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					Science and Technology News
Spring 2008

In This Issue
Outsourcing – how can it help? Keeping your best staff happy Steering a successful IPO And much more…

Closest to Your Business

Editorial
Welcome to the first edition of our Science and Technology Newsletter. I hope you enjoyed an excellent festive season and are looking forward to a prosperous 2008.
Science, technology and innovation are recognised key drivers for Scotland’s future prosperity. It is 11 years since the world’s first cloned sheep was born in Scotland. Whilst this was rightfully lauded around the world as a major scientific breakthrough, since then there have been a number of commercial achievements within science and the wider technology arena including several successful IPOs and the world’s most successful computer game franchise. The focus at a national level on science and technology has helped establish a number of building blocks with the intention of delivering sustainable growth. These include, but are not limited to, the Intermediary Technology Institutes, Edinburgh BioQuarter and Talent Scotland. In addition, increasing commercialisation activity from Scottish Universities, grant schemes targeted at innovation and established and active angel investment syndicates, supported by Scottish Enterprise CoInvestment Fund, have created and supported an increasing number of high-growth potential businesses. Despite these positives, Scottish businesses in this arena face a number of critical challenges – global competition, talent recruitment and retention, access to funding beyond angel investment, and building and implementing effective sales strategies. This edition covers some of these issues. Sarah Taylor looks at staff retention and Sandy McDougall (CFO of Craneware) gives us his thoughts on why the IPO of Livingston based Craneware was such a success despite recent market turbulence. Thanks are due to all of our contributors, in particular our guest authors Sandy McDougall, Joel Fearnley and Gill Mayman.

Contents:
Science and Technology News
Spring 2008
3 4 6 Outsourcing – how can it help? Steering your way to a successful IPO Get connected – get networking with Scotland Connect Love em’ and keep’ em – how to hang on to good staff

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10 The benefits of share incentive schemes 11 In the frame – Joel Fearnley of Lab901

I hope you find the articles in this edition relevant and thought-provoking and I would welcome any feedback you may have, including ideas for future editions which you would find of interest.

Contact Shaun Millican
Edinburgh Office T : 0131 220 2203 E : shaun.millican@jcca.co.uk

A list of Partners can be found on www.jcca.co.uk Disclaimer: While all possible care is taken in the completion of this newsletter, no responsibility for loss occasioned by any person acting or refraining from action as a result of the information contained herein can be accepted by this firm. Published by Johnston Carmichael, Bishop’s Court, 29 Albyn Place, Aberdeen AB10 1YL Registered to carry out audit work and regulated for a range of investment business activities by the Institute of Chartered Accountants of Scotland. Ref: ST/0208/1 The pulp used in the manufacture of this paper is from renewable timber, produced on a fully sustainable basis. This paper is suitable for recycling. Innovative Firm of the Year 2004

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Also Winners 2002

Outsourcing – how can it help?
As your company grows so too does the need for financial administration. But don’t let this daunt you, says Edinburgh-based Jenny Fullerton. Getting external help can be a great asset.
As a founder and/or director of a technology company your responsibilities will seem almost limitless – research and development, project management, sales, staff, IT, investor relations – all will serve to remind you that there are only so many hours in the day. And then, unfortunately, you must add financial administration. But like it or not, designing and maintaining a robust accounting system is very important, and there are many advantages to be enjoyed from having accurate financial information at your fingertips. These include: • Efficient delivery of compliance matters • Easy capture of project costs for grant and research and development tax credit claims • Enhanced relations with existing and potential investors • Improved management of financial information It is important to set up an accounting system to suit your business as early as possible and to ensure that it remains fit for purpose as your business changes. There are various options, from a simple spreadsheet, to using accounting software. One of the more popular packages, Sage 50, is specifically targeted for use by small and medium sized businesses, and as a SAGE accredited Business Partner, Johnston Carmichael are able to install this for you and provide training. When it comes to recruiting an in-house financial person to help out, young businesses (often understandably concerned with costs) run the risk of making an appointment too early, which is expensive and unnecessary. A scaleable solution, then, is to outsource your accounting function. This way, experienced help can be found to meet your specific requirements, and there are many benefits: • Advisers who understand your requirements and the issues that need to be considered • Someone to deal with compliance issues such as VAT returns • Possible linking in with other considerations including grant claims and tax credits • The creation and management of an appropriate cost structure • The regular and accurate management of information • Founders and directors can concentrate on key business issues Perhaps one of the most valuable things about outsourcing your accounting function is that you and your advisers can then more easily gauge at what stage the recruitment of an in-house financial person would be appropriate. If you are interested in any of the above services, or would like to discuss further setting up or improving your accounting system, please contact either myself or our Aberdeen Outsourcing Manager, Tina Buchanan.

