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Aston University establishes new independent investment company

Aston University is part of a group of eight universities which has established a new investment company Midlands Mindforge will accelerate the commercialisation of university research It aims to raise up to £250 million from investors. Aston University is one of eight research intensive universities in the Midlands to establish a new investment company to accelerate the commercialisation of university spinouts and early-stage IP rich businesses in the region.  Midlands Mindforge Limited has been co-founded by Aston University, University of Birmingham, Cranfield University, Keele University, University of Leicester, Loughborough University, University of Nottingham and University of Warwick, collectively Midlands Innovation. This ambitious, patent capital investment company plans to raise up to £250 million from strategic corporate partners, institutional investors and qualifying individuals. It aims to transform ground-breaking science and technology into successful businesses with real-world impact. Midlands Mindforge will help to address the significant funding deficit for early-stage technology businesses in the region. Through the combination of additional capital and company-building skills, Midlands Mindforge will lay the foundations of a more vibrant ecosystem for emerging science-backed companies in areas such as Clean Technology, AI and Computational Science, Life Sciences and Health Tech. Professor Aleks Subic, Vice-Chancellor of Aston University, said: "Aston University has a strong track record in bringing together industry and academia to solve real world problems and drive innovation through applied and translational research. Â Investment raised through Midlands Mindforge will enable a step change that will ensure we get the very best outcomes for our research. "The impact of increased investment in research translation will be felt widely, with Midlands Mindforge supporting the growth of high value added businesses and jobs in the region and creating the right conditions to build future global companies. This is a hugely exciting time for Aston University and the wider Midlands Innovation group of universities, and I look forward to seeing the benefits that this strategic development will bring." Collectively, the eight founding universities have the most postgraduate students, the highest levels of annual income, more research disclosures and patents generated per unit of research spend in the last three years, in comparison to any other UK university grouping. Minister of State for Science, Research & Innovation George Freeman MP said: "Commercialising UK science & technology for global industrial adoption has never been more urgent for both the UK economy and the global resource challenges facing us. The Midlands Innovation universities are driving a new era of innovation from robotics and advanced manufacturing to life science and autonomous vehicles and much more. "As we in Government increase UK public R&D to a record £20 billion a year, the key is private finance backing spinouts and scale-ups. The Midlands is rapidly becoming a world class UK cluster of excellence and Midlands Mindforge will play a key role in bringing global investors to help back world class companies." Chairman of the Midlands Engine Partnership, Sir John Peace, said: "The Midlands has always been associated with exceptional invention and creativity, but has long experienced significant underinvestment and consequently productivity levels have lagged behind the rest of the UK. "This bold and ambitious initiative led by the Midlands Innovation universities has the potential to help close the investment gap, supporting our region to reach its true potential for sustainable economic growth. Midlands Mindforge will help to further fast-track commercialisation of research ideas, creating a more resilient economy and playing an important role in levelling up the Midlands." Andy Street, Mayor of the West Midlands, said: "A key part of my mayoral mission is to drive our regional recovery forward and help generate the high-quality jobs of the future in order to improve quality of life for local people. This exciting new investment vehicle will very much support that mission planting the seeds for long-term sustainable economic growth here in the West Midlands. "Many brilliant ideas and top businesses have spun out from Midlands universities and this new venture will help us to advance that agenda and retain more of our innovative success stories within our region. "Together we can better nurture the enterprising talent on our doorstep and this new endeavour creates a wonderful opportunity to do just that." For more information about Midlands Mindforge visit www.midlandsmindforge.com

Aston University research to support SMEs and mid-sized companies to be ‘future ready’

‘Future readiness’ is defined as a set of capabilities and orientations that enable companies to thrive in the future Researchers say SMEs and mid-sized companies’ leadership should focus on bridging their resilience gap and exploiting their high level of agility The report found circular economy can combat environment and social impact without sacrificing economic performance. A new report from Aston University has highlighted opportunities for small and medium sized enterprises (SMEs) and mid-sized companies to develop strategies and pathways to increase their future readiness. The report defines future readiness as “a set of capabilities and orientations that enable companies to thrive in the future”. For SMEs and mid-sized businesses to be future-ready, they must be successful on the three pillars of long-term growth, societal impact and adaptive capacity. Experts say they must be able to generate lasting financial strength driven by innovative business models, products and/or services, to affect society positively in line with environmental, social and governance (ESG) goals and to develop high levels of resilience and agility, which enables them to bounce back in difficult times and to identify and seize opportunities as they emerge, creating disruption in business models for the future. The report aims to support leadership teams and the wider ecosystem in understanding how they can help increase the capacity for smaller companies to thrive and positively impact the economy and environment, as well as aid the recovery from the pandemic. Experts also say that circular economy adoption, where the ‘make, use and throw away’ supply chain is converted to ‘take, make, distribute, use and recycle’, in SMEs and mid-sized companies creates a win-win situation for every supply chain stakeholder through sustainability measures to achieve economic, environment and social performance. The World Economic Forum will use the insights generated in this report to further support SMEs and mid-sized companies in their future readiness journey. This will be done through the creation of additional resources, including the continuous development of the Forum’s self-assessment and benchmarking tool on future readiness, the creation of a platform for informal peer-to-peer learning between companies and meet ups with key experts. Prasanta Kumar Dey, professor in operations and information management at Aston Business School and lead author of the report, said: “The post-COVID-19 era is significantly more challenging than most people had initially hoped. Heightened geopolitical tensions, the energy crisis, supply chain disruptions, hyperinflation and extreme weather events are just a few of the difficulties that will make the next decade a demanding one. “SMEs and mid-sized companies’ leadership should try to focus on bridging their resilience gap and exploiting their high level of agility, afforded by their smaller size, as a competitive advantage. “Future readiness capability building should not be developed as ad-hoc initiatives but should be embedded into key corporate strategies and decision-making processes, ideally from the beginning, so that it becomes part of the fundamental building blocks of the company. “While smaller companies can go a long way in building their future readiness, it is important to recognise the direct and important impact that their wider policy environment has on their ability to thrive. It is therefore crucial for policymakers, investors and other stakeholders to do what is in their capabilities to contribute to building the future readiness of this segment of the economy. “One of the high-impact areas of intervention at the system levels revolves around digital trade and includes implementing targeted measures to harmonize and drive trade data interoperability across borders and supply chains. This would greatly contribute to making it easier for smaller companies to trade internationally.” You can find out more about the report findings here.

