Entrepreneurship & Innovation

Mohammad Anas Wahaj | 10 oct 2015

According to Global Impact Investing Network (GIIN), 'Impact investments are investments made into companies, organizations, and funds with the intention to generate social and environmental impact alongside a financial return...The growing impact investment market provides capital to address the world's most pressing challenges in sectors such as sustainable agriculture, clean technology, microfinance, and affordable and accessible basic services including housing, healthcare, and education.' The recent report by Wharton School of the University of Pennsylvania, 'Great Expectations: Mission Preservation and Financial Performance in Impact Investments', based on the evaluation of financial performance of 53 impact investing equity funds that include 557 individual investments, explores the two most important aspects of impact investing - financial returns and long-term impact. The study suggests that - in certain markets segments - investors might not need to expect lower returns as a tradeoff for social impact. According to authors of the report, Wharton finance professors David Musto and Chris Geczy, certain market segments of funds in the sample yield returns close to those of public market indices. Prof. Geczy explains, 'Our research fills a near-void of rigorous analysis of private investment and social impact outcomes and most importantly the link between the ideals of doing well and doing good. The study examines the tension between profits and purpose, also bringing to bear analyses characterizing relative performance as well as statistical certainty about the result. It represents an exciting initial advancement in our ongoing social impact research agenda.' Read on...

GlobeNewswire: New Wharton Research Shows "Doing Well While Doing Good" Is Viable Investment Strategy, Investors Seeking Social Impact Can Receive Comparable Returns
Author: Peter Winicov

Mohammad Anas Wahaj | 07 oct 2015

Transformation in healthcare industry is increasing the demand for 'out of the box' executives and leaders that can adapt to the pace of change and at the same time bring in new ideas and innovate. These executives have diverse experiences in different industries. They can be from industries that are creating better and advance ways of doing business for example technology organizations that are influencing business processes and models in many industries. Recruiting for some select positions like CMOs (Chief Marketing Officers), CHROs (Chief Human Resources Officers), CIOs (Chief Information Officers) etc from mainstream healthcare can sometime stifle innovation as these executives may bring traditional set of experiences and perspectives from within the healthcare industry. Moreover healthcare industry is known for slow adoption of latest technologies and processes due to regulatory and systemic issues. Hence the leaders and executives from other industries have a better chance to drive innovation. But healthcare recruiters have to be cautious while seeking candidates from outside the traditional healthcare industry. Kimberly Smith (FACHE), managing partner of the executive search firm Witt/Kieffer, provides some basic rules they should apply while recruiting for such positions - (1) Know where the need of innovation is and in which area the person will have most impact. (2) Understand whether the new roles are required or current leadership framework needs modification or not. (3) Perform thorough research for sources from where the candidates can be recruited. (4) Clearly define the roles, responsibilities, demands, deliverables and expectations from the new hire. (5) Be specific in defining the competencies, skills and experiences that are saught in the change and innovaiton agent. (6) Be sure of the readiness and need for out of the box candidate. Have diverse set of candidates. Explore how the person can be onboarded before extending an offer. (7) Have a clear onboarding plan for this candidate. Make sure how the nontraditional hire would be smoothly integrated and assimilated into the organizational structure and culture. Ms. Smith concludes, 'The act of looking outside the box to recruit requires forethought, a comprehensive evaluation process and a commitment to helping the executive to adjust. Going outside the box doesn't mean that hiring diligence should go out the window - in fact, just the opposite.' Read on...

Executive Insight: Recruiting "Out of the Box" Healthcare Executives
Author: Kimberly Smith

Mohammad Anas Wahaj | 03 oct 2015

Mainstream financial institutions are exploring to integrate potentially disruptive blockchain technology that is behind virtual cryptocurrencies like bitcoin. Blockchain is a decentralized public and transparent ledger of all bitcoin transactions. While traditional banks work through a centralized electronic banking system. Now 13 of the leading global banks have joined a project to collaborate on the use of blockchain-based distributed ledger. R3, a New York-based innovations firm, is one of the leading project partner and seeks to establish a set of standards that banks can use. The project will research and experiment shared ledger solutions to meet banking requirements for security, reliability, performance, scalability and audit. Financial executives, Niall Cameron of HSBC, Satoshi Murabayashi of Mitsubishi UFJ Financial Group, and Robert Sams of Clearmatics are positive about the project and its usefulness for the financial sector. Read on...

CNBC: How Wall Street is embracing bitcoin
Author: Matt Clinch

Mohammad Anas Wahaj | 26 sep 2015

Timely access to funds is one of the critical component for the survival of nonprofits. Their funding sources are limited and mostly include endowments and grants. Moreover, to obtain funding from traditional sources like banks and financial institutions is difficult. They should find innovative ways to raise and create funds and achieve long-term sustainability. According to Ryan McCrary, founder of Great Outdoor Adventure Trips (GOAT), 'Most nonprofits see rapid growth right away but quickly stagnate. GOAT, a youth development organization for at-risk students, followed that format. To continue growing, nonprofits must innovate like any other company.' He suggests creating a side revenue stream, that may be in the form of a business, which can support the nonprofit. Creating a monthly donor group is another approach that he suggests. Moreover he argues that nonprofits shouldn't shy away from generating profits and should re-invest them in the company. Individuals who have ideas and solutions to do social good can also model their startups as for-profit social enterprises. Moreover, they can also join board of existing nonprofit and share their ideas and assist it to innovate and grow. Read on...

