What brings success? Is it hard graft or can you short circuit the years of work by just being a bit lucky?
That was the topic of a recent CfEL Enterprise Tuesday, where entrepreneurs Rahul Vohra and Shamus Husheer discussed what makes some businesses succeed when others fail. For the lazy amongst us, the unfortunate conclusion was that you need hard work as well as opportunity if you’re going to make it big. But you do need both – as Shamus pointed out, if hard work led to success, every woman in Africa would be a millionaire, and unfortunately they’re not.
Essentially you need to put yourself in the position to be lucky – so make sure that you are in the right place at the right time, and then grab the opportunity. For me the perfect example is Mark Zuckerberg and Facebook. He took an existing idea (a paper directory of students) and wrote an initially simple computer program to put it online solely for Harvard University students. As any programmer will tell you, Facebook itself isn’t the world’s most complicated piece of code, but it attracted users and the rest is history.
But look a bit deeper and there’s more hard work involved – Facemash, the first version of Facebook, was closed down by university authorities for breaching security, copyright and individual privacy and Zuckerberg was lucky not to be expelled. So he persisted, refined his idea and tried again. From Rahul and Shamus’s experience iteration is a key part of success – things aren’t necessarily going to work first time, but that doesn’t mean your idea is worthless. Other people came up with Facebook-like services but through hard work Zuckerberg’s got the users it needed to take off.
So, while it is an easy response to describe someone successful as ‘lucky’ you make your own luck in this world. Aspiring entrepreneurs need to make sure they are looking for opportunities, making intelligent guesses about what might be a success and then working hard to develop a product or service that customers actually want. Like a swan, ‘lucky’ people may look calm, but underneath the surface their legs are paddling very hard………
Technology has the potential to deliver immense benefits to society in areas in diverse as healthcare, education and transport. The first Idea Transform weekend, held in Cambridge in April, aimed to unlock this potential, providing the skills and mentoring to turn ideas into reality.
So what’s been happening in the last three months? To find out Idea Transform held a meet up last week to give the chance for projects to discuss their process, and attendees to catch up. As an added bonus, Nic Lawrence of Light Blue Optics shared his thoughts on the startup experience and what lessons he’d learnt over the last eight years. Be hungry, keep learning, ask questions (both of yourself and other people) and build an outstanding team and culture if you want to succeed.
Two of the winning teams, Sim-Prints and Imvoto provided an update on progress, while Michele Mattioni talked about his project to link local food producers with their local buyers, which he pitched at Idea Transform and has been working on subsequently.
Sim-Prints uses a combination of finger-print biometrics and mobile phones to enable healthcare workers to collect and check patient information in the developing world. Winners of both the overall and healthcare prizes at the Idea Transform event the project has moved forward and is currently looking to create a prototype, while continuing to talk to both investors and foundations/NGOs to fund next steps. It has also made important decisions about structure, adopting the social enterprise model and abandoning the idea of patenting its technology, instead focusing on the delivery of the system.
Mobile learning provider Imvoto has also used the lessons learnt at Idea Transform to refine its project. Imvoto allows teachers to set maths questions for pupils to answer on mobile devices, enabling them to monitor attainment quickly and easily. In response to feedback from mentors, Imvoto has introduced adaptive testing to the product – meaning that future questions are made either harder or easier depending on a pupil’s answers as well as completely rewriting the teacher module. Following initial testing Imvoto is looking to launch a full beta programme in September.
So three months after Idea Transform, the good news is that most of the winning projects – and several that never made it past the pitch stage at the weekend are both still going strong and seem to be well on-track to help turn their promise into reality. Watch this space for more updates as they develop………..
Last weekend saw the first Idea Transform event, which aimed to uncover new ideas and projects that have the potential to change society for the better. As one of the founders of Idea Transform I’m obviously biased, but all the feedback I had was that everyone that came along learnt lots, worked hard in their teams and had fun at the same time.
Over 100 people attended the weekend in Cambridge, which saw ideas pitched on Friday evening and then teams formed to develop them before judging on Sunday evening. While four teams were selected as winners in the different categories of education, health, community and environment everyone deserves congratulations for the hard work and their achievements.
Rather than bang on about the success of the event, I’d like to share three things that stood out for me:
1 Amazing range of ideas
Over 25 ideas were pitched on Friday night, from mobile learning through technology to calibrate medical devices and an avatar for online clothes shopping. The nine teams that made it to the end of the weekend included charging electric vehicles through the road, experimental maths teaching and mobile phone based biometics. Not just apps and websites!
2 Commitment and support
For all these projects, the idea itself was just a start point. Thanks to their own hard work and the support of the team of experienced mentors, who gave up their weekends to help, projects had really progressed by Sunday evening and the final presentations were incredibly professional and well constructed.
3 Ideas with legs
The aim of Idea Transform is to support projects to help them grow after the weekend, with mentoring, support and advice for all the winners. Sim-Prints, the overall winners, were awarded three months membership of the ideaSpace Enterprise Accelerator and two teams now have the chance to pitch for funding from the Cambridge Angels. Outside of this I saw lots of connections being made that will help projects meet the right people to progress and real enthusiasm amongst everyone to move things forward. I’m confident that at least one of the teams will grow into a fully fledged business in the future.
So it was an exhilarating, exhausting and packed weekend – finally I’d like to thank all the other organisers, our sponsors, particularly ARM, Red Gate Software and BlackBerry, supporters including the Centre for Entrepreneurial Learning (CfEL), mentors, judges, volunteers and speakers for making the first weekend to change the world a weekend to remember.
There’s a continual complaint that the UK simply doesn’t produce the numbers of heavyweight tech companies that the US spawns. And looking around, the pattern seems to be true – for every ARM, Sage or CSR in the UK, you could name a dozen similar size companies in the US.
While some of this is gap is obviously down to relative population sizes are there any other factors holding back UK entrepreneurs? This was one of the issues discussed at last week’s Enterprise Tuesday event in Cambridge by an entertaining group of speakers, including company founders and Cambridge Angels, Sherry Coutu, Andy Richards, Robert Sansom and David Gill, managing director of the St John’s Innovation Centre.
The key factor is the ability to scale – the UK creates exactly the same number of startups, per capita, as the US – but only half of them successfully scale up compared to their US rivals. There are plenty of reasons for this – from an inbuilt British fear of change to an inability to cross the chasm
and appeal to the mass market. It seems that for too many UK companies the choice between scaling themselves or selling out is weighted towards the exit option. While this releases investment capital back into the system and gives entrepreneurs the chance to begin again, it has created (in the words of a US VC quoted by Andy Richards) an industrial veal farm in Cambridge, with prized startups nurtured and pampered ready for the inevitable early death/exit.
The UK in general, and Cambridge in particular, has shown that it can grow dominant tech companies, so now is the time for the government and tech ecosystem to encourage entrepreneurs to take a step back, aim higher than an early exit and build businesses that can scale. Given the UK has the ideas we need to move from farming veal calves to growing some bulls……….