Ever since man figured out that he/she had a brain to use as a tool to over come every obstacle there has been an ever increasing flow of light bulb moments. We think, we dream and we create but never before at this pace and never before has it become so crucial to make our ideas succeed.
As world debt continues to increase with the constant fluctuation of stocks and the monetary system, everything we have put our faith in is being tested to the limits.
The Australian share market has sunk to two-and-a-half year lows, taking its losses over two days to $75bn. Where will the share-market recover this loss?
People are looking for solutions or looking to become part of a solution. It is inevitable that many will lose their jobs as technology improves to a point where streamlining processes will disrupt the lives of the workforce even further. What will happen to the newly unemployed? Do they look for other jobs in different market segments or do they look to create their own destiny? At present across most industries in Australia there are approximately 330 applications received for every job posted on mediums such as Seek and LinkedIn. The working class have to adapt to a new norm but it is not all doom and gloom.
The very place where we began will be the very place we realize our full potential. The human species as a whole seems to somehow thrive in the presence of adversity or challenge. Just as iron is hardened and shaped with heat, water and oil so too are we reaching a stage of refinement. The refinement of our talent is the only way that we can create positive change to our environment and current economic state.
I am privileged to be part of the new “innovation craze” as it shapes our everyday lives into wonders that we only dreamt of before. Ideas have begun to close the gap between rich and poor as well as entice true thinkers into becoming entrepreneurs. This is a time that will be remembered in history but with this mass of ideas comes uncharted territory and most of the time we do not know how to place structure around our creativity. The entrepreneurial journey is not for everyone but the structures that are being developed around Start-Up hubs are making it a little easier to cultivate and incubate ideas. If you have something of substance and can acquire funding as well as the right mentoring, then you are on the road to entrepreneurial discovery.
What has been missing in the local Start-Up scene till now has been the correct modeling for businesses and a lack of seasoned knowhow to back up these fledgling brands. Large corporate organizations have set up their own incubation hubs to foster ideas and are banking a sizeable percentage of their funds on new innovation. The important intellectual property lessons acquired from these Start-Up models are not being shared to reduce the failure ratio. I am trying to monitor the success of these ventures with a keen interest on the pros and cons they face.
The information these hubs provide will help shape the strategic platform on which future activity can power toward success. This is where sound strategy should step in with a grounded, simplistic yet effective method of identifying the fundamental issues. Only when this step is complete can we look at mapping a way forward.
During the past year I had the opportunity of working with 24 Start-Ups on various levels and of those 24 only 5 have managed to make headway and find a rhythm that works. Building the foundations of stability are what most of the Start-Ups struggled with. Even with the right information some lacked the implementation or funding to progress. Most of the time even GREAT ideas don’t get to see the light of day due to a lack of exposure, funding or understanding.
I have made it my mission of purpose to help disrupt the disruption as best I can. There is a methodical way to solve most problems with the exception of human emotions and if ideas are given the right nurturing, development and incubation there will be a dent in the failure rate of Start-Ups. The Eastern Innovation Center could be the humble beginnings of your next sustainable business. Entrepreneurs not only need wings to fly and space to test them out but a team of individuals who will monitor, mentor and advise every step of the way.
I would like to see us create a screening system for assessing ideas and employ an inside-out approach. Looking at every part of the process with a critical eye to find the true value and solution within any given idea. Distill and extract the most promising ideas and then develop those ideas even further until they are ready to be tested and turned into brands that consumers can begin to build an affinity towards. The world needs solutions that can enrich our lives and positively impact our environment.