Outsourcing
Having problems finding the right candidate for your accounting requirements? Need a part-time rather than a full-time solution? Need long-term rather than short term assistance? Maybe we can help.
Our outsourcing service can help in a number of ways. We can provide short-term interim cover to assist with periods of staff absence, back logs, or specific periods of increased workload. Alternatively we can provide longer-term finance managers. All outsourcing staff are employed by Johnston Carmichael, so we are able to offer and maintain a quality of service often lost when using contractors. To ensure you find the best solution for your situation, please call Tina Buchanan (Aberdeen) 01224 212222 to discuss how our team may be able to help you.

Contact Jenny Fullerton
Edinburgh Office T : 0131 220 2203 E : jenny.fullerton@jcca.co.uk

Contact Tina Buchanan
Aberdeen Office T : 01224 212222 E : tina.buchanan@jcca.co.uk

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Guest Feature:

Steering a successful IPO

Founded in 1999, Craneware provides software, support and training to over 850 hospitals in the US. The company’s flagship product, Chargemaster ToolkitTM (CMT), helps to effectively manage the revenue cycle, assisting US healthcare providers to reduce billing errors, ensure accurate submission of claims, and manage compliance risk. On 13th September 2007 Craneware made its AIM debut and here, Chief Financial Officer, Sandy McDougall, reflects on why this was such a success – despite the recent market turbulence.
Over a year ago Craneware kicked off its IPO process. Perhaps, counter-intuitively, I would say that its successful outcome was driven by what we got right way in advance of the last 10 weeks of heavy slog. A few highlights spring to mind: Peel Hunt, who I have to say were absolutely superb throughout the process, delivering exactly what they said they would.

Importance of the ‘courtship’ period
From meeting KBC, right through to the Board’s decision to formally engage them and start the second half of the process, we had about six months’ trading ‘together’. This period provided an essential opportunity to develop mutual confidence that both parties could plan and deliver against projections and promises. This time investment provided something of an insurance policy against market or other external wobbles.

Choice of Broker/Nomad
We took our time choosing a broker and spoke to a number of Houses over several meetings. We were keen to punch above our weight in market terms, engaging advisers who would reach down to our size (but not too far), rather than being in their so-called sweet spot. The phrase, ‘Don’t tell us what you think we want to hear, give us it straight’ springs to mind. We also insisted that the individuals with whom we were building a rapport would be the team that led the deal. No ‘C’ teams being parachuted in! As we took references, our guiding light would be the Houses’ reputations for delivering predicable results at sensible valuations, with no gradual let-downs or changing messages. After all these deliberations, we chose KBC

Early preparation of a detailed Information Memo
Back in May 2007 before things hotted up, and working closely with KBC, we invested considerable time in producing an 80-page Information Memo. This provided two clear benefits. First, it helped deepen KBC’s understanding and commitment to our business, and

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out of civilisation in the lead up to, and through this time. second, it gave us all a quality data bank as a basis for forthcoming presentations, legal due diligence, and Thereafter, the 10 days of formal marketing came as reporting accountants. Without such a quality something of a relief, almost to be enjoyed after the exercise at a very early stage, we (and each of our documentation grind that had preceded it. Keith and I advisers) wouldn’t have had the really did enjoy the marketing roadconfidence to accelerate the timetable It’s the best advisers you can show, armed with a confidence born and stay ahead of the of the points I have discussed get... time spent cementing sub-prime related issues that were above. relationships... all backed up to emerge during August. To summarise, had we not got it The importance of pre-marketing with early quality business right on all of the points above, information... And of course, there would indeed have been KBC insisted we visit a number of institutions back in May in order to sufficient market volatility at our key the long, long nights! gauge appetite, valuation, and rehearse time to have seriously jeopardised the story well in advance of the formal the odds of a successful outcome. IPO marketing to follow. Again, this proved to have been Without building an ‘intimate’ early understanding of the a further insurance policy against jitters, when we later business, its people, and likely institutional appetite, any called on interested investors from this exercise to process is in danger of becoming too dependent on a confirm their role as cornerstone investors, despite the perpetual following wind. Some of course benefit from emerging market volatility. this luxury, but it’s never your company! Then the slog started! We took the view that 10 weeks of absolute misery was better than 16 weeks of moderate misery, whilst also providing the best means of minimising exposure to any external shocks ahead. How right that turned out to be. There can be no doubt that the CEO, CFO, and the finance team, simply have to opt So – it’s the best advisers you can get, then time spent cementing relationships and understanding, all backed up with early quality business information, whilst hitting your numbers or milestones, which ultimately lead to success. And of course, the long, long nights!

