Business & Finance

Mohammad Anas Wahaj | 18 jun 2016

Family-owned businesses exist through out the world. According to Wikipedia, 'A family business is a commercial organization in which decision-making is influenced by multiple generations of a family - related by blood or marriage - who are closely identified with the firm through leadership or ownership...Family business is the oldest and most common model of economic organization.' During the formative stages, these businesses reflect the decision-making and working style of the owner and the ideas follow a top-down approach. But as the organization grows and become successful, and the management systems evolve there arise a need of outside professionals and top managers to bring fresh ideas and expertise, take over some tasks and roles from the owner, and further accelerate the growth of business. But according to Prof. Marleen Dieleman of National University of Singapore, an expert in strategy and policy, 'Unfortunately, this arrangement frequently does not end well because of a simple, crucial mistake: While they may invest considerable time and money in finding, hiring and training the right outside professional, all too often owners of family businesses assume that an outsider can do the job without the owner changing their own behavior.' If the owners are unable to embrace the change, the approach generally fails. With regards to Asian family businesses, she says, 'In Asia most family firms are built around strong, hands-on family leadership, but are weak in systems.' So to successfully strengthen managerial systems through hiring an external professional, Prof. Dieleman suggests four steps that family firms should consider - (1) Take Stock: Introspection is the first step in the process. Owners should ask themselves critical questions regarding the whys and wherefores. (2) Set Up Formal Corporate Governance Rules: Before hiring an outside professional, build proper procedures and systems. Clearly define responsibilities, performance targets and authority levels. (3) Implement New Routines: Owners should feel comfortable with a hands-off approach and should not overstep their boundaries. This requires awareness, acceptance, training, and practice for all parties involved. It shouldn't be just designing the system, but the discipline to stick to the new rules and roles. (4) Hire Multiple Outside Professionals: Once the system is in place and implemented, then hire for clearly defined roles. Accept increased overheads and cost of professionalization. It may require a team of professionals to fulfil the multiple roles that owner single-handedly performed. Read on...

CNBC: Family business owners must be ready to stop meddling
Author: Marleen Dieleman

Mohammad Anas Wahaj | 11 jun 2016

Dr. Amantha Imber's new book, 'The Innovation Formula: The 14 Keys for Creating a Culture where Innovation Thrives', provides an authoritative curation of insights into innovation. Dr. Imber is an innovation psychologist and founder of Australian innovation consultancy Inventium. The book draws upon author's experiences, academic journals and research studies on innovation. It begins with an 'innovation culture audit' based on a survey of 28 questions, that will help assess an organisation's readiness and journey on the innovation path. The tips and case studies are classified into four levels or units of analysis: individual, teams, leadership and organization. These levels have a total of 14 key factors of innovation. (1) INDIVIDUAL LEVEL: CHALLENGE [Imagination breakthroughs (GE), Personal development hacks (Inventium)]; AUTONOMY [Design changes (Etsy, Vimeo)]; RECOGNITION [Innovation Awards (Intuit)]. (2) TEAM LEVEL: DEBATE [Voice of Youth (Infosys), Reverse mentoring (GE, Cisco, HP)], SUPPORTIVENESS ['Flat' teams (Mirvac]; COLLABORATION [Experts from other business units (Pfizer)]. (3) LEADER LEVEL: SUPERVISOR SUPPORT [Design thinking (Disney)]; SENIOR LEADER SUPPORT [CEO office hours (FourSquare), Customer Meetups (Etsy)]; RESOURCES [Hack Days (LinkedIn), Innovation Champions (Pfizer), Toolkits (Adobe, Nestle, CBA)]; GOAL CLARITY [Innovation KPIs (Mirvac)]. (4) ORGANIZATION LEVEL: RISK-TAKING [Annual failure report (EWB), Dare To Try awards (Tata, Pfizer)]; COHESION [Buddy Program (Buzz Products)]; PARTICIPATION [Hack Weeks (Etsy)]; PHYSICAL ENVIRONMENT [Central atrium (Circus Oz), Participatory office design (Mirvac)]. Dr. Imber cautions, 'Creating a culture won't happen overnight.' She sums up, 'Innovation is a learned skill.' Read on...