Upstate Business Journal: Nonprofits face unique startup challenges
Author: Benjamin Jeffers

Mohammad Anas Wahaj | 25 sep 2015

Design thinking is used by organizations to spur innovation. It is often a source for product innovation teams to generate radical new product ideas and concepts. Once applied effectively and become a part of organization's culture it can emerge as a sustainable competitive advantage. According to Professor Michal Herzenstein, who teaches marketing at University of Delaware, 'Radically new products are products that allow consumers to do something that they couldn't have done before. They are products that create a shift in consumption - how consumers respond to and use products.' Her chapter 'Optimal Design for Radically New Products' alongwith Prof. Steve Hoeffler of Vanderbilt University and Tamar Ginzburg of Vanderbilt University, appears in PDMA Essentials book titled, 'Design and Design Thinking' by Michael I. Luchs of College of William and Mary, Scott Swan of College of William and Mary, Abbie Griffin of University of Utah. Prof. Herzenstein provides six processes that product innovation teams need to implement to create ideas for radically new products. Large organizations can use them in an ascending sequence with a focus on communicating the goal of achieving breakthrough product to innovation team. While smaller companies and startups can pick any process that they feel will assist them to learn more about developing radically innovative product ideas. The six processes are - (1) Communicate the Challenge Goal Toward Radically New Products. (2) Shift Time Frames to Future and Past. (3) Promote an Emerging Technology Focus Across the Product Consumption Chain. (4) Promote the Use of Analogical Thinking. (5) Look for Novel Ways to Solve Simple Problems. (6) Leverage More Ideators Via Crowdsourcing. Read on...

Product Innovation Educators Blog: 6 Processes for Generating Ideas for Radical Innovations
Author: Chad McAllister

Mohammad Anas Wahaj | 17 sep 2015

Innovations in certain industries take longer for adoption and proliferation in the consumer market. Consider the case of healthcare industry where innovations take years to diffuse into the market. Sandeep Acharya, Vice-President of strategy and new business at One Medical Group, explains how the healthcare innovation works, provides reasons for longer time the innovation takes to reach healthcare consumer and suggests the role that consumers can play to bring changes in healthcare and accelerate the pace of innovative products and services to reach them. The three main reasons why innovation in healthcare takes longer to reach consumers are - (1) In healthcare, the consumer is not the payer: Most patients don't pay their healthcare bills directly. Large corporations are payers and in order to generate revenue for the innovative service they have to agree to imburse patients for it, and doctors have to recommend it. The process may take years for entrepreneurs to pass through. (2) All healthcare is local: Healthcare decision makers - physicians, hospital systems, insurance companies and regulators - vary from state to state and sometimes even cities. For healthcare innovation to get adopted more broadly, entrepreneurs have to navigate a different set of decision makers for every new market they want to serve - each with its own rules, politics and dynamics. (3) The healthcare industry is used to moving slowly: Healthcare industry has seen too many great ideas stall. Over time, optimists became skeptics, and some even became cynical. When it comes to change, many in the industry have accepted the slow pace as a given. But to bring the necessary change in the pace of healthcare industry, consumers need to be proactive. They should expect more, demand more, provide timely & impartial feedbacks & reviews, do thorough research and be informed about latest health products and services. Read on...

USA TODAY: Why is healthcare innovation taking so long?
Author: Sandeep Acharya

Mohammad Anas Wahaj | 13 sep 2015

Social enterprises seek to develop innovative solutions to the real world problems and engage with local communities. With democratization of technology and availability of funds more entrepreneurs are able to create social enterprises and become part of the development landscape. Along their evolution to sustainability and during the process of scaling up, social enterprises face a range of challenges. Accelerator programs can play an important role in assisting them to overcome obstacles and grow. According to Anya Lim, co-founder and MD of ANTHILL Fabric Gallery, 'More than the financial resources, we need mentorship and guidance. We felt that being in an accelerator program will increase our accountability to implement changes for growth more efficiently and effectively.' Manny Alkuino, CEO and chairman of Sidlakpinoy, also acknowledges the role of accelerator in helping to reach next level in terms of both operations and social impact. Both these organizations are part of Philippine-based Impact Investment Exchange Asia's Impact Accelerator program. Following are the suggestions they share with other social entrepreneurs who are working to scale up their enterprises - (1) Do it at the right time. (2) Have a clear company ethos and a solid team. (3) Know your numbers. Know your market and details of issues you are tackling through proper research. (4) Engage your team and stakeholders in the process. Read on...