Financial Planning for Technology Companies
Are you making the most of the financial planning opportunities available to help you recruit and retain the best employees and protect the value of your business?

Business Protection
Life assurance can be used in a number of ways to protect a business. Key Person insurance protects against loss of profits if a key person dies, becomes ill or is injured and unable to work. Investors in the business may require key person cover to protect their investment. Company borrowings can also be protected. Shareholder protection assurance can help protect the future of the company if one of the shareholders dies. It provides funds to buy out the shares of the deceased shareholder, which ensures that the company shares remain in the right hands. We recommend that you seek independent financial advice on the wide range of financial planning opportunities available to you and your business. Please speak to your usual Johnston Carmichael contact who will put you in touch with an independent financial adviser.

Employee Benefits
We are all being encouraged to work longer and save more to provide for a more secure retirement. Employees expect to be offered a range of benefits including membership of a pension plan and death-inservice cover. Income protection will replace their salary if they are unable to work because of illness or injury and private medical insurance can help the business by reducing the amount of time an employee is off work while awaiting treatment. We can help you to structure a tax efficient benefits package for your employees, tailored to your budget. This may also lead to savings in tax and NIC for both the company and the employee.

Johnston Carmichael Financial Services Limited is authorised and regulated by the Financial Services Authority. This article is based on our understanding of current legislation which may be subject to change in the future.

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Getting connected
Gillian Mayman, Director of Connect Scotland, explains what Scotland’s leading technology business network can do for you.
‘The best entrepreneurs are those who don’t just heroically go it alone but understand the importance of team work and collaboration, especially when it comes to company growth, and who build a strong network of contacts and mentors around them.’
Jonathan Kestenbaum, CEO of NESTA (National Endowment for Science, Technology and the Arts), in ‘Things I wished I’d known…’* Connect Scotland has been an integral and dynamic organisation within the Scottish technology sector since its launch in 1996. Its objectives are: • To engage with Scottish based technology companies with high growth prospects but needing additional business experience. • To build business experience through introductions to an established network of experienced entrepreneurs and professionals. • To stimulate sustainable growth by offering independent business advice and access to sources of risk capital. Over the 11 year period, we have created a highly engaged and expert network that comprises technology entrepreneurs, investors, universities, industry and technology-focused professional service providers, such as Johnston Carmichael. Originally established to address the gap between academia, entrepreneurs and the professional service sector, Connect now focuses on ‘investor readiness’ activities, leveraging its experience, know-how and reputation to assist technology entrepreneurs. the UK’ (October 2007), suggests that ‘setting up a holistic support service to assist entrepreneurs, where they can get advice from lawyers, accountants, investors and fellow entrepreneurs in one place, has the potential to significantly improve the success rate of high-technology start-up companies across the UK’. He specifically cites Connect San Diego as a model for achieving this.

What we do
There are a number of ways in which we ensure that young companies get access to the resources they need to drive their ambitions. Central to our activities and one which drives the energy and momentum of the network, is our core events programme. Despite a multitude of highly effective web-based networking vehicles, people still value the opportunity to meet faceto-face. The core programme serves as a catalyst for the development and exchange of ideas, business development learning, as well as providing an opportunity to network with peers. Details of all our activities are available on our website (www.connectonthenet.com). In brief, they range from regular events such as Meet the Entrepreneur sessions through to the more intensive boardroom style Fusion workshops. More bespoke activities include the Connect 360 suite of products which leverage the resource-rich network to provide early stage technology companies with intensive diagnostic sessions. As mentioned at the outset, all our activities focus on investor-readiness with Connect very much representing the demand side of the risk capital market, helping companies build robust and credible propositions which are more likely to attract investment. Connect’s linkage to the investment community is perhaps best illustrated by our recent Connect Investment Conference which, in October 2007, attracted a record one day attendance in excess of 230 people, with many venture capitalists and business angels amongst the audience, evaluating the 20 propositions showcased (see inset for more information).

