Category Archives: Uncategorized

Remembering MRI Pioneer


Sir Peter Mansfield, Univ. of Nottingham

It is hard to imagine the medical field without MRI scanners. One of the pioneers and inventors of MRI machines, Sir Peter Manfield passed away on February 8, 2017, in England at the age of 83.

Today, use of MRI is ubiquitous. It is used to examine injuries to bones, tissues, ligament and organs. Unlike X-rays or CT scans, there is no radiation exposure in MRI (Magnetic Resonance Imaging), as it uses a magnetic field.

Sir Peter was born in London in 1933, joining the University of Nottingham as a physics lecturer in 1964. in 2003, he shared a Nobel Prize in Physiology or Medicine with the late Professor Paul Lauterbur of the University of Urbana-Champaign. Both had worked independently of each other in developing the principles of MRI machine. Later, they both worked to use nuclear magnetic resonance (NMR) to visualize the internal structure of complex objects. Although NMR was being used by scientists for studying atomic and molecular structure since the 1940s, it was not at the time used for medical purposes. In 1976 they showed the first human NMR image of a finger complete with bone, bone marrow, nerves, and arteries. Two years later, in 1978, he produced the first prototype of the MRI machine and volunteered to be a guinea pig for getting tested. Despite warnings that the non-uniform magnetic field could cause cardiac fibrillation, Sir Peter was confident that it would be safe. He became the first person to step inside the very first whole-body scanner. The scan, lasting for 50 minutes was successful. In his autobiography, The Long Road to Stockholm: The Story of M.R.I, he wrote that “I got out of the machine dripping like a wet rag.”

The name of the technology for medical uses was renamed to a friendlier name of MRI, removing reference of “nuclear” from the original name, NMR. Sir Peter continued his work at The University of Nottingham for his entire career, retiring in 1994. He pioneered functional MRI, which enables one to study functions of living organs like brain and heart. He continued to collaborate passionately with colleagues at the Sir Peter Mansfield Imaging Centre at The University of Nottingham.

Sir Peter continued his work at The University of Nottingham for his entire career, retiring in 1994. He pioneered functional MRI, which enables one to study functions of living organs like brain and heart. He continued to collaborate passionately with colleagues at the Sir Peter Mansfield Imaging Centre at The University of Nottingham.

One side note on the Nobel Prize with Sir Professor Paul Lauterbur – Although three scientists could share the prize, Dr. Raymond V. Damadian was denied that honor. Dr. Damadian had the first patent and original contributions in the field. Dr. Lauterbur, in his paper in Nature that showed the first MRI images, had publicly acknowledged Dr. Damadian as his inspiration. Dr. Damadian made the first MRI machine in 1977 named Indomitable, which produced the first images of a human subject (which was his assistant Larry Minkoff). In 1978 he founded Fonar Corporation to make commercial MRI machines. Today it is the only company making stand-up MRI machines, where the patients don’t have to lie down for a scan. Dr. Damadian did receive the prestigious Bower award from the Franklin Institute in Philadelphia in 2004.

Your Company’s Worth

Do You know How Much Your Company is Worth?

 

We usually keep tab of money in the bank, how much our stocks, bonds, and other investments are worth and how much our home and real estate investments are worth. And we know how much debt we are in – either from a mortgage, student loans, car loans or other loans. We use these numbers to calculate our net worth, and it helps us build a nest egg for retirement. However, strangely, many entrepreneurs have no idea of how much their business might be worth. Your business could be one of the biggest assets that you may have. It is an investment of time, labor, and your financial investments. Shouldn’t you know the value of your business and try to protect and grow its value just like your other assets?

You can hire a valuation expert or an M&A advisor/business broker to get some idea about the value of your business, or you can run some back of the envelope type of calculations to get a rough idea based on your financial performance. Very often, for small businesses with gross revenues under $5 million, you will see that the value is often 2-3 times discretionary earnings (DE, also known as seller’s discretionary cash flow) or 2.5-4 times adjusted EBITDA (Earnings before Interest, Taxes, Depreciation, and Amortization). In many industries rules of thumb also calculate valuation based on a multiple of gross revenue (e.g. dentist practice is often said to be worth between 0.5-0.7 times revenue). However, for me,  cash flow, either as DE or EBITDA is a better measure because a substantial revenue without profits does not do much.

Couple for valuation

Couple for valuation

If you are like entrepreneurs shown in this cartoon, who can go on a world cruise for a year, then I would say that you have probably done well – both from profiting from your business and running the business. You have put your business on auto-pilot so that you have a management team who can run the business with minimum involvement from you. As a business owner, you want to take yourself out of a situation where the business cannot run without you. As we teach in our Value Builder advisory practice, this is one of the eight key drivers for driving the value of your business (see here for the other seven).

 

As 2017 is just around the corner, I hope you too will more attention to your business and see how you can grow your investment in it by taking small steps to build value. Our Value Builder score is a quick way to know in 13 minutes of where you are in terms of improving your valuation.

From all of us at TechnologyPark.com, cheers for the new year!

Yatin Thakore