1. 1
Warwick Business School Alumni Association magazine: spring 09

3. 3
message from the dean 3
As we move into 2009, the events of initiatives that we will focus on and, working with our advisory
the past six months leave many of us boards, key volunteers, alumni and associates, we are aiming for
daunted by the prospect of what a new success.
year will bring. Needless to say it has been
an incredibly challenging time across Success does not just equate to our ranking and our brand,
industries and across the world. Indeed, although these are crucial, but to our commitment to addressing
the events of the global financial crisis global issues and creating leaders who will direct and act to
have impacted on many of our alumni conquer uncertainty and deliver value in management of health,
and associates and we have acted swiftly global energy, low carbon, security and resilience, international
to respond to your needs: from careers advice to relevant events finance, and government, to name but a few. These areas all
and networks, tackling what can appear insurmountable challenges. contribute to the ‘WBS Vision’ which can be viewed online at
www.wbs.ac.uk/downloads/#vision2009 and are being directly
I cannot recall a time in the past five decades when business and supported through our Development Fund (see P21).
management education was so crucial. We have a responsibility
to ensure our current students and alumni are ready for the We hope our ongoing commitment to providing better services
increasingly competitive markets and to lead and contribute to for our alumni and associates will continue to bring you value. We
business and society as informed, focused and ethical global have asked you how we can improve, through our recent alumni
citizens. survey, and in the next edition of nexus we will feedback the
results of this and how we intend to respond. As I have reinforced
Little did we know when we planned this edition of nexus, how over recent months to staff at WBS, this is not the time for us to
relevant entrepreneurship as a theme would be. Not only do be complacent. Quite the contrary – we intend not only to explain
successful entrepreneurs share their top tips, but we learn how the lessons to be learned from the current economic situation but
to be more entrepreneurial and innovative in our approaches as also to rise above the economic challenges and to drive ahead our
individuals, as businesses and indeed, here at WBS, through our strategies. We look forward to working with you in this process.
enterprise activity.
As we strive to securely place WBS in the top echelons of European
schools, with a renowned global brand and international
community and focus, we continue to be enterprising and
innovative, articulating what we need to do over the next six years.
As we look towards Warwick’s 50th anniversary in 2015, we have
worked alongside other University departments to outline key
contents
In this edition of nexus we focus on entrepreneurship
6 11 15
4 Development and alumni relations
5 Alumni board
6–9 WBS news
10 Innovation rules! Professor Stephen Roper
11 The Reed interview Professor Alec Reed
12 Three decades of entrepreneurship
Professor David Storey
13 The art of luxury Kevin Baker
14 The enterprise hub
Professor Roger Mumby-Croft
15 IdeasForTheKids.com Manny Coulon
Providend Christopher Tan
17 25
16 Skyrota Richard Chadwick
Jargon PR Simon Corbett
17 Villas for travel Kathryn Bullock
Moneyvidya.com Gautam Kshatriya
18 WBS Entrepreneurship Network
19 Warwick Entrepreneurs and Business Angels
20 Mentor programme launch
21 WBS development programme
22–24 UK & Overseas event reviews, SIGs and regional groups
25 Events calendar 2009
26–27 Alumni news

4. 44 nexus: spring 09
the development and alumni relations office
WBS alumni and friends have achieved
great things in 2008, despite the
challenges of an unprecedented
year. Many of you have shared
your strategies and successes, both
professional and personal. We
continue to look forward to hearing
from you and sharing your success.
Collectively, our community
remains a force to be reckoned
with; together in 2008 we held
over 100 events internationally,
established new professional groups
in Entrepreneurship , Global Energy
and Finance, re-launched the WBS
Mentoring Programme, held our
first International Volunteers Day
and greatly strengthened alumni
groups, particularly in Canada, Hong
Kong, India, Malaysia, Nigeria and
Singapore. A huge thank you to all 2009 will bring challenges for each to fellow alumni, graduating students
of you who have contributed to this and every one of us. WBS will continue and those just embarking on their
momentum. to offer support and opportunities to studies. If you can offer advice, job
take us through this period of volatility. vacancies, projects or ideas, please do
The alumni survey carried out towards We already have plans to increase our get in touch.
the end of the year attracted a huge network of social and professional
response and indicated that 71 groups, to invest in the development In the words of Mahatma Gandhi,
percent of those who responded wish of alumni online services and to ‘The future depends on what we do
to actively increase their involvement broaden the range of careers services in the present.’
with our Alumni Association, whether for alumni.
it be through the offer of time, Best wishes for a healthy and happy
expertise or financially. This is excellent We can achieve so much more during 2009.
news. Over the coming months we this challenging time though by
shall be working hard with alumni drawing on the experience and energy Alison Bond
and friends to build upon these of you, our alumni. Never has there Deputy Director
opportunities and we will report back been a better opportunity for us to Development and Alumni Relations
to you in the next issue of nexus. unite and to celebrate our community;
contact details Pam Barnes Development & Alumni Relations Ben Plummer In–house photography by John Weatherly
Alumni Publications Officer Administration Director of Development and
Alumni Association t +44 (0)24 7652 4396 T +44 (0)24 7652 2813 Alumni Relations nexus is the magazine of the Alumni
Warwick Business School e pam.barnes@wbs.ac.uk E alumni@wbs.ac.uk T +44(0)24 7652 4188 Association, Warwick Business School
University of Warwick E ben.plummer@wbs.ac.uk T +44 (0)24 7652 4306
Coventry CV4 7AL Alison Bond Ann Jackson
United Kingdom Deputy Director, Development Development and Alumni Charlotte Wilkes The views contained in nexus are those
t +44 (0)24 7652 2813 and Alumni Relations Relations Officer (International Associate Director, of contributors and not necessarily
f +44 (0)24 7652 3719 T +44 (0)24 7652 4176 Affairs) Development those of Warwick Business School or the
E alumni@wbs.ac.uk E alison.bond@wbs.ac.uk T +44 (0)24 7652 8197 T +44(0)24 7615 0075 University of Warwick
W www.wbs.ac.uk/alumni E ann.jackson@wbs.ac.uk E charlotte.wilkes@wbs.ac.uk Design by Morse–Brown Design
Kathryn Chedgzoy w www.morsebrowndesign.co.uk
Development and Alumni Tracy Lynch Jen Young
Relations Officer (Corporate Development and Alumni Development and Alumni
Affairs) Relations Officer (Student & Relations Events and Office
T +44 (0)24 7615 0515 Regional Affairs) Co-ordinator
E kathryn.chedgzoy@wbs.ac.uk T +44 (0)24 7652 8487 T +44 (0) 24 7615 0171
E tracy.lynch@wbs.ac.uk E jennifer.young@wbs.ac.uk

5. 55
alumni board
2008 was a busy year for your Alumni We have been building our
Board and 2009 is set to be even understanding of what you need
busier. Our primary focus is building to develop groups of your own and
up the numbers of you who are share experiences with others, partly
actively engaged in making alumni through direct contact and through
activity happen, for the benefit of your the Volunteer’s Day, with virtual and
alumni colleagues. This culminated physical participation from the USA,
in the first Volunteers Day held at Canada, Hong Kong, Greece, the
Warwick in September, an opportunity Netherlands, Italy and Nigeria. In 2009
for those of you who make things expect to see a focus on supporting
happen to come together and the development of new groups in
share experiences, find out what’s countries where there is a critical mass
happening at Warwick and let us know of you and building a guide to good
what you need to do an even better practice and support that you can all
job. This event will now be a regular draw from wherever you are.
