David is an ‘entrepreneur extraordinaire’ in the field of science and technology. He is CEO of Pacific Edge Limited, an NZ-based cancer diagnostic company specialising in the discovery and commercialisation of diagnostic and prognostic technology for the early detection and monitoring of cancer. David emphasised the importance of having a BHAG: a Big Hairy Audacious Goal. He also introduced us to a new acronym, ‘CIMITYM’ or ‘Cash is more important than your mother’.
- Innovation in NZ is alive, well, and returning cash to investors.
- To start to build a successful entrepreneurial business you need to have a clear vision that must be translated into your ‘Big Hairy Audacious Goal’. You have to sell that BHAG to investors.
- Your innovative idea needs to be translated into a business opportunity with a business plan and contingency plans are a must.
- Investors will invest in people; recruit, and surround yourself with the best that you can.
- You need plenty of energy and an outward representation of enthusiasm. Resilience is a prerequisite.
- You need CASH and plenty of it. Get as much as you can as often as you can. Remember ‘Cash Is More Important Than Your Mother’.
- Listen carefully to your customers (“Your baby is ugly”).
- You can do this. Go hard, have fun, and take your investors with you.