Expert Podcasts: In Corporate Valuation, Customers are King

From investors to managers, business leaders need to understand the true value of companies, but many of the traditional methods are outdated and incomplete. Emory University Goizueta Business School's Professor Dan McCarthy joins to discuss customer-based corporate valuation, including the critical role customer lifetime value plays in driving a company’s success. For more insight and if you're interested in knowing more, then check out Dan's conversation that includes why customer data points are most important to monitor and how investors and managers stand to benefit from this approach. It's right here on the Goizueta Effect podcast. Dan is an Assistant Professor of Marketing at Goizueta Business School. His research centers on customer lifetime value, limited data problems, data privacy, and the marketing-finance interface. He is regularly featured as a key expert, with recent coverage in the Harvard Business Review, Wall Street Journal, Fortune, The Economist, and CNBC. If you're looking to connect or arrange an interview – simply click on his icon now to book a time today.

MEDIA RELEASE: Ten things Manitobans need to know prior to booking travel abroad

Winnipeg, MB, October, 26, 2021 – CAA Manitoba (CAA MB) has compiled a list of ten things that Manitobans should be aware of if they are considering travelling abroad. “Now that the Canadian government is no longer advising against non-essential travel due to COVID-19, those who are considering booking a trip should make sure they understand the scope of what travel looks like at the moment,” said Kaitlynn Furse, director, corporate communications, CAA Club Group. “The checklist for planning a trip has changed and we want to help people navigate this new environment.” Through consultation with its top travel agents, CAA MB has identified ten key considerations that potential travellers may not be aware of. Anyone who is considering travel in the current environment should make sure they have looked into the following and remember that travel requirements and regulations are continually changing. 1. Confirm the COVID-19 situation at destination prior to booking. Understand the risk level associated with travel to a particular destination by checking the Government of Canada Travel Advice and Advisories website. While the Global Affairs Canada Level 3 Travel Advisory to avoid all non-essential travel has been lifted, individual travel advisories do remain on a country-by-country basis. It is important that Canadians understand the ongoing uncertainty associated with international travel, whether that be related to the continued community transmission of COVID-19, or state of health care systems in destinations hit hard by the pandemic. 2. Understand the type, timing, cost and accessibility of required COVID testing. Every country has different requirements when it comes to the COVID tests that are needed prior to travel, and every country has different testing capacities once you are there. There are also requirements in order to return to Canada. Make sure you understand the difference between molecular PCR and rapid antigen tests, in what time period tests must be taken, the associated costs and locations where these tests are available. 3. Confirm change and cancellation flexibility with your travel service provider. Many airlines and hotels have been providing more flexibility when it comes to refunds and changes to bookings. Make sure you understand any key dates related to cancellation and changes and whether you are entitled to a refund or a future travel voucher or credit at the time of booking. 4. Buy travel insurance and understand what is covered. Make sure you have $5 million in coverage for emergency medical situations and that illness related to COVID-19 is included. Understand your entitlements for things like denied boarding in the event of a positive test and coverage related to isolation expenses. 5. Prepare required travel documentation and the format it must be presented in, for both Canada and your destination. Canadians returning home should have all required documentation loaded onto the ArriveCAN App or website. Each destination has varying requirements, so make sure you fully understand what information you need to have ready and in what format. Make sure you also take into consideration connections and any requirements in the connecting destination due to lay over or delays. 6. Take note of local public health rules prior to departure. Many destinations have measures in place such as curfews and quarantine requirements. You should also understand what the regulations are if you happen to test positive for COVID-19 in the country you are visiting. 7. Be aware of changes between booking and departure. Make sure you reconfirm all the details that were researched prior to booking, to ensure they are still accurate prior to departure. What was true when a trip was booked may not be the case by the time you are ready to travel. 8. Double check all research with the appropriate embassy or consulate. Travel at this time is complex and many factors can change quickly, so ensuring you have the most up to date and accurate information is essential. 9. Plan for extra time. From disembarkment and customs to retrieving luggage and exiting the airport, most things on the travel journey are taking longer than during preCOVID travel times. Also note the check-in and baggage drop off deadline for your flight as it may require you to arrive earlier than anticipated. 10. Stay connected. Fully unplugging while travelling is likely a thing of the past. It is important to have access to trusted, up-to-date information while travelling so you can monitor changing conditions and requirements and adapt accordingly. Bookmark the Global Affairs Canada website prior to departure and check it regularly while abroad. It is also a good idea to sign up for Registration of Canadians Abroad and stay in touch with a family or friend that has knowledge of your travel plans.

