Recent alum Dr Yu Zheng has already put his Quantitative Finance PhD to good use by launching a FinTech start-up, Arraystream Technologies. The business aims to help fund-providers launch the next generation of mutual funds, powered by AI. The technology utilises a proprietary signal construction technique which generates composite signals to help identify new opportunities in the investment space, while remaining adaptable to new market information. Another core technology is ‘polymorphic diversification’, which adds a new dimension of diversification. Polymorphic diversification both augments and enhances existing diversification techniques such as sector, asset class and region.

The technology is complex and clever and so it’s no wonder the business was recently backed by Entrepreneur First – which funds the most talented scientists, engineers, developers and industry experts to grow their businesses and raise funds. Yu was invited to share his vision with world’s leading investors and press at the Entrepreneur First London Demo Day in March 2018. 

What gave you the idea for your business?

It is widely known that over 90% actual mutual funds have been underperforming the index in the last 15 year. The industry has been trying to come up with many solutions, but not a lot have worked.

How did it feel when your business launched?

It was both exhilarating and exhausting. Exhilarating because I have launched a company on the world stage and I was excited to contribute something valuable. Exhausting because in the initial stage I was doing multiple roles at the same time: CEO, salesman, researcher, developer, operations and support.

What was the greatest challenge you faced in starting out?

The greatest challenge was validating our start-up idea. A number of questions had to be answered, such as is the problem worth solving, does anyone care about this, is there a market at all, and how to convince customers that our technology works etc. It was necessary to construct a US stock portfolio using our technology which we ran with real money. Over the period of a year our portfolio has demonstrated fairly consistent performance advantages over the S&P 500. 

What have been the key lessons learned from the whole process?

You have to be flexible to adapt to the market needs, but you must also have conviction when starting out amidst a sea of uncertainty.

Any advice to budding entrepreneurs?

The best ideas are outside of your room/office, so go out and talk to potential customers.

How did your time at the Business School prepare you for setting up your own business?

The Business School offered me a comprehensive research training and gave me insights into the real, business-side of the financial industry. Furthermore, it also provided me the invaluable people network for which I can tap into to grow my business.

The Internet is more important to business than ever before, and a digital presence is a requirement for almost any type of company. This has triggered significant changes in the way companies operate. However, the underlying principles of finance, and financial effect on performance, remain the same even today.

Too often, companies fail to apply the lessons of the real world market with those of the digital market. Accounting for business requires the acknowledgment and management of assets, and this is true of both bricks and mortar companies and digital enterprises (e-tailers). Retailers may fail because they lack assets, or more accurately, because they fail to account for and correctly use the assets they possess. Commercial space is one such asset which businesses rely on and an online presence can be as much of an asset as a physical store.

Take British electronics retailer Maplin, for example. The popular brand has recently fallen into administration (February 2018), with up to 200 stores expected to close. Yet if the company had listed its retail outlets as assets in the balance sheet, rather than as overheads for the business, we could be seeing a very different picture today.

Virtual real estate and digital assets

To better explain how Search Engine Optimisation (SEO) plays a key role in asset building, lets look at the comparison between retail real estate and e-commerce websites. Both physical and digital retail spaces have the potential to be company assets, and they also share many common features.

A traditional retailer can strengthen their asset portfolio by purchasing commercial real estate freeholds, opting for land and premises in densely populated areas. Meanwhile, e-tailers must secure virtual real estate in the form of a website. They might start from scratch on a new domain, though this is similar to building in an area with low population, or they can purchase a ready-made, search engine optimised website which already gets a steady stream of retail traffic. Either way, the website can be turned into a digital asset through the correct application of SEO processes.

Purchasing digital assets

The option exists for companies to take over websites that are already optimised, in which case they would inherit all existing search traffic. For example, Maplin’s competitors could snap up the domain name maplin.co.uk when the company wraps up operations. The site could be customised to match the new buyer’s brand, while continuing to trade with its well established client base.

Digital asset purchases present opportunities for asset building. If the new owner of the website offers similar products and services to the competitor they bought it from, customising the site is simple. The branding of the site needs to change, but all pages and categories can remain the same. This is ideal for the new owner, who will benefit from all SEO work previously applied to the site. From day one, the new site has become a digital asset.

What are some of the common problems of digital asset purchasing?

