Advice from the experts

A series of masterclasses at The Scotsman Conference provided guidance on how best to meet the challenges ahead, reports David Lee

Delegates were able to share insights into the areas of their business where they feel they need most support and guidance.

Alix Mackay, co-chair of the Life Sciences Scotland Marketing & Communications Group, explained that the masterclasses were developed in line with responses to a survey of life sciences SMES earlier this year.

“We started with an online survey to identify challenges – and skills, investment and sales and marketing emerged as key issues, along with a strong appetite for collaboration.”

Digitalisation later emerged as another big area of concern and was added to the list of masterclasses along with intellectual property and R&D tax credits.

Here is a snapshot of content shared at the masterclasses:

COLLABORATION IN THE DIGITAL ERA

(CMS Scotland)

Top tips for managing data in collaborations: n Consider anonymisation; consider data access and use early;

n Avoid a ‘one size fits all’ approach;

n Be clear about the legal basis for processing data; be transparent;

n Use privacy-by-design principles (data flow maps/data privacy impact assessments);

n Be proportionate (data minimisation); consider data security;

n Ensure appropriate contracts are in place; keep under review.

INVESTMENT (EY Scotland)

Whether looking for investment, thinking about an exit from your business or getting ready for an Initial Public Offering, preparation is vital. Make sure all aspects of your business are in good shape ahead of any transaction, to maximise value.

This is your checklist: strategy, structures, taxes (at company level, shareholder level and transaction level), financials, systems, functions, management, timeline (including transaction timing, a Plan B and what internal resources are required).

R&D TAX CREDITS (Leyton UK)

n Avoid the misconceptions around R&D tax credits;

n Don’t assume – wrongly – that grant funding is ineligible for R&D Relief;

n Don’t classify work as routine, day-to-day problem solving is deemed ‘part of the job’;

n Don’t miss claiming for improvements in your own business processes;

n Don’t forget indirect costs, such as consumables, software licences, travel, etc.

DIGITALISATION (Booth Welsh)

What does the digital workforce of the future look like?

nautomation processes data at speed/volume/accuracy that humans cannot handle;

nhuman employees focus on skills that computers don’t have – sentiment, reasoning, judgement – built on years of experience;

none does not replace the other they complement each other with dynamic hand-offs across the manufacturing process;

n Digitalisation is more than a solution, it’s an approach, requiring a new leadership approach and a culture that embraces change and disruption.

TALENT

(Skills Development Scotland)

Good practice for graduate recruitment (interview protocols):

n Circulate competency-based questions beforehand;

n Give support when interviewing – pre-screen with a call beforehand, be friendly and give verbal visual indication of good answers;

n Introduce a practical test, written test and/or attention to detail test;

n Take them on a tour at the beginning with another member of staff;

n When sending interview invite, include profiles to show off your friendly faces;

n Interview at the bench – bring the person in for a morning or afternoon.

SOCIAL MEDIA

(Life Sciences Scotland)

Social media needs strategy, commitment to execution and a relentless focus on the customer to realise its value as a B2B marketing tool. Critical success factors: define the role of social media for your organisation; gain a deep understanding of the target customer group, its circumstances and problems; share/publish content to help it (not you); optimise posts for engagement; build new connections with target customer group, associated organisations and events every day; collect, analyse and adapt to customer-response data.

INTELLECTUAL PROPERTY (Marks & Clerk)

What is IP?

n Patents (products, apparatus, manufacturing methods, processes);

n Trade marks (company name, logo, product name);

n Designs (shape/ornamentation);

n Copyright (software, drawings, operation manuals, website, marketing literature);

n Know-how and confidential information (new inventions, staff knowledge, manufacturing methods, products).

Where can you patent?

nanywhere that has a patent system;

nterritorial – a UK patent will only protect in the UK;

nvarious conventions and treaties aim to ease routes to foreign protection: Paris Convention; Patent Cooperation Treaty (PCT);

n European Patent Convention (EPC).

How?

n National (x1) – application; International (x1) – application; National (multiple) – application progressing to grant.