Building Your Own Expert Network - How Expert Personas Help you Organize & Develop Your Talent Pool

As business continues to evolve at an unprecedented rate, companies need new ideas and strategies that help them rapidly transform to keep pace and grow. This explains the massive popularity that expert networks are having as companies look to connect with subject-matter experts with specialized sector and functional expertise who can accelerate their transformation efforts. Expert networks now represent a multi-billion dollar industry, helping companies in a variety of ways. From helping build primary research to assessing new market or acquisition opportunities to conducting due diligence for new technology purchases or competitive benchmarking, expert networks provide a valuable service. While many companies are increasing their use of traditional expert networks, there is also a trend toward organizing and developing internal talent by implementing a "knowledge management platform" or "employee skills marketplace." These can also be extended to engage broader audiences when experts are listed publicly as part of an Expert Center, Media Room, or Speakers Bureau. Depending on the scope and market visibility organizations wish to commit to in sharing their expertise, such programs can yield the following benefits: Improved access to shared knowledge throughout the organization Faster innovation through an improved discovery of key experts available for project opportunities Higher amount of cross-functional engagement between departments A more collaborative relationship with employees through better knowledge engagement and skills development Less reliance on outside consultants and traditional expert networks Improved brand reputation by engaging experts in thought leadership activities Increased media coverage and speaking engagements Improved business development opportunities by engaging experts earlier in the sales process Improved connection with the local community Additional ways to foster Diversity, Equity, and Inclusion throughout the organization What is an expert network? An expert network is a service that matches clients with experts who are willing to share their knowledge and advice via short conversations. These are usually in the form one hour long expert interviews conducted with the client. Expert networks such as GLG, AlphaSights, Guidepoint Global, Third Bridge, and Coleman Research help match the client's interest to specific experts in their private database of experts on call. They also look after logistics such as scheduling the expert interviews and have detailed processes for qualifying experts to ensure compliance with the exchange of information. And they handle time tracking and billing of interviews which are typically charged based on an hourly rate. They also handle the payment of fees to the experts following the interview. Building your own knowledge platform There is a growing trend towards organizing their expertise given the profound challenges organizations are facing. And these challenges didn’t just start when the pandemic hit. In a recent Deloitte survey, 63% of executives reported that work in their organizations is currently being performed in teams or projects outside of people’s core job descriptions, 81% say work is increasingly performed across functional boundaries, and 36% say work is increasingly being performed by workers outside of the organization who don’t have defined jobs in the organization at all. Yet fewer than half (42%) of respondents say their organization’s job descriptions do an “excellent job” of specifying the work that needs to be done in their positions. As work becomes far more fluid, packaging skills into rigid job descriptions leads to a lot of untapped human capital in organizations. It’s an issue that hasn’t gone unnoticed by leadership. Research shows that only 18% of executives strongly agree that their workforce is using their skills and capabilities to their fullest potential. 85% of HR and business executives say organizations should create more agile ways of organizing work to improve speed and swiftly adapt to market changes. These issues underscore the need to better organize and develop internal talent by implementing a "knowledge management platform" or "employee skills marketplace." This is for a variety of reasons. With vast amounts of acquired knowledge pooled across various departments and teams, it can be difficult for other employees to access this knowledge when it is outside their area of expertise - as the old saying goes, “people don't know what they don't know.” Organizing your expertise for external audiences also can provide huge benefits for building reputation, relationships, and revenues. How to position your experts as industry thought leaders More and more organizations are looking at employees who can advance their innovation efforts internally, often as part of a cross-functional team or special project. And there are also important revenue-generating activities, such as sharing research and perspectives through content generation (blogging, webinars, podcasting) or speaking (at internal events, industry conferences, or as an expert source for media interviews). Determining how to best identify and put experts to work isn't a simple process. That's because to do this right requires a more disciplined approach to assessing and developing the talent across your organization. One that goes beyond linear career paths and traditional job titles we assign to employees. It also requires a more progressive approach to diversity and experience. One that is not simply correlated to seniority or authority in an organization. Given the current state of the talent market, most organizations are also recognizing the importance of managing their talent, listening more to employees, and helping them achieve their goals - both professional and personal. And that extends to how best to tap into their skills that can benefit the organization both internally and externally. That's why we developed a talent framework that helps identify opportunities where subject-matter experts can best contribute as well as potential options for professional development. To make this process more intuitive, we have developed a model that outlines 4 "expert personas" that detail the various characteristics related to experts in an organization along with a potential development path. Level 1: Experts in the "Practitioner" persona group can offer their organizations a wide range of skills. Our research and in-field experience with companies focused on innovation reveals that organizations can realize significant gains by tapping into this broad pool of talent. To better engage practitioners, we have helped universities better engage their Ph.D. candidates who are approaching graduation to conduct research and writing content that promotes their work and institutional brand to prospective students or donors. This also extends to corporate innovation. A recent example of this was our collaboration with a Fortune 500 company in the CPG sector, where we completed the build of an internal expert network. One of the key challenges this organization faced was the inability to quickly engage with “practitioners” - subject-matter experts across the organization who could help with specific R&D and innovation projects. While this organization had legacy HR and intranet communication platforms, they had experienced a number of challenges engaging their researchers. To make things worse the pandemic forced many to work from home, creating the need for more opportunities to engage online. They needed the ability to conduct simple searches to find other researchers relevant to their work who could help them with projects. Our research/writing team started the process by taking an inventory of experts and then developed profiles for each researcher in collaboration with the company’s research/innovation team using the ExperFile SaaS software platform. With the unique data structure used to categorize this broader set of biographical information, we then enabled advanced search capabilities to build a private, SOC2 (security) compliant expert network which was easily integrated into their existing talent platforms. With thousands of researchers across the globe, they now have the ability to quickly search for experts on areas such as skills, topics, work experience, research publications, company/industry experience and IP/patents. It’s important to note that activating all this hidden expertise not only lays the groundwork for faster innovation. It also can reduce the fees associated with outside expert networks and