Your Story: The Innovation Formula - 14 tips for business creativity and growth
Author: Madanmohan Rao

Mohammad Anas Wahaj | 08 jun 2016

Creativity and innovation help organizations thrive, grow and, stay relevant and competitive. Fast Company developed a list of 100 most creative and innovative professionals for 2016. The list includes individuals from 13 countries and has 50% representation of women. Here are selected few in HUMAN RESOURCES, ORGANIZATIONAL DEVELOPMENT AND CORPORATE CULTURE (The numbering is retained as in the original list) - (15) Carlos Mario Rodriguez (Director of Global Agronomy, Starbucks): For keeping Starbucks and farmers everywhere, full of beans. (22) Anna Young (Co-founder, MakerHealth): For enabling nurses to create their own solutions. (25) Kakul Srivastava (VP of Product Management, GitHub): For seeing the people behind the code. (26) Yasmin Belo-Osagie (Co-founder, She Leads Africa): For developing female entrepreneurs across Africa. (33) Abby Falik (Founder & CEO, Global Citizen Year): For channeling teenage wanderlust toward social good. (39) Alex Wolf (Founder & CEO, BOSSBABE Inc): For leading a millennial girl gang. (42) Dani Rylan (Founder & Comissioner, National Women's Hockey League): For giving women a shot at a professional sport. (48) Mary Roach (Author of 2016 book 'Grunt: The Curious Science of Humans at War'): For finding innovation on the front lines. (49) Wendy Davis (Founder, Deeds Not Words): For continuing to stand up for gender equality. (50) Quincy Delight Jones III (CEO, WeMash): For fostering harmony between mashup artists and copyright holders. (55) Adam Grant (Professor of Management and Psychology, The Wharton School, U. of Pennsylvania): For pinpointing the secrets of success. Author of the book 'Originals: How Non-Conformists Move the World'. (59) Tony Long (Founder & Director of FabLab, Northrop Grumman): For luring DIY to defense. (64) Amy McDonough (VP, FItbit Wellness, Fitbit): For bringing exercise to the enterprise. (65) Neha Narkhede (Co-founder & CTO, Confluent): For teaching businesses to read Kafka. (71) Ivan Askwith (Founder, Askwith & Co.): For knowing how to get fans more of what they want. Specializes in community building and crowdfunding projects that empower fans. (73) Kate O'Keeffe (Director, Cisco Hyperinnovation Living Labs, Cisco): For enabling huge companies to figure out the future, faster. (77) Bill Johnson (President, Corrisoft): For helping ex-offenders and detainees, get their lives back. (79) Markus Kressler (Co-founder and Managing Director, Kiron University): For providing refugees with a pathway to employment through higher education. (85-86-87-88) Jerry Stritzke (CEO, REI), Diógenes Brito (Product Designer, Slack), Shannon Schuyler (Chief Purpose Officer, PwC), Michael Fenlon (Global Talent Leader, PwC): For taking radical steps to improve corporate culture. Read on...

Fast Company: The 100 Most Creative People in Business for 2016
Author: NA

Mohammad Anas Wahaj | 06 jun 2016

According to the new research by Prof. Eliza Forsythe of University of Illinois at Urbana-Champaign, when hiring slows during recessions, the brunt of job losses is borne by job-seekers in their twenties and early thirties. Prof. Forsythe is an expert in labor economics. She says, 'Younger workers are less likely to be hired during recessions and, when they are hired, they tend to find lower-quality jobs and earn lower wages. More-experienced workers see neither of these effects. In fact, the evidence indicates that these more-experienced workers actually crowd young workers out of the labor market during recessions.' Prof. Forsythe explains that this disproportionate affect on young workers during recession make it difficult for them to acquire skills and experience, and establish their careers. Moreover, it also has negative effects on overall economy. It can become difficult for firms to get trained workers when older workforce retires. Explaining the plight of students who graduate during recession, Prof. Forsythe gives an example of Great Recession when the market for new lawyers collapsed. She says, 'In more recent years, hiring has recovered, but firms prefer to hire new graduates rather than those who happened to graduate during the recession and couldn't find jobs.' Prof. Forsythe suggests that clear understanding of hiring patterns and labor market mechanism during recession, is crucial for the design of effective labor market policies. She says, 'Since there are these long-term consequences, it means we might need to do more active interventions for young workers during recessions to make sure that they're not left behind.' Read on...

