CREATING VALUE IN THE NEW CAPITALISM OR “WE ARE ALL VENTURE CAPITALISTS TODAY”LECTURE ON TRENDS IN TECHNOLOGY ENTREPRENEURSHIP (ROTMAN OCTOBER 29, 2012)

www.jimdewilde.net

INNOVATIVE IS A BETTER ADJECTIVE THAN 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, SILICON VALLEY 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 INCOGNITO TO 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 DRIVE COMMERCIALIZATION 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 INNOVATIVE ECOSYSTEM 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, NOVARTIS).

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 GLOBAL CENTRE FOR HEALTH INNOVATION START-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/health/9621612/A-health-expert-at-your-fingertips-the-latest-medical-apps.html

OTHER INNOVATORS IN DESIGN AND MEDICINE NORTHWESTERN http://cight.northwestern.edu/global-health-initiatives/current%20proje

cts1/diagnostic_tools_for_the_developing_world.html

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_themes/virtualworlds/

VENTURE CAPITAL PORTFOLIO STRATEGIES FOR INNOVATION IN 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_innovation_fund

Versant Ventures http://www.versantventures.com/

NEW INDUSTRIES BEING CREATED 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