consultants, maintains tighter internal control of proprietary research information and forges stronger collaborations between experts across the globe. Level 2: The "Ambassador" category represents experts with a more developed set of skills and a reputation both inside their organization and within their community of practice. Working with them to generate more exposure through internal speaking engagements and within their local community is a great way to create market visibility. For example, we have worked with a number of professional services firms to make experts at this level more visible in their local markets. Building reputation and generating new client opportunities with thought leadership activities such as blogging, webinars and speaking at local business events or on podcasts is a proven way to tap into this talent. These activities have allowed organizations we have worked with to bring in new clients and increase revenues across various practice areas. Ambassadors are also perfect for involvement in on-campus recruitment events where competition for talent is high. Particularly in fields such as engineering, law and accounting. One way to make these experts more approachable to a wider audience is by creating a speaker’s bureau. Remember that not all your experts will be comfortable speaking to the media, however, they can still meaningfully contribute as a keynote speaker or panelist at an event. Organizing your experts on key topics enables local event and conference organizers to find you more easily in Google search results and on your website. In addition to getting your experts on the podium, it’s a proven way to get your expert's guest appearances on webinars and podcasts. Given the growing importance of these channels, we recently formed partnerships with the leading marketplaces for webinars and podcasts - BrightTalk and Podchaser to help our clients promote their experts for speaking opportunities. Level 3: Experts in the "Authority" category have developed a strong reputation as an expert in their field, often speaking at academic or industry conferences. At this level, they have also developed a degree of proficiency in speaking as an expert source with the local or national media. They can be found speaking as a guest on podcasts to share their knowledge and are often active on social media. In higher education, these people are critical to helping media relations and other departments generate media coverage that is essential to building a reputation. We have worked with many organizations that effectively engage their Authorities by staying connected to their research and publications and collaboratively creating regular content with them to reach a broader audience. You will find regular opportunities to boost coverage with local and national media by utilizing this group of experts. We work with media teams to conduct Google Search (SEO) analysis to identify what topics their target audiences are searching for. This allows them to more strategically focus on key experts to promote. They are also focused on delivering more engaging content formats such as video interviews and Q&A to boost Google PageRank and audience engagement across their website. And they are working collaboratively with their faculty to post media advisories and a regular stream of content that contributes to higher rates of discovery by journalists looking for expert sources. Level 4: Experts in the "Evangelist" category are those go-to experts that you often see in the media as key spokespeople representing a certain topic. They are seen as notable authorities with deep domain expertise within their community of practice which has often been earned through heavy research and publications. Chances are they have also authored books that provide a path to speaking engagements at conferences and media interviews. These are also the people who have developed a regular audience through blogging or by hosting a podcast and have a well-established social media following. Ultimately, what separates this group from the others is the significantly broader market profile they have earned as a thought leader. These individuals have an intuitive sense of how to communicate complex topics in a relatable way that both educates and engages. That makes them particularly valuable to the organizations whose brands they represent. Given the degree of qualifications required to operate at this level, it’s to be expected that you will find far fewer “evangelist” category experts in any organization. Many are naturally found within the ranks of the executive team. These are the people who are comfortable in interviews, and most have extensive public speaking experience appearing on a large stage and on radio and television. At this level, organizations need to be far more strategic about how they utilize this talent pool to build a reputation and reach a wider audience. We have seen first-hand how strategic thought leadership programs can build a platform for these experts that can pay huge dividends. One healthcare system we have worked with recently forged a relationship with ABC News to feature one of their medical experts (a medical doctor) on a weekly segment related to important Covid-related health topics. Given the frequent appearances this expert has made on television, this was an earned media home run and a great way for this healthcare system to build visibility and trust within the community by providing accurate medical information. Their commitment to making their medical experts more discoverable and approachable online has also helped them promote their strengths in areas such as cardiology, neonatal, cancer, and genetic research. And the results are impressive. Over the past year, they have doubled their national media coverage and are currently outperforming much larger healthcare systems in their area. How to organize your experts Personas by their very nature are designed to provide a more standardized approach for planning using "clusters" of talent that are grouped against common characteristics. However, we're very aware that they cannot possibly capture all the nuances you will find within your organization when it comes to talent. But our experience helping leading organizations in knowledge-based industries to better manage thousands of experts shows that having a more methodical approach pays off. It optimizes the internal/external contributions and the development paths of experts to create win-win opportunities. but it also helps forge a stronger connection with employees who feel their organization is taking the development of their professional skills more seriously and more actively creating avenues for them to engage and contribute. With an understanding of these personas, we can then focus on another important consideration - where can we best engage our experts to more effectively tap into their skills inside and outside the organization? To help answer that question, we developed a "Talent Assessment Grid" (TAG) that helps you identify key areas where each of these personas can contribute. As a planning tool, it's meant to provide a more organized approach that helps you assess your bench strength and create a more tangible system for measuring progress over time in areas such as skills development or contributions to cross-functional innovation projects or outside industry consulting. Playing to the individual strengths these experts have while moving them out of their comfort zone to develop additional skills also yields additional marketing benefits. Contributing content; speaking at conferences or community events or to the media are proven ways to build market visibility, establish trust and generate revenues - and experts play a vital role in this process. A thriving network where knowledge is easily discoverable inside an organization and strategically shared outside in the community and beyond can make a huge difference in boosting innovation and culture. When properly promoted, these experts will also help you grow your reputation, relationships, and revenues. Although this process requires commitment, it positions you to be more agile and outperform your competition by ensuring you are optimizing every employee’s true potential and making them more discoverable both inside and outside the organization. How are you putting your expert talent to work? Do you have a process you use today for identifying and engaging your experts? We would like to hear from you. For more insights on how you can organize your experts online to support your internal knowledge management or promote them to a wider audience, visit us at https://expertfile.com/resources to learn more.