Our place in the market
We are undoubtedly working in a busy marketplace and it is within this environment that Connect Scotland continues to differentiate its offering. We like to think that its unique appeal is founded in its independence as a private not-for-profit company, and the resultant objectivity and engagement that this allows across the whole technology spectrum. Connect Scotland is modelled on Connect UCSD (University of California, San Diego) which, for over 20 years, has been playing a valuable role in the formation and growth of technology businesses in Southern California. Lord Sainsbury, in his report on ‘Innovation in

Who we work with
There is no question that the reason Connect has so successfully developed over the past 11 years is due to the resource-rich network. We are a membership

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* Published by British Private Equity and Venture Capital Association, 2007.

organisation and it is the drive and ambition of all elements that maintains the energy within the network. The team, which is based in Edinburgh, Glasgow and Grampian, actively looks for opportunities in which to involve our members, and also opportunities to partner specific projects. Connect’s work with technology companies is focused on various investor readiness activities as described above. The ways in which corporate and individual members get involved includes investment pitch preparation; Fusion events such as those recently hosted and delivered by Scottish Equity Partners (SEP) and Noble Fund Managers; a recent CEO

dinner with Johnston Carmichael; through to the Innovation Showcase with Scottish Enterprise (February 2008). In full agreement with the messages from Jonathan Kestenbaum and Lord Sainsbury we appreciate that there is great power in partnering. If you would like to find out more about getting involved with Connect, please get in touch with Gillian Mayman, Director, 0131 226 0390 or gill@connectonthenet.com.

2007 – a big success
11th Connect Investment Conference (CIC)

CIC is Connect Scotland’s flagship event each year. Last year’s conference showcased 20 innovative technology companies seeking in excess of £40m of growth funding. It also featured, for the second year, the SEP Technology Leader’s Forum at which five expert speakers explored the interdependence of large global leaders and young innovative technology companies. With 10 companies pitching for growth funding during the morning and a further 10 to visit during the Tech Showcase, the event was fast moving and buoyant. The entrepreneurs generated excitement and interest amongst the capacity audience and there were plenty of business opportunities for all delegates. One of 2007’s most promising CIC investment propositions was Factonomy Ltd. Founded in 2003, it licenses its strategic application framework to enable the agile and flexible development of webenabled business solutions. An extensive range of solutions has already been developed and the company is talking to a number of potential licensees who are looking to tap into a wide range of new markets.

Geoff Kell, Factonomy’s CEO, gave a 10 minute pitch seeking second round funding of between £1-3m to help convert the significant sales pipeline generated since their first round of funding. Afterwards, he remarked:

‘Participating in CIC provided Factonomy with a great platform to reach potential investors... Refining the pitch with the help of the Connect team was an extremely valuable part of that process.’

2008 – 12th Connect Investment Conference (CIC) 30 October 2008
Go to www.connectonthenet.com for details.

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Love ’em and keep ’em
Sarah Taylor, Johnston Carmichael’s HR Director, explains how to hold on to your biggest asset – your best people.
Did you know that nearly 40% of people starting a new job are looking for their next role or considering their next step on day one? The process of hanging on to staff has to start before you even appoint them. In a competitive labour market it can be tempting to sell the job really hard to entice your candidate to join, but in doing so you may be storing up trouble for the future.

Staff recruitment and retention is a major issue in all business sectors and the issues are particularly pressing for science and technology related businesses. The So spend some time at interview finding out what ability of a young company to successfully research, attracts them to work for you – and if you know that develop and commercialise groundthat’s not how it’s going to be for breaking products will in a large part The importance of life sciences them, steer clear. Give them a depend on recruiting and retaining and the wider technology arena to realistic view of the job. Don’t the right skills. It is an issue at the raise their expectations only to Scotland’s economic development dash them later. Invite them to heart of the Scottish Life Sciences is widely recognised. Young Strategy which identifies attracting meet the team they’ll be working ‘the right people’ as one of four key companies will need to develop a with, maybe over coffee. Even factors if Scotland is to sustain a better, invite them to spend a day clear proposition that differentiates trying the job out before growing Life Sciences sector. committing themselves. them and makes them attractive The importance of life sciences and Remember that you can train in to potential recruits. the wider technology arena to some of the skills – but you can’t Scotland’s economic development train in ‘fit’. is widely recognised. The establishment of the So, now that you’ve recruited the right person, and you’ve Intermediary Technology Institutes and Edinburgh helped them settle in, how do you make them stay? BioQuarter, among other initiatives, will help make Scotland a location of choice for skilled individuals. This Well, it may seem obvious, but you really need to know sounds great but there will of course be increased why they might leave. Forget the exit interview – or at recruitment competition from overseas organisations least take it with a heavy pinch of salt. They’ll probably establishing Scottish operations and larger, more tell you that they’re moving for more money, or because established indigenous businesses. Young they’ve been offered promotion elsewhere, or a job companies will need to develop a clear closer to home. But in reality, people rarely leave jobs in proposition that differentiates them which they’re happy, even when offered higher pay and makes them attractive to elsewhere. potential recruits. This is good news for young companies who are perhaps not in a position to compete financially. So if it’s not just pay, what is it that makes people leave? Research shows that three of the most important things are whether they have a close friend at work, whether they have a good relationship with their boss, and whether they think their employer cares about them personally. We’re all social animals and we all like to be liked. We’re at our most productive when we can cooperate. And if we’re thinking about moving on, a good friend is the person most likely to be able to persuade us to stay. You can’t force friendship of course, but you can encourage people to spend time together socially. Social events, charitable activities and car pooling schemes are all ways to help staff get to know each other – it is harder for someone to leave a team than an organisation.