When customising a repurposed website, there are some key features which site owners might change – such as page URLs, user experience (UX) amendments, and alterations to the site map. These are all key elements for SEO. Changing the fundamental structure of the website can seriously damage its PageRank (PR), therefore undoing all the good SEO work done previously.

Search Engine Optimisation 

Site owners can create digital assets by optimising their websites for the search engines. SEO attracts more visitors to a website, and a good website can convert those visitors into sales. The more sales a website can generate, the more of an asset it becomes.

SEO has a single primary aim: driving organic search traffic to a web page or website. Websites that have been well optimised tend to receive a steadier flow of traffic, with more predictable results. Modern PageRank algorithms tend to prioritise clear, well-structured websites and targeted web content that delivers on its promises. SEO therefore becomes an essential activity with an objective value.

Even where SEO fails to improve website traffic initially, it is sure to improve your site in other ways. When a website’s user experience (UX) is improved, conversion rates are almost sure to follow, even if the initial Search Engine Results Pages (SERP) objectives are not achieved.

There are several potential problems with search optimisation. Many site owners feel they cannot achieve their search engine optimisation aims due to budget restraints. Organic SEO processes take a great deal of time, and often require a large degree of financial input as well. At the start of any SEO project, there is usually a need for capital investment and where extensive work is required, the cost will be significantly higher.

SEO is also a changing landscape – where the search engine algorithm is changed or competitors take an aggressive approach, search rankings can be badly affected. There are also no guarantees with SEO, much of the process comes down to trial and error.

For more information contact Michael Pawlicki, co-founder of the web development company Asset.Digital

Andreia Ferreira is one of the Business School’s careers consultants providing cross-sector career advice to students at MSc and MBA level. She is currently co-leading the Full-Time MBA Careers Programme and is a member of the FMCG, Healthcare and Energy team. Here she shares her advice on achieving career success and the work of the Careers service. 

What is the most rewarding part of you role?

I am passionate about supporting students in defining their career ambitions, developing soft skills and achieving their career goals. Meeting bright students from all over the world and supporting them to explore career opportunities across industries and borders is the most rewarding part of my role!

The diversity is incredible. One day I am facilitating interactive workshops to cohorts with 30+ nationalities. On the following day, I am conducting a career strategy session with a physician who is building a community hospital in their home island back in Indonesia. It is an honour to support hardworking, ambitious and well-rounded individuals.

What is the most challenging part of your role?

The urge for an early focus on careers and the intensity of one-year programmes represent the most challenging part of my role. The autumn term can be quite overwhelming for students targeting career opportunities in the UK, especially for those joining us from oversees.

Over the last few years we have made huge progress in managing those first weeks of term, balancing out the support students need with employers’ early recruitment deadlines. Admitted students have now access to core and sector specific careers content four months before starting their programme, allowing them to further their self-awareness, explore different industries and set their own goals.

What are the main barriers to achieving career success?

Not spending enough time exploring your personal definition of success, as well as not acknowledging how the concept of career success evolves in one’s lifespan. When outlining a career strategy it is important to consider interests, drivers and skills, but also the full spectrum of values and strengths that allow for sustained motivation over time.

What is your advice to someone wanting to change career?

I work with a huge number of students looking to accomplish a change in role, industry or market upon graduation, particularly at MBA level. Often times they aim to change all of the above at once, the famous triple jumpers.

My first step is to explore the motivations behind this career change and how defined the next steps are in their minds. I always encourage people to expand their understanding of this new space through research and networking. Career changers need to understand the challenges of the new industry, speak the language of the new role and identify their value added and target market.

A career change is usually a long journey that is only starting at Business School. Therefore, I always encourage students to come up with a stepping stone approach and a plan B, as well as keep their support network close by even if they are physically miles away.

What is your advice to someone wanting to pursue a job promotion?

A strong performance record is a must but it’s not enough on its own to get a promotion in the majority of the organisations nowadays. Building a strong and reliable personal brand that is aligned with the culture of the company and up-to-date with the trends of the industry is a starting point to increase your chances. Increasing the visibility of that brand within the organisation is the next step; by developing key relationships with potential sponsors and taking on new projects that expand your scope of action and put you formally and informally on the radar of the decision makers. Finally, there is something to be said about being in the right place at the right time, as sometimes a promotion is about being ready when the opportunity arises or stepping up where the business needs your skill set.

