{"id":2005,"date":"2020-01-08T08:00:35","date_gmt":"2020-01-08T08:00:35","guid":{"rendered":"https:\/\/blogs.imperial.ac.uk\/ighi\/?p=2005"},"modified":"2019-12-13T11:49:52","modified_gmt":"2019-12-13T11:49:52","slug":"words-of-advice-to-student-innovators-by-dr-richard-smith","status":"publish","type":"post","link":"https:\/\/blogs.imperial.ac.uk\/ighi\/2020\/01\/08\/words-of-advice-to-student-innovators-by-dr-richard-smith\/","title":{"rendered":"Words of advice to student innovators, by Dr Richard Smith"},"content":{"rendered":"
\"Dr
Dr Richard Smith as a judge at our 2018\/19 Students Challenges Competition final (Photo by Owen Billcliffe)<\/figcaption><\/figure>\n

This week we\u2019re opening applications for IGHI\u2019s annual Student Challenges Competition<\/a>. We\u2019re inviting aspiring global health innovators to submit their project in a bid to win \u00a310,000.<\/p>\n

To help budding student innovators get started, IGHI Visiting Professor and former BMJ editor Dr Richard Smith reveals his most essential pieces of advice.<\/p>\n

<\/p>\n

Your offering is less important than your capacity to stay the course<\/strong><\/h2>\n

You will, I hope, have a great product or new service. It will, you hope, bring great benefits to customers and the world. It may make you rich, giving you the means to develop more great products and new services. You will have spent lots of intelligence and energy developing your offering, and you will believe in it. But ultimately, whether you succeed will depend less on the quality of your offering but more on your capacity to stay the course. Indeed, it will probably be easier to succeed with something that is slightly better or cheaper than an offering already available rather than something revolutionary, which will demand a new market and way of thinking.<\/p>\n

Prepare for a rocky but fascinating journey<\/strong><\/h2>\n

The course of start-ups, like that of love, is never smooth. There will be many ups and downs and twists and turns. Many of them will capture you unaware. You will have moments of triumph and disaster, and, as Rudyard Kipling writes, \u201ctreat those two imposters both the same\u201d. It will be easiest if you can learn to love the tumult.<\/p>\n

Try for pathological optimism<\/strong><\/h2>\n

Successful entrepreneurs are often \u201cpathological optimists\u201d. They see a bright future when all those around them see catastrophe. I\u2019m not sure that you can manufacture optimism to such a degree, but if you are by nature a pessimist, you might consider a career other than entrepreneurship.<\/p>\n

Build a team that is mission-driven<\/strong><\/h2>\n

If you are to succeed you will need others around you. Your team will be much stronger if your employees work with you because they believe in the mission and are not just in it for a job or the money. A leader creates a vision and then motivates people to want to achieve that vision.<\/p>\n

Surround yourself with people who are better than you and will be critical friends<\/strong><\/h2>\n

When I was the editor of The<\/em> BMJ <\/em>my screensaver said: \u201cAny journal that can\u2019t be better than its editor is doomed.\u201d It\u2019s true for all enterprises. You need strong people around you; some of them, perhaps all of them, better than you. And you must create a culture where those people can be critical, tell you when you are going wrong.<\/p>\n

\u201cNo margin, no mission\u201d<\/strong><\/h2>\n

You will have to think money. The nuns who run a hospital in America have a saying: \u201cNo margin, no mission.\u201d You may be (and perhaps should be) more interested in the mission than the money, but the money will kill your idea if you don\u2019t get it right.<\/p>\n

Get a good finance person<\/strong><\/h2>\n

The importance of money and cash flow means that the most important member of your team will be a finance person. You need to find somebody you trust who will give you accurate \u2013 and sometimes terrifying \u2013 financial data. You will not be able to succeed without such a person.<\/p>\n

Think cash, but beware of investors<\/strong><\/h2>\n

Cash flow kills start-ups. You have a great offering, huge potential, and even eager customers but suddenly you can\u2019t pay your staff. You will need money to keep you going for what is likely to be several years before you become profitable. It may not be that much, and you might be able to raise it from family and friends. But you will probably need investment. Investors can be your friends. But ultimately most are driven by money rather than mission and would prefer a rapid return than a slow one. They may become impatient and if they control the company, oust the \u201cscruffy founder\u201d and install a \u201ccompany person\u201d.<\/p>\n

\u201cMurder your darlings\u201d<\/strong><\/h2>\n

Artists have a saying, \u201cMurder your darlings.\u201d They mean that the part of the painting that you most cherish, or if you\u2019re a novelist, the passage you treasure, may have to go for the benefit of the whole. That may well be true with part of your offering or strategy.<\/p>\n

Be prepared to change course<\/strong><\/h2>\n

You may set out with a clear idea of how you think you will succeed but then discover it\u2019s not working: the product, the strategy, the marketing, or the team may need changing. You may need to cut your team right down or change your offering. The changes may feel uncomfortable and will not guarantee success, but continuing in the same way will bring disaster. You have to be willing to change course, and, as I said at the beginning, you need to learn to enjoy the changes.<\/p>\n

IGHI\u2019s Student Challenges Competition is now open for entries. Applications will close on 7 February. Apply now for your chance to win \u00a310,000 towards your idea. The competition is open to all UK university students. Find out more here<\/a>.<\/h5>\n","protected":false},"excerpt":{"rendered":"

This week we\u2019re opening applications for IGHI\u2019s annual Student Challenges Competition. We\u2019re inviting aspiring global health innovators to submit their project in a bid to win \u00a310,000. 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