You've got to kiss a lot of frogs - or, how to spot a good idea
Engineer, entrepreneur, venture capitalist, and raconteur Neville Jordan reckons he needs to kiss about 99 frogs before he’ll find an idea worth investing in.
Speaking as the IPENZ 2013 William Pickering Fellow at a Wellington lecture (part of the body’s national tour), Jordan told about 300 people it takes much research, talking to overseas people, and being introduced to a lot of ideas to find one business/startup that will potentially turn into a handsome prince (to extend the analogy; though he didn’t use this term himself).
The Sept. 12 presentation by Jordan, executive chairman of private equity investor Endeavour Capital, was on the topic, ‘How an engineer spots new technology and creates a billion dollar business.’
From his Petone beginnings, including trying to make an atomic bomb (but, as a 13 year old, wasn’t able to source uranium at his local pharmacy!), Jordan briefly outlined how the pharmacist later skewed his interest towards electronics.
Years later he pioneered the use of microwave technologies in New Zealand, floated MAS Tech on the NASDAQ, came away from a subsequent buyout of that company by larger American interests, and with a war chest of funds set up vehicles to invest in other good Kiwi ideas.
Hence the kissing many frogs correlation.
Having been successful with some investments, and less so with others (“it’s not failure, it’s a lack of success” he said in reply to a question), Jordan pondered where some of the next ‘Big Things’ may be coming from.
As an investor, he’s mindful that some technologies can pull society apart.
“How do we impact on the social fabric so we create better societies, and not cripple it in the process,” he posited?
Without giving specific answers, Jordan speculated that advances will be made in:
A fusion of electronics and healthcare (including and around)
- Chronic pain relief
A rise of new computational abilities
- Nano-level circuits
- Neural/cognitive systems
3D printing at home
He also gave huge credence to new education entities which are set to greatly disrupt university (including New Zealand) and other providers’ offerings.
Many people have heard of MOOCs (massive online open course) which currently have three million students in 220 courses.
Jordan says education that is accessible through and because of the internet will profoundly change society – though he, like others cannot possibly envisage what that will be.