Sometimes it takes a real specialist to find a way to crack a difficult problem. We tend to forget that we have a lot of these people in abundance across our research and educational institutions and that they love to have a go at something challenging. If you are able to find a way of working with these gifted academics, you might well end up creating a component of your product or service which is especially difficult to copy, thus giving yourself a decided competitive advantage.
I was especially impressed with one small software company I met which had a problem with a scheduling application. They admitted that it was only a small part of their overall solution but it was a critical component. While they could have produced a basic solution, the lack of functionality would have undermined their entire product offering. They approached a local university maths department to see if anyone could help them. The academics rose to the challenge and produced a world-class solution. It made all the difference to their solution and allowed them to refocus their marketing effort to concentrate where the new solution gave them a significant competitive advantage.
Universities and research institutions have their own way of doing business, or lack of business more often. Their motivations are directed more towards academic research publications and peer respect than commercial outcomes thus finding the right approach can be problematic. But if you don’t ask, you don’t get. There might be fees involved or a royalty but sometimes access to research data or research funding will win you more points. What you need to be is open to a creative way of working together for mutual benefit. The bottom line is that they need problems to work on and you need solutions, you just have to find common ground.
Breakthrough thinking can come in many forms. Don’t limit yourself to thinking that universities can only help with research problems. I have been involved in MBA projects in inventory management, marketing, business strategy, product commercialisation and exporting.
Sometimes the breakthrough comes from answering questions from someone who is trying to understand your business. Other times, they will generate numerous ideas, seemingly at random, to open up a new avenue of thinking. Many classes have a need for outside sponsors for projects and this is a great way to bring some smart people into your business to look at a specific situation.
You do, however, need to work within their framework. Students work in semesters on specific subjects and that constrains when they can work and what they can work on. Researchers need to work on something which they can publish or which will contribute to their funding. Some academics will work with you just for the experience. It takes time to build a relationship but it’s well worth the effort. If you are flexible and prepared to meet them halfway, it is a great resource to help you generate a competitive advantage.
Tom McKaskill is a successful global serial entrepreneur, educator and author who is a world acknowledged authority on exit strategies and the former Richard Pratt Professor of Entrepreneurship, Australian Graduate School of Entrepreneurship, Swinburne University of Technology, Melbourne, Australia.
James was the editor and publisher of SmartCompany and LeadingCompany for five years. He is now the Australian Financial Review‘s companies & markets editor, and a former BRW editor.