Illinois News Bureau: Research - Young workers hit hardest by slow hiring during recessions
Author: Phil Ciciora

Mohammad Anas Wahaj | 03 jun 2016

Creativity and innovativeness are some of the most sought after skills and qualities that are required in all types of industries. These abilities keep the wheel of businesses and organizations running, and stay competitive. Fast Company developed a list of 100 most creative and innovative professionals for 2016. The list includes individuals from 13 countries and has 50% representation of women. Here are selected few in MARKETING, BRANDING, ONLINE COMMUNITIES, MEDIA and ENTERTAINMENT (The numbering is retained as in the original list) - (1) Lin-Manuel Miranda (Composer, Lyricist & Performer. Rap Musical 'Hamilton'): For making history in entertainment. (2) Divya Nag (Head of ResearchKit and CareKit, Apple): For moving Apple into the doctor's office. (3) Jill Soloway (Writer, Director, Producer at Topple, Amazon Studios): For televising the revolution. (4) Jean Liu (President, Didi Chuxing): For building China's biggest ride-sharing business at breathtaking speed. (5-6) Maria Grazia Chiuri and Pierpaolo Piccioli (Co-Creative Directors, Valentino): For turning a storied fashion house into a US$ 1 billion juggernaut. (7) Cindy Holland (Vice President of Original Content, Netflix): For offering Netflix viewers a lot more to binge on. (10) Amit Agarwal (VP and Country Manager, Amazon India): For extending Amazon's reach, one vendor at a time. (12) Katie Nolan (Host of Sports-Comedy Show Garbage Time): For shaking up sports. (13) Mark Fields (President and CEO, Ford): For steering Ford in a more adventurous direction. (15) Carlos Mario Rodriguez (Director of Global Agronomy, Starbucks): For keeping Starbucks and farmers everywhere, full of beans. (17) Rachel Tipograph (Founder & CEO, MikMak): For making infomercials binge-worthy. (18-19-20-21) Sarah Schaaf (Community Director, Imgur), Alex Chung (Founder and CEO, Giphy), Adam Leibsohn (COO, Giphy), Nick Bell (VP of Content, Snapchat): For creating and curating the most clickable content on the Internet. (25) Kakul Srivastava (VP of Product Management, GitHub): For seeing the people behind the code. (27) Baba Ramdev (Founder, Patanjali Ayurved): For disrupting India's US$ 49 billion consumer packaged goods market. (28) Martin Lotti (VP, Global Category Creative Director, Nike): For stretching Nike in new directions. (29-30-31) Will Ruben (Product Manager, Facebook), Laura Javier (Product Designer, Facebook), Jasmine Probst (Content Strategy Manager, Facebook): For seizing the moments through Facebook Moments photo app. (35) Sara Wallander (Concept Designer, H&M): For putting a new face on H&M through eco-conscious beauty products at low cost. (37) Kathleen Kennedy (President, Lucasfilm): For restoring the Force to "Star Wars". (38) Dylan Field (Co-founder & CEO, Figma): For redrawing digital design. (39) Alex Wolf (Founder & CEO, BOSSBABE Inc): For leading a millennial girl gang. (40) Chance The Rapper (Musician, Chance The Rapper): For generating music that's priceless. (41) Jennifer Bandier (Founder, Bandier): For turning leggings into art. (42) Dani Rylan (Founder & Comissioner, National Women's Hockey League): For giving women a shot at a professional sport. (43) Jill Szuchmacher (Director, Google Fiber Expansion, Alphabet): For shaking up the hidebound business of broadband. (44) Zainab Salbi (Host of The Nida'a Show): For being a voice of change and foster frank communication in the Middle East and North Africa. (45-46) Abby Schneiderman and Adam Seifer (Co-founders and Co-Chief Executives, Everplans): For helping us make arrangements through a mobile-optimized consumer platform to build a digital vault of everything. (47) Chris Young (SVP & GM of Intel Security Group, Intel): For expanding Intel's arsenal through products with focus on bettering customer's security infrastructure. (50) Quincy Delight Jones III (CEO, WeMash): For fostering harmony between mashup artists and copyright holders. (51) Jeff Turnas (President, 365 by Whole Foods Market): For lowering the grocery bill. (52-53) Heben Nigatu (Social Producer, The Late Show with Stephen Colbert), Tracy Clayton (Co-Host, Another Round, BuzzFeed): For mixing comedy with commentary. (55) Adam Grant (Professor of Management and Psychology, The Wharton School, U. of Pennsylvania): For pinpointing the secrets of success. Author of the book 'Originals: How Non-Conformists Move the World'. (60) Ryan Coogler (Director, Marvel Studios): For being a knockout filmmaker. (63) Emily Oberman (Brand Designer & Partner, Pentagram): For giving Snoop's product line some California cool. (64) Amy McDonough (VP, FItbit Wellness, Fitbit): For bringing exercise to the enterprise. (65) Neha Narkhede (Co-founder & CTO, Confluent): For teaching businesses to read Kafka. (66) B. J. Novak (Co-founder, Li.st): For putting everything in order. Allowing people to create and share content in the form of list on Internet. (69) Ricardo Vice Santos (Co-founder and CEO, Roger): For being a fresh voice in messaging. Lets users exchange recorded sound snippets. (71) Ivan Askwith (Founder, Askwith & Co.): For knowing how to get fans more of what they want. Specializes in community building and crowdfunding projects that empower fans. (76) Susan Salgado (Managing partner, Hospitality Quotient): For spreading hospitality. (80) Asako Shimazaki (President, Muji USA): For importing the cult of Muji, Japanese housewares brand, to the United States. (81) Cassidy Blackwell (Brand Marketing Lead, Walker & Company Brands): For combining razor-sharp storytelling with product marketing. (82-83) Caitlin McFarland and Emily Gipson (Co-founders, ATX Television Festival): For getting television fans off the couch. (84) Nicole Van Der Tuin (Co-founder and CEO, First Access): For turning mobile phone payments into credit histories. (91) Kamasi Washington (Jazz Saxophonist, Kamasi Washington): For breathing new energy into jazz. (94) Moj Mahdara (CEO, Beautycon): For seeing beyond the cosmetic. (96) Sally-Ann Dale (Chief Creation Officer, Droga5): For energizing brands. (98) Ahmed Abdeen Hamed (Research Assistant Professor, University of Vermont): For discovering drug links in hashtags through computer program that data mines social media. (100) Lilly Singh (Entertainer, YouTube): For creating a unicorn business. Read on...