Are You an Expert? Here’s How to Tell

Have you ever wondered whether or not you are an expert? When asked this question about what defines expertise, you will hear a variety of answers. Many will reference key requirements such as an expert must have extensive knowledge in their field. Others will see education, published work, or years of experience as key qualifiers. Yet there are so many other dimensions of expertise that contribute to how visible, influential and authoritative they are within their community of practice or with the general public. Who Qualifies as an Expert? I started looking closer at this topic for two reasons. The first is my personal work with experts. Having worked with thousands of them across a variety of sectors I've observed that many are driven to develop themselves professionally as an expert to meet a variety of objectives. Often these are focused on raising one's profile and reputation among peers or with the broader market to inform the public. Some see media coverage being an essential part of their strategy while others are more interested in developing a larger audience for their research or client work, by speaking at conferences or on podcasts. Others have a focus on improving their PageRank on search engines. All these activities can enable important objectives such as attracting new clients, research funding or talent. The second reason for this deeper dive into expertise is a need to better organize how we look at experts within organizations. My work with communications departments in knowledge-based sectors reveals that they are keen to learn more about how they can better engage their experts to build reputation, relationships and revenue. However, better engagement starts with a better understanding of what qualifies someone as an expert - what attributes can we objectively look at that define expertise? With that knowledge, we can first better appreciate the amount of work experts have put into establishing themselves in their field. Then organizations can nurture this expertise in a more collaborative way to accomplish shared goals. My observation is that with a little more insight, empathy, and alignment, both experts and their organizations can accomplish incredible things together. And there has never been a more important time for experts to "show their smarts." By definition, an expert is someone with comprehensive or authoritative knowledge in a particular area of study. While formal education and certifications are a starting point for expertise, many disciplines don’t have a set list of criteria to measure expertise against. It’s also important to recognize other dimensions of expertise that relate not just to the working proficiency in a field but also to the degree of influence and authority they have earned within their profession or community of practice. Because of this, expertise is often looked at as a person’s cumulative training, skills, research and experience. What are the Key Attributes of Expertise? In evaluating your accomplishments and the various ways you can contribute as an expert to both your community of practice and the public, here are some key questions that can help you assess how you are developing your expertise: Have you completed any formal education or gained relevant experience to achieve proficiency in your chosen field? Are you actively building knowledge in a specific discipline or practice area by providing your services as an expert? Are you generating unique insights through your research or fieldwork? Are you publishing your work to establish your reputation and reach a broader audience such as publications or books? Are you teaching in the classroom or educating and inspiring audiences through speaking at conferences? Do you demonstrate a commitment to impact your community of practice and help advance your field and generate an impact on society by informing the public? Have you established a reputation as a go-to source for well-informed, unique perspectives? Some Additional Tips to Help you Develop Your Expertise To further the discussion, I’ve also shared further thoughts about the meaning of “expertise”. As you think about developing your own personal skills, or if you are a communicator who is responsible for engaging with your organizations experts, here are a few additional principles to keep in mind. Experts Aren't Focused on Some“Magic Number” Related to Hours of Experience Malcolm Gladwell’s book “Outliers” (2008), outlined the now famous “10,000-hour rule” as the magic number of greatness for the time it takes to master a given field. As the rule goes, you could become a genuine expert in a field with approximately 10,000 hours of practice — roughly 3 hours a day, every day for a consecutive decade. But is that what it really takes to become an expert? But is that what it really takes to become an expert? Or did Gladwell oversimplify the concept of expertise? Some of his assumptions for “Outliers” (which became a major bestseller) relied on research from Dr. Anders Ericsson at Florida State University who made expertise the focus of his research career. Contrary to how Gladwell outlined it, Ericsson argued that the way a person practised mattered just as much, if not more, than the amount of time they committed to their discipline. It also depends on the field of research or practice one is involved in. Some disciplines take decades to achieve expertise and many experts will admit they are