As the Forté Foundation representative for the Business School, how do you support to women in business?

Diversity and gender equality have ranked high on Imperial College Business School’s agenda for several years, which has guided specific actions from the Careers service such as a Gender Differences in Salary Negotiations Workshop.

The plan is to build on the excellent work that the Business School and its student-led organisations such as Imperial College Women in Business Society and 30% Club have been doing over the years, as well as promote specific content and networking opportunities that Forté Foundation offers to our female students. I have just started my first academic year as the Careers Rep for the Forté Foundation and I’m working closely with the Forté Fellows at Imperial to leverage the inspiring women in our community and involve other stakeholders in the conversation.

What is the best piece of career advice you have ever been given?

At the beginning of my career, one of my first managers encouraged me to “never leave before you leave”, meaning you should work hard every day, always consider new projects and give your best contribution to any team until the last minute. Taking on new challenges and adding value even to the very end of a project/role has been part of my personal brand and has helped me build a strong network of advocates over the years.

The Imperial Women’s Network joined forces with Oracle Women in Leadership and Oracle Women in Technology to host an event on innovation in banking and financial services (6 Nov 2018).

The keynote speaker Antony Welfare, Director of Innovation Strategy at Oracle, provided a thorough introduction to blockchain and the impact it is already making in commerce and banking. Antony guided the 60-strong audience of Imperial College and Business School alumni, students and guests, through the “transformational” impact blockchain is having across all industries.

“Blockchain is a system for maintaining distribution ledgers in a peer-to-peer network, allowing multiple parties, which may not have full levels of trust, to do business, in real time while reducing the need for third party interaction.”

How did blockchain come about?

Antony discussed how recent high profile, online personal data breaches have eroded consumer trust. The disruptive technology of blockchain aims to reverse this and increase transparency, security, quality and efficiency for business. “Blockchain can change the way sales take place. Sales will be direct between the buyer and the seller, cutting out the need for a middle man.”

Outlining the massive potential for this new process, Antony highlighted how investment in the technology has grown twice as much this year on last, with three times the number of jobs advertised in the sector. Last year £1bn spent last year on blockchain and it is estimated this will rise to nearly £10bn by 2021.

However that blockchain “won’t fix everything” he cautioned. It will rely on standardised processes to ensure data is recorded and actioned in the same way.  Antony outlined how blockchain is already impacting the food supply industry from olive oil to fish, the automotive industry as well as the shipping industry and parcel deliveries.  For financial services the benefits include cross border fund transfers, billing systems and procurement.

The second keynote came from Marta Piekarska,  Director of Ecosystem at Hyperledger. Marta explained how Hyperledger, a global, cross-industry consortium of communities advancing business blockchain technologies, evolved out of the decrease in trust levels with key institutions and banks. “Blockchain promises to change the way business is conducted and transactions are executed across industries. Precisely how, and the pace at which, each of these industries adopts blockchain will surely vary. There will never be one global chain-of-all chains that all industries convert to.”

Marta encouraged the attendees to get involved in the Hyperledger Fintech community.

Panel session

The panel session chaired by Hugh Halford-Thompson, a software entrepreneur and investor. The panellists were:

• Anna Poberezhna – Founder at Smart4tech and Head of Product & Blockchain at Finverity
• Shannon Walker – Director of Information Architecture at Deloitte
• Leanne Allen – Director of Financial Services Consulting and Data HQ Lead at KPMG
• Jon Geater – Member Representative to the Governing Board at Hyperledger

The next big thing

The panel discussed how the development of cloud technology and 5G, will enable new technological ideas to be actioned. Business is entering a period where ‘data is no longer king’ and companies are looking to reduce the amount of consumer data they hold. By encouraging big business and academics to work together, new technology will advance at a more rapid pace, as will our understanding of its application. There is a need for the information architecture that is developed to be modern enough to adapt to future developments.

Where are we in the blockchain hype-cycle?

Antony explained that: “Blockchain technology has seen a big change in the last 6 months, people are talking about it and wanting to know how it can help. This is the start of ‘real’ phase, with focus on real clients with real projects. In six months – a year the industry will see big strides forward. The hype is over, we are now into real world and real solutions.”

Start-ups seem to be adopting this faster, with more practical solutions to integrating blockchain. This is because it is easier to start integrating new process into businesses from scratch, rather than trying to add them into already complex and established ones. To achieve this big business will need to embrace shared collaborative business models.