fixture, and the date for your diaries in
2009 is 3 October. Underpinning all of this, we are
focused on
In 2009 we would like to build a group as they graduate and leave, secure in
of volunteers to represent cohorts the support the Alumni Association • building a better web presence to
and groups of students over the can offer as they develop their careers. make alumni and activity more
last 41 years of the Schools’ history. visible and accessible
If you have a passion for bringing Alumni professional groups have • helping those individuals who
people together around your shared developed in Global Energy and want to mentor or support students
experience, however long ago that Finance, and connections made with in a personal capacity get involved
was, then this could be you. Do get in professional bodies. You can expect • making alumni more visible on
touch to learn more. to see more of this in the spring. a day to day basis within the
The WBS Entrepreneurship Network School buildings – all 24,000 of
Alumni membership starts when (WBS–EN) has also gone from strength you, and the great work that the
students arrive at Warwick, and we are to strength (see P18). several hundred committed active
building strong bonds with existing volunteers do for you.
students across all courses to enhance We focused internationally in 2008, as
their Warwick experience and support 35 percent of you are based in around Gill Thewlis (FTMBA 1989–90)
their transition into the outside world 135 countries worldwide. Chair of the Alumni Board
Alumni board members join Special Interest Group volunteers Alumni board member Rob McCulloch
to share ideas at the Volunteers’ Day in September trials a new ‘live’ remote access tool

6. 6 nexus: spring 09 WBS news
teaching programmes At the annual US-based International Council for Small Business
conference in Canada earlier this year, Professor David Storey was selected
as one of three recipients for 2008 to be given the status of Wilford L.
The Global Energy Initiative was formally launched in October
White Fellow, for his ‘unwavering dedication to small business’.
2008. It is a Warwick MBA tailored for the energy sector, together
with research projects and initiatives to tie in with current WBS and
Professor Robin Wensley joins WBS Dean Howard Thomas in being
University research on energy issues such as policy and regulation,
granted the award of recognition as Companion of Honour of the UK’s
climate change, energy sources, and security of supply. The Global
Association of Business Schools (ABS). Companionship recognises the
Energy MBA is aiming for an intake of around 50 and will commence
significant contribution at national and international levels to making
in May 2009. Taken over three years of part-time study, it will be
a positive difference to the UK Business School sector.
delivered through blended learning – a mix of face-to-face and
online learning, and home study. David Elmes, Academic Director
of the new MBA, comments, ‘The global energy industry is facing
varying challenges and opportunities. Managers need a broader
understanding of the industry, the skills to establish partnerships
across the globe and the critical thinking to see options that are
possible. This part-time programme also recognises the industry’s
need for top-tier talent to remain in the workplace while accelerating
careers.’
Another new programme will launch through WBS winning a
major contract to work in partnership with the UK’s National
Policing Improvement Agency (NPIA) to design, develop and deliver
a new Masters and Diploma programme in Police Leadership and
Management. This means that cohorts of at least 50 police per year
will come to study at Warwick over the next nine years, led by the
Public Management & Policy teaching group.
For undergraduates, a new BSc in International Management will take
its first cohort in Autumn 2009, with a target intake of 35. The third
year will be spent outside the UK, with English the working language,
either studying with a partner institution and/or undertaking an
approved work placement .
Finally, our MA courses have undergone a review and relaunch
for 2009. This includes new names for the three degrees: the MA
Industrial Relations and Managing Human Resources, (previously MA Sotirios Paroutis and Duncan Angwin
in Industrial Relations and Personnel Management); MA International
& European Employment Relations, (previously MA European
Dr Sotirios Paroutis and Dr Duncan Angwin between them won the Best
Industrial Relations); and MA Management and Organisational
Paper for Practice Implications Award at the annual international
Analysis, (previously MA Organisation Studies). These new titles
Strategic Management Society (SMS) conference, held this year in
better reflect the changes to be incorporated into the curriculum.
Cologne, Germany. The primary criterion for this prize is
practitioner relevance.
staff news WBS Dean Howard Thomas was made an Honorary Fellow of the
University of Swansea in Wales, for his contribution to the field of
business strategy. Why Swansea? – Howard is a proud Welshman!
Dr Andrew Sentance
was one of several new
members of staff for the WBS goes greener
new academic year. With
the role of part-time As well as the paper, plastic, CD and ink cartridge recycling ongoing
Professor of Sustainable across campus, WBS is now using a higher percentage of recyclable and
Business at WBS, you recycled paper for its printed stationery and brochures.
would expect him to have
another job, but Andrew’s It is also, thanks to the efforts of staff in the Information Systems
other job is rather rare. Support Unit, to reduce its annual carbon footprint over the next year by
He is one of the four around 40 tonnes. This is due to changes in power management settings
external members of and the increasing use of virtualisation in our server infrastructure, and
the UK government’s represents an annual reduction in the electricity bill of approximately
Monetary Policy £7,000.
Committee, which plays
a key role in stabilising Other indirect savings are also likely, such as reduced air conditioning
the UK economy against bills as less heat is being generated by the computers,
the background of and longer equipment life.
the ongoing financial Dr Andrew Sentance
turmoil.

7. WBS news nexus: spring 09 7
student news Antuela Tako, WBS doctoral student from Greece, picked up the
Dana Meadows Award at the System Dynamics Society Conference in
Athens in the summer. She is only the second non-North American
WBS students from all levels of study have been doing great things
to do so in its eight-year history. The prize celebrates and recognises
and winning great prizes. Here are just a few examples:
high quality student work in the field of system dynamics. Stewart
Robinson, Antuela’s supervisor, put her work in context, ‘In winning
Jenny Leong, 3rd year undergraduate,
this award her work is being recognised as a major contribution to
visited China in July, after winning a
the choice of simulation method.’
place on the China Synergy Programme
for Outstanding Youth, a programme run
The MBA sailing crew of Bobo Baudin, (Skipper), Panagiotis
by the Chinese government to provide
Anastasiou, Chris Best, Matthew Delaney, Emanuel Fasie, Alexandr
talented students with the opportunity
Galkin, Irina Motovilova and Filippo Riva did WBS proud in the
to learn more about China and Chinese
annual MBA’s Cup regatta, held off the Mediterranean coast near
culture. Jenny was one of more than 200
Genoa this summer. They came 4th overall, ahead of other prestigious
students from around the world to be
business schools such as INSEAD, LBS, Wharton and Harvard.
awarded a place this year, and was one of
only three in the group chosen to give a
Early November saw the arrival at Warwick Business School of 20
speech in the Great Hall of the People
Jenny Leong in Beijing.
executives from the prestigious Indian Institute of Management,
Ahmedabad, to stay in Europe for five weeks and gain an
international perspective of business.
