Identifying the Million Dollar Idea in Science-Event Synopsis

Event Synopsis

  • Identifying the Million Dollar Idea in Science.

                                                                               Guest Speaker:  Stephen Falder.

On 5th March 2015, Stephen Falder came to visit us and shared his extensive entrepreneurial experience. As a serial entrepreneur, Stephen has been involved in founding 16 businesses, which include a paint company and the widely successful Byotrol Plc- you may have seen this antimicrobial gel in your lab! He particularly enjoys business development and management i.e. identifying the million dollar idea and building it into a success. He gave us a few pointers that he found useful in this journey.

 Five things I have to tell you.

  • Relevant idea doesn’t necessarily mean making money – development and execution is key!
  • Have a plan, but don’t restrict yourself
  • Don’t over analyze everything.
    • Entrepreneurs are men of action. It does no good to be too thorough, be adaptive to changes!
  • Mistakes are corrected by you taking action- Again, do not dwell on your mistakes!
  • You can use other people’s money (OPM) – including friends, family, grant, and investors.

Stephen mostly engages in developing start-ups. He identifies ideas, realizes them with a business plan and taking actions to correct mistakes. Eventually, he leaves it and maintains a small role in the business. He is able to do that due to his ability to pick up the right people for the management team. His secret is choosing the people he’d like to be surrounded with, those who can bring different things to the company.

 Stimulating Questions and Answers.

  • What is risk like? “Risk is a great feeling.”
  • What can academics learn from the business world? “Go for it, don’t be modest.”
  • How do you spot a good idea for business? “Look for a problem that is begging for an answer.”
  • How long does it take to manage your businesses? “Depends on what level you’re involved. Some 4 days a week, some are just seasonal.”

 

Our next event is on the 7th of April, titled ‘ Innovation Nation: protecting your cashcow’  Register here

Speaker Introduction-Stephen Falder

Stephen Falder Byotrol biog with photo autumn 2014  We are proud to have Stephen Falder to be our main speaker of the event: Identifying the million dollar idea.

Stephen, our King’s Alumni, studied Chemistry & Biology (specifically Microbiology) in 1978-81. After leaving university he went straight into the world of business, starting in his family-run paint manufacturing business, but soon moved to acquire, start and run other businesses.

He is the inventor of an antimicrobial technology and a founder director of Byotrol plc, an AIM listed anti-microbial technology company. He is Chairman of Ecospray Ltd; an agrichem business with several patents on its garlic based crop protection products. Additionally, he is on the boards of Alpha Biolaboratories, a DNA & Drug testing company as well as Preservation Paints Limited and Byoworks Pty.

He’s a successful business man and what’s more he turns ideas in microbiology into real life products. Where did he get those money making ideas? Here is the chance to find out in our event on 5th March 2015!