Regulations: a hindrance or a help?

With the introduction of new GDPR regulations many big businesses are still on a journey in terms of controlling their data, spending vast sums of money on defence of data management. However businesses must not be afraid of regulation, instead they must liaise with the policy makers to ensure regulation is relevant, effective and achievable. The challenge however is that diplomacy moves slower than technology and standardisation is hard to achieve across borders and industries. Governance and social responsibility are not just about data, but people, and therefore everyone has a responsibility to learn and understand changes to technology, coding and regulations.

How can students equip themselves for the workforce of the future?

Leanne summed it up by saying; “Technology will force people out of jobs, but this is nothing new. It has happened before – the industrial revolution for example. Times move on, things change but people adapt. It is important to have a growth mind-set, be adaptable and resilient. Learn to be flexible, to up-skill and constantly learn for the next thing.”

You can watch a round up of the event here. 

The Imperial Women’s Network will continue their theme of innovation with a discussion panel focusing on Innovation in Transport in February 2019. You can connect with their online community through the Imperial Women’s Network LinkedIn group.

The Imperial Women’s Network kicked off their ‘personal growth’ 2018 programme with an inspiring presentation from Dr Victoria Harmer, Macmillan consultant nurse at Imperial College Health Care NHS Trust. The audience of alumni, students and guests heard from Dr Harmer on issues including mindfulness, personal well-being, how to take control of our health and essential guidance on spotting the signs of breast cancer – her specialist subject.

Dr Harmer outlined 5 ways to well-being that we can all practice:

1. Connect with people – building connections will support and enrich your everyday life, invest time in developing relationships with family, friends, colleagues and neighbours
2. Be active – exercise makes you feel good
3. Take notice – be curious, be more present, savour the moment and reflect on your experiences to help determine what matters to you
4. Keep leaning – try something new or rediscover old interests, set yourself a challenge. Learning news things makes you more confidence as well as being fun!
5. Give – get involved in a local community group, volunteer your time or expertise, or simply take the time to say thank you to someone.

“Elements that make us resilient and improve our well-being include having a positive mindset, a purpose and being fulfilled, as well as nurturing supportive relationships. It is important we know how to manage problems and expectations, and on top of this keep physically fit and active,” advised Dr Harmer.

In terms of diet, the key issues Dr Harmer pin-pointed were:

• Maintain a healthy weight
• Limit alcohol
• Limit energy-dense food (such as sugary drinks)
• Eat foods of plant origin
• Take regular physical exercise
• Ensure good vitamin D intake

On the issue of breast cancer Dr Harmer highlighted: “40-45% of cancers can be avoided by lifestyle – such as not smoking, exercising, having a good diet. About 55,000 women are diagnosed with breast cancer each year in the UK, yet a third of breast cancer diagnoses could be prevented by lifestyle changes.”

Dr Harmer went thought the signs and symptoms of breast cancer and the importance of being breast aware, knowing what is normal for you and swiftly reporting any aberrations of the norm. You can find more guidance on breast cancer, including information on how to check your breasts here: Breast Cancer Now and Oncology Central.

The Imperial Women’s Network is an alumni-led professional interest network which host professional development and informal networking events throughout the year.

Speaker Biography

Dr Victoria Harmer has a degree in nursing from King’s College London, an MBA from Westminster Business School, a Doctorate from King’s College London and she holds an Associateship of King’s College London. She is a Macmillan Consultant nurse (breast) at Imperial College Healthcare NHS Trust. She is proactive in raising awareness and health promotion through teaching, publications and media interviews.

Alumnus Pras Gengatharan (Executive MBA 2017) Vice President Portfolio Assistant/Analyst at J.P. Morgan Asset Management shares his thoughts on building career resilience.

Navigating your career and personal development can be a stressful experience. As MBA and MSc graduates, we are all too familiar with constant and relentless changes in our industries. We anticipate the uncertainties of new management, the challenges of new processes and impact of new technologies. To overcome these and other obstacles that may be in the way of success in our careers, we must build resilience.