Other undergraduates heaped honours on themselves at WBS.
Three second-year WBS undergraduate students won prizes for their
outstanding performances in the Financial Management module,
taught by Principal Teaching Fellow Dr Peter Corvi. The prizes were
generously sponsored by the investment bank UBS. Keshav Bhajanka
from India won first prize, whilst Erik Wottrich from Sweden, and
Nancy Chen from China shared second and third prizes.
IIM executives meet current students at WBS
on a high note
WBS has retained its top 30 world placing in the international
Financial Times MBA rankings, our BSc Accounting & Finance is
rated number one in the UK, and thanks in no small part to you,
our alumni, WBS international media coverage rose by 12 percent
UBS Director of Investment Banking, Marco Buonaguidi (centre) over the past year.
presents the winner’s cheque to Keshav Bhajanka
The Association of Corporate Treasurers donated prizes for the best stop press
performances in Finance 1 and Finance 2 undergraduate modules.
Finance 1 winners were Nicholas Morgan and Christos Symeou, and The UK government’s 2008 Research Assessment Exercise rated 75
Finance 2 Katarzyna Godlewska and Christos Symeou – again. percent of WBS research at 3* and the highest 4*, placing us in the
top echelons of UK business schools. WBS submitted 130 academics
Lily Fu, from China, helped to boost for assessment, nearly 90 percent of its faculty, so this statistic reflects
WBS media coverage when project work the high quality running across the breadth and depth of research at
for her MSc in Management Science and WBS.
Operational Research hit the headlines.
Her report revealed that the real cost of
the disastrous summer 2007 floods in the Fore more news items, features, podcasts and media
UK amounted to £90 million in our local
coverage, visit our press centre
county of Warwickshire alone. A county
spokesman said, ‘As weather events W www.wbs.ac.uk/news
become more intrusive, their effects need
to be understood and prepared for in
order that we can continue to deliver high
quality services... this report is a crucial Lily Fu
first step in achieving this.’

8. 8 nexus: spring 09 research review
Giles Hindle Alberto Franco Paul Edwards Paul Marginson Lynne Oates Penelope Tuck
Dr Giles Hindle and Dr Alberto Franco, ORMS, Professors Paul Edwards and Paul Marginson, In recent years, Her Majesty’s Revenue and
recently ran a series of stakeholder workshops IRRU, are to receive one of four 2.5 million Customs (HMRC) has recruited qualified
as part of an Attitudes of health professionals Canadian dollar grants awarded in 2008 by accountants with significant professional
to giving advice on fitness to drive research the Social Sciences and Humanities Research financial reporting experience gained in
project, carried out by the University for the Council of Canada (SSHRC) through its Major professional practice in order to fill an
Department of Transport. Their purpose Collaborative Research Initiatives programme expertise gap. However, a new report by
was to collect qualitative data on healthcare (MCRI). They are part of an international Dr Lynne Oates and Dr Penelope Tuck
professionals’ attitudes to the current DVLA team led by the Interuniversity Research of WBS has identified areas where their
system to deliver Medical Standards on Fitness Centre on Globalization and Work (CRIMT) expertise could add more value. ‘There is less
to Drive and to examine how barriers to that will conduct a vast study of work and recognition of the other management skills
improved participation might be removed. employment in a global context. that they bring to the HMRC Large Business
Service from their previous careers.’ Lynne
Summaries were developed using Decision The CRIMT team will examine the explains. ‘For large corporate taxpayers, the
Explorer software and a set of themes involvement of institutional players in increased use of accountancy expertise by
identified within the data using modelling dialogues about change and seek to gain HMRC has potential to reduce antagonism
tools from Soft Systems Methodology. One a better understanding of the capabilities resulting from Revenue officers pursuing
set constituted ideas for improving or ‘tuning’ required to evolve and thrive in this new inappropriate issues during enquiries as a
the existing system and the second alternative environment. Key issues include the cross- consequence of not fully understanding
views or philosophies for possible system re- border organisation of production and the accounting which underpins the tax
design. The summaries indicated differences care, citizenship in the workplace and the computations. At the same time there is
in attitudes among the various healthcare implementation of public policies that reduced scope for taxpayers and their advisors
professionals, although all groups were redistribute work rights and risks, new to ‘pull the wool over the eyes’ of Revenue
concerned with the need to collect empirical forms of collective representation, and the officers and to some extent a diminution
evidence linking medical conditions with social aspects of comparative institutional of the ‘knowledge superiority’ previously
road safety. Views ranged from making the advantage. possessed by the taxpayer.’
standards more user friendly, providing faster
web access, producing a range of simple hard WBS Associate
copy guides and look-up tables, and making Professor of Current research by members of the Local
the decision-making process faster. Operational Government Centre includes:
Research, Dr
The project forms part of an ongoing Action Vladimir Deineko, An ongoing major contract with the
Research programme which aims to develop has been awarded Department for Work and Pensions
and test methods and tools for the innovation funding of £200,000 looking at improved and joined up
and development of large organisational by the EPSRC (the services for older people.
Vladimir Deineko
systems. government-funded
Engineering & Physical Sciences Research Reviews of transport governance
Council) for a two year project to study how arrangements in four major city regions
Recently published
Coventry City Council can make the best of the UK (Leeds and West Yorkshire;
research by Dr Stuart
possible use of their service vehicles. This Sheffield and South Yorkshire; West
Fraser, CSME, has
research project, called Special Structures Midlands; Tyne and Wear) – jointly with
examined the small
in Vehicle Routing Problems will look at Atkins.
business credit
optimising how Coventry City Council use
market using data
their fleet of vehicles for purposes such Ongoing evaluation of Local Area
from the UK Survey
as waste collection, repair services, and Agreements and Local Strategic
Stuart Fraser
of Small and Medium
passenger transport. A trained mathematician, Partnerships, for the Department for
Finances (UKSMEF)
Vladimir will be overseeing research which Communities and Local Government.
where summary comparisons have shown
has a wider base than logistics alone, and
that there are much poorer credit outcomes
hopes to enable the Council to provide a A major development programme –
for Ethnic Minority Businesses (EMBs).
better service for less cost and less wear and the Leadership Academy – for senior
tear on vehicles and staff. elected members (councillors) in local
Analysis of loan denials and interest rates
points to differences in creditworthiness government.
rather than ethnic discrimination as an reason for the lack of discrimination in the
explanation for poorer EMB credit outcomes. UK. The research has highlighted a number The ongoing activity of the Warwick
Dr Fraser notes that the increasing use of of factors which need to be addressed in order University Local Authorities Research
credit and behavioural scoring systems, to reduce ethnic variations in loan denial Consortium and the Local Authorities and
which do not allow transactions to be tainted rates: lack of financial skills and advice; Social Exclusion Network.
by dubious judgements based upon ethnic poor financial performance; and ethnic and
perceptions by loan officers, is the main cultural differences.