just scratching the surface of what they are studying, well after they have passed the 10,000-hour mark. That might be just the first stage of proficiency for some disciplines. Experts are Continuously Learning It’s difficult to claim proficiency as an expert if you are not staying current in your field. The best experts are constantly scouring new research and best practices. Dr. Anders Ericsson observed in his work that "deliberate practice" is an essential element of expertise. His reasoning was that one simply won’t progress as an expert unless they push their limits. Many experts aren’t satisfied unless they are going beyond their comfort zone, opening up new pathways of research, focusing on their weaknesses, and broadening their knowledge and skills through avenues such as peer review, speaking, and teaching. The deliberate practice occurred “at the edge of one’s comfort zone” and involved setting specific goals, focusing on technique, and obtaining immediate feedback from a teacher or mentor. Experts Apply their Knowledge to Share Unique Perspectives While many experts conduct research, simply reciting facts isn't enough. Those who can provide evidence-based perspectives, that objectively accommodate and adapt to new information will have more impact. Expertise is also about developing unique, informed perspectives that challenge the status quo, which can at times be controversial. Experts know that things change. But they don’t get caught up in every small detail in ways that prevent them from seeing the whole picture. They don't immediately rush toward new ideas. They consider historical perspectives and patterns learned from their research that provide more context for what's happening today. And these experts have the patience and wisdom to validate their perspectives with real evidence. That's why expert sources are so valuable for journalists when they research stories. The perspectives they offer are critical to countering the misinformation and uninformed opinions found on social media. Experts Connect with a Broader Audience Many experts are pushing past traditional communication formats, using more creative and visual ways to translate their research into a wider audience. We conducted research with academics in North America and in Europe who are trying to balance their research (seen in traditional peer-reviewed journals) with other work such as blogs, social media, podcasts and conferences such as TEDx - all with the goal to bring their work to a wider audience. While that's an essential part of public service, it pays dividends for the expert and the organization they represent. Experts Are Transparent More than ever, credible experts are in demand. The reason for this is simple. They inspire trust. And the overnight success some have seemingly achieved has come from decades of work in the trenches. They have a proven record that is on display and they make it easy to understand how they got there. They don't mask their credentials or their affiliations as they didn't take shortcuts. They understand that transparency is a critical part of being seen as credible. Experts Don’t Take “Fake It Till You Make It” Shortcuts The phrase “fake it till you make it,” is a personal development mantra that speaks to how one can imitate confidence, competence, and an optimistic mindset, and realize those qualities in real life. While this pop psychology construct can be helpful for inspiring personal development, it gets problematic when it becomes a strategy for garnering trust with a broader audience to establish some degree of authority - especially when this inexperience causes harm to others who may be influenced by what they see. When self-appointed experts take shortcuts, promoting themselves as authorities on social media without the requisite research or experience, this blurs the lines of expertise and erodes the public trust. Experts Are Generous The best experts are excited about the future of their field, and that translates to helping others become experts too. That's why many openly share their valuable time, through speaking, teaching and mentorship. In the end, they understand that these activities are essential to developing the scale and momentum necessary to tackle the important issues of the day. How Do You Show your Smarts? How do you personally score on this framework? Or if you are in a corporate communications or academic affairs role in an institution how does this help you better understand your experts so you can better develop your internal talent and build your organization’s reputation? As always we welcome your comments as we further refine this and other models related to expertise. Let us know what you think. Helpful Resources Download our Academic Experts and the Media (PDF) This report, based on detailed interviews with some of the most media-experienced academics across the UK and United States draws on their experiences to identify lessons they can share in encouraging other academics to follow in their path. Download the UK Report Here Download the US Report Here The Complete Guide to Expertise Marketing for Higher Education (PDF) Expertise Marketing is the next evolution of content marketing. Build value by mobilizing the hidden people, knowledge and content you already have at your fingertips. This win-win solution not only gives audiences better quality content, but it also lets higher ed organizations show off their smarts. Download Your Copy

