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Innovation Is the New Moat Rob Inches and John Paduano

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Innovation Is the New Moat Rob Inches and John Paduano NEW PROVIDENCE Capital Ideas Series May 2021 Innovation is the New Moat Rob Inches and John Paduano The trajectory of innovation today provides a boundless New value proposi ons supported by asset light models, basis for a new generation of discoveries that will support recurring revenue pla orms, lower cost structures, and higher productivity, accelerating returns on capital, the redefi ning of customer engagement (Chart 1) have compelling environmental solutions and greater well- evolved in ways that would not have been possible 5 being for all. Transformative innovation ecosystems and 10 years ago. Opportuni es in this environment can will define a new era enabled by “the convergence of achieve high and poten ally uninterrupted mul year exponential technologies.” The cri cal tools of our digital growth rates with catalysts that are independent from age, computa onal power and data, are now widely broad market infl uences/narra ves. It must be noted, accessible, releasing innova on from the confi nes of large however, that compe on is accelera ng along with companies, labs and universi es and empowering the innova on. New entrants are at risk of being insuffi ciently crea ve capabili es of entrepreneurs across the globe. innova ve to capture market share or becoming obsolete Moats that historically protected businesses now face the before they can get to market. New Providence is building threat of disrup on. our exposure with managers we believe are excep onal investors at the forefront of their respec ve fi elds. The investment implica ons of this era of innova on cannot be overstated. The poten al to capture outsized In our paper, Redefi ning Growth and Value Inves ng, returns and avoid devasta ng losses mandates that we and we conclude that tradi onal investment frameworks our underlying managers con nually work to understand must be recalibrated to capture the impact of innova on emerging innova ons and technological ecosystems. These as an increasingly dominant source of value. “Today, forces are transforming businesses, industries, socie es, value inves ng’s core tenet of a margin of safety is and driving irreversible shi s in market share. Insurgent established by a technologically and compe vely startups are launching with de minimus capital yet with privileged business posi on rather than metrics such as the scaled computa onal capabili es of established incumbents. Faster, smarter, lighter, cleaner, cheaper, Peter Diamandis, execu ve founder of Singularity University; founder and more effi cient systems will achieve superior outcomes. execu ve chairman of the XPRIZE Founda on. Chart 1: Tangible vs. Intangible Assets for S&P 500 Companies Source: https://ipcloseup.com/2019/06/04/21-trillion-in-u-s-intangible-asset-value-is-84-of-sp-500-value-ip-rights-and-reputation-included/ 570 Lexington Ave., 5th Floor, New York, NY 10022 l P: (646) 292-1200 l www.newprov.com Innovation is the New Moat sta s cal cheapness, tangible asset values or fi nancial una ainable produc ve capabili es. In today’s case, engineering.” The challenge of this age of innova on exponen al increases in compu ng power, commensurate requires a reasoned assessment of what the future will cost declines and the resul ng ascendancy of so ware have provide and a cau ous reassessment of the accepted empowered millions of individuals and entrepreneurs. models of the past. What is clear is that old assump ons These advancements have fundamentally altered the around inves ng are up against a dal wave of change. scale, scope and speed of innova on. In this paper, Innova on is the New Moat, we aim to To illustrate the magnitude of these developments, provide a greater apprecia on of the scope and magnitude consider the Human Genome Project (HGP). The HGP of the change we are witnessing. We will discuss the cri cal was an interna onal research ini a ve to map an en re advancements that have catalyzed an epochal infl ec on genome launched in 1990. It took 13 years and had a point for innova on. We will then explore fi ve broad total cost of $5B in infl a on adjusted dollars. Today, areas of innova on an evolving technological ecosystems an accurate gene sequence can be completed in a few highligh ng cu ng edge developments with the poten al hours for less than $1,000 (Chart 2). A 30 million-fold to fundamentally reshape businesses, industries, and decline in the cost of DNA sequencing in less than two our lives. We will conclude with some thoughts on decades has led to a corresponding explosion in data and how we are approaching these changes, opportuni es ul mately the crea on of an innova on ecosystem that and challenges from an investment perspec ve. was previously not economically