of Management Consultants and has undertaken B2B networks that exist within the region. start a business or who wish to gain a greater extensive consultancy with fast growing These include Sector Skills Councils, Business understanding of the enterprise agenda. This companies. Links and Chambers of Commerce and programme will be open to students from through these agencies and WSP we are hoping across the university. Research interests: Marketing/Enterprising Interface; Growth and Decision making in to re-launch the Enterprise Fellows Scheme medium sized companies; the business history of whereby approximately six people with very WBS–EN: One of the Hub’s most exciting the UK Fishing Industry. good business ideas can be supported for a year projects is its support for the WBS in the creation of a rigorous company from Entrepreneurship Network alumni special their original creative idea.
  14. 14. nexus: spring 09 entrepreneurship 15 IdeasForTheKids.com Manny Coulon (FTMBA 98–99) When Manny noticed that there were no business – a fortunate position since the Top tips from Manny? Make sure you have websites with comprehensive listings of child- current economic climate is not conducive a good business plan from the outset. Get friendly venues and attractions for kids in the to fund internet businesses through more it critically reviewed by people who know UK, an idea was planted which culminated in traditional routes. the sector and keep it regularly updated. him launching IdeasForTheKids.com Challenge the business model and your cash 2008 was a year of rapid growth with flow. Can you cope with revenue taking Research in the evenings over a few months IdeasForTheKids gaining two top awards twice as long to reach target levels or if a key confirmed that whilst a few local or and seeing a 20-fold increase in traffic. funding source dries up? national sites did exist, none were close to Users exceeded 400,000 and the underlying being comprehensive. A survey of parents trend is for continued growth, driven by confirmed that they too had given up on improvements to the site, daily updating of the web, having found little of any use. This content, various marketing initiatives and, spurred Manny to investigate whether or not importantly, word of mouth. The site is on filling this gap in the market could be made track to hit 1 million users in 2009 and hopes to work as a business. to average 1 million pages per month by year-end. Web businesses are notoriously difficult to make financially viable. Making the site free Income has been slower than anticipated in to use and offering free listings to attractions part due to attractions slashing marketing in order to ensure comprehensive coverage budgets after two summers of poor weather limited revenue generating opportunities, and advertisers waiting for the site to but this was felt to be the right strategy for build a track record and demonstrate rapid growth and to maximise the value of significant growth. The next 12 months will advertising and sponsorship opportunities. undoubtedly be tough, but there is growing interest from advertisers, sponsors and more Manny Coulon Manny has funded IdeasForTheKids.com recently potential investors. w www.IdeasForTheKids.com through his existing management consulting Providend Christopher Tan (DLMBA 1996–01), Singapore Having a keen interest in providing personal brought home any income. But today, we financial advice, I became a financial planner manage in excess of SGD200 million worth in 1998 with Prudential Assurance Company of assets, and are one of the top financial Singapore. However, after three years with advisory firms in Singapore. The firm has also Prudential, I found that I could not really give grown to medium size practice with 31 staff the most independent advice to my clients. comprising of CFPs, CPA, CFAs and lawyers. I could write the most comprehensive Of the many accolades we have won, the financial plan but with just insurance products sweetest is probably the Singapore Prestige available, I was not doing my clients justice. Brand Award – Promising Brands conferred in So on 11 September 2001, armed with the November 2008. We are the only independent Warwick MBA, I started my own independent private wealth management firm in Singapore private wealth management firm, Providend. to have won it. After a thorough strategic analysis, I decided Going forward, we want to continue to be on a fee-only advisory model, which meant the light of the financial world. Not only only taking a fee for advice and returning all will we continue to give the most honest, commissions back to the clients. I have opted independent, and competent financial advice, for this compensation model not only because we also want to set up a wealth management we are the only one in Singapore doing so, learning institution to empower individuals which gives us a differential advantage, but with the knowledge to plan for themselves also because this allows us to be truly working financially. The journey of an entrepreneur is for our clients without any potential conflict paved with hardships and difficulties. I have of interest. Together with a partner, I poured learned the only way to overcome them is to my life savings into obtaining a Financial clearly know your business purpose and be Christopher Tan Adviser’s license and setting up the practice. passionate about it. Otherwise, it would be so w www.providend.com The initial few years were tough and I hardly easy to give up when things get rough.
  15. 15. 16 nexus: spring 09 entrepreneurship Skyrota Richard Chadwick (EMBA 2000–05) An efficient, ultra-quiet, consumer wind- A boost came when the BBC realised the turbine in the Vertical Axis Wind Turbine worth of this invention and aired it on (VAWT) format, the Skyrota is a synergy the ‘Dragons Den’ TV programme in 2007. but remember – you see hurdles as learning of technologies – based on skill sets from Through this a linkage with Limgear was experiences, they see trying as the first step to renewable, marine & automotive industries, made. Limgear are leaders in the field of failure.’ tied together through painstaking research at robust and working green technology. During several of the UK’s leading Universities. 2008 the technology has been tested and ‘Skyrota is our way of giving back’ trialled and many pre-orders have been taken Its inventor Richard Chadwick is an for deliveries in 2009. Perhaps the most experienced director of global, industrial and prestigious accolade is to be aired on C4’s educational renown. During many years in ‘Grand Designs’ programme. the automotive sector, he sold manufacturing plants to Mexico, set up manufacturing plants Richard’s top tips: in Poland and ran manufacturing plants in • no excuse when it comes to staying ahead the UK. in technology • the UK has some of the best and most During his MBA, the devastation of the West accessible universities in the world Midlands Automotive industry began. Richard • you need to prepare for where the markets valiantly ‘jumped ship’, but to no avail, the will move – viewing media, attending house of cards fell down. With lots of ideas shows and events but no money Richard undertook teacher • now you know where you want to go, training and spent the next three years apply to your local RDA for a grant teaching. This time, along with various grants • never give up. and awards funded by AWM, drove forward the project. According to Richard: ‘You will find plenty of Richard Chadwick people very able to point out your failings – w www.limgear.com Jargon PR Simon Corbett (MAOS 2001–2) I was working for a mid-sized international the satisfaction are fantastic. In the next 12 tech PR agency, when I attended an months I would like to continue to expand international management meeting and came the team, bringing on more junior people away feeling totally disillusioned. There was who I can train for the future. I would also little or no strategic plan and the team was like to open a US office as several of our frustrated and disappointed with the senior clients are international. management, who had little idea of what was happening in each of the international I feel WBS definitely encourages offices. It was clear no one believed in the entrepreneurship. Several of the lectures I business or its future. I knew I could do better have been invited to at Warwick have featured so I left to launch Jargon Public Relations! or discussed entrepreneurship and I have also attended some excellent social networking I had worked in the technology PR industry events in London. for a number of years before starting my own agency, so I was fortunate enough to know My undergraduate degree is in Business a lot of people and have a fair amount of Studies and Marketing and my MA in experience. The business is entirely self- Organisation Studies. I enjoy studying and funded. Jargon Public Relations is now one hold the Chartered Institute of Marketing year old and so far things have gone very (CIM) and the Chartered Institute of Public well. We have a dozen clients, all technology Relations (CIPR) postgraduate diplomas; I also companies that range in size from start-ups lecture on the CIM course in Oxford. through to Oracle and the UK User Group. Simon’s top tip: Managing a business is more hard work than Success is not about loving the products Simon Corbett I ever imagined, in fact I don’t think I have you sell, but is much more about self belief, w www.jargonpr.com ever worked harder, but the rewards and tenacity and drive.

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