Thoughts & Lessons – FT Innovate Conf Day 1

The UK is the most digital economy in the G20, measured as contribution of digital industries to GDP, as per Baroness Shields. But it faces a deficit of 750,000 digitally trained people. There are now 18 tech clusters in the UK – including Cambridge and Edinburgh for example.

Yet, according to Marianna Mazzucato, the UK also has below average R&D spends. Gross & Industrial R&D.

I’m sure that Marianna’s book sales spiked during her great talk, since at least 4 people I spoke with bought her book during her talk. I did too!

I heard the phrase “scale up” as distinct from ‘start up’ – to describe companies looking for global scale from a successful start. I think it’s a really useful phrase to keep in mind.

What is the role of the state? To create the conditions under which new businesses can thrive. What’s the balance between nation state thinking and global, post-national mindsets? As always the answer lies in between. You still need national policies to execute in specific areas such as education and infrastructure. (I’m still thinking about this one).

GPs are supposed to be able to give patients their medical data by 2015, according to PWC, and only about 1% are ready yet. I also think that about 1% of patients are actually ready to receive, and take stewardship of their medical data. 

Who owns data? Such as from Nest, or from your smart fridge? Well, you own the raw data as a user, but I would think if the data is used to create specific insights by combining it with other data and/or analysing using somebody else’s models, then the new ‘cooked’ data generated, also known as the insights or the meaning, should be the property of the provider of that insight. It’s a bit like supplying components to a manufacturer.

I learnt about the fascinating world of the slime mould. This is a one celled organism that can concatenate across multiple cells to create a single large cell like structure, with multiple nucleii. It has no brain, but is able to communicate, self organise and optimise. Given a bunch of oats laid out, the slime mould will go after the food, and then build optimal lines between the food points. This has been used to effectively create transport maps for cities.

Retailers such as the newly merged Dixons Carphone are working at a number of levels to combat the threat of Amazon. This includes creating strong digital propositions, but also improving the existing physical store operations, such as linking bonuses of store staff to customer satisfaction, and rewarding stores for digital sales from their catchment area.

To truly create an innovative culture, the leadership has to demonstrate it themselves. This includes being in the frontline, taking risks, demonstrating fast fail, and taking the responsibility for the fail, if and when it happens, as is demonstrated by Nike’s Mark Parker . This sends out the real message to employees – that it’s okay to take risks and fail occasionally. But this need to be backed by celebrating success and even rewarding failure if it’s really a fast fail – where the clear lessons are learnt and new hypotheses are set up.

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