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Friday, December 12, 2008
State-of-New-England
Tough economy calls for innovation
MHT Editor Doug Banks on NECN: How companies are using social media
How is the economic crisis affecting tech companies?
“It” is everywhere, all the time. “It” is predictable but unavoidable, like the teenage kids in a bad Hollywood B movie that keep going back to the shed behind the house despite the guy in the hockey mask hiding there. Such is the current sense of doom and gloom. We keep talking about “it,” focusing on “it,” dreading “it,” despite knowing that nothing can change “it.” But what else is one to do? It is brutal out there. The markets are gyrating wildly in their ever-downward trek, capital is scarce, layoffs are plentiful, and a global sense of dread is leaving us all looking toward a 2009 that promises to be one of the toughest years in decades.
What else can one do? I can only share my early New Year’s resolution. Better yet, let’s call it a Thanksgiving resolution: I am going to re-deploy my energies and ideas toward the myriad opportunities that will present themselves amidst this chaos and uncertainty, and focus on what I can do now to help innovate toward a cleaner, more peaceful and prosperous future.
Sometimes we need a shake up to wake us up, and these times definitely call for radical and relentless innovation. We at Flagship Ventures focus on what we call “entrepreneurial innovation,” the kind that happens in startups, and we believe that now is not only a great time to launch a new company, but that these new startups will be a vital element in our reformation. And while this technology revolution is critical, it is not enough. We as a society need to innovate in everything we do — from how we make, sell and buy cars, to how we govern ourselves; from how we create the energy we use, to how we treat and prevent disease; from how we teach our children, to how we interact with our allies around the globe. Everything is in play. I believe that the next several years will be a period of great challenge, but also unparalleled innovation, opportunity and progress.
So what can any of us do to help create this innovational renaissance? First and foremost, it will take a distinct attitude adjustment from each of us. Instead of thinking about the value of stock portfolios and time frames for retirement, focus on finding something that you are passionate about and wouldn’t mind working on for a few extra years. Instead of doing business as usual, explore how to introduce innovation in whatever product or service you are delivering, and actively look for new ideas to bring into the market. Instead of the status quo, turn your attention to creating a more fertile landscape for broad-based innovation.
One example would be to focus on the regulatory changes playing out in Washington and on Beacon Hill, which will impact the main industries of New England. Strive to inform yourself, and become more engaged in driving a regulatory framework to enable innovation and sustainable market solutions while avoiding the under- or over-reaching from which most government efforts have historically suffered.
Or perhaps find time to volunteer for a cause that gets you fired up, one that will drive a deeper sense of ownership of the collective force shaping society over the coming decades. Or, find a young professional, entrepreneur or student to mentor. The greater the coordination and knowledge sharing between the commercial, social and public communities, and across generations, the more likely these various vectors of our innovation community can align and move us forward.
Finally, but critically, demand greater innovation and competition in our school systems, and especially push for increased science and technology curriculum, as well as language, history and social studies so we can produce a next generation of leaders deeply rooted in the power and process of innovation in a global context.
All this might sound obvious, or perhaps trite, but I believe it’s critical. This paper generally, and this column specifically, is about innovation, and we have never been more in need of a surge of new ideas, actions and connections. So don’t go behind the house to the shed; instead, head to the garage and start innovating!
Jim Matheson, a general partner at Flagship Ventures, an early-stage venture capital firm based in Cambridge, is a regular contributor to Mass High Tech.
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