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Regional Innovation, Incubation and The University

Regional Innovation, Incubation and The University. Entrepreneurial Leadership and The Cambridge Model “The Cambridge Phenomenon” Professor Alan Barrell Hosei University, Tokyo February 26 th 2009. Context and Agenda. A General Context – A Changing World – A Financial Crisis

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Regional Innovation, Incubation and The University

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  1. Regional Innovation, Incubation and The University Entrepreneurial Leadership and The Cambridge Model “The Cambridge Phenomenon” Professor Alan Barrell Hosei University, Tokyo February 26th 2009

  2. Context and Agenda • A General Context – A Changing World – A Financial Crisis • Region and sub-region – where did the action really originate Question - Is there optimal size /scale for optimal Innovative Development ? • Entrepreneurship as the driving force and Leader of much more than business success • Entrepreneurial mindsets and support structures • Technology Transfer – The University did not lead • A Family of Incubators under other names • A Cluster of Creativity • Characteristics of Successful Cambridge Incubators • Recognising and building on serendipity • Funding and Investment Readiness Preparation • People, Diversity, Culture, Communities, Networking and Society

  3. Casting an Eye on the World’s Financial Crisis – What’s changed ?

  4. Who said these words and When “I believe the banking institutions are more dangerous to our liberties than standing armies. If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around the banks will deprive the people of all property until their children wake up homeless on the continent their fathers conquered”

  5. Who said these words and When “I believe the banking institutions are more dangerous to our liberties than standing armies. If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around the banks will deprive the people of all property until their children wake up homeless on the continent their fathers conquered” Thomas Jefferson1778

  6. And what about these… “The budget should be balanced, the Treasury should be replenished, Public debt should be reduced, the arrogance of officialdom should be tempered and controlled, and the assistance to foreign lands should be curtailed, lest our Nation become bankrupt. People must again learn to work, instead of living on public assistance”

  7. And what about these… “The budget should be balanced, the Treasury should be replenished, Public debt should be reduced, the arrogance of officialdom should be tempered and controlled, and the assistance to foreign lands should be curtailed, lest our Nation become bankrupt. People must again learn to work, instead of living on public assistance” Marcus Cicero 55 BC

  8. But - think Boom ….not Gloom….many successful businesses started in recessions…. “I started the Cobra Beer Company in a deep Recession – and it proved to be the best time for me….introducing something innovative and exciting changed the way people thought about Indian Food and Beer” Lord Karan Bilimoria Founder – Cobra Beer

  9. But the eye on the World shows lots of changes….its not just the finances….and some changes are permanent

  10. Organisations Environment Issues Technology The death of deference Globalisation New employment patterns The Changing Horizon

  11. Sources of Competitiveness Information Learning Risk Creativity Reputation Speed Values Cost

  12. Changes in Industrial Structure - UK% of Total Employment - UK Government Foresight Report 2001

  13. Global Dynamics – Manufacturing has Migrated • Two fifths of the Worlds people live in the two fastest growing large economies – China and India • Education, Wealth Creation and New Knowledge are at the heart of Economic Planning in Asia • Growth in Asia is far ahead of Europe. • Dynamic Growth in Manufacturing Base • CASH is in place in the Asian economies – as well as brainpower- China has US$ 2 Trillions of reserves • Labour and Material cost advantages +++++

  14. Cambridge and the Eastern Region • Traditional Industries • Agriculture and Food • Fishing • Leather goods - Footwear • Wool and Textiles • 7.5 million people • One of UKs fastest growing • Region governed by EEDA – East of England Development Agency

  15. Trinity College’s History and Scientific Development – Cambridge – Science, Innovation and Invention • Trinity always had a strong scientific tradition* • First use of the word “scientist” 1835 (Whewell) • First European Science Park – 1970 – Dr Sir John Bradfield *Alumni include Newton, Clerk-Maxwell, Rayleigh, Thomson, Walton, Rutherford, Aston, Lyle, both Braggs, Bohr, Hopkins, Klug, Kendrew

  16. Greater Cambridge Partnership Area ( GCP) – one of nine “Sub-regional Development Partnerships”in the EEDA – East of England Development Agency Region 2002 GC Estimates Population: 750,000 Jobs: 359,000 GVA: £12.2bn

  17. Building an Enterprise Society. Power of Entrepreneurship, Innovation and Networking National economy Regional economic development Sub-regional development Building communities of enterprise,social inclusion and common purpose

  18. Cambridge in 1960 • Medieval City • Great University and Seat of Learning • Farmers • Not much Industry • Lots of Bicycles • Entrepreneurs? Entrepreneurship? – “Town and Gown” – and Agriculture…. • But things were changing….

