If 100 People Lived on Earth:
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Here we highlight selected innovation related articles from around the world on a daily basis. These articles related to innovation and funding for innovative companies, and best practices for innovation based economic development.
If 100 People Lived on Earth:
The idea that your actions at work contribute to the betterment of society — to help protect the environment, end poverty, or promote social justice — is an inspiring one. Recent research suggests that it can be a powerful motivator too. Indeed, the once-monolithic view of financial incentives as the way to motivate employees has been challenged by a wave of studies showing that linking people’s work to prosocial causes can motivate people in ways that transcend their paycheck or bonus. Employees want to see themselves as good people and work on behalf of organizations that positively contribute to the world. Consequently, when their actions advance a prosocial cause, they may work harder, for longer hours, and even for less compensation.
What is MedTech Color?
MedTech Color is a non-profit organization focused on ensuring people of color enter, remain, and flourish in the medtech industry. There is immense untapped potential from people of color, and we’re committed to providing and promoting opportunities for them to make a meaningful contribution to the industry.
Video Transcript JOHN WHYTE: You're watching "Coronavirus in Context." I'm Dr. John Whyte, chief medical officer at WebMD. Today I'm joined by Dr. Stephen Hahn. He's the commissioner of the US Food and Drug Administration. Dr. Hahn, thanks for joining me.
STEPHEN M HAHN: John, thank you. Really appreciate the opportunity, and it's great to be part of this webcast.
Some entrepreneurs start polling venture capitalists for that multi-million dollar investment before they even have a business plan. That’s like trying to sell part of something to a stranger for big money when you haven’t fully defined it yet. It won’t work, it costs time and money, and hurts your credibility when you need them later.
On October 6, 2020, an anonymous buyer paid an astounding $27.5 million ($31.8 million with fees and costs) to own Stan, one of the world's largest and most complete Tyrannosaurus Rex (T. rex) skeletons. The price far surpasses the previous record holder, Sue — the largest and most complete T. rex skeleton — which was auctioned to Chicago's Field Museum of Natural History for $8.36 million in 1997.
Image: Stan, an almost complete T-rex skeleton, sold for $27.5 million on October 6, 2020 (Credit: Christie's)
The digital era has made raising funds for your business idea, nonprofit cause, or personal needs easier with the use of online crowdfunding platforms. To date, people have raised more than $34 billion worldwide using these platforms, with easy-to-use tools that provide a smooth experience for both fundraisers and their supporters.1 Whatever your reason for raising money, there is a crowdfunding site for you.
I would guess that most of you are early adopters, just by the fact that you are interested enough to come here and see what’s new in the business world. Every entrepreneur and startup loves you, but too many forget that every potential customer is not like you. In fact, early adopters represent only a small percent of the total opportunity, and may derail your mainstream effort.
Long live product management – but not as it has been conceived up till now.
As a business leader, you probably think similarly to McKinsey about what makes a great product manager (PM): a perfect combination of skills like business acumen, market orientation, technical skill and soft ones… the usual suspects.
Unfortunately (or fortunately, depending on your position), just as our management thinking is becoming outdated and requires reform, we also need to update our view of this ultimate management role.
In a perfect world, we would learn from success and failure alike. Both hold instructive lessons and provide needed reality checks that may safeguard our decisions from bad information or biased advice.
But, alas, our brain doesn’t work this way. Unlike an impartial outcome-weighing machine an engineer might design, it learns more from some experiences than others. A few of these biases may already sound familiar: A positivity bias causes us to weigh rewards more heavily than punishments. And a confirmation bias makes us take to heart outcomes that confirm what we thought was true to begin with but discount those that show we were wrong. A new study, however, peels away these biases to find a role for choice at their core.
One of the hardest parts of controlling COVID-19 is that it’s very difficult to know if you or someone you know is carrying it asymptomatically. So you might let your guard down, spend time in close proximity to someone else, and help it spread. Testing is useful to curb this issue, but the wait on a test result can still take days. So it’s difficult to say for sure, at any given moment, if you actually have COVID-19 or not.
Image: courtesy Caltech
One of the biggest impediments to starting a new venture is the “terror barrier,” as popularized by Bob Proctor, a 85-year-old millionaire and world renowned entrepreneur. This is the imaginary barrier that always seems to appear at the critical point where we would step out ahead of peers or competitors, but fear causes us to stop short.
Everyone has a comfort zone, or level of risk, where they feel in control. The problem is that if you stay in that comfort zone too long, you don’t learn and achieve new objectives. According to Bob, all growth takes place outside that comfort zone, and the edge of that zone is called the terror barrier.