MEDIA RELEASE: CAA survey says gas prices affecting summer travel plans

Rising fuel prices means those heading out on road trips this year are being forced to make adjustments. A recent survey conducted by CAA South Central Ontario has found that rising gas prices are having an impact on road trip plans now that gas is higher than $2 per litre. Seventy-six per cent of those surveyed say they have a road trip planned within the province this year, while 26 per cent are planning an out-of-province road trip, and 23 per cent are planning to drive to the US. Of those who are planning a road trip, 64 per cent of these respondents said gas prices are likely to impact their road trip plans. While some are limiting the number of trips they take overall or driving shorter distances, some travelers are planning around gas prices, and others are adjusting their budget to accommodate fuel prices during their trip. As we transition into summer, there are easy ways to save money on fuel. This includes controlling speed and limiting hard stopping, avoiding unnecessary idling, and being mindful of your vehicle’s temperature. Savings can also start at the pump, as CAA Members save 3 cents per litre when filling up at select Shell gas stations. More summer fuel saving tips: Don’t start your car until you need to – your vehicle will “loosen up” as you drive. Turn off your vehicle if you’re going to be waiting for longer than a stoplight. Avoid “jackrabbit” starts and hard braking. Fuel economy peaks between 80-90km/h. Use cruise control to maintain your speed to get more distance out of your fuel tank. Gradually cool down your vehicle by first rolling down your windows to air out the vehicle, then turn on your air conditioning gradually. Close your windows and sunroof when highway driving, and use a window shade when the car is parked to help keep the vehicle cooler Keep your tires at the manufacturer’s recommended pressure. Set a reminder on your phone to check it monthly. Plan your route to avoid backtracking and unnecessary mileage. Planning is essential to ensure road trip safety. “We recommend you plan routes ahead of time and share them with someone, bring a map as a backup to your GPS, and check the weather ahead of time,” says Kaitlynn Furse, Director of Corporate Communications, CAA South Central Ontario. “We recommend a daily driving maximum of 800km per day with 15-minute breaks every two hours to ensure you are well rested before you get behind the wheel.” Be sure to pack your CAA membership or download the CAA app for peace of mind on the road. As a part of planning a trip, it’s important to ensure your vehicle is safe and reliable. Here are some ways to get your car road trip ready: Check your tires. Ensure the tire pressure meets the manufacturer's recommendations to improve your vehicle's handling and extend the life cycle of your tires. Top up your fluids. Consider packing extra summer washer fluid and change your oil if you are close to your regularly scheduled appointment. Clean your windshield. Clean any debris inside and out and replace worn wiper blades. Check your lights. Make sure your headlights, brake lights and turn signals are working properly. If you have kids, teach them about road safety by involving them in the process. Test the battery. Intense heat can cause just as much havoc on your car battery as the frigid cold. If your battery is older than three years, have a professional test your car battery and replace it. CAA Battery Service will test, boost or replace your battery. Pack an emergency roadside kit. Whether you buy a pre-assembled kit or create your own, it should include a few essentials like a flashlight, jumper cables, working jack cellphone battery charger, water and non-perishable food. Double check your licence plates are renewed. Doing a quick spot-check online is easy and will help you avoid the risk of getting a ticket. Renewing your licence plate is free. For CAA Members, when you run out of gas, a limited supply of gasoline will be delivered to your disabled vehicle to enable you to reach the nearest open service station, or in accordance with towing service provisions, a tow will be provided to a facility where fuel is available. Specific brands or octane ratings cannot be promised. CAA surveyed 1,697 respondents via a CAA Member Matters Panel in South Central Ontario from May 27 to June 5, 2022.

It Works on TV - Do Property Rehabs Drive Up Prices in Surrounding Neighborhoods?

When a house is distressed, the negative impact tends to ricochet around its surrounding neighborhood. Distressed homes (e.g. foreclosures) can significantly bring down the value of other homes in the area, as these properties are often poorly maintained and then typically sold at discounted prices In the past, and particularly in the wake of the 2008 subprime crisis, federal and local governments sought to mitigate this negative effect by incentivizing the rehabilitation of distressed properties through programs like the Neighborhood Stabilization Program (NSP). Until now, there has been some skepticism as to whether or not these kinds of initiatives actually work. New research by Goizueta Foundation Term Associate Professor of Finance Gonzalo Maturana and Goizueta’s Assistant Professor of Finance Rohan Ganduri might change the narrative definitively. They have analyzed new data that shows that rehabilitation projects not only help to stabilize housing prices in affected neighborhoods but can also actually increase the value of neighboring properties by as much as four percentage points. Using highly robust, non-parametric statistical analysis methods, Maturana and Ganduri parsed more than 10 years of information on rehabilitated property transactions and real estate prices across the United States. The effect of renovating dilapidated or derelict houses in these areas pushes prices up between 2.3 and four percentage points in their surrounding blocks, they find. And that’s not all. While the average amount spent by authorities on these renovations comes in at roughly $36,000, their study estimates a societal welfare gain of $134,000 per rehabilitated property—almost four times the cost of the rehabilitation. These insights should provide interesting food for thought for the U.S. Congress and local governments, Maturana notes. After the housing crash in 2008, Congress allocated $6.9 billion in funding to the NSP to help stabilize communities affected by high vacancy and foreclosure rates, but the Department of Housing and Urban Development didn’t find any positive impact on local housing markets at the time. “Our findings suggest that rehabilitation projects do drive a positive uptick in prices that can help revitalize distressed neighborhoods,” says Maturana. “And they provide very timely support for policy interventions, such as President Biden’s infrastructure spending program which proposes an allocation of $20 billion to rehabilitate 500,000 single-family homes in low-income neighborhoods in the United States.” With the current economy facing some uncertain times - this is a topic that is important for everyone.  And if you're a reporter looking to know more then let us help. Gonzalo Maturana is an associate professor of finance at the Goizueta Business School. He is an expert in the areas of corporate, household and real estate finance. Rohan Ganduri's research interests include banking, credit risk, real estate, household finance, and corporate finance. Both Gonzalo and Rohan are available to speak to media regarding this topic – simply click on either icon now to arrange an interview today.