  19. Thinking About Entrepreneurship…. And about Creativity,Innovation, Discovery Culture, and Mindset – Historical Perspectives…and Timing Jules Verne – “There is nothing more powerful than an idea whose time has come”….

  20. And - With this background….Let’s IMAGINE

  21. Einstein on IMAGINATION…. “Imagination is more important than knowledge. Knowledge is limited. Imagination encircles the world” Albert Einstein 1879 - 1955

  22. So - thinking of Imagination….What’s different about Entrepreneurs ? “You look at things and ask - why? but I dream of things that never were and ask - why not?” George Bernard Shaw

  23. Europe’s Entrepreneurial Imperitive – Josef Schumpeter - 1911 “Entrepreneurs blow gales of creative destruction.” • Role of the entrepreneur in transforming economies by developing: • New products • New methods of production • New ways of organizing • Untapped raw materials • Enhanced competitive performance Is The Cambridge Phenomenon an Example of a “Mini-Schumpeter Gale of Creative Destruction?”

  24. Entrepreneurship – The bigger picture….Leading Social Change(Prof Shai Vyakarnam – Cambridge 2008) Migrations Within and into Europe Single Economic system India Berlin Wall Hasselhof China Is there a shift in economic centre of gravity? Completely new markets

  25. All international phone calls 1971 All airline passengers 1975 All mobile phones 1984 All emails 1992 All SMS 1998 Add theImpact and Timing of the Continuous Technology Revolution….Compared to an average DAY in 2003…. Source: Analysys, World Bank and ITU

  26. BIO TECHPharmaceuticalsDiagnosticsResearch/InfoToolsIndustrial INFO TECHHardwareSoftwareCommunications GenomicsBioinformaticsProteomics BiosensorsBiochips BioelectronicsMicrofluidicsNanobiotechnologyDrug Delivery NanodevicesNanosensorsNanoelectronics NANO TECHElectricalStructuralBiomedicalEnergy & Environment Three Converging RevolutionsThree Pervasive Technology Platforms

  27. 1960 – The “Columbus Spirit” hits Cambridge – and a Cluster emerges • Combined headcount of technology providers currently exceeds 2,500 in UK • PA Technology employs up to 2,500 Worldwide • Combined direct and indirect revenues estimated at $1,5 billions – ? more • PA technology – Revenues $750millions+ • Some players have seed funds • 70 identified spin-outs - highly successful incubator models

  28. Cambridge University Cambridge Consultants Ltdspin-out 1960 INCA Ltd 2000 Domino Printing Sciences 1978 WillettInternationalLtd1983 Elmjet Ltd 1986 LinxPrintingTechnologies1986 Support to Imaje (France) formed 1979 XaarPrintingTechnologies1990 From 1960 – Birth of the Worlds largest Industrial Ink Jet Cluster • Total current revenues $1.5 billion + • Total headcount 4,000+ • Major market share participation worldwide • Diaspora populates Ink Jet Industries in international locations • Ink Jet Cluster is enabling “Plastronics” Cluster. Revolution – • Plastic Logic – “E-Reader” – already raised $250 millions!

  29. Steve Barlow Robert Swann Caroline Garey Phil O’ Donovan James Collier Glenn Collinson Aphamosaic Smartbead Technologies Andrew Dames Acquired by Synaptics Polatis Cambridge Silicon Radio Mark Howard Richard Doyle Acquired by Elumin founded by Dr. Hans Wagner Holotag Chris Davies Andrew Dames Sensopad Technologies Cyan Technology Sentec Stuart Hendry Gavin Troughton Pelikon Andrew Dames Chris Fryer Chris Barnardo Absolute Sensors Adrian Lucas Sphere Medical Mike Willis Roger Millar Pivotal Resources Imerge David Paton Mike Willis Steve Temple David Bending Roundpoint 3D Molecular Sciences Cambridge Physical Sciences INCA Digital Printers Gordon Edge, Bob Pettigrew Elizabeth Hill Mark Tracy Xaar Scientific Generics Nigel Playford Bill Baxter Will Eve Paul Anson Mike Payne Prelude Robert Hook QuantumBEAM Gordon Edge, Bob Pettigrew, Alan Green Ionica Graham Martin Colin Gray Will Eve Gordon Edge Tim Eiloart Adaptive Screening ELMJET CCL 1960 Diomed Tony Raven PA 1970 Flying Null Mike Crossfield Acquired by Videojet Technologies Graeme Minto David Paton Domino TTP Gerald Avison Ross Green, Mike Kellaway Robin Smith-Saville Wavedriver Acquired by PowerGen DCS Cambridge Mass Spectrometry Signal Process Ltd Mike Storey Automation Partnership Richard Archer Until 1985 Symbionics Xennia Technologies Collin Smithers Demerged from TTP Group Dennis Fielder Alan Hudd Plextek TTPCom 1986-1990 Myriad Tony Milbourn Transversal John Cassells Barrie Griffiths Steve Mullock David Yip David McKay Kore Technology ip.access 1991-1995 Acquired by Mettler-Toledo Acquired by Cadence Ubinetics Ali Pourtaheri TTP Ventures Acumen Bioscience Tality 1996-2000 David Cornell TTP LabTech Richard Philpott John Cassells Yuno Ltd Radiant Networks Vivid Creativity Partnership Stephen Eason Fen Technology Anne Miller Acquired by Vetura Tin Bustin, Ciaran McAleer 2001-2002 Figure 2 – The hi-tech start-ups spawned from the Cambridge Consultants

