Scientists and technologists now have to work in different ways to how they have in the past. With the pace of invention growing exponentially, the best innovators are those motivated not by making lots of money or by building a business but by solving a problem.

Competition and commercial progress is very healthy

It’s an ever-evolving cycle. Rivalry inspires and drives ideas forward to break new ground, revolutionise technology and create lots of new applications (products and services) prompting improved hypotheses for further creation.

As human beings we are really pushing boundaries with innovation. All over the world we are seeing some incredibly complex and beautiful bits of science driving innovation. We are at the cusp of being able to create more things in more innovative ways than ever before.

In 1996, two bright guys from Stanford University came up with an algorithm. Now they have a multi-billion dollar business. To search is now ‘to Google,’ like hoovering was once to vacuum – except now they are probably doing it with a Dyson!

In the last few years more scientific papers and more patents have been lodged than the total sum of all historic papers and patents put together. It could be said however that 99% of ideas lead to nothing or to mediocre results. It’s not just about the inventions themselves, it’s also about the process and business model involved in making that new idea into the next big thing.

In a highly specialised world one thing is clear, scientists and technologists have to collaborate to create the next generation of inventions. The days of an individual working on an invention in their garage (or shed) are a thing of the past. It is now teams of people with a unified purpose that pull together and build on everyone’s expertise. It seems collectively we can do so much more than the most brilliant individual.

If you like change and the new, it has never been a better time to be alive… it’s never been easier to create, start-up a business and tell the world about it.

So what’s stopping you? Apart from putting your mind to it first, absolutely nothing!

Before you jump the gun letting your inner creativity manifest into a flawed get-rich-quick scheme …do your due diligence and begin to ask yourself questions like, “Am I a product person, a services person or both?” “Do I really have a novel idea?” “Is it investible?” “Who am I going to team up with?” “How am I going to set out my stall and engineer favourable odds for the business?”

When you are confident you’ve left no stone unturned, go for it!

Posted by John Knight, Consulting Director – Tequity