Bill Nottingham recently spoke to the hosts of the Bloomberg Advantage podcast. Here are some highlights.

On the patent system

We create businesses and patents are one of the tools. It’s important to get the patent. But you need to think about what’s behind the patent. The solution needs to make sense to the user, the market, the business and at the right cost. It needs to make life easier, but if it makes life more challenging then it’s irrelevant.

Internet of Things

At the end of the day [the product] has to help your life, it has to be ‘sticky’ — one of the things they talk about in software is being sticky, it’s got to make sense to your life and you can’t live without it. What we like about the Internet of Things is that it makes things that are seemingly simple become wrapped around you, like a blanket. It will help us connect with our products better, help companies connect with their customers better, and make products like bespoke suits, tailored to the customer and they will not know how to live without it.

Virtual reality

I think it’s exciting but it needs to be social. It can’t be solo, because we like to enjoy conversations in groups. It’s fun to read a book by yourself, but it’s more fun to talk about it afterwards. So my theory about virtual reality is, we don’t want it to go the way of 3D glasses. It needs to be immersive literally, where a group of people can have a good time.

Idea generation

I like working in teams. It’s exciting to have that ‘a-ha’ moment, but when you can share that ‘a-ha’ moment and somebody builds on it, that is a beautiful thing. So if you have a great team that can work with you, there’s nothing better. I’ve always been a big fan of collaboration, working with the best, working with the best companies. When you appreciate each other’s culture, you can only excel. It’s about mutual appreciation.

Developing trends

Healthcare — it takes too long, it’s too expensive. So we’re consumerizing healthcare, because at the end of the day, people can’t wait for technology to catch up because they need healthcare right now. We’re on the board of the Cleveland Clinic, because they’re setting the tone for healthcare, and we want to be immersed in all that knowledge and technology and help patients get better quicker using technology.

IoT is a big idea, with lots of facets. Ultimately, this trend provides an opportunity for companies to create immersive product systems and can bring multiple companies together with strategic collaborations. External and internal collaborations are the key to help companies both manage and excel at innovation.

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