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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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John Simpson, a Stanford trainee in cardiology, thought the catheter system didn't work so he worked in his kitchen in Menlo Park to develop a catheter that is easier to use. He used a guidewire to travel down into the coronary artery . With money from Fogarty and Ray Williams, an angel investor, he started a company called ACS, which grew into Guidant.
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Wirt explains that the invention of the electric motor revolutionized the way factories operate. With steam power, there was one central boiler which dictated how the factory had to be organized. As electric motors evolved, it became possible to make small motors that could be distributed around the plant to provide power to individual machines allowing for greater flexibility. Now, electric motors are everywhere, he says....more
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Yock continues the story about a non-invasive cardiac technique and how it quickly had a Stanford connection. Thomas Fogarty, a surgeon at Stanford, worked with Charles Dotter and soon developed another technology - the Balloon Angioplasty Catheter.
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Ringold partnered Alex Zaffaroni, a pioneer in the biotechnology and pharmaceutical industry, to help start biotech companies. The upshot was, they started Maxygen, run by CEO Russell Howard. This is a derivative company, using a technology invented for one purpose being applied to a whole host of other problems, says Ringold.
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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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Ringold talks about Surromed's goals: 1) To improve the use of existing drugs and diagnostics 2) Right medicine for the right patient in the right dose at the right time. Ringold talks in detail about the limitations of diagnostic techniques and drug use today and how Surromed tries to find a solution to some of the problems. He shares a report by McKinsey which summarizes the status of drug discovery.
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Neeleman talks about how JetBlue has been able to succeed in a really bad industry. The airline industry has lost more money than it has ever made. In the beginning of human transportation, be it steam ship lines or railroads, there are very few companies who have survived. It has never been good business to move people. It was with that backdrop that Neeleman decided that he wanted to start an airline.
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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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Ringold talks about the idea behind and the history of combinatorial chemistry to accelerate the process of drug discovery. He then talks about a technology that was invented for a different purpose but was eventually applied to the specific problem of broadly monitoring the expression of gene sequences giving birth to Affymetrix.
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Danger was able to break into the US market by convincing wireless carriers to adopt a fixed rate pricing scheme for the device, which is almost essential in the minds of Americans for using services like AIM and web surfing. The Asian and European markets are further ahead and calls are cheaper, making it more difficult for the Hiptop to be profitable.
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What is the difference between a brilliant idea that is successful and a brilliant idea that is not successful? Kawasaki believes that luck, timing and karma are the keys to success. Karma has to do with whether your product will ultimately make the world a better place, and he believes that the best technologies really do survive.