9. research review nexus: spring 09 9
FTSE 100) who participated in the research in HSBC, Jermyn Consulting, Leeds City
the ‘Assessing Organisational Resilience: The Council, Government Office for London and
Capacity of Organisations to cope with the London First.
Threat or Actuality of Extreme Events’ project.
The study and the findings have been
13 round table focus groups have been held showcased at a number of academic and
across four regions of the UK (Midlands, practitioner internal and external events.
North West (Manchester), North East (Leeds) Bridgette and Layla are now in the process of
Bridgette Sullivan-Taylor Layla Branicki and South West/London) to collect data on analysing the data and will be developing a
the current perceptions and action being survey in 2009. For further information visit:
Since Spring 2008, Dr Bridgette Sullivan- taken in relation to the risk and threats facing W www2.warwick.ac.uk/fac/soc/wbs/
Taylor, Strategy, Organisational Learning a wide range of organisations. These events research/solar
and Resilience (SOLAR) Research Director were co-hosted and supported by AWM, BT,
and Dr Layla Branicki, Research Fellow, have Birmingham City Council, Birmingham
developed networks and partnerships with International Airport, Birmingham Resilience More information about WBS research can
a range of almost 200 companies (including Forum, CBI, Co-Operative Financial Services, be found via the Press Centre in news and
features w www.wbs.ac.uk/news
hot off the press
Political Dilemmas Managing to Improve The Truth about
at Work: How to Public Services co- Innovation by Max
Maintain Your Integrity edited by Professor Mckeown, WBS
and Further Your Jean Hartley, IGPM, Doctoral Researcher,
Career co-authored published by Cambridge published by Pearson.
by Colin Gautrey University Press. Shows Transforms today’s most
(DLMBA 1999–2007), how management important innovation
published by Wiley. can be harnessed to research into 50 proven
Based on the authors’ improve a range of ‘truths’. Provides
experience of coaching public services (eg guidance to overcome
managers, they offer policing, health, local the innovation-related
practical tools and real-world tips for turning government) by examining them through problems all managers
dilemmas into opportunities. different theoretical lenses (governance, face and improve managerial effectiveness.
W tinyurl.com/6xtkfl innovation and change, performance metrics w www.maxmckeown.com
and management). W tinyurl.com/5qvot8
Public Services
Inspection in the Your GPS for outstanding
UK co-edited by Strategic Marketing, 9th leadership co-authored
Howard Davis, LGC, edition, co-authored by Per-Egill (Frosty)
published by Jessica by Professor Nigel Frostmann (BSc ManSci
Kingsley. Provides a Piercy, MSM, publisher 1971–74), published
detailed account of McGraw-Hill/Irwin. by HKG. The fourth
the changing role of With a clear emphasis in a series it aims
inspection in public on analysis, planning, to help members of
services management – and implementation, organisations spend
outlines the continuing this new edition uses a more time on strengths
debates about providing inspection that decision-making process and less on weaknesses,
encourages not only accountability but also to examine the key concepts and issues in order to significantly boost their
effective service provision and best practice. involved in analysing and selecting strategies. performance. w www.yourgps.no
w tinyurl.com/6kkrc6 w tinyurl.com/6246fq
Challenges in Accounting Reform Postdemokratie by
European Employment in Transition and Professor Colin
Relations: employment Developing Economies Crouch, IGPM, Part
regulation, trade union by Professor Robert W of the Themes for the
organisation, equality, McGee (PhD 1982– 86), 21st Century series,
flexicurity, training and published by Springer. published by Polity.
new approaches to pay The fourth in a series First published in
edited by Professor about the dramatic 2004, now available in
Linda Dickens, IROB, changes that have to be German translation,
published by Kluwer. made to the accounting Postdemokratie goes
Offers a deeply and financial system of beyond current
informed comparative a transition economy. complaints about
perspective, drawing on empirical research on W tinyurl.com/5nvhno the failings of our democracy and explores
changing conditions within and beyond the the deeper social and economic forces that
EU. w tinyurl.com/5zcqjb account for the current malaise.

10. 10 nexus: spring 09 entrepreneurship
innovation rules!
Stephen Roper, Director of the Centre for Small and Medium Sized Enterprises (CSME), explains how recent research
suggests that innovative firms are better able to withstand market downturns.
Global markets are weakening and even For example, CSME has recently been selecting appropriate team members and
Ireland, the Celtic Tiger, has moved into given £660,000 to support new innovative assigning team leadership roles all emerge
recession as declining GDP replaces annual Knowledge Transfer Partnerships and CASE as important management competencies
growth rates of 4–7 percent pa over the last studentships. Jacky Swan, Harry Scarbrough in boosting innovation outputs. So the
decade. In China too and the other rising and others in the IKON group have also third rule is to develop cross-functional
powers – India, Brazil and Russia – economic helped firms and other organisations to innovation teams wherever possible and give
growth is weakening if not stalling entirely. develop effective innovation partnerships. them scope and resources to develop creative
So how should companies respond? solutions.
Even for a partnership, however, R&D and
One necessity is keeping lean – minimising innovation can remain a risky activity and Finally, innovation is something that most
costs wherever possible and re-engineering ensuring the effectiveness of your process companies will do on a regular basis and
business processes to take out cost. Strategies remains a key concern. To help firms with so learning from success and failure is also
based on cost-reduction will only take managing effective innovation we have important. After action reviews or debriefs,
you so far, however, in the face of global developed the notion of the innovation internal intranets and effective knowledge
competition from low-cost economies. value chain. There are three key links in this management all become important here
Instead, all our research suggests that chain: in helping to capture the ‘learning’ from
building sustainable competitive positions projects and avoid repeating mistakes. Rule
depends on effective innovation, or the • knowledge gathering – collecting together four then is to ensure that learning from
successful application of new knowledge. the knowledge you need to create a new innovation projects is captured, codified and
Innovative firms – our research suggests innovation utilised.
– grow faster, are more profitable and • knowledge transformation – the process of
productive and, vitally in the current translating knowledge into a new physical Choosing to invest in innovation in difficult
economic climate, are better able to product, process, or organisational times can be a tough call. Hopefully, the
withstand market downturns. structure rules will help to ensure your success and
• knowledge exploitation – marketing and lead to new, exciting and profitable services
selling the new product or service to or products.