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So what role does the boss play? Well, he or she is the person who lets us know where we stand, recognises our ideas and our hard work, and makes us feel valued. Praise from the boss is supremely important: but make sure it hits the mark. Only give praise when it’s deserved. Do it immediately, and at least once a week, because no news is most definitely not good news. Do you care about your staff personally? Ask them how they are and show you’re genuinely interested. Listen to what they say. Share something of yourself, and you will reap dividends through the trust you will build. Productive workplaces are people rarely leave ones where people feel safe – to experiment, make jobs in which they’re mistakes and learn from happy, even when them, to challenge and to offered higher pay give each other support.

”Wow – Fantastic – Brilliant. Just some of the words that come to mind after our two day Stratagem™. Without doubt more was achieved in two days than many years of attending Board meetings.”
Stanley Morrice, Managing Director ABERNESS LTD

elsewhere. Ask your staff what they expect from you. Ask them what they need to make their lives easier. You may not be able to deliver – but you will then be able to explain why.
Another factor is the ability of an organisation to offer career progression, personal development and a challenge. Young companies will often be dynamic organisations with a high degree of challenge, innovation and change and these factors should not be underplayed in the recruitment process. This also means that the selection process must be even more robust to ensure that individuals are selected who can cope with a fast changing environment where initiative and ideas may count for more than diligence and academic knowledge. Formal training and appraisal processes should be in place so that career development is planned and structured to meet the goals of the individual and employer and despite the Chancellor’s Pre-Budget Announcements, share incentive schemes continue to be an effective way of locking in staff and aligning staff objectives to those of the founding directors and shareholders (see Simon Burton’s article, p. 10). Recruitment costs represent a significant investment, especially in growing companies. Futhermore, the loss of key individuals during a project can represent a significant risk to the success of that project because transfer of knowledge is not easy. The most successful organisations will be those that proactively consider recruitment and retention.

Business Stratagem™ is a business-planning tool designed to energise companies by releasing the full power of the owner’s personal vision.
Chief Executive Sandy Manson explains: “Business Stratagem™ was born out of clients wishing us to assist them with focusing on their future strategy. Owners are generally thinking about future targets, but can be too busy day to day to have time for strategic planning. Stratagem™ puts the personal drive back into your business. It allows you to clarify your priorities in a non-threatening environment and from that decide in which direction you want your business to go. We work with you via exercises, brainstorming and other techniques to identify the current business issues you face and agree on an action plan to resolve these.” We’re so confident in the quality of the tool and the value that is delivered by Stratagem™, that we ask clients only to pay us what they think it has been worth to them. You can’t say fairer than that. To find out more about what Business Stratagem™ can do for your organisation please speak to your usual Johnston Carmichael contact.

