Vanna Le | Forbes
On March 26–28, Forbes will host its first Reinventing America Summit in Chicago, Illinois, a congress of more than 300 innovators, business leaders, growth-focused policy makers and academics who are helping usher in the next industrial revolution.
Leading up to the event, we've asked a few of our speakers to give us some quick insights into how they see economic conditions in the country—and their view on the future.
John Spirk is the co-founder and co-president of Nottingham Spirk, one of the leading product invention and development groups in the United States. He has helped over 1,000 clients develop more than 900 U.S. and International commercialized patents, and earn more than $45 billion dollars in combined sales from new businesses developed.
Spirk, along with Bill Ford, Sam Zell, Harold Hamm, and a host of others, will be speaking at the Reinventing America Summit.
On a scale of 1–5, how optimistic are you that the American economy has really turned a corner?
I have to be a 5. As innovators, we need to always be reaching for the moon. We have to see the invisible and do the impossible. Of course it is with a close partnership with our client companies that we undertake these challenges. Where others only see problems... we see the opportunities, and looking ahead, they are very significant.
What's your outlook for your industry/community for the next couple years? What makes you most excited? What are you pessimistic about?
We see more and more companies overburdened with their day to day core business challenges. Company leaders are stretched beyond reason to grow and protect their core business. A recommended three-pronged approach for companies: 1. 70% of their focus should be on their core business, 2. 20% should be on adjacent opportunities, and 3. 10% should be on disruptive products and programs. At Nottingham Spirk, we place a priority in reaching out to local and regional businesses. Companies also need to devote budgets for innovation, and not just as a subset to research and development. Without innovative products there will be little to advertise.
What overlooked trends do you see that hold promise for the overall economy and productivity? What, on the other hand, is being over-hyped?
The trend of partnering with really smart people and world class institutions can be very productive. We have been advancing our medical practice much faster and with better results because of this.
3D printers are over-hyped. The average consumer — and some companies, even — think "ready to ship" products can be produced in minutes with the single push of a button. But the reality is that weeks or months go into CAD development to drive the printers, which may then take multiple days to print out the part. 3D printers are truly a great trend, and over time, speed and output will improve, but right now it's still in the "Apple I" era.
If you were starting your career over right now what area of the economy/industry would you focus on? What holds the most promise for the coming decades?
At Nest, the thermostat company has proved that we truly need to focus on smart products. Apple is also a great example of how customers respond to quality products that are intuitive to use. In the decades ahead, 3D printers will vastly improve output, and local/domestic manufacturing will explode. A major reason for this may be that natural gas will help to lower energy costs in the U.S.
If you could say one thing to President Obama right now about how best to foster growth in your industry or community, what would it be?
I would tell the President to raise the profile of innovation at the highest levels of government, and to simplify and strengthen the patent process. We must support and hold those responsible, to highest of standards, in engineering and creative programs in our public schools.
I'd also ask him to issue challenges to innovators to solve real world problems, and support them with proper resources. Small businesses are the engine of the economy and employs over half of all private sector employees. It has generated over 64% of net new jobs over the past 15 years and is responsible for more than half of innovations developed during the 20th Century (i.e., zippers, airplanes, helicopters, personal computers, insulin, artificial heart valves, pacemakers). The U.S. is the world's leading economy because of entrepreneurs who took great personal risks.
I'd also suggest limiting Washington's unnecessary involvement in small businesses. There are already significant challenges in trying to start and grow a small business. The more regulations and paperwork we demand from small businesses, the harder it will be for them to succeed.
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