...all our research suggests generate value for the business and its
stakeholders.
that building sustainable the author in minute
competitive positions This all sounds very complex but it really is
a recipe anyone can understand. Think of it
depends on effective like baking a cake – gather the ingredients,
Stephen is Professor
of Enterprise at WBS
innovation. bake the cake and then sell it! The key point and was recently
here is that this is a value chain comprising appointed Director
different links. If each link is not working of the CSME. He
So where do we start with innovation? effectively then the whole process can be was previously a
Professor of Business
Well, let’s start with the obvious. You don’t wasteful and costly. So the second rule is to
Innovation at Aston
know everything – but you may know ensure your organisation’s innovation value Business School and
someone who does. Or, at least, you may chain is working effectively. Assistant Director of
know someone who knows someone who the Northern Ireland
knows what you need to know! So the WBS can help here too. Jean Hartley and Economic Research
first rule is don’t do it alone. Innovation John Benington and their IGPM research Centre Belfast. He
is a collaborative process undertaken in group have been working with public sector is currently Director
of InnovationLab
partnership or networks. These reduce risk, organisations to strengthen their innovation (Ireland) LTD, a consultancy specialising in
bring new knowledge to the problem and value chains. While Giles Hindle, ORMS, Innovation Policy.
accelerate the process. Moreover, research and Simon Collinson, MSM, have worked
at Warwick and elsewhere has shown that with firms to help diagnose weaknesses in Stephen is a member of the Economic and Social
this ‘co-innovation’ leads to more and better their innovation value chains and develop Research Council Strategic Priorities Board, UK
innovation. effective and creative solutions. Committee of the Regional Science Association
and a fellow of the Higher Education Academy.
He has acted as a consultant for OECD, DTI,
Your choice of partners is also important. It is worth stressing two other key lessons BERR, Small Business Service, EMDA, AWM,
For the majority of firms their innovation from recent research. The first relates to Scottish Executive, Invest Northern Ireland, Forfas
partners are suppliers or customers, but the power of cross-functional teams to (Dublin), Enterprise Ireland, Northern Bank,
increasingly companies are also partnering boost firms’ innovation outputs. These InterTradeIreland, Department of Enterprise
with universities in market-focussed can help to increase creativity, improve Trade and Investment (Belfast), Department of
projects. And, here WBS may be able to help. knowledge sharing and accelerate further Education and Learning (Belfast).
the innovation process. Empowering teams,

11. nexus: spring 09 entrepreneurship 11
the Reed interview
Highly successful entrepreneur, educationalist, and philanthropist Professor Alec Reed, CBE, founder of Reed, one of
the largest recruitment solution providers in the UK, kindly agreed to be interviewed for nexus.
Topics ranged from his second book and
its current relevance; to the development
of his philosophy from his early days as an
entrepreneur. He also shares his top tips for
success.
What was the background to your last book
Capitalism is Dead: Peoplism Rules?
‘Its content is proving extremely relevant
today, especially in the light of the current
financial downturn. In an age where human
talent is the only provider of competitive
advantage, economic, political and social
power has shifted from capital to people, and
what I term ‘peoplism’ has now superseded How do you respond to new ideas? • know the real profit margins
capitalism. ‘Peoplism’ defines the economic • continuously innovate
state where individuals own and control the ‘I have always been proactive and this is • nurture young talent
most important factor of production: their fundamental to the philosophy of the Reed • think radically
human ability. Group. Naturally one has to react to things • be pro-active
like dot-com but then you need to ‘think, • think and re-think
‘There has been a paradigm shift – a re-think and Reed-think.’ Hundreds of ideas • keep questioning
technological revolution in business has continually come in from co-members and • don’t always look for something new
replaced the industrial revolution. Profit they are dealt with, in my terminology, in a • keep a portfolio of plan B’s you could do
margins are far lower and most assets are not quick and dirty fashion. Nevertheless, ideas ready for when something doesn’t work.’
what they used to be. Furthermore, intangible regarded as valuable are always rewarded even
assets such as patents and copyright are no before testing to see if they work.’ And Alec Reed’s final word of advice is:
longer important; even brands have lost value ‘People aren’t remembered for being good
as products are commoditised.’ ‘It is important to think through ideas despite business people, but for bringing about
a desire to drive ahead, because otherwise you change – change for the good.’
‘All of this therefore poses an opportunity and can leave an opportunity for a competitor.
a threat for entrepreneurs. There is more of an One doesn’t really need to always find w www.reed.co.uk
intellectual market base to be tapped into, but something new – you’re just increasing the
it is harder to create sustainable business in risk – you can reinvent and bring additional
this context. So I believe that the antidote to value.’ Alec Reed in minute
these paper-thin margins is the innovation of
better products and services.’ Through the Reed graduate trainee scheme, Professor Alec Reed CBE is the founder of Reed
many new ideas have been generated and Executive, one of the largest recruitment solution
Where and when did you start your company? acted upon. For example, Reed developed providers in the country. Reed has over 400
its own job search engine, reed.co.uk, and branches in ten countries and online, www.reed.
co.uk is currently Europe’s largest commercial job
‘I opened my first branch of Reed Executive listed its own jobs on the site. However,
site. The Reed Group comprises: Reed Executive,
in May 1960 in Hounslow, West London, one bright graduate trainee proposed the Reed Personnel Services, Reed Employment,
and by September 1961, I was married and company should make their website free for Reed HealthCare, Reed Learning, Reed Managed
already establishing my third branch in the competition to use. Through this radical Services and Reed in Partnership.
Kingston. Rather than trying to compete thinking, Reed went massive overnight, twice
in generalist headhunting, we became as big as any competitor (and the graduate With an abiding interest in education, Alec Reed
specialists. For instance, Reed Executive was trainee earned a £100K reward). Now Reed set up the Reed Business School, The Academy
online keeps a core service free, with tailored of Enterprise and the West London Academy. He
launched to recruit qualified accountants, as
has published two books Innovation in Human
we recognised that a different approach was pages for which there is a charge.
Resource Management and Capitalism is Dead:
needed to help recruit for such positions.’ Peoplism Rules, published in 2002 by McGraw Hill,
Do you have any advice for budding with contributions by two WBS Board members,
And the rest as they say is history… Reed now entrepreneurs? Professor Andrew Oswald and Sir George Cox.
has over 400 offices in 10 countries and over Alec Reed is also involved in a range of charitable
4,000 co-members (employees). ‘My top tips for how to succeed in business activities and is the founder of Womankind
would be: Worldwide, Ethiopiaid and The Big Give.
He was appointed as an Honorary Professor at
Warwick Business School in 2003.

12. 12 nexus: spring 09 entrepreneurship
three decades of enterprise culture
WBS researchers Francis Greene, Kevin Mole and David Storey of the Centre for Small and Medium Sized Enterprises
(CSME), review the role of enterprise and enterprise policy in Teesside.
