Work with the best people on the planet | Ross Pearce, Callaghan Innovation
Work with the best people on the planet | Ross Pearce, Callaghan Innovation
Work with the best people on the planet | Ross Pearce, Callaghan Innovation

[Ross Pearce]

In terms of the resources that you have in the company, it's unlikely that you're going to have all the skills that you need- all the best skills on the planet. But the good news is that today, you can access the best skills in the in the world if you choose to do so, and I think the commercial opportunities which are coming our way are far more complex than they ever used to be. It's not just about the product anymore, it's probably about a system that solves a challenging problem. And that probably means then you have to collaborate with other people to actually close that opportunity gap or opportunity proposition. It means either collaborating with potentially competitors, or collaborating with scientists, or collaborating with other organisations that can together actually land that opportunity, right. So, this idea of open innovation is really key to the world that we're going to be working in the next 10 years or more. And I think it's incumbent on New Zealand business is not to be afraid, to go and find the best person on the planet because you can do that, and there are plenty of opportunities of engaging or closing knowledge and skill gaps online, through just posting challenges to people. And it's amazing, people just love solving challenges and often they'll do it for nothing and often the solution doesn't come from the expert in the field, but it comes from an expert in another field who brings a completely different lens to the problem and sees a solution that no one else sees. And so, I think it's fundamental that businesses need to start thinking about that as a way of solving or capturing opportunity, solving problems, and not thinking that they have to own it all and do it all inside the business, because you can't win in this world by doing that.

Questions, answers and resources

Do critical skill or knowledge gaps exist inside your business?

What is this?

If you have a gap in capability it makes sense to bring in outside skills, seek advice or hire the right people you need to make the product development successful.

Risks

  • You don't know what you don't know 
  • Success may require a higher level of skill, knowledge or experience than you have available internally 
  • Progress in other areas may be wasted effort if there is a gap holding you back

Resources linked

Do you have critical development or commercial partners?

What is this?

Be sure to have clear roles, rights and responsibilities established early on with your partners. A strong relationship where everyone knows what is expected of them will be more commercially robust.

Risks

  • The lack of a comprehensive partnership agreement leads to disputes 
  • Partners who are underdelivering slow down your progress 
  • Your IP is at risk from partners outside your own organisation

Resources linked

Will you need to make acquisitions in order to achieve your goals?

What is this?

There may be existing businesses or products that would contribute to the success of your new product, if you acquire them and bring them into your organisation.

Risks

  • You need to know exactly what you are acquiring both the positives and negatives
  • The work involved in acquiring and integrating an acquisition can divert valuable time and resources
  • Will the acquisition become redundant after your new product has launched successfully?
Do you have other network relationships that may impact your commercial outcomes?

What is this?

You may have existing relationships with manufacturers, distributors, regulators etc. which can be used to improve your likelihood of a successful launch to market.

Risks

  • Your new product creates a conflict of interest because a new competitor deals with the same partners 
  • You overlook valuable skills or knowledge that are available to you 
  • Working with your new product puts an unforeseen strain on a supplier and negatively impact your relationship

Resources linked

Does your organisation structure and culture support Innovation?

What is this?

Genuine innovation is hard to make happen in isolation, or in an organisation that's not structured to support it.

Risks

  • You get pushback from within your organisation that slows or halts development
  • You fail to get sign off at a key point in the product journey
  • You don't have the internal support to make your launch successful

Resources linked

Do you have a board that supports innovation?

What is this?

Having support and understanding of what you are working towards at governance level is essential to the product innovation process.

Risks

  • Your board slows down or blocks the progress of your new product 
  • There are misunderstandings that require you to spend time clarifying or backtracking with the board 
  • You aren't given adequate budget or other resources you need for success

Resources linked

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