What does it take for an Australian Start-up to play on the world stage?
Innovation is the new black! From politicians to my butcher everybody is talking about innovation. There are more innovation seminars than days in the calendar, it’s on every company website and more than 50,000 new apps are submitted to iTunes every month.
So what does it take for a small micro-encapsulation company like Ceramisphere to take an idea from a research institution and transform it into products such as non-toxic corrosion additives for aerospace paints or new therapeutics for curing incurable diseases or healing wounds without scar?
- Patience. It takes on average 4 years to develop a new coating for a beverage can, 10 years or more for anything that flies and 15 to 20 years and US$ 5 Billion to put a new drug molecule on the market.
- A dedicated team of people who are resilient enough to weather the numerous contrary winds.
- Cash and focus. “Cash is King Focus is Queen”, is the best advice anybody gave me. Without cash nothing moves forward and without focus you squander your cash chasing ghosts.
- Agility keeps you in the game, you need to be nimble to sidestep the potholes, and redirect your effort when you reach a dead-end.
- Champions. You need people inside your partners or customers network, who will advocate for your technology and market it as if it was their own.
- Trust and support. The people who back your venture have to trust you. You need investors that are focused on building a business, not their exit strategy.
- Integrity and honesty. It is so easy to inflate your results and extrapolate your capabilities but at the end people will test your claims and your reputation will suffer. When you are selling a disruptive technology, reputation is everything.
Article written by Chris Barbe.