As the speed of business and disruption of innovation increase so does the rate that long-standing companies are being replaced in the S&P500. The rise of the internet is an example of a game-changing disruption that has seen the rise of many new business models like Amazon or Netflix. Traditional companies, not used to change as a core competency of their business, have struggled to adapt and are often left behind before they even understand the shift that has occurred. By the 1950s, many companies would last 50-60 years in the S&P. In that past decade, that number has dropped to around 15-17 years. Currently, the churn rate is around 75% with today’s S&P being fully replaced by 2030.
I attended the summer sunrise social event hosted by the generations group. The inspirational speaker was Andy Gatton who had survived the Minneapolis hwy35 bridge collapse. His story and pictures were both amazing and inspiring. It gave us a view inside the tragedy and heroism that played out during that day plus a survives new perspective on life.
I attended the Finish Ambassador’s presentation at the Gutherie Theatre that was hosted by several of the Euro-American Minnesota Chamber organizations and the Minnesota Trade department. The event marked a 100-year celebration of Finland’s independence. Ms. Kirsti Kauppi, the Finish Ambassador talked about Finland’s history and their strong capabilities in innovation. There are many similarities between Minnesota and Finland and many reasons to explore collaboration and trade.
See more photos of the event in the gallery
I attended the overview of the Kansas City Living Lab. This is an impressive initiative centered developing solutions for smart cities. The city has been declared “open” for entrepreneurs in IOT to develop and live test their solutions with the partnership of the city and economic development organizations. They are developing a strong brand as a leading smart city and IOT hub. It is attracting companies and start-ups to the region and the real world results are creating proven case studies of solutions. I look forward to visiting the city in the next year to see how this story evolves.
Apple has enjoyed access to the Chinese market in where other major use companies like Facebook and Google have been blocked. Now China is taking a closer look at how Apple is competing within its market. Developers have enjoyed building local apps for the Chinese markets. Now threats are coming from multiple sides. A law firm representing several dozen developers have asked the Chinese government to look to see if Apple is violating and anti-trust laws or regulatory pricing in the app store. Large internet giant company, Tencent Holdings, has also had public friction with Apple. Local device manufacture’s devices are scavenging market share as Apple has struggled to meet the demand from waiting consumers for new iPhones. This increased scrutiny has caused Apple to continue to shift its business model towards services vs. a primary focus on devices alone. If the Chinese government intervenes with new regulation or penalties to Apple it could set a new president for US companies to compete in China’s markets.
I attended the August PDMA innovation event at Abbott ( formerly St. Jude.) The interaction between the medial panel and the audience was quite involved with the audience being full of experts in their own right. This provided multiple points of view to key topics identified below.
- Engage companies to discover unmet consumer needs
- Identify transdisciplinary resources
- Assemble expert research and engineering team
- Incorporate the company’s team to collaborate
- Manage team project schedule
- Produce deliverables based on individual agreement
- Understand the capabilities and partnerships at the University of Minnesota Medical Device Center
- Learn about the business relationships with the University of Minnesota and medical companies
- Learn about the behind-the-scenes medical work:
- What are the key phases of the product development process, and how are patients involved in this process?
- With new regulations and increasing costs of manufacturing, how do you balance customer requirements, cost of research, product costs, and pricing pressures?
- Which political or legal forces have the biggest impact on the medical device industry?
- How does healthcare economics and reimbursement play a role in product development, new product adoption and money available to invest in R&D?
See more photos of the event in the gallery
Elements Group volunteers at Simon Says Give event hosted at Mall of America. We brought a group of youth helpers with us to pack gift bags for needy children. The event was attended by a number of groups that all worked together to create an assembly line of production. Look for other Simon Says Give events and get involved!