Levity Aside, the 2022 White House Correspondents Dinner Reminded Us of Our Mission

As expected, Trevor Noah, host of Comedy Central’s “The Daily Show” did a fantastic job presiding over last Saturday night’s White House Correspondents’ Association dinner. True to form, Noah didn’t hold back, delivering some clever comedy that poked fun at everyone - both on the right and left. No one, including President Biden, was spared. What’s notable is that it’s been a long time since the WHCA event was attended by the President. Six years to be exact. And while it provided a great platform to lighten the mood and share some laughs, it was the message on the role that a free press plays in a civil society that Noah spoke to that stood out. His speech also reminded us of the important role our university and corporate clients have in helping national and local media find and connect with credible experts for their stories. Here are some highlights of the speech: Noah reminded us just how fortunate we are to live in a society where the media plays a critical role in our democracy. “So as we sit in this room tonight, I really hope we all remember what the real purpose of this evening is. Yes, it’s fun. Yes, we dress nice. Yes, the people eat, they drink, and have fun. But the reason we are here is to honor and celebrate the Fourth Estate and what you stand for — an additional check and balance that holds power to account. And gives voice to those who otherwise wouldn’t have one." Noah went on to focus on the importance of local media: "I’m not just talking about CNN or Fox or any of the other major organizations. I’m talking about everyone.” “Every single one of you, whether you like it or not, is a bastion of democracy,” Then, Noah went on to underscore the importance of a free press by addressing the Ukrainian invasion and the way Russia has violently suppressed its media outlets and free speech. Noah said: “If you ever begin to doubt your responsibilities — how meaningful it is — look no further than what’s happening in Ukraine. Journalists are risking and even losing their lives to show the world what’s really happening. In America, you have the right to seek the truth and speak the truth even if it makes people in power uncomfortable. Even if it makes your viewers or your readers uncomfortable. You understand how amazing that is? I stood here tonight and I made fun of the president of the United States and I’m going to be fine. Do you really understand what a blessing it is? Maybe it’s happened for so long, it might slip your mind. It’s a blessing.” Noah then reminded us that we all have responsibilities by asking everyone in the room this important question: “Ask yourself this question. If Russian journalists who are losing their livelihoods and their freedom for daring to report on what their own government is doing — if they had the freedom to write any words, to show any stories, or to ask any questions, if they had basically what you have, would they be using it in the same that you do? Ask yourself that question every day because you have one of the most important roles in the world.” It was a very fitting end to an event that has in a lighthearted way since 1920 allowed us to laugh at our differences and come together across the aisle. I hope as you begin your week, you will remember that while the news is a business, our role in educating the public, countering mis/disinformation and speaking truth to power is something we can’t take for granted. President Biden in his WHCD remarks said it best: “I mean this from the bottom of my heart, that you, the free press, matter more than you ever did in the last century,” he said. “You are the guardians of the truth.” A link to the full broadcast of Trevor Noah’s remarks at the 2022 White House Correspondents Association is here: 

Disney, DeSantis, and Corporate Dilemmas

The Florida state legislature recently voted to end the Walt Disney Co.’s special tax district, which has permitted the Orlando amusement park to govern its land and save millions each year in taxes. The decision followed a clash between Disney executives and Florida Gov. Ron DeSantis over recent legislation that prohibits instruction on sexual orientation or gender identity for children in kindergarten through Grade 3. UConn's Professor Robert Bird, the Eversource Energy Chair in Business Ethics and past president of the Academy of Legal Studies in Business, sat down with UConn Today to talk about clash between the corporation and Florida government as well as the implications for other companies that may be facing similar moral and ethical dilemmas: Q: There are so many layers to this story, from taxation to self-governance, political power to human rights. What strikes you as most significant? From one perspective, this is a debate over the role of LGBTQ+ education in schools. From another perspective, this raises the broader issue of the implications of private companies speaking and acting on matters of public policy. Corporations can no longer remain neutral or silent on major issues facing American society. Consumers, employees, shareholders, and the public are increasingly expecting companies to take a stand on controversies that matter to them. Just as some companies are being punished for not severing their relationships with Russia, because of Russia’s invasion of Ukraine, so are companies like Disney expected to speak out against public policies that contradict the values of its stakeholders. Q: Why does Disney play an important role in this issue? Disney is an important participant in the underlying “Don’t Say Gay” dispute. Disney has a powerful public brand and takes care to cultivate a family-friendly image worldwide. Disney has also been a long-standing leader in supporting LGBTQ+ rights. Disney has provided health benefits to same-sex partners since 1995, and allowed “Gay Days” at Walt Disney World since 1991. Public opinion was more hostile toward LGBTQ+ rights then, and Disney stood by its values even with the ensuing controversy. For Disney to “stand down” when so many people were advocating for Disney’s support in opposition to the bill, would have eroded its long-standing support of gay rights generally. Q: What message does this send to other CEOs who might be caught in a moral, ethical, or environmental debate with government leaders? The message sent to other companies is that politicians will not remain idle if a company opposes favored legislation or enters the sphere of public debate. Firms need to walk a fine line between standing up for their values and eroding relationships with political leaders. This is an important story, and if you're a reporter looking to know more or would like to schedule and interview with Professor Bird, then let us help. Click on his icon now to arrange an interview today.