Career Resilience has been a thing for quite some time and I have embraced it as an important skill to cultivate. There are many ways to build resilience and the following are 5 key lessons I have learned:

Stay positive when things are negative

As the age old saying goes, ‘the only constant in life is change’ but change does not have to be negative. Often we struggle to cope with change because we immediately assume the worst. A rational approach to change may help to frame exactly what it is that is making you uncomfortable. When you are able to identify this, you can make change work for you. The ability to stay positive plays a big part in how we cope with change (and adversity). Take some time to process your current situation by taking notes and developing ideas of how to use your skills and experience to get involved.

Never stop learning

Your willingness to learn may be your most important asset yet. When things are changing around you, it is the perfect time to commit to your personal excellence and engage in learning. You will notice that there is so much more to you when you make it a habit to read. Taking a regular interest in books, articles and blogs relating to your industry can be a really useful tool to stay current. An inquisitive mind should never feel satisfied, cultivate your professional curiosity.

Be the best version of You

I apologise for bringing up the term ‘personal brand’, but at a time of change it can be a powerful facet of your perception. Having a can-do attitude and showing willingness to commit to something new will put you in good stead with your company. This is your moment in the sun. Building your brand should mean that you are investing your time and effort in not only perfecting your skills but also letting your management know that you are ready to contribute to change.

Make time for people

Networking can often be mistaken for trying to meet people who can help you advance in your career. In reality, it is much more than that. Think of networking as a way to enhancing your personal and professional relationships. It is rewarding to meet with people to discuss not only what is going on in your world but also in theirs. There will inevitably be ways to share experiences and discuss ideas to help each other. It should be about nurturing long-term, mutually beneficial relationships but they can develop into life-long friendships, too.

Make time for yourself

The last person you want to neglect at a time of change is yourself. To build resilience you need physical and mental strength and what better way to do it than to exercise and eat well. Exercising, in particular, can be an incredible stress buster. Other ways to make time for yourself is to simply do something that does not require the company of others. Whether this means to watch a film, read a book or engage in guided meditation, this should be about giving yourself a break from everything else in your life. At work, learn to delegate or share your workload with your team and take that one-hour lunch for a change.

Read why alumnus Dr Zain Sikafi, Intercalated BSc Medical Sciences with Management 2008, believes the digital world is transforming mental health treatment in the UK and how this gave him the idea for his new start-up Mynurva.com.

“The UK is on the verge of a massive mental health digital disruption. Consumer enthusiasm for digital suggests strong growth potential in the near future, as consumers are clearly primed and ready to quickly embrace new digital offerings.

The global market for digital health is expected to grow to £43bn by 2018, with the UK accounting for 7% at £2.9bn by 2018[1]. The UK market size is predominantly driven by growth in mHealth apps, which is expected to grow by 35% in the UK and 49% globally.

However there is surging demand for mental health services with around 50% of all ill-health in those under 65 years of age due to mental health[4]. Furthermore the cuts in health spending has resulted in patients waiting considerable amounts of time for help. The distinguished mental health charity Mind reported that just over half of GP referrals to therapy have been waiting over 3 months to receive treatment[5].

Despite the success of my first start-up Doctoori.net (over 1.6 million users/month), I still practice as a GP. I became disillusioned with the waiting times for therapy for my patients, and the sheer volume of patients with mental health symptoms. The reality is that we all know someone that has had symptoms, we may have had some too. That’s what led me to launch Mynurva.com, providing instant access to a counsellor/therapist online, discreetly and confidentially.

The British Prime Minister Theresa May commissioned Mind Chief Executive, Paul Farmer, and former HBOS chair, Dennis Stevenson to lead a landmark ‘Thriving for work’ (Oct 2017)[6]independent review into how people with mental health problems can be better supported in the workplace. Their findings were:

• 300,000 lose their jobs each year due to mental health problems
• 15% of people at work have symptoms of an existing mental health condition

The ‘Thriving for work’ study was supported independently by a study on the cost to employers by Deloitte[7]. Deloitte discovered that the cost to the UK Economy was £72-99Bn per annum.

I believe technology has a massive role to play in mental health. My hope is that Mynurva.com can not only provide great care, but also end the days of people coping in silence for fear of stigma or discrimination.”

