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Innovation News
Medium
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Know Your Acquirors
- InSound founders Adnan Shennib and Robert Schindler built the world's first invisible hearing aid Lyric, which addressed the adoption-limiting perception of hearing-impaired patients as old or infirm.
- The company raised capital from angel investors, scaling valuations with each round, even when pushback may have been warranted, and struggled to access subsequent institutional financings that were costly and overly dilutive.
- The venture capital syndicate led by Psilos Ventures, CMEA, De Novo Ventures and Johnson & Johnson’s venture arm predicted an opportunity to disrupt the hearing industry and an exit strategy via the sale to a strategic buyer.
- The company's CEO bring-in David Thrower overcame product performance challenges and led the company to a successful product launch, after which it had a $10m annual revenue run rate.
- In 2009, the board advised Thrower to launch a process to sell the company, and the investment banking firm Gravitas Healthcare was hired to assist.
- Phonak and Oticon, two industry leaders, expressed serious interest, but the lack of a bidding frenzy allowed Phonak to offer a price that was a fraction of what would end up as the final transaction price.
- InSound realised the complexity of the deal documents meant that they knew little about their buyer. This lack of understanding later meant that, for example, InSound lost control over its earnout, meaning they could not reap the full share of the rewards for their successful product, Lyric.
- In retrospect, InSound failed to understand its potential buyers well enough.
- A growth company’s leadership, executives and board must think about exit partners early and often, and investors must determine if the entrepreneur knows the potential buyers well, as knowing potential buyers is critical for a successful financial return.
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Medium
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Know Your Acquirers
- InSound Medical, the manufacturer of Lyric, the world’s first invisible hearing aid, was sold prematurely by its VCs before gaining maximum value from its innovative product, according to Joe Mandato, former leader of medtech companies and author in MedCity News.
- In a rush to earn a significant return on their investment, InSound’s VCs weren't aware of the strategic value and potential of Lyric; the 40% of the market dissatisfied with traditional hearing aids, says Mandato.
- InSound’s founders and early investors didn't have sufficient skin in the game to question the VC’s decision to sell; product performance issues, ineffective sales strategies, high costs, and insufficient capital investment, turned it from a promising start-up into a struggling company, says Mandato.
- InSound’s acquisition by Phonak, at a fraction of its eventual value, was due in part to the hearing aid industry's general lack of emphasis on marketing and product advancement, causing the two leading acquirers to see InSound as low-cost with interesting IP rather than disruptive technology with significant strategic value.
- InSound’s earnout, based on meeting ambitious revenue and growth goals, was scuppered when Phonak purchased a majority interest in the hearing aid chain that was anticipated to make the largest one-time product purchase.
- InSound and Phonak’s management teams had significant culture clash, which led to protracted and difficult discussions to resolve the earnout issue, says Mandato.
- In the end, InSound sacrificed its right to control its earnout and accepted an immediate cash payment from Phonak, which concluded with a 2.5x return for its investors on their initially invested capital.
- Mandato suggests that leadership teams should think carefully and early on about potential exit partners, understanding how their product fits into their culture for successful exits.
- Investors need to gain an understanding of entrepreneurs’ understanding of potential buyers to realise full benefits, Mandato explains.
- In spite of InSound's story being extreme, it highlights the importance of knowing your buyers, remembering the strategic value of products and the significance of establishing carefully selected and suitable acquirers.
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Global Fintech Series
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Valor PayTech Appoints Sundar Garg as President of Asia
- Valor PayTech has appointed Sundar Garg as the President of Asia.
- In his new role, Sundar will oversee Valor's strategic growth initiatives in Asia.
- Sundar aims to expand Valor's presence in the region and deliver tailored payment solutions.
- Before joining Valor, Sundar led SysArc Infomatix in the Indian lending automation sector.
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Medium
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The Need for Climate-Resilient Infrastructure
- The economic and social costs of climate-related disasters are high, emphasizing the need for climate-resilient infrastructure.
- Digital transformation, along with Green Molecule™ technologies, offers a promising solution to build resilient infrastructure.
- Integrating low-carbon technologies like Renewable Natural Gas (RNG), hydrogen, and biomass supports sustainable and decentralized energy solutions.
- Digital technologies such as predictive analytics, artificial intelligence (AI), machine learning, and the Internet of Things (IoT) enhance infrastructure resilience by enabling accurate monitoring, predictive resource management, and automated responses to climate events.
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Medium
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Customer As Competitive Advantage
- Focusing on customer experience and satisfaction creates a lasting competitive advantage as loyal customers keep coming back and spread positive word-of-mouth.
- Acquiring a new customer can cost five times more than retaining an existing one, making customer loyalty a powerful asset.
- Positive word-of-mouth is incredibly powerful because people tend to trust recommendations from others over traditional advertisements.
- A customer-centric approach places the needs, preferences, and expectations of the customer at the center of every decision and strategy, leading to higher customer satisfaction rates and improved customer loyalty.
- Data analytics makes it possible to personalize products, services, and communications based on individual customer preferences.
- Actively listening to customer feedback and using it to drive continuous improvement creates a culture of improvement that benefits both the customer and the business.
- Empathy and problem-solving skills are critical for customer service, which is often the first point of contact between the customer and the company.
- Loyalty programs that offer unique value beyond just discounts can build emotional connections that make customers feel valued and appreciated beyond a monetary transaction.
- Tracking metrics such as NPS, CSAT, and retention rates can measure the effectiveness of customer-focused efforts.