Official government statistics on new firms show official government data, over the period from What is worrying is that despite these
that in 2001, Teesside in North East England had 1980 until 2005, if anything formation rates improvements in the policy environment
a rate of new firm formation that was about half in Teesside are somewhat lower compared there has been little change in the number,
the national average. When official data was first with the national average than they were in quality or performance of new firms.
published in 1980 Teesside rates were slightly 1980. However, the research does not focus
higher, and the national average rates were exclusively upon official statistics. Indeed Three Decades of Enterprise Culture:
slightly lower, so if anything its relative position about 40 percent of the new businesses on Entrepreneurship, Economic Regeneration and
on the entrepreneurial league table has slightly Teesside that appear are not registered for VAT. Public Policy by Francis Greene, Kevin Mole
declined over twenty years. However, even for unofficial businesses there and David Storey, published by Palgrave
is little evidence of an increase in enterprise MacMillan w tinyurl.com/53eoxz
Our controversial book Three Decades of creation in the period.
Enterprise Culture is important, partly because
Teesside has amongst the lowest new firm Turning now to the performance of new
formation rates in England, but also because firms, we find that new firms established in
three authors in minute
the area has effectively been an ‘enterprise either the 1980s or the 1990s are no more
laboratory’ for more than two decades. During likely to grow in terms of employment and are
that time just about every UK enterprise policy no more profitable than new firms established
has been implemented on Teesside so as to in the 1970s when there was no enterprise
encourage the creation of more and better new support policy. The typical new firm has three
firms. workers and less than half have more workers
than when they began to trade for the first
Its purpose is to ask what has changed in this time. 45 percent of all new firms fail within
enterprise laboratory as a result of the policy four years.
focus. It is in a unique position to assess change
because prior surveys by David Storey examined In terms of changes in the characteristics of
new firms in Teesside, both at the end of the people starting new businesses, we do see
1970s and the 1980s. The book moves this on some changes, primarily in the new firms
to include new firms in the 1990s. This enables started in the 1980s. During that time many
a direct comparison to be made between new more new firm founders were likely to be Dr Kevin Mole is Associate Professor of
firms created in the 1970s – when enterprise unemployed immediately prior to starting Enterprise. Kevin’s expertise ranges across a
policy effectively did not exist – with those the firm than was the case during the 1970s variety of qualitative and quantitative research
created in the 1980s and 1990s when enterprise or 1990s. This is likely to reflect both the techniques: on external advice to small firms,
policy was in full swing. higher prevailing unemployment rates during the diagnosis of firm problems, policy choices in
that decade and the government policy business support, firm growth and the adoption
A second comparator is that new Teesside (Enterprise Allowance Scheme) that financed of new working practices in SMEs. He has worked
firms can be compared with new firms in the new business creation by the unemployed. for the Advanced Institute of Management and
his client list includes the Small Business Service
entrepreneurial county of Buckinghamshire – What changes hardly at all is the gender and Business Link University.
where new firm formation rates are virtually composition (30 percent female) the age when
double the national average. people start (35/36) or those that have been in Dr Francis Greene is Associate Professor of
business before (30 percent). Enterprise. Francis’ client list includes the UK’s
The research suggests that if policies to Small Business Service, Shell UK plc, New
encourage enterprise have been successful one So, what is clear is that the normal indicators Zealand’s Ministry of Economic Development,
would expect to see in Teesside: of business quality suggest that there is little Business Insight, the Work Foundation and Her
Majesty’s Treasury.
evidence of improvement in new firms created
• an increase in the number of new firms in Teesside during two decades of policy. In Professor David Storey was formerly WBS
• an increase in the number of new firms short the new firms started in the 1990s look Associate Dean – Research and Director of the
compared with other areas in the UK little different from those started in the 1970s Centre for SMEs. David is Visiting Professor
• a faster growth and improved performance of when enterprise policy did not exist. at the University of Reading, the University of
new firms Manchester and Durham University Business
• new firms being established by a different type Does this mean that policy has failed? Our School. He is EIM (Netherlands) International
of person. overall judgment is that, in terms of the Fellow; a winner of the 1998 International
Award for Entrepreneurship and Small Business
objectives policy makers set for themselves
Research; and a Member of the UK Small Business
Unfortunately, there is very little evidence in 1980, they would have been pleased to Council. In 2008 David was awarded the status
that, despite its role as an enterprise laboratory, see some improvements. For example, we of Wilford L White Fellow by the International
there are marked changes in any of these four feel they would have been pleased with our Council for Small Business. The award honours
dimensions. evidence that the take-up and satisfaction individuals who have demonstrated an
with business advice had improved markedly unwavering dedication to small business and
Although there have been fluctuations in the and also with our finding that overall, access generated a significant impact on the field.
rates of new firm formation, judging from to finance amongst new firms had improved.

13. nexus: spring 09 entrepreneurship 13
the art of luxury
Kevin Baker (FTMBA 1982 –83) CEO of Thomas Lyte, describes his entrepreneurial journey and the ethos behind this
luxury consumer brand.
My entrepreneurial journey really began making combined with a modern marketing
at WBS on the MBA course; where I was management team. Our crafts people have
inspired, nurtured and developed by made or restored iconic sporting trophies
a brilliant group of course leaders and like the refurbished FA Cup or a replica Ryder
classmates. Using a case study teaching style, Cup almost completely by hand. We are
the School produced an atmosphere of ‘real investing in silversmithing, with a mission to
business’, highly competitive, team problem ensure the industry survives and grows.
solving, but with a fantastic opportunity to
shine. Undoubtedly, the seed corn of my The Thomas Lyte brand generated just under
business success in large corporates and £2 million of sales in the first twelve months
subsequently as an entrepreneur was planted to October 2008, with an expectation of
at WBS. doubling this turnover in year two.
The commercial map leading to the launch 2010 and beyond will see the global
of Thomas Lyte began during my time at expansion of our English luxury brand. I
Alfred Dunhill, which I joined in 1989 have always wanted to build a global brand
as International Marketing Manager. By and believe organisations should make a
1992/93 most global luxury markets were In October 2007 Thomas Lyte was launched difference to their environment. Thomas
dealing with recession. As we shall see during in defiance of this erosion in critical product Lyte is both luxurious and principled. Our
2009, in recession new markets develop. values. In the planning stage we decided employees will benefit directly from the
on five core values which would guide our growth of the company and by the time of
A new market sector to emerge in the early product development programme, our the retail launch in autumn 2009, our range
to mid 1990s was the use of luxury brands marketing associations and our company of luxury goods will be as ethically sound as
in corporate gifts. Promoted and developed operational practices. possible.
by Tiffany & Co. in the US, they offered
businesses the opportunity to celebrate The team decided Thomas Lyte would be; My top tips:
milestones with a beautiful piece of silver English in personality; incorporate where • Don’t wait for your perfect idea to come
or crystal. This could be engraved or etched possible elements of England’s heritage; the along. Passion and persistence will fine
with a company logo and commemorative brand would be ethical, ensuring we support tune most reasonable ideas into a perfect
message, supplied in quantity at a specific all workers who make our products and proposition.
time and to a budget. Clearly this new market minimise any damage to the environment • Invest in technology especially your
offered a strategic window of opportunity for through the manufacturing process; to be web strategy – it is the future to brand
a new entrant. strongly associated with art; and a modern building and selling.
