In 2013, Canadians unified to support victims of the Lac-Mégantic rail disaster in the Eastern Townships of Quebec, and the Calgary floods, the most catastrophic ever experienced by the province. We admired the heroes on the front lines who worked tirelessly, challenged by rapidly changing and chaotic circumstances.
Imagine if we could help first responders mitigate such issues, enabling them to increase their efficiency and impact, and save even more lives? This imperative prompted a Vancouver-based startup called CommandWear Systems to develop a mobile and wearable technology for the public safety and security market in 2014. This wireless solution keeps communities and responders safe by enabling emergency leaders to locate and communicate with their team in real time – in any situation. Their novel solution integrates wearable devices such as smart watches with real-time personnel tracking, team communication and historical event re-play.
Leveraging support from Canada's wireless Centre of Excellence in Commercialization and Research (CECR) and the Build in Canada Innovation Program (BCIP), the company is now deploying their product with the RCMP, and is in discussions with the U.S. Intelligence community and several public safety agencies. CommandWear is currently on track to achieve $1-million in sales by the end of the year.
It is a big idea from Canadian wireless innovators. And it is capitalizing on a big global opportunity: the wearables market. The wearable technology market is forecast to grow to $173-billion by 2020, and catapult from 10 million units sold in 2014 to 100 million units sold by the end of the decade. This represents an exponential growth opportunity, and it is just one of many in the global wireless market. Canada must seize more of these opportunities to facilitate the economic growth and prosperity we strive to achieve as a nation.
So, where do we begin? By cultivating more 'exponential companies.' These firms often gain momentum under the radar, and then break out with such velocity that competitors can't keep up. Salim Ismail, author of Exponential Organizations, defines an exponential organization is one whose impact is disproportionately large, at least 10 times larger, compared to its peers because of the use of new organizational techniques that leverage exponential technologies.
These include wireless solutions, printable electronics, advanced manufacturing, biotech, nanotechnology, neurotechnology and sensors – just to name a few. Increasingly, these technologies are converging, establishing powerful new capabilities, disrupting traditional business models, and creating explosive exponential opportunities.
They are also catalyzing business and economic change on a grand scale. For example, the world is rapidly transitioning from the industrial age to a digital age powered by mobile technologies, Machine-to-Machine (M2M) solutions, big data and analytics, prompting the emergence of unprecedented exponential growth opportunities.
The question: Do we have the courage to make the cultural and business changes required to exploit this exponential opportunity? The clock is ticking as we rapidly approach the full realization of the digital era. It will bring a big bang for business that demands completely novel business models, resource strategies, customer service and supply chain management approaches.
The rate of change it will bring is faster than any we have experienced before, and it will alter every facet of our existence. For example, experts predict the Internet of Things (IoT), which is expected to connect more than 50 billion 'things' by 2020, will revolutionize how we live, work and play. And with IoT expected to grow to a $3-trillion dollar global industry by 2020, it represents another critical exponential growth opportunity for Canada. We need to act now. Canada left $26.6-billion in unrealized 'Internet of Everything (IoE) opportunity on the table in 2013 alone. This is equivalent to 125 per cent of Canadian exports to China that same year.
If Canada aims to capitalize on such opportunities, we must shift our mindset, evolve our business culture, and grow more firms in exponential growth spaces. It demands breakthrough innovation – not incremental enhancements. We must encourage and equip more Canadian leaders to step-up with big ideas and try to solve big problems – even if it means learning what doesn't work. Any serial entrepreneur will tell you this knowledge inspires bigger and better ideas, and catalyzes the development of stronger ventures the next time around.
So what actions can we take to help create more companies like CommandWear Systems in exponential growth markets? We can start by:
- Creating a well-balanced portfolio of innovation for long-term growth that leverages Canada’s strengths in resource and technology-based industries, and puts advanced technologies to work to solve grand challenges and exploit exponential growth opportunities
- Identifying and incorporating Canada’s greatest exponential growth opportunities into economic and trade strategies, policies and initiatives, with a focus on national strengths in wireless and related technologies where Canada has a distinct advantage over global competitors
- Targeting and promoting investment and business support for exponential firms that will help Canada seize more exponential growth opportunities, drive prosperity, and fuel the growth of the national economy Canada has the technology and business chops to solve big problems. We must empower more entrepreneurs with big dreams to pursue exponential market opportunities – even when it means learning, pivoting and trying again. If we are going to take big, intelligent risks that generate big reward, we must support the many entrepreneurial detours that riddle the road to success. With a long-term view and targeted action, we can achieve long-term economic and social impact that is truly exponential.
James Maynard is a former entrepreneur and industry executive, and president and CEO of Wavefront, a Centre of Excellence for Commercialization and Research (CECR) that accelerates the growth and success of wireless companies by connecting them with critical resources, partners and opportunities, to drive economic and social benefits for Canada.
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