FountainBlue’s November 11 VIP roundtable was on the topic of ‘In Search of Unicorns’ hosted by Samsung.
The executives in attendance at this month’s roundtable represented a wide range of industries, roles, functions and company sizes. Therefore, their perspectives on what it means to be entrepreneurial, what’s hot and what’s not varied greatly. However, there’s agreement that:
- The innovation ecosystem will include investors, entrepreneurs, executives and providers. Interactive conversations and collaborations will become increasingly more important.
- We should all value the openness and creativity of the entrepreneurs, the resources, channels and funding of the corporate partners, as well as the funding and vision of the investors, for each has a piece of the puzzle.
- Perhaps we should re-think whether we’re looking for ‘unicorns’. So many companies are captivated by the mythical element, or the horn, and miss the importance of the wings – wings which transcend what regular horses can do. So perhaps a winged horse, a ‘Pegasus’, will more likely lead us to that billion dollar company.
The collective advice of our executives is summarized below.
- What you’ve learned throughout your business journey may feed into your future entrepreneurial efforts. So take the time to learn about what worked and what didn’t work in terms of business models and processes and in terms of technology. The answers will lie in efficiently delivering what customers are looking for.
- Work within the needs of the customer, the mind-sets of the players in the industry, the processes embraced over decades. But find ways to provide innovation which would fit into all these forces as well.
- Corporates may value the technology innovation over the current adoption rate of the start-up. A company’s R&D and manufacturing centers, network of partner and channel contacts, access to funding, etc. may help that promising unicorn realize its potential.
- Whether you’re facilitating innovation conversations between teams within an organization, encouraging customers to adopt of the latest solutions, or fostering the introduction of a new hardware, software or government standard, it’s always about getting influential people to adopt a new way of thinking or speaking or doing something, and encouraging others to do the same.
- All industries will be transformed by the immersive, social, mobile, analytics, IOT and cloud solutions.
Below are opportunities ripe for innovation.
- Seek opportunities to transform how we do things now, leveraging IT, big data and automation.
- Seek opportunities to provide integrated end-to-end solutions.
- Voice recognition leveraging Natural Language Processing and Artificial Intelligence will continue to be of foundational importance.
- Automate functions which connect vetted providers with those-in-need, UBER style. Whether it’s connecting substitute teachers to classrooms, or connecting companies with excess food to nonprofits who distribute food (like gocopia.com), automating that connection adds value to all.
- Innovative ways to digitally vet health status of patients with certified health professionals may save people and companies time and money in spades.
- Look inside out and outside in to find those upside-down ways of addressing existing challenges. Embrace people with diverse perspectives who can help solve problems in new ways, leveraging IT, software, and devices.
- Look for solutions beyond our world, and into the stratosphere to address a whole new layer of solutions – above the realm of drones, and within the earth’s atmosphere.
- Connect the digital solution to the physical world.
We are on the cusp of innovations in all markets at an astronomical scale. The world as we know it will become much bigger than we could ever imagine, and we can all choose to participate and shape that direction, to create a bigger, brighter, more collaborative and more efficient future.