brand, capturing the free-thinking spark of
My first entrepreneurial venture was innovation of English artists from the sixties W www.thomaslyte.com
launched to exploit this newly emerged through to present day.
sector in 1995. Sitting inside a holding
company called The Phoenix Luxury It has been an incredibly busy first year. In the author in minute
Company Ltd, under licence we launched January 2008 we introduced The Thomas
the British luxury brand Aquascutum into Lyte Modern Heritage Award with the Crafts Kevin Baker is a leading commentator on the
the business gift sector. We raised £60,000 Council to search out and inspire new design trends and dynamics of the international luxury
and extended the brand into the business-to- and craft talent in this country. Our winner, brand market. Born into a family of eminent
business market with an extensive range of glass artist James Maclachlan is now working scientists, Kevin studied Material Science at Brunel
sterling silver accessories, jewellery, writing on designs for our products to be released University and won an MBA scholarship to the
University of Warwick. His first jobs were brand
instruments and timepieces. this year.
management positions at SmithKline Beecham
Consumer Products (now GlaxoSmithKline) and
Thomas Lyte was born out of a passion We also launched our own charitable Hawker Siddeley (now BAe Systems).
for luxury and a strong determination to trust, The Thomas Lyte Foundation, with a
protect and nurture the industry’s original commitment to support designers and artists In the late 1980s he was International Marketing
philosophy. The original concepts of luxury as well as art initiatives throughout England Manager with Alfred Dunhill – at the time the
were born out of the principles of the Arts and abroad. We give 10 percent of profits world’s largest luxury brand for men. In 1994
he launched Aquascutum Corporate Gifts Ltd,
and Crafts movement that valued products to this foundation and are planning new and built it into one of the most successful
which were bespoke, individual, handmade initiatives. business gift brands in the UK. Drawing from
and exquisite quality. The consequence of this experience he launched Thomas Lyte in
this ‘craft’ philosophy being replaced with a We opened our own silver workshops, October 2007, a new quintessentially English
‘bottom-line’ philosophy has meant luxury Thomas Lyte Silver, by buying and merging luxury consumer brand focused on craftsmanship,
goods companies have been big contributors with one of our suppliers. The new company design, innovation and excellence.
to the closure of craft workshops. can boast a history of over 100 years in silver

14. 14 nexus: spring 09 entrepreneurship
the enterprise hub
Roger Mumby-Croft, Professor of Enterprise, charts the progress of the Enterprise Hub since its inception.
Established in August 2007, the role of the interest group which aims to be a truly global
Enterprise Hub is to support the development group within the next eighteen months.
of enterprise education within the Business Alongside this is a potential collaboration
School as well as offering services to regional with corporate partners to create a Global
SMEs and other organisations within the Enterprise Network based in their offices
School’s hinterland. WBS has an enviable around the world, offering not only help
research reputation in this area through its to alumni and students but also regional
Centre for Small and Medium Sized Enterprise entrepreneurs.
(CSME). The Hub aspires to match this
research profile within its own field of applied Work with schools: There is an exciting
enterprises. collaboration with the Reed Foundation to
look at the provision of enterprise education
The emphasis of the Hub in the first year has to the 16–19 age group within regional
been to take an integrated approach to setting schools and companies, as well as the
up initiatives within its internal and external University and Warwickshire College. The
IGGY students at the Enterprise
markets. aim of this programme is to create a template
summer school that can be used by all the parties involved.
Working globally: Whilst the Hub is This programme will culminate in a Summer
supporting different internal and regional A series of short courses are planned on School and Conference in July 2009.
groups, it is vital for three main reasons to subjects aimed at helping local SMEs to
have an international perspective: be better equipped to deal with becoming IGGY: In 2008 the Hub was involved in
[i] it allows us to interact with enterprise recession resistant. the development and delivery of a two-
initiatives in other countries, week Enterprise summer school for the
[ii] it adds to WBS’s high profile Work with students & alumni: There is a International Gateway for Gifted Youth
internationally Business Growth Programme which has been (IGGY) Programme which the university
[iii] it allows the School to offer enterprise running for over seven years, and recently a boldly took on to deliver last summer. The
support to our alumni around the world. WBS alumni meeting was hosted with over programme, for very bright 11–16 year olds,
50 SMEs in attendance. This will lead to close was a great success and in December we
A specific project has been launched with the two-way links with the group as we support delivered it again, this time in Singapore.
Gothenburg Region of Municipal Authorities their desire to be a more effective network
in Sweden taking thirty students from twelve and they come into the School to work with
European countries to Sweden annually for a our students. the author in minute
ten day intensive enterprise programme. In
2008 two Warwick first year undergraduates The Hub has supported the excellent
attended. We hope to take four Warwick undergraduate programmes in enterprise Roger is Director
of the Warwick
students in 2009. taught to both engineers and WBS students
Enterprise Hub. He was
by Nigel Sykes and Francis Greene. The previously Assistant
Work in the region: A major social initiative Hub has responsibility for the delivery of Dean at Oxford
with a national magazine has resulted in the enterprise electives on the MBA programmes, Brookes Business
Hub supporting four social enterprises in the delivery of which was rated by students School from 2001–
various areas of deprivation in England. at 4.7 out of a maximum of 5. 2007. He founded and
ran his own company
(Seaking) from
In conjunction with Warwick Science Park Another initiative aims to look at the 1980–1991. Prior to
(WSP) we are launching an innovative two provision of enterprise education and that he was Marketing
year online business start-up and development business awareness training for science- Director at Herronstowe from 1974–1980. Roger
programme branded ‘Business Life’ that will based PhD students, Research Fellows and has links with DTI/HGFCG, is a Business Fellow,
help to improve survival rates for new SMEs in faculty across the University. The Hub is also a Management member of Enterprise Education
the West Midlands . working with the Student Society of Warwick UK, Management member of EFMD Enterprise
Network and Fellow of Chartered Institute of
Entrepreneurs to provide a programme to
Marketing. He is also a member of the Institute
The Hub is also creating strong links with the support those students who either want to of Management Consultants and has undertaken
B2B networks that exist within the region. start a business or who wish to gain a greater extensive consultancy with fast growing
These include Sector Skills Councils, Business understanding of the enterprise agenda. This companies.
Links and Chambers of Commerce and programme will be open to students from
through these agencies and WSP we are hoping across the university. Research interests: Marketing/Enterprising
Interface; Growth and Decision making in
to re-launch the Enterprise Fellows Scheme
medium sized companies; the business history of
whereby approximately six people with very WBS–EN: One of the Hub’s most exciting the UK Fishing Industry.
good business ideas can be supported for a year projects is its support for the WBS
in the creation of a rigorous company from Entrepreneurship Network alumni special
their original creative idea.