  30. The emergence of high-technology clusters in Greater Cambridge 50,000

  31. Cambridge University MRC Laboratory of Molecular Biology Sinclair Radionics Cambridge Interactive System 1960 CCL Sinclair Research Ltd CAD Centre Barclays Bank 1970 Glaxo Cambridge Science Park PA Technology Nickerson Biotech Laboratory Eicon Research Ltd Analysys Acorn Hitachi Cambridge Laboratory Olivetti Research Laboratory (acquired by AT&T in 1999) BP 1980 Institute of Biotechnology Seiko Epson Research Lab Judge Institute of Management Studies St. John Innovation Centre Scientific Generics TTP Ventures Cantab Pharmaceuticals Toshiba Cambridge Research Laboratory Glaxo Institute of Applied Pharmacology The Technology Partnership TTP Cambridge Research and Innovation Ltd (CRIL) 1990 Amadeus Capital Partners Unilever Cambridge Centre for Molecular Informatics Institute of Manufacturing Entropic Research Laboratory (acquired by Microsoft in 1999) Cambridge Network 2000

  32. Characteristics for High Technology Regions • Universities and centres of academic excellence • Entrepreneurs with marketable ideas and products • Business angels and established seed funds • Sources of early stage venture capital • Core of successful large companies • Quality management teams and talent • Supportive infrastructure • Affordable space for growing businesses • Access to capital markets • Attractive living environment and accommodation • Social and Business Networks source :- Gibbons - Stanford University 1998

  33. As we get momentum - Overlapping Technologies support Overlapping Business Clusters INFORMATION and COMMUNICATIONS TECHNOLOGY HEALTH Telecoms Medicalservices Bio-informatics Medical devices and scientific instruments Networking Computing Bio-pharmaceuticals University/ Research Institutes Wireless Inkjet printing Sound & vision Medicalresearch Technology Consulting Publishing Basic Research KNOWLEDGE CREATION Education

  34. Charles Darwin – “Natural Selection Adaptability and Survival” Darwin’s Bicentenary this year

  35. Natural Selection, Adaptation, Symbiosis Synergy Incubation and Cluster Development And….We can apply the principle to companies…

  36. Proximity of Learning, Research and Practical Application“The Innovation Campus” R&D Education Applications Where open innovation, symbiosis, synergy and new companies can thrive

  37. Completing the Jigsaw – putting technology to work Customer need Technology Innovative service company

  38. Completing the Jigsaw – Service Delivery Innovation Innovative service company Customer need Technology

  39. Characteristics of Cambridge Incubators – IT, Bio. and Generalist types all exist – in aScience Park, Innovation Centre and Incubator base • Research and Development and broad Technology skills base • Commercial orientation and focus • Marketing, Finance and Management capabilities in house • Mentors and Advisors integrated • Excellent Networking and Connectivity • Flexible space availability and access

  40. Funding Innovative Companies – “Show me the Money $$$$!”- The Funding Challenge “Our Money” B A N K F I N A N C E ?? Family and Friends and Fools Business Angels Seed Funds Risk Early Stage VC Expansion Capital Pre-IPO Maturity

  41. Thinking Of Angels! – How did Business Angels get that name ?

  42. “Syndication Nodes” and Business Angels – Connecting in and from Cambridge • Cambridge has four active Angel Groups – Cambridge Angels, Cambridge Capital Group, Equus, G.Eastern Investment Forum • MOUs and Syndication with- Other UK Angels, Sophia Angels ( France) Luxembourg BAN, B.A.of Slovenia,US Angels Networked with all known, useful VCs and Grant bodies • Joint events, Deal and Portfolio Sharing • Common Network and Portfolio Management - Angelsoft • Keeping well informed – eg. French Wealth Tax changes – Transformational impact. • Strong International VC connections

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