Fast Company: The 100 Most Creative People in Business for 2016
Author: NA

Mohammad Anas Wahaj | 28 may 2016

Technology continues to transform healthcare in a substantial way. Digital health expansion is visible and growing as technology infrastructure is getting better. Ryan Beckland, Founder and CEO of Validic, explains that optimizing the full potential of digital health will be the key to real progress, and building strong infrastructure to support patient engagement and data exchange capabilities will help make sustainable changes to care delivery and to achieving the full transition to value-based care. He predicts four major trends for 2016 - (1) Patients' expectations for care and care delivery are changing, and will force the industry to change: Patient expect accessability, affordability and better experience; Seek digital services. (2) We are going to see the evolution and increased sophistication of remote clinical technology: Advancements in wearables as sensors detect new data points; Digital therapies in the form of ingestibles and implantables; Platforms and applications are becoming smarter tools for consumers; Consumer empowerment through analytics and valuable health information. (3) Providers are going to begin seriously tackling long-standing interoperability and data access challenges: More investments in infrastructure for better connected systems. (4) There is going to be a shift in payment models to drive an outcome-based healthcare economy: Prevalent fee-for-service will transition to reimbursement for value instead of volume. Read on...

HealthcareITNews: Healthcare Innovation and the Four Key Digital Health Trends Expected for 2016
Author: Ryan Beckland

Mohammad Anas Wahaj | 24 may 2016

Altimeter Group's April 2016 report, 'The Race Against Digital Darwinism: Six Stages of Digital Transformation', defines 'Digital Transformation' as, 'The realignment of, or new investment in technology, business models, and processes to drive new value for customers and employees to effectively compete in an ever-changing digital economy.' According to Brian Solis, an analyst at Altimeter, 'Many conversations around digital transformation are focused on the IT side, and technology does play a big role, but there's a human side of the story and it's driven by the customer experience.' He explains that most digital transformation happens without top leadership, and it actually develops from the middle of the organization, from change agents, who act as lawyers, cheerleaders, and politicians, as they have to gather evidence, rally everyone together, and convince people to work together. The report provides six stages for digital transformation - (1) Business As Usual: Digital is present but not prioritized; Leadership is change resistant; Roadmap focuses on technology, not customer experience; Customer strategies and processes are siloed; Teams are not collaborating. (2) Present and Active: Occurence of early adopters experimenting with new technologies; Teams operating independently; Focus on customer experience starts to develop; Change agents are present and engage with colleagues to share latest digital trends. (3) Formalized: More collaboration happens between change agents and early adopters; Decision making driven by data, analytics and insights starts; Conversations revolve around customer experience, digital vs traditional; Need for formal vision regarding digital transformation and executive sponsorship for it; Education and training for digital begins. (4) Strategic: Most parts of the organization are now aware of digital transformation efforts and mapped processes; They start to get streamlined; Change agents become prominent; Role of CDO (Chief Digital Officer) or CCO (Chief Customer Officer) emerges; Data and analytics become more important; More collaboration is visible; Digital investments become ROI focused. (5) Converged: Digital efforts converge and get streamlined; Customer experience efforts now influence all processes; Change agents become leaders; Top leadership gets actively involved in digital transformation; Governing body is established to oversee changes; More collaboration between IT and customer experience teams. (6) Innovative and Adaptive: Digital transformation and innovation become interwoven into the fabric of the organization; An omni-channel system develops and provides consolidated information on customer data and its effects; New teams and roles evolve that prioritize digital. Read on...

TechRepublic: Altimeter report outlines 6 stages necessary for digital transformation in business
Author: Conner Forrest

Mohammad Anas Wahaj | 22 may 2016

According to the latest report by PwC, 'Connecting the World: Ten Mechanisms for Global Inclusion', providing internet connectivity to the remaining 4.1 billion people and bringing them online would increase global economic output by US$ 6.7 trillion. It will lift 500 million people out of poverty over five years. The report says that affordability, rather than infrastructure and availability, is the main barrier to internet adoption in most areas. Therefore, the report suggests that improvement of existing technology or even simply installing existing technology in developing nations, will be sufficient to achieve the essential cost reduction. The report was prepared for Facebook, that itself advocates cost reduction through Internet.org project. Facebook's approach of limiting the low-cost access to a subsection of the web, giving access to select sites like Wikipedia and Facebook, termed as 'zero rating', has critics in 'net neutrality' advocates like Tim Berners-Lee, who says, 'I tend to say 'Just say no.' In the particular case of somebody who's offering...something which is branded internet, it's not internet, then you just say no.' On the other hand, Jonathan Tate of PwC argues, 'Facebook's approach is worth it in the long term. While zero rating provides access to a slimmer version of the internet than the full web, it's a crucial stepping stone to full access. The important thing here is to get things moving.' Efforts like Google's Project Loon and Facebook's Aquila, are geared to achieve total connectivity by creating 'disruptive technologies'. Read on...

