What Do Adaptability and Collaboration Have To Do With Innovation? We Asked Expert Tom Meredith
The Frontier Founder Hank Torbert sat down with co-chair of the 2021 conference, Tom Meredith of Brightstar Capital Partners. In this interview, Hank invites Tom to share his insights about today’s industry landscape and the critical nature of collaboration and adaptability. How can companies not only survive but thrive?
Keep reading for Tom’s take...
What does “innovation” mean to you?
Perhaps the most important thing to understand about innovation is that it can happen anywhere, anytime and in any conversation. Innovation almost always involves collaboration and connection. No matter how smart you might be, you need to listen generously in order to be a part of an innovative process. Innovation is about people. Yes, individuals can and do innovate on their own, but in general, the minds of many are better than the minds of few.
It’s not an exaggeration to say that innovation is the lifeblood of many businesses. Those that innovate can unlock solutions and move forward. Those that fail to adapt fall by the wayside.
The Frontier aims to foster cross-pollination and collaboration across industries. Why is this so important?
Innovation flourishes when people with different styles and different skill sets attack problems from different points of views. Collaboration across industries encourages the melding of the minds. For example, the collision of IT and biotechnology is transforming our daily lives. This collision is blurring lines across industries, thus accelerating innovation in response to increasing competition.
In addition, for a company to embrace innovation, a critical lesson is that not every solution must be built “from scratch”. In many cases, a company in another industry, or a partner such as a vendor or technology provider already has developed a technology solution that can be adopted “off the shelf”. So, a conference that fosters collaboration and helps introduce businesses to new potential partners can help businesses innovate using technology to solve problems and unleash new products, services and innovations. Here’s an example, the web browser converted PCs from spreadsheet enablers to search enables. Think about all the innovation unleashed by the browser and the tens of thousands of businesses that exist because of that.
How have you and Brightstar Capital Partners found value in connecting with other partners of The Frontier such as Greg Barker and EDPA?
At Brightstar Capital Partners, relationships are fundamental to our success. They are the “special sauce” in how we find opportunities where we can add value and help companies reach new heights. Greg and EDPA have their ears to the ground in Alabama, they know the landscape and the talented families, founders and entrepreneurs who are building and running impressive companies in the region. Building solid relationships on a foundation of trust with Greg and EDPA will help everyone as people look to invest capital and find the right partners.
Brightstar and EDPA alike aim to accelerate growth by making expertise and experience accessible to business owners. What role do partnerships play in this?
Partnerships are the gas that accelerates growth, by providing expertise and experience to companies that want to innovate and grow. A thriving business community depends on collaboration across sectors. I’m a huge believer that innovation is about asking the right questions about your business, spending time figuring out the true nature of the challenges and problems that need attention. Otherwise, too often you end up treating the symptoms and not the root causes. Partnerships and collaborations help raise the right questions because people come at a problem through a multitude of prisms and diversity of thought.
Tell us about your role at The Frontier and why you got involved with the organization.
I’m the co-chair of the 2021 conference. The reason I got involved is simple; I love the opportunity to watch, participate and learn as innovators and business leaders exchange ideas. So many great opportunities in my career have resulted from having great discussions. I look forward to being shoulder to shoulder with you in April.
Consider the following: many of the Impressionist painters that we love today convened in the same coffeehouse in the 1860’s. At the time, they weren’t part of the art “scene” and weren’t admitted to the most prestigious art school. But through their collaboration, they moved beyond the norm, created a completely innovative style and changed the world. Imagine The Frontier to be that coffeehouse!
What do you hope to see The Frontier accomplish?
My prayer is The Frontier build new and refresh existing friendships – which ultimately have the potential of creating a more dynamic ecosystem. It’s a simple goal but an important one. The people who attend this conference should leave knowing a little more about the business world around them, possessing new ideas of how to help their companies, and developing new relationships that will only grow and strengthen moving forward.
I also would like The Frontier to be a pillar on which Alabama, and the Southeast more generally, are better positioned to fulfill the promise of creating jobs that are in high demand. The Frontier should be a place where we can start to look for ways to fulfill hopes and dreams of the citizens of the Southeast.
How have you seen industrial innovation shift over the last decade? In what ways have companies adapted to find success in industrial innovation?
The speed of innovation has dramatically increased. Companies have found success when they’ve adapted to new technologies like cloud computing, wireless technology and the Internet of Things (IoT). But 5G technology will make what’s happened in the last decade seem quaint. 5G will enable industrial businesses to analyze data for better decision-making, operate more efficiently, and connect more closely with their networks and the broader business ecosystem.
Consider what has happened in the last year due to the pandemic and how, almost overnight, much of the business world shifted to remote work. By necessity, businesses across sectors innovated and adapted. Moving forward 5G will accelerate that innovation, because our remote work environments will soon have the speed and capability to exceed what we use at the office.
Additionally, over the last decade customers, employees and investors all have become more vocal about stakeholder capitalism, and 2020 accelerated the process. There is a challenge for businesses to understand what Benjamin Franklin first said: it is important to “do well by doing good.”
What elements and strengths do you look for in a potential investment opportunity? Are there any common denominators among successful companies across sectors?
One of the critical aspects to Brightstar Capital Partners’ strategy is a realization that we invest in order to support the owners and operators who built the company, not to run the company ourselves. So, we value accomplished ownership and management teams that have worked hard to create a trusted and sustainable culture. That is a common denominator among all successful companies, and one that allows companies to innovate and adapt to changing environments.
What advice do you have for business owners who want to become more innovative?
Ultimately, owners need to know it’s their company’s culture that will enable innovation. I find the greatest obstacle to innovation is a “same as last year” mentality. A company’s top leadership must continually challenge that mentality by fostering a culture that spurs change, accepts failure and is willing to undertake prudent risks.
That process starts with asking tough questions of your team members, which leads to transparency, enables all key personnel to understand the issues facing the business, and is essential to finding a path towards accurately defining problems and challenges. End result, your team can get out of the box that stifles innovation, and instead find solutions that are both technically feasible and profitable.
Business owners must realize that, in general, there’s always more smart people outside the room than inside the room. So, how do you create a culture that encourages getting those people inside the room? Developing and nurturing a network of relationships is key.
Why is Alabama the ideal setting for The Frontier Conference?
Alabama and the Southeast are under-served markets in terms of awareness and investment. The businesses and executives in this area simply do not get the exposure that others get who are in other parts of the country. So, the opportunity to shine a light on this area through The Frontier Conference is ideal.
We also must realize that innovation can help every corner of the state. The rural/urban divide that exists in Alabama, as well as most Southeastern states, can only be solved through innovation, jobs and fair wages.
Industry 4.0 is changing how we do business. What industries are innovating the most?
I’m Board Chair of Global Resale, a company dedicated to extending and improving the lifecycle of technology. The innovation that’s happening in our industry is impressive as the number of devices and technological equipment grows exponentially. However, as sustainability becomes more critical, every industry must become a part of the circular economy.
Consider, for example, that between 30-40% of the food supply in the U.S. is wasted each year. The food industry, at every point in the supply chain from the growers to the grocery stores, is ripe for disruption.
What industries should investors be focused on in the Gulf region and connecting with other eco-systems (e.g. Silicon Valley)?
Energy, fisheries, defense and space are good examples of industries with Gulf region-based companies that are ready for investment right now.
Since I like to dream big, I think that the Gulf region has a few aces up its sleeve, specifically the cost of living, an educated workforce waiting to be put to work, and favorable climate, all of which other industries might find enticing. Ten years ago, who would’ve thought that many tech companies would thrive in Utah, Montana or Arizona. Why not the Gulf region next?