Speech Recognition
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According to Yock, physicians characterize needs. Half of the medical inventions depend upon characterizing needs well, he says.
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Musk started by writing some small software over the summer and eventually started talking to some publishing companies who developed interest.
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Reedy talks about a key principle that the CEO instilled in the management of the company: the right people at the right job at the right time with the right behavior. A company should have the flexibility to change people as it grows and needs people with different skills, she says. Managers should mentor their employees and focus on career development, she adds.
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Though recent market research suggests that the PDA industry may be finished growing, Wirt questions this conclusion. He points out that conventional wisdom is often wrong. It is not the market researchers that create the future, but the entrepreneurs.
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William Sahlman, professor at Harvard Business School, reflects on three things that helped John Osher, the developer of the low-cost spin toothbrush, succeed. Sahlman identifies three factors: 1) Reflecting on your experience to improve your understanding, 2) Looking at the situation differently to successfully innovate, and 3) Scanning your environment to find new opportunities.
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Jeff Raikes, group vice president of Productivity and Business Services (PBS) at Microsoft Corporation, explains his own background and how being open to opportunities helped him become the only undergraduate from the Engineering Economic Systems department at Stanford.  Plans change as opportunities arise, he says. He also recommends entrepreneurs look for a job they love.
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Yock talks about the interface between the universities and the industry. He talks about the rich MedTech environment at Stanford and other universities.
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Armen Berjikly, Founder and CEO of Experience Project, shares the basic concept behind the company: a portal for people to share experiences with others in a similar situation. He illustrates by giving an example of a young mother diagnosed with breast cancer. He notes that his portal offered her an opportunity to talk to people who had similar experiences and thereby making her journey less painful.
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Estin talks about the history of Packet Design and how it adapted to the downturn in the economy. Packet Design started in 2000 as a technology company with the idea of bringing researchers and developers together under the notion that they would work on 5-6 projects and either spin out or license technologies. This model was successful for 3 years, but after that more money was needed as there was no licensing business.
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Recently, Komisar has noticed that the IPO market is reopening and VCs are becoming anxious to invest. There are a number of companies lined up to go public. There tends to be a lag in the markets of step technologies, while the customers catch up to the advance, but they do catch up and a large amount of value is created in the process, he says.
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When in search for a market, Worthington advises not to focus the company too early. Though there is tremendous pressure in the beginning to focus, this is dangerous; once a company has defined a focus the decision is very hard to undo. Worthington suggests waiting it out and seeing how the product develops before focusing.
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To overcome the flawed model of the early PC industry (which benefited only PC companies, not consumers) Dell talks about how his company made the PC easy to use and less expensive. This approach is being used today to improve the IT industry. Dell, Inc. provides cost-effective IT services and products. In this manner, companies can spend less on maintaining their IT infrastructures and more on creating new capabilities. This allows for...more