[1] Deloitte (2015). Digital Health in the UK: An industry study for the Office of Life Sciences
[2] Department of Health (2011), No health without mental health: A cross government mental health outcomes strategy for people of all ages
[3] Centre for Economic Performance, London School of Economics and Political Science (2012), How mental illness loses out in the NHS
[4] McCrone, et al  (2008), Paying the price: The cost of mental health care in England to 2026, The Kings Fund
[5] Mind. (2014). We still need to talk – A report on access to talking therapies
[6] Farmer and Stevenson (2017). Thriving at Work: The Independent Review of Mental Health and Employers. UK Government
[7] Deloitte (2017). Mental health and employers: The case for investment Supporting study for the Independent Review October 2017

Content strategy, delivery and analysis have come a long way since the days of paid for advertising. Content creators need to connect with audiences across multi-channel media outlets, available 24/7. In an environment where the discerning consumer and their needs are key, marketeers need to be increasingly more creative and intelligent with their content.

These were just some of the conclusions made at the Content Strategy panel hosted by the Business School’s Marketing Professional Interest Network (19 Sept). The event was attended by over 80 alumni, students and marketing professionals. The marketing panel included (L-R):

• John Montoya – UK Marketing Director, VICE Media
• Sophie Herdman – UK Content Director, Acast
• Julia Kenyon – Global Brands Director, Factual Portfolio, BBC Studios

The discussion was chaired by Elodie Levasseur Head of International Marketing, Universal Publishing Production Music.

What is content marketing?

The panel described content marketing as an end-to-end process covering format, packaging, distribution, message positioning, costs, branding, customer needs and consumer trends. And how do you measure success? The panel agreed this is equally as broad and often involving a complex range of metrics based on aims, objectives, impact, reach, awareness, audience trust etc. The panel advised against focusing solely on statistics as this is not always a representation of success and can lead to content stagnation. They recommended trying new things to make your content stand out and fight harder to get attention.   

Creating a two-way dialogue

Julia discussed the need for creating a relationship and a two-way community with your audience, citing BBC Earth as an example. This BBC brand packages together similar content and experiences under one banner which has a core value and purpose at its heart. The brand aims to create interaction with the audience through dynamic and emotional content. Part of this means creating content which is less formal and more relevant to the audience. This can be “exciting, but challenging”. Content also needs to be produced in a suitable format taking into account difference devices and channels through which media is consumed. As well as the geographical/cultural needs of a global audience. The breadth of channels now available means that you cannot just create content and hope your audience will find it: you need to package content directly for them, that fits their media habits.

Embracing new technology

New technology will bring new challenges in creating and distributing content. Sophie talked about how ‘at home devices’ are changing the way people listen to podcasts. She discussed the challenge for Acast will be to package podcasts in a way that effectively interact with these products. An example of this is how Acast is working with The Guardian to create news podcasts, to respond to “Alexa, what is the latest news?”

Be authentic

“Although immersive technology is growing, your idea still needs to be good to be seen by anyone,” cautioned John, who advised against jumping on the latest technology trends if they do not meet the needs of your audience (VR and 360 video for example).

It is important to create an intellectual and emotional connection with the audience, especially if you have a call to action. “Find an amazing story and tell it in a creative way,” advised Sophie. “Have good ideas, be innovative and surprise people,” added Julia.

Elevate your reach

Partnerships are a great way to elevate your content and leverage shared audiences to create a wider reach. John gave the example of a new beer brand launched by VICE and their partnership with UberEats to offer free beer on all deliveries. A suitable brand partner can broaden your message and audience reach, enebling creativity through shared resources and cost.

In summing up Tess Goldenberg (MSc Management 2007), Committee Head of the Marketing Professional Interest Network said: “The Content Marketing panel discussion was thoroughly interesting providing the opportunity to learn from the experience of seasoned marketing leaders. We are already looking ahead to our next event in 2019 and look forward to catching up with our marketing peers back at the Business School.”

The Marketing Professional Interest Network is an alumni-led committee, which was established in early 2018. They aim to host several events throughout the year to allow marketing professionals to network and discuss the latest issues in the industry.  

Falling for design thinking

I chose Imperial College Business School for my MBA because of its strengths in innovation.  I hadn’t imagined though that the Innovation, Entrepreneurism and Design module would prove so influential in my MBA journey. In our first year, when we had been set the case studies on design thinking I remember the reading just resonating with me. From that point on I chose to take design management as an elective in our second year, and from there to dedicate my final project to researching how to unlock the power of design.