the guardian: Connecting everyone to internet 'would add $6.7tn to global economy'
Author: Alex Hern

Mohammad Anas Wahaj | 17 may 2016

Companies partner with public relations firms to build and enhance value of their brands. Chuck Cohn, Founder and CEO of Varsity Tutors, suggests identifying the right PR firm that is affordable, free of conflict of interest, have a skilled staff, understands your industry, provides the appropriate level of attention and support as you grow. He explains four criteria to consider while getting a PR agency on board - (1) Timing: Assess the need for PR; Are products and services mature enough; Is website optimized for sales; Is the content PR worthy. (2) Agency Type: Search for the right fit of agency for the business goals and desired outcomes. (3) Agency Staffing: Interact with the right people in the firm who will handle the account and not just the pitch team; Seek continuity in the team for a long-term. (4) Agency Size: Depending on the budget and specific requirements choose the optimum size PR agency. Read on...

Entrepreneur: What to Consider When Evaluating Potential PR Partners
Author: Chuck Cohn

Mohammad Anas Wahaj | 14 may 2016

As more innovation shifts towards entrepreneurial startups in the pharmaceutical industry, a number of executives are changing their stable big pharma tracks and joining the riskier, but more dynamic and rewarding world of small biotechs. They are somewhat championing the title of the book, 'Small is Beautiful' by E. F. Schumacher, in the pharma context. The shift also seems like a typical case of siding with David and abandoning Goliath in the race for developing breakthrough innovative drugs. Victoria Richon, as vice president of oncology drug development at Sanofi, experienced constant reorganization - teams shuffled, priorities shifted and processes changed - a usual situation at big corporations. After joining as president of a startup, Ribon Therapeutics, she says, 'At a small company, it's so much more about the science, and that's so much more satisfying to me.' The number of such career jumps are on the rise. According to pharma experts, startups have cash and they generate more innovative drugs (64% of drugs approved in 2015 originated from startups - HBM Partners). Graham Galloway of Spencer Stuart says, 'The shift is further fueled by rapid consolidation among the giants, shake-ups inside R&D departments, and succession planning inside big companies.' Some of the other prominent executives who made this big to small move include - Doug Williams, from Biogen to Codiak BioSciences; Don Nicholson, from Merck to Nimbus Therapeutics; Jeremy Levin, from Teva Pharmaceuticals to Ovid Therapeutics. Jackie Bandish, a biotech recruiter, puts it correctly, 'For many of these guys, a small company can be a breath of fresh air.' To compete in such an environment, giants are also modifying their strategies. Some are trying to become more entrepreneurial, others are enhancing their R&D. Moreover, they are also deliberately leaving early scientific research for startups, so that they can make deals later, licencing the drug (Small firms received US$ 5.6 billion in upfront licensing payments in 2014 - BIO.org) or outrightly acquiring the startup. High-risk and high-reward is the mantra for startups. Tony Coles, formerly with Bristol-Myers Squibb and Merck, got a US$ 62 million payout as CEO of Onyx Pharmaceuticals, when it was acquired by Amgen. While former Amgen executive, Terry Rosen, sold his startup Flexus Biosciences within 17 months of its inception for US$ 1.3 billion. According to PwC MoneyTree report, venture capitalists invested a huge US$ 7.4 billion in biotechs last year. But Greg Vlahos, parter at PwC, says that the pace has slowed a bit and expects a funding to top US$ 5 billion this year. Prof. Erik Gordon of Ross School of Business at University of Michigan, being positive on executive moves says, 'If anything, the flow of people to biotech startups may accelerate. because that's where they can make big stuff happen.' Jeff Jonas's motivation to move from Shire to a startup Sage, echoes with the trend. According to him, 'It's the chance to work unfettered - where everyone is rolling in the same direction - and the chance to do something big and unexpected. Who wouldn't want that kind of privilege?' Read on...

Fortune: Big Pharma Innovation in Small Places
Author: Jennifer Alsever

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