Lab+Life Scientist Jun/Jul 2017

Page 40

innovation

Leading innovation requires incredible patience and incredible impatience; it requires optimism and absolute brutal realism.

2. They begin with the end in mind

4. They embrace risk

6. They leverage others

It is very easy to get caught up in scientific research

Risk is synonymous with entrepreneurial endeavour,

The scientist-entrepreneur recognises their

and forget what it is all for. Those that actively

but is often antithetical to the DNA of a scientist.

limitations and leverages the expertise of others,

stay connected to the end game — to the unmet

The scientist-entrepreneur embraces a healthy

with the people skills to lead cross-functionally.

needs of patients or customers — are more likely

relationship with risk. They don’t need to have all

Steve Blank (father of the Lean Startup movement)

to have meaningful impact. This is a key premise

the answers before taking action. They don’t let

puts it simply: “The ‘must’ is to realize that just

of programs like NSF I-Corps in the US or CSIRO

perfection be the enemy of success. There is risk in

because you are the smartest person in the building

ON in Australia. The scientist-entrepreneur gets

shifting focus away from academic pursuits (though

does not make you capable to run a company.”

to know the end user intimately, and uses this

thankfully funding bodies are beginning to recognise

These are the kind of people we invest in at The

knowledge to craft a vision that others can embrace.

commercial experience), but what is the alternative?

iQ Group — because with our expertise supporting

“There are risks and costs to action. But they are far

and championing a scientist-entrepreneur with

3. They develop commercial acumen

less than the long range risks of comfortable inaction.”

these qualities, we are confident that together we can

“Scientists are well suited to learning the skills

(John F Kennedy).

build great companies that will make a significant

they need to navigate the entrepreneurial pathway

impact on human health. They are the kind of

because they are intelligent and logical, and they

5. They value failure

people that the nation desperately needs if we are

understand how to do research.” (C&EN) —

If innovation is to prevail then one must differentiate

to capitalise on our wealth of medical research.

many, however, never do. Successful scientist-

between setback and capitulation; being defeated

entrepreneurs develop at least a high-level

is a temporary position, giving up is permanent.

understanding of intellectual property protection,

The scientist-entrepreneur understands that

regulation, marketing and commercial strategy

innovation is neither systematic nor is it predictable.

(including drivers for investment). Encouragingly,

Leading innovation requires incredible patience and

many research institutions are increasingly focused

incredible impatience; it requires optimism and

on instilling these skills in their students and

absolute brutal realism. It means viewing inevitable

academics.

failures as the ultimate educator.

arium ultrapure ®

40 | LAB+LIFE SCIENTIST - Jun/Jul 2017

*Dr Cameron Ferris is passionate about the Australian innovation ecosystem, having spent the last 8+ years across research (3D bioprinting), commercialisation and commercial innovation (most recently with Ernst & Young). The iQ Group Global www.theiqgroupglobal.com

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