- A strong commitment to customer satisfaction is more than a strategy; it’s a path to long-term success and sustainability in any industry.
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TechBullion
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Transforming the Real Estate Lending Market with Chris Pepe, Founder and CEO of LoanGeek
- LoanGeek, founded by Christopher Pepe, aims to transform the real estate lending market by connecting investors with optimal financing options.
- LoanGeek leverages advanced technology to make non-bank lending solutions more accessible, affordable, and efficient for real estate investors.
- Investors gain access to diverse financing options through LoanGeek, including DSCR, Fix and Flip, Ground Up Construction, Multifamily, and Industrial loans.
- LoanGeek's technology-driven platform streamlines the financing process, allowing investors to access capital faster and more affordably than traditional methods.
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Silicon
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Japan To Invest $65bn In Chip Industry
- Japan announces $65bn investment to boost its semiconductor and AI chip industries.
- The plan aims to attract public and private investment over the next 10 years.
- Focus on chip foundry start-up Rapidus and AI chips production on Hokkaido.
- Japan seeks to take advantage of chip restrictions targeting China and enhance its position.
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TechBullion
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Dr. Sean Siler’s Journey: Bridging Medicine, Military, and Innovation
- Dr. Sean Siler's journey is a testament to resilience, adaptability, and bold choices.
- From being a military physician to a business leader, he exemplifies a commitment to service.
- As CEO of VIGILINT, he combines his passion for healthcare with risk management and operational excellence.
- VIGILINT's comprehensive care approach, integrated Medical Operations Center, and partnership with the Cleveland Clinic set it apart in the industry.
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Silicon
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Amazon Developing Smart Glasses For Delivery Drivers
- Amazon is developing smart glasses based on its consumer-grade Echo Frames to guide delivery drivers through the final stages of parcel delivery.
- The glasses will display turn-by-turn navigation and provide instructions for drivers within buildings.
- The wearable devices aim to eliminate the need for handheld GPS devices and allow drivers to carry more parcels.
- Challenges include developing a suitable battery and ensuring comfort for drivers who already wear corrective glasses.
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UX Design
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Using systems thinking as a design leader
- Systems thinking is an approach that shifts our attention from single isolated components to interconnected wholes.
- Systems are everywhere, from websites and businesses to entire cities and economies.
- Thinking in systems helps us understand system parts, structure, and behavior to design for a more sustainable and efficient world.
- "A system is a set of things — people, cells, molecules, or whatever — interconnected in such a way that they produce their own pattern of behavior over time." — Donella H. Meadows.
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Medium
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Fishes and cars: UX’s study objects
- Our mentality can change and adapt thanks to neuroplasticity and synaptogenesis.
- Fish, as false observers, do not provide valuable insights for decision-making.
- Cars, on the other hand, represent active and suggestive profiles that generate data.
- Fish and cars differ in their ability to generate new solutions.
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TechBullion
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How does modern technology change your home care routine?
- Smart devices, personalized apps and advanced technologies are changing the way people take care of their skin and hair.
- The integration of technology in the daily routine becomes an integral part of daily life.
- Advanced cosmetic devices like AiGAiN make it possible to achieve spa-quality results in the comfort of home.
- Combining spa treatments with a home care routine allows for quality and accessible skin care.
- Investing in devices like AiGAiN and advanced care products reduces the costs of external treatments in the long run.
- Today, home devices for firming and skin tightening include innovative technologies that promote firming and tightening in a professional manner without leaving home.
- Modern technology has made the care routine more accessible, with devices that enable professional results at home.
- RF technology heats inner skin layers and stimulates collagen production, which helps firm and tighten the skin.
- While professional treatments offer immediate and impressive results, home facial treatments can be a continuation of preserving the effect of professional treatments.
- Devices like AiGAiN make it possible to treat various skin problems, comfortably and at a significantly lower price than the professional institutes.
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Medium
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OpenAI’s GPT-O1: A Groundbreaking Leap in AI Technology
- OpenAI has released GPT-O1, the most intelligent AI model to date.
- GPT-O1 sets a new benchmark in AI technology and promises to revolutionize how we interact with AI.
- The model is trained on trillions of data points, making it capable of understanding context, recognizing intent, and detecting emotions.
- GPT-O1 thinks critically, evaluates options, and adjusts answers in real-time.
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Inkbotdesign
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Become an Industry Leader: The Proven Path to Dominance
- Being an industry leader takes grit, strategy, and an unwavering commitment to excellence. A proper authority in your field doesn't just “happen”.
- Narrowing your scope is a powerful tool for differentiation and helps you dominate your niche.
- Make sure you can articulate your unique value proposition.
- Create valuable, educational content that showcases your expertise and positions you as an authority.
- Invest in SEO, social media marketing, and strategic partnerships to amplify your message and reach your target audience.
- Stay focused on delivering exceptional customer experiences with unparalleled results.
- Constantly innovate, experiment, and evolve to stay ahead of the curve.
- Create a winning culture - attract top talent, create an environment of excellence, collaboration and continuous learning.
- Remember being an authority isn't just about ego or status, it's about having a positive impact on your clients.
- It takes time, hard work, focus, and a commitment to excellence to become an industry leader.
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TechBullion
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Logitech Expands Access to Refurbished Devices
- Logitech International has expanded access to refurbished devices.
- Refurbished products are becoming popular as consumers look for alternatives to buying new ones.
- Logitech's Certified Refurbished program offers 'like-new' alternatives for an affordable price.
- Refurbished devices undergo rigorous testing and come with warranties.
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