Day 1 Morning - Technology Innovation Week
The focus on this inaugural TIW is on the lifecycle of companies which develop innovative products and services.
Minister Steven Joyce made it very clear that innovation - and specifically technology innovation - has a key role to play in the growth of New Zealand. The exchange rate is hurting NZ exporters. If companies don’t innovate they will be subject to the fluctuating commodities markets and prices. The upcoming budget contain provisions to drive increased innovation and co-funding with private research & development initiatives.
Wayne Norrie talked about his experience with NZ companies that innovate and look to take their products offshore. We should be using our small size as an advantage and not looking to copy others- life is too short to re-invent wheels.
Companies going off shore tend to make the same mistakes.
- Governance - poor is worse than none. Many organisations just don’t know what what governance is. Governance should illuminate the future for the organisation. It’s dangerous not to have independant thinkers on your board.
- Not looking through the eyes of the customer - we need to make it all about the customer. NZ companies are good at designing products but poor at designing companies.
- Poor go to market strategy - NZ companies are used to selling direct (2 degree of separation) but overseas markets are different. The key is to understand who your customers would buy your product from?
- Toeing the water - not going at it properly and fully. You need to sort out any issues at home (e.g. cash is tight) before going offshore. Going offshore will not resolve those kind of problems.
- Not hiring the right people - its important to transplant your x-factor overseas. This usually means shipping some of your best people offshore.
- Lantern strategies - opportunist strategies that grab a dollar here and there are flawed. You need a laser strategy that is focused on your unique competitive advantage.
- Walking into the future facing backwards - you cannot assume that what worked well yesterday will work well for you tomorrow.
Lance Wiggs ran a great session about how to pick the right investments and macro-trends affecting the world.
Great morning sessions.