Devex Impact: 4 tips for taking your social enterprise to the next level
Author: Liana Barcia

Mohammad Anas Wahaj | 11 sep 2015

Human resources are a source of competitive advantage for organizations. They compete with each other to acquire and retain the best talent. Start-ups and small companies find it more challenging and difficult to attract and retain talent as compared to large and established corporations. According to Gallup's '2013 State of the American Workplace Report', 'Employee engagement in the workplace can affect retention and even a company's bottom line. Millennials are the most likely of all the generations to say they will leave their jobs in the next 12 months if the job market improves.' Other highlights of the report are - 'Opportunities to learn and grow' at companies as an important factor for millenials and members of Generation X deciding to stay with a company; 70% of American workers are 'not engaged' or else are 'actively disengaged' at their jobs, costing U.S. companies US$ 450 billion to US$ 550 billion per year; 22% of U.S. employees are engaged and thriving at work. Gregg Pollack, serial entrepreneur and founder of Code School, explains that policy-driven culture of 'self-improvement' and 'betterment' is a competitive advantage and how better employee engagement at workplace can minimize the chances that they will leave. He says, 'People want to be engaged at work, and one way to increase engagement is through policies that help employees nurture personal growth.' Following are some employee engagement concepts that he implements in his company - Giving a day in a month to employees to encourage them to work on something that would make them better at their job. This may include exploring a new technology, learning a new language, reading a book, building a tool that helps business or taking an online course; Paying employees to attend conferences; Paying for learning materials like books, online courses and workshops. Read on...

Entrepreneur: Why a Culture of 'Personal Betterment' Is a Competitive Advantage
Author: Gregg Pollack

Mohammad Anas Wahaj | 08 sep 2015

Healthcare industry in US is undergoing transformation driven by multiple factors that include technology, changes in consumer behavior, rising costs, legislation etc. Employees are becoming more independent in making their healthcare decisions that were earlier influenced by their employers. Healthcare providers are now dealing with more proactive consumers. Healthcare marketers need to understand consumer preferences, adapt to the changing needs, create products and services that fulfil needs and satisfy customers and utilize consumer insights to develop effective marketing progams. Brent Walker, Chief Marketing Officer of c2b Solutions, explains the drivers that are leading to shifts in healthcare and how marketers should adapt and succeed in this new healthcare scenario. According to him, in addition to rising costs, the three main reasons that we are evolving towards consumer-driven healthcare are - (1) Demographic and Socio-Economic Realities: More pronounced health issues and chronic conditions of aging Baby Boomers; Lack of health insurance for a sizeable population; Heterogeneous population; Expensive healthcare products and technologies. (2) Legislation: Healthcare system is adapting to Affordable Care Act; Health insurers have to deal with individual consumers; Healthcare providers are investing in infrastructure; Integrated Electronic Health Records and Big Data technologies; Reimbursement based on medical outcomes and patient satisfaction. (3) Technological: Digital media is a catalyst of consumerism; Informed consumers due to internet and mobile apps; Improved transparency; Better ability to assess cost and quality, and research about products and services with more choices; Inclination towards prevention and wellness. He explains three implications that healthcare providers have to plan for - (1) Massive investments are required for technological upgrade and update of systems to facilitate integrated patient record sharing and also reporting care quality. (2) Business models must change. Physicians are leaving smaller firms to join large healthcare systems due to IT investments and scale necessary to control costs and manage risks. (3) New competitors are entering as a result of advancement in technologies and consumer-driven approaches. In this changing healthcare landscape marketers have to continuously evaluate and assess their direction. He suggests four dimensions to do so - (1) Data: Right data to understand and reach the target audience. (2) Systems: Infrastructure to understand consumers, create insights and build valueable customer-firm relationships. (3) People: Have consumer marketers in team with experience in latest web and mobile technologies. Combine industry experience with consumer insights and customer behavior understanding skills. (4) Processes: Newer sales methods. Analytics and measurement of marketing effectiveness. Focus on analyzing consumer acquisition, retention and satisfaction. Read on...

Forbes: The New World Of Healthcare Marketing: A Framework For Adaptation
Authors: John Greenfield, Kimberly A. Whitler

Mohammad Anas Wahaj | 24 aug 2015

Wikipedia defines 'Social Enterprise' as, 'An organization that applies commercial strategies to maximize improvements in human and environmental well-being - this may include maximizing social impact rather than profits for external shareholders. Social enterprises can be structured as a for-profit or non-profit, and may take the form (depending in which country the entity exists and the legal forms available) of a co-operative, mutual organization, a disregarded entity, a social business, a benefit corporation, a community interest company or a charity organization.' Like any other organization the success of 'Social Enterprises' depends on variety of internal and external factors like leadership, teamwork, passion, infrastructural ecosystem, investor capital etc. Dick Gygi, a veteran social ventures leader & co-founder of 3 social enterprises, shares his experience and outlines factors essential for social entrepreneurs to lead their enterprises to success - (1) Get clear on the mission and stay mission-centered. (2) Test the business model for sustainability before you bet the farm. (3) Don't do it alone. Build a strong team and do your best. Then, delegate the rest. (4) Persevere. It takes more time and money than you think. (5) Measure desired outcomes - financial and mission impact. Read on...

Nashville Business Journal: 5 lessons learned in 10 years of leading Nashville social enterprises
Author: Dick Gygi

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