CREATING VALUEIN THE NEWCAPITALISM OR“WE ARE ALLVENTURECAPITALISTSTODAY”LECTURE ON TRENDS INTECHNOLOGYENTREPRENEURSHIP(ROTMAN OCTOBER 29, 2012)www.jimdewilde.net
INNOVATIVE IS A BETTER ADJECTIVETHAN INNOVATION IS A NOUN Innovative companies Innovative economic cultures Innovative ecosystems Innovative universities Innovative individuals Innovative societies
INNOVATION IS NOT…….. ….the same thing as creativity (although there is a Venn diagram overlap ….the same thing as entrepreneurship (although there is a Venn diagram overlap ….the same thing as commercialization (although there is a Venn diagram overlap) ….the same thing as competitiveness (although there is a Venn diagram overlap
AGRA, AMSTERDAM, SILICONVALLEY If a visitor from the planet Neptune came to earth and wanted to be taken to the technological frontier, where would he/she/it go? In 1300 - Incan Peru? In 1400 - China In 1500 - the Moghul Empire In 1600 - Amsterdam In 1900 - London/Manchester In 1990 - Silicon Valley In 2020 - ????????
PETER THE GREAT GOES INCOGNITOTO AMSTERDAM The development of science in a world of converging cultures (Spanish exiles come to Amsterdam) Moghul Empire is a multilingual diverse centre of learning Silicon Valley is defined by its Asian, east European presence (from Brin to Khosla, from Google to TIE, it is access to a global talent pool) A place to come to innovate (open society + diversity) is the historical lesson Freedom to experiment, freedom to inquire, freedom to make mistakes and a political economy which sustains this spirit
COMPANIES DRIVECOMMERCIALIZATION Bausch is to ophthalmology what Eli Lilly is to agricultural chemistry Monsanto is to agricultural biotechnology what Nikon and Canon are to lens innovation Google, Intel, Apple and Cisco purchase is a significant percentage of venture capital exits in Silicon Valley Siemens has 200+ venture capital investments NEED FOR A STRONG CORPORATE BASE
DESIGNING AN INNOVATIVEECOSYSTEM The most scientifically literate society will be the most competitive in economic terms. No economy can innovate without corporations which are the transmission belt for ideas to commercial product (SIEMENS, MONSANTO, CISCO, ERICSSON, GLAXO, NOVAR TIS). Innovation only takes place within a climate of economic security where people are stakeholders in change so social democratic societies are more competitive over the longterm than boom-and- bust economies. If we have no manufacturing sector, we lose the skills for design and production which are a critical ingredient of innovation.
WHAT TO DO CAPITAL FORMATION: Networks and capital formation in an era of global mobility SCIENTIFIC LITERACY: Scientific literacy: the secret to competitiveness. LABOUR MARKET STRATEGIES: Social media and labour market strategies: incubating talent and designing learning networks NEW VALUE CREATION: Big data and value creation in an era after DeCode PRODUCTIVITY IN AN AGE IF DISTRACTEDNESS: Technological literacy, distractedness and longterm productivity.
COULD TORONTO BE THE GLOBALCENTRE FOR HEALTH INNOVATIONSTART-UPS - Ecosystem of medical innovators History of medical venture capital MDS Ventures becomes Lumira Global leadership SANDRA ROTMAN CENTRE Needing venture capital specialized funds
THE SHAPE OF A NEW INDUSTRY“I am studying healthcare innovation”.“Mobile health care is an industry”.A HEALTH EXPERT AT YOUR FINGERTIPS (Dina Behrman TELEGRAPH)http://www.telegraph.co.uk/healt h/9621612/A-health-expert-at-your-fingertips- the-latest-medical-apps.html
OTHER INNOVATORS IN DESIGN ANDMEDICINE NORTHWESTERN http://cight.northwestern.edu/global-health- initiatives/current%20projects1/diagnostic_tools_for_the_developing_world.ht ml NEW MEDIA MEDICINE MIT MEDIALAB http://newmed.media.mit.edu/blog MEDIALAB ePatients http://e-patients.net/archives/2012/01/mit-media-labs- health-wellness-2012-ten-day-innovation-fest-six-us-centered-projects.html IMPERIAL COLLEGE (London) Virtual Worlds http://www1.imperial.ac.uk/surgeryandcancer/divisionofsurgery/research_the mes/virtualworlds/
VENTURE CAPITAL PORTFOLIO STRATEGIES FOR INNOVATIONIN HEALTHCARE - THE ECONOMIC ENVIRONMENT Frazier Healthcare http://www.frazierhealthcare.com/ Biodesign at STANFORD http://biodesign.stanford.edu/bdn/supporters/venturepartners.jsp Partners Innovation Fund http://rvl.partners.org/investors_and_entrepreneurs/partners_inno vation_fund Versant Ventures http://www.versantventures.com/
NEW INDUSTRIES BEINGCREATED Not just new companies, but new industries. HEALTH INNOVATION is a case study, but just one of many. BIOREMEDIATION for waste management NUTRITIONAL analysis for health care Ontario as a centre of health/nutrition/agriculture/environment research commercialization