or prac cally possible. Millions of individuals have had their genes sequenced and analyzed. This has generated medical insights from a Part 1 – Cri cal advancements driving innova on volume of data that was incomprehensible when the HGP began. Startup biopharmaceu cal fi rms, whose fi nancial Se ng the Stage: This Time is Diff erent. “This me is resources are miniscule rela ve to the HGP’s project diff erent” are dangerous words but are increasingly cost and established industry peers, now have access appropriate to categorize the technological revolu on to exponen ally more robust datasets and analy cal that is omnipresent in our daily lives. Over the last 20 power. The impact is game changing. We are witnessing years, we have created a digital world that we depend on transforma ve growth in molecular medicine. Precision to accomplish everything from building social networks, to working from home, telemedicine and 24/7 shopping. ²George Church, Ph.D., Professor of Genetics at Harvard Medical School This paradigm shi has been enabled by a radical and Professor of Health Sciences and Technology at Harvard and the democra za on of access to the tools needed to create Massachusetts Institute of Technology (MIT). George leads Synthetic transforma onal technologies. The stage is set for change Biology at the Wyss Institute. Wright’s Law provides a basis for predicting technological progress. It on the scale of the nineteenth century’s electrifi ca on of states that for every cumulative doubling of units produced costs will fall industries and households which unleashed previously by a constant percentage. CriƟ cal advancements driving innovaƟ on: - Exponen al increases in computa onal capabili es. o Key drivers: Moore’s Law, microprocessor speed, advanced chip design - Exponen al declines in the cost of computa onal power enabling widespread access. o Key drivers: Wright’s Law, microprocessor cost; cloud compu ng - Exponen al increases in the availability and interpreta on of data. o Key drivers: Ar fi cial Intelligence, unlimited advances in so ware; digi za on of nearly everything - Exponen al declines in the cost of data enabling widespread access. o Key drivers: Wright’s Law, high speed internet, falling microprocessor costs; cloud compu ng infrastructure 2 Innovation is the New Moat Chart 2 Source: https://www.genome.gov/about-genomics/fact-sheets/Sequencing-Human-Genome-cost medicines are now available to address previously Part 2 - The tools of innova on ecosystems will incurable illnesses. In 2020, it took less than a week come from these fi ve categories to develop mul ple mRNA vaccines for COVID-19, a meframe once considered inconceivable. Legacy moats 1) Ar fi cial Intelligence - smart data analy cs, machine built around lower cost of capital, installed equipment/ learning, robo cs, AR, VR, AIaaS produc on infrastructure and a privileged ability to a ract top talent are being eroded. Innova on is the new 2) Genomics and Life Sciences - a golden age for medicine moat, and it is happening across sectors and geographies. and well being The ability to analyze staggering amounts of data with 3) Next Genera on Internet 3.0, Blockchain, and 5G incredible speed and at plumme ng costs are interrelated Communica on - enabling digital asset ecosystems and and self-reinforcing. A computer and an internet faster more secure communica on connec on can instantaneously provide millions of individuals/companies access to more quan ta ve power 4) Energy Produc on and Storage - transforma ve power and data than the largest companies in the world could genera on aff ord historically. The con nuous digitaliza on of our lives (interac ons, ecommerce, etc.) and our businesses is 5) Materials Science - all-important founda onal pla orm crea ng tremendous amounts of data. By leveraging cloud for the new era of innova on infrastructure, companies no longer need to purchase and maintain stacks of servers (once a compe ve advantage) 1) ArƟ fi cial Intelligence and in many cases would be disadvantaged by doing so. Vast data sets enable Ar fi cial Intelligence (“AI”) The recent advancements in AI have been drama c, and Machine Learning (“ML”) technologies (discussed however AI is s ll in the nascent stages of development. in Part 2) to interpret, learn and formulate predic ve We will reference examples that show its possibili es rela onships. One endgame of AI and ML technologies and poten al, but the emergence of super intelligent is the coordinated automa on of tasks, which reduces machines, the singularity, is s ll in the future. Human costs, increases output and product reliability. deduc on and reasoning is extremely complex requiring 3 Innovation is the New Moat many more levels of processing than are possible in our program AlphaGo beat the 18- me world champion, current binary/neural methodology of digital compu ng.
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