Design thinking’s adoption within organisations

"What caught my attention about design thinking is that by developing empathy for the experience of your end user you can create a solution that better meets their needs. This user-centricity in turn drives innovation, a buzzword that abounds within the corporate world."

However, design thinking has still to be fully embraced by organisations. The research I undertook for my dissertation revealed that those who do adopt design thinking are often deemed mavericks. You also typically require a strong personality at the top of an organisation, who recognises its benefits, driving its adoption before it’s considered the norm. This partly explains why design thinking has yet to be embraced by the mainstream. It turns out though that more of us should turn to design thinking because research undertaken by the Design Council UK revealed that for every £1 spent on design resulted in a £20 increase in revenue.

Are we missing a trick?

All too often, particularly in my role as a management consultant, my work is driven by client-centricity. Given that my performance is measured on the feedback I receive from my clients, I focus my efforts on making sure that my work meets and exceeds my client’s expectations, rather than my client’s customer expectations. And because design thinking is not widely heard about, few clients are comfortable with pivoting and becoming customer-centric, if they too do not receive the internal recognition for taking this approach.

The potential of being design-led

In today’s world, most people are comfortable with the focus on customer experience. They also see and experience good design as customers when they interface with well-designed products and services made by the likes of the Facebook, Apple, Amazon, Netflix and Google. These organisations in turn raise the bar around customer experience so that other organisations must follow suit.

Thanks to this, people are gradually realising that design is about more than what something looks like; it’s about a focus on using insights derived from customer intimacy, combined with imagination, to drive innovation.

Bringing design thinking in to my professional life

Recently I have been asking myself how I bring this interface of insights and imagination into my professional world.  At my current employer, I am looking to influence our work with clients so that we take more of a design-led approach to our projects. Given the constraints of working within a Big 4, I am encountering the usual siloes that exist due to its size and scale. However, I have been buoyed by the recent interest across my team and in other areas of the business to bring design thinking into the firm.

It’s been interesting to note that the term design thinking sometimes scares people away, as they do not know enough about the topic to feel comfortable incorporating its approach onto a project. Yet, in talking to colleagues it appears that some areas of the business are indeed taking a design-led approach, but are not overtly calling it out as such.

A recent internal training course on design thinking encouraged us to use design thinking tools and apply them to the firm’s own processes, and in particular to look at the onboarding experience of new hires in to the business. It was uplifting to see the way that my fellow learners relished the creative outlet that design thinking provided. Having interviewed colleagues about their personal onboarding experiences, the solutions that people came up with resonated well, and I am pleased to say that our recruitment team are looking at implementing some of our ideas.

The future for design thinking within my consultancy

I am encouraged by the pockets of activity that are bubbling across the firm, with different teams searching for ways to upskill colleagues and bring design thinking methodologies to both our client and internal work.

An innovative product development company, formed out of a student project at Imperial College Business School has been awarded the prestigious 2018 Queen’s Award for Innovation.

MagmaTech Limited*, which is headed up by alumnus and Managing Director Ben Williams (Full-Time MBA 2006) was recognised for its low thermal conductivity wall ties which received the highest accolade that any UK organisation can achieve for product development and innovation.

“This is a proud day for our company. To be recognised in this way with the UK’s leading innovation award is a great achievement and a brilliant platform for the future,” said Ben.

Ben launched the business over 11 years ago after completing his MBA at the Business School. “MagmaTech was formed out of my student project as part of the MBA Business Plan competition. Then as part of my dissertation, I looked at how the Zero Carbon building regulations would impact UK construction. This lead to looking at areas for where new products would be needed. Thermal bridging was identified and the business was started after the MBA.”

This is not the first award for Ben, having also won the Building Exchange (BEX) Innovation Award in 2008 and Oxford University Business Plan Competition Winner in 2006. The business has since grown and now produces five different wall ties/connector products and has worked on building projects for the University of Leicester and Cambridge University.

Discussing the challenges faced along the way, Ben said: “The list is quite long! Survival until products were ready to sell was the main one. There are always new challenges though! My advice to anyone thinking of starting their own business is not to overthink it! Start early and generally the plan evolves as you are doing. The naivety of youth helped me.”

For now Ben is looking forward to his visit the Buckingham Palace to receive his award and continuing to grow the business onwards and upwards!

*MagmaTech develops and manufactures thermally insulating fixings and structural connections designed to remove thermal bridging from super insulated buildings.