Business in Science – What's the point?

25 May 2015 By LIYSF

We spoke to LIYSF speaker Jameer Emamally who will be speaking to us this year on Wednesday 29th July.

Business in Science

There are hundreds of new ideas and breakthroughs in science occurring everywhere and anywhere. Sometimes these breakthroughs reach the market, some fail, some lay dormant.

So why it that? Is it resources? – They are finite, limited and forever in competition or is it the market? What else could it be?

Lets think about the latter; the market. Consider the mobile phone, would a product exist if the infrastructure was not there. Probably not. Why have a phone if there is no signal. The science for radio telecommunication was developed decades earlier before becoming a consumer product. In this case the market was not ready for the product. The question is when is the market ready? Steve Jobs famously quote;

“It’s really hard to design products by focus groups. A lot of times, people don’t know what they want until you show it to them.”

— Steve Jobs

For there to be a market there must be a buyer and a seller but this could also mean a piece of science and an application. So without something or somewhere to apply the science there may not be a market. That is until the market conditions change.

Business relies on science to produce goods to bring to the market place. In business we apply our knowledge to solve problems and if this problem is being solved for someone then isn’t that a business?

Now resources, in some ways business acts as a filter – With limited resources available (time and funds) it sorts the ideas between the commercially viable or may be helpful in the future (market not ready but have potential) and probably won’t work (just note that business is not always right).

Sometime industry demands science. As our natural resources are being depleted it is business and governments that recognise a new source of energy is required and the result of that is the ITER Fusion experiment currently being build in southern France.

Through business, ideas that work can be invested in, developed and improved. An example of this is computer science. Where would we be without the demand for faster computer machines?

It is a fortuitous circle but every now and then needs a nudge to assign resources in benefit mankind.

It is an essential that business complements science just as science gives business goods/services that can benefit the marketplace.

To find out more about the London International Youth Science Forum click here.

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