15. nexus: spring 09 entrepreneurship 15
IdeasForTheKids.com
Manny Coulon (FTMBA 98–99)
When Manny noticed that there were no business – a fortunate position since the Top tips from Manny? Make sure you have
websites with comprehensive listings of child- current economic climate is not conducive a good business plan from the outset. Get
friendly venues and attractions for kids in the to fund internet businesses through more it critically reviewed by people who know
UK, an idea was planted which culminated in traditional routes. the sector and keep it regularly updated.
him launching IdeasForTheKids.com Challenge the business model and your cash
2008 was a year of rapid growth with flow. Can you cope with revenue taking
Research in the evenings over a few months IdeasForTheKids gaining two top awards twice as long to reach target levels or if a key
confirmed that whilst a few local or and seeing a 20-fold increase in traffic. funding source dries up?
national sites did exist, none were close to Users exceeded 400,000 and the underlying
being comprehensive. A survey of parents trend is for continued growth, driven by
confirmed that they too had given up on improvements to the site, daily updating of
the web, having found little of any use. This content, various marketing initiatives and,
spurred Manny to investigate whether or not importantly, word of mouth. The site is on
filling this gap in the market could be made track to hit 1 million users in 2009 and hopes
to work as a business. to average 1 million pages per month by
year-end.
Web businesses are notoriously difficult to
make financially viable. Making the site free Income has been slower than anticipated in
to use and offering free listings to attractions part due to attractions slashing marketing
in order to ensure comprehensive coverage budgets after two summers of poor weather
limited revenue generating opportunities, and advertisers waiting for the site to
but this was felt to be the right strategy for build a track record and demonstrate
rapid growth and to maximise the value of significant growth. The next 12 months will
advertising and sponsorship opportunities. undoubtedly be tough, but there is growing
interest from advertisers, sponsors and more
Manny Coulon
Manny has funded IdeasForTheKids.com recently potential investors.
w www.IdeasForTheKids.com
through his existing management consulting
Providend
Christopher Tan (DLMBA 1996–01), Singapore
Having a keen interest in providing personal brought home any income. But today, we
financial advice, I became a financial planner manage in excess of SGD200 million worth
in 1998 with Prudential Assurance Company of assets, and are one of the top financial
Singapore. However, after three years with advisory firms in Singapore. The firm has also
Prudential, I found that I could not really give grown to medium size practice with 31 staff
the most independent advice to my clients. comprising of CFPs, CPA, CFAs and lawyers.
I could write the most comprehensive Of the many accolades we have won, the
financial plan but with just insurance products sweetest is probably the Singapore Prestige
available, I was not doing my clients justice. Brand Award – Promising Brands conferred in
So on 11 September 2001, armed with the November 2008. We are the only independent
Warwick MBA, I started my own independent private wealth management firm in Singapore
private wealth management firm, Providend. to have won it.
After a thorough strategic analysis, I decided Going forward, we want to continue to be
on a fee-only advisory model, which meant the light of the financial world. Not only
only taking a fee for advice and returning all will we continue to give the most honest,
commissions back to the clients. I have opted independent, and competent financial advice,
for this compensation model not only because we also want to set up a wealth management
we are the only one in Singapore doing so, learning institution to empower individuals
which gives us a differential advantage, but with the knowledge to plan for themselves
also because this allows us to be truly working financially. The journey of an entrepreneur is
for our clients without any potential conflict paved with hardships and difficulties. I have
of interest. Together with a partner, I poured learned the only way to overcome them is to
my life savings into obtaining a Financial clearly know your business purpose and be
Christopher Tan
Adviser’s license and setting up the practice. passionate about it. Otherwise, it would be so
w www.providend.com
The initial few years were tough and I hardly easy to give up when things get rough.

16. 16 nexus: spring 09 entrepreneurship
Skyrota
Richard Chadwick (EMBA 2000–05)
An efficient, ultra-quiet, consumer wind- A boost came when the BBC realised the
turbine in the Vertical Axis Wind Turbine worth of this invention and aired it on
(VAWT) format, the Skyrota is a synergy the ‘Dragons Den’ TV programme in 2007. but remember – you see hurdles as learning
of technologies – based on skill sets from Through this a linkage with Limgear was experiences, they see trying as the first step to
renewable, marine & automotive industries, made. Limgear are leaders in the field of failure.’
tied together through painstaking research at robust and working green technology. During
several of the UK’s leading Universities. 2008 the technology has been tested and ‘Skyrota is our way of giving back’
trialled and many pre-orders have been taken
Its inventor Richard Chadwick is an for deliveries in 2009. Perhaps the most
experienced director of global, industrial and prestigious accolade is to be aired on C4’s
educational renown. During many years in ‘Grand Designs’ programme.
the automotive sector, he sold manufacturing
plants to Mexico, set up manufacturing plants Richard’s top tips:
in Poland and ran manufacturing plants in • no excuse when it comes to staying ahead
the UK. in technology
• the UK has some of the best and most
During his MBA, the devastation of the West accessible universities in the world
Midlands Automotive industry began. Richard • you need to prepare for where the markets
valiantly ‘jumped ship’, but to no avail, the will move – viewing media, attending
house of cards fell down. With lots of ideas shows and events
but no money Richard undertook teacher • now you know where you want to go,
training and spent the next three years apply to your local RDA for a grant
teaching. This time, along with various grants • never give up.
and awards funded by AWM, drove forward
the project. According to Richard: ‘You will find plenty of
Richard Chadwick
people very able to point out your failings –
w www.limgear.com
Jargon PR
Simon Corbett (MAOS 2001–2)
I was working for a mid-sized international the satisfaction are fantastic. In the next 12
tech PR agency, when I attended an months I would like to continue to expand
international management meeting and came the team, bringing on more junior people
away feeling totally disillusioned. There was who I can train for the future. I would also
little or no strategic plan and the team was like to open a US office as several of our
frustrated and disappointed with the senior clients are international.
management, who had little idea of what
was happening in each of the international I feel WBS definitely encourages
offices. It was clear no one believed in the entrepreneurship. Several of the lectures I
business or its future. I knew I could do better have been invited to at Warwick have featured
so I left to launch Jargon Public Relations! or discussed entrepreneurship and I have also
attended some excellent social networking
I had worked in the technology PR industry events in London.
for a number of years before starting my own
agency, so I was fortunate enough to know My undergraduate degree is in Business
a lot of people and have a fair amount of Studies and Marketing and my MA in
experience. The business is entirely self- Organisation Studies. I enjoy studying and
funded. Jargon Public Relations is now one hold the Chartered Institute of Marketing
year old and so far things have gone very (CIM) and the Chartered Institute of Public
well. We have a dozen clients, all technology Relations (CIPR) postgraduate diplomas; I also
companies that range in size from start-ups lecture on the CIM course in Oxford.
through to Oracle and the UK User Group.
Simon’s top tip:
Managing a business is more hard work than Success is not about loving the products
Simon Corbett
I ever imagined, in fact I don’t think I have you sell, but is much more about self belief,
w www.jargonpr.com
ever worked harder, but the rewards and tenacity and drive.