E : info@jcca.co.uk
Contact Sarah Taylor
Inverurie Office T : 01467 621475 E : sarah.taylor@jcca.co.uk

W : jcca.co.uk

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Share schemes – so what’s the incentive?
Short on cash but want to lure (and keep) the best in the industry? Don’t forget share incentive schemes says Simon Burton, Director of Tax, Edinburgh.
faced with an immediate tax bill. This is unlikely to provide much of an incentive! Share options by contrast can be structured so as to deliver the opportunity to benefit from the growth in value of the company without putting the employee’s capital at risk, and without diluting existing shareholders until the date of the ultimate exercise event. Many share option schemes will arrange for the options to be exercised on a sale or flotation. This will mean that the employee can benefit from helping to grow the business by sharing in any deal. They share in the growth in value of the company, a reward that is ultimately paid for by the purchaser of the company. Of course, this does mean that there is less in the ‘pot’ for the founder shareholders, but this may be an acceptable price to pay for getting and keeping the best talent. Share option arrangements must be handled carefully. Under a conventional unapproved share option scheme, an employee holding options exercised at the time of a sale might well be faced with a 40% or even 48% tax bill. But share option schemes operated with HM Revenue & Customs’ approval can have much more favourable tax treatment. Under an Enterprise Management Incentives scheme, for example, an employee may currently only pay 10% tax on their gains. Following the announcement in the Chancellor’s Pre-Budget Report in October, it seems most likely that the tax rate will increase to 18% from April. Even at 18%, however, this is a very considerable tax saving. If you want to discuss how a share option scheme might be able to help your company, please do get in touch with us.

Many businesses would agree that perhaps the key issue that they must address is how to recruit and retain the right people. Nowhere is this more true than in the technology sector. Successful technology businesses must place innovation at the heart of what they do and finding and keeping people with the necessary skills can be a real challenge. A typical early-stage technology company may not be blessed with abundant cash resources, so a conventional salary and bonus cash package is often not an option. An alternative approach is to look at locking-in key people with a share incentive package and many companies do offer shares to employees. Unfortunately they may not realise that unless an employee pays the full open market value for the shares – so putting the employees’ own capital at risk – the employee will be

Contact Simon Burton
Edinburgh Office T : 0131 220 2203 E : simon.burton@jcca.co.uk

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Client Profile:

Lab901

Lab901 was formed in 2001 to develop a new platform technology for use in laboratory testing. The company, based in Midlothian, now employs a multi-skilled team in excess of 40, comprising scientists and engineers, and has recently launched its first product. It now plans to scale-up production to meet increasing demand and develop additional products derived from the core platform.
want. I also like the fact that we are competing against major global companies and we have a much better product which they wish they had thought of first!

What do you least enjoy?
Nothing, in this business you have to take the lows as well as the highs but luckily there have not been many lows. It's a real rollercoaster ride but overall I enjoy it a lot.

Describe your company’s culture?
Innovative and dynamic – we have a highly talented team at Lab901 who have achieved so much with relatively limited resources. I believe that Lab901 is an open and friendly working environment and hiring people who can fit into this culture is a priority for me.

What has been the biggest challenge in getting the company to this stage?
Bringing everything together – building the team, developing the product, securing investment, scaling up manufacturing. Overcoming the many challenges and hitting the milestones has been vital for moving the company forward. Joel Fearnley is Co-Founder and CEO.

Describe the company’s initial product?
ScreenTape is an automated system which is used to speed up DNA analysis within research and diagnostic laboratories.

If you had a magic wand to deliver one benefit for your company, what would you do?
I would want new premises big enough to get all of our employees and our manufacturing facility under the same roof again. We have expanded rapidly and now have three separate units at our Bilston Glen site which is far from ideal.

How is it better than the rest?
The key advantage of ScreenTape is its simplicity which makes it much more convenient and cost effective to use than competing methods.

Do you think Scotland is conducive to developing leading-edge technology companies?
Yes, Scotland has a tremendous talent pool with very innovative and creative people. There is no reason, if we can attract the right people and money, that we can’t build world beating technology companies.

Where did the idea come from?
The idea came from the co-founders – two scientists and two engineers. We looked at one of the primary bottlenecks within the lab and then came up with an elegantly simple solution.

What do you most enjoy about your role?
I enjoy the challenge of overcoming the many technical hurdles we have faced during product development and taking it from an idea to a product which customers

What advice would you give to someone about to embark on the journey you have taken?
Be persistent. Use the network of contacts available, there are plenty of people willing to help. Most importantly build a great team around you.

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CHARTERED ACCOUNTANTS & BUSINESS ADVISERS

Science and Technology News
For further information and advice please contact your nearest Johnston Carmichael office: Aberdeen Edinburgh Elgin Forfar Fraserburgh Glasgow Huntly Inverness Inverurie Perth 01224 212222 0131 220 2203 01343 547492 01307 465565 01346 518165 0141 222 5800 01466 794148 01463 224848 01467 621475 01738 634001

www.jcca.co.uk


				
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