MR Solutions

Highlighting best practice as a representative in The Parliamentary Review

The ability to listen and learn from one another has always been vital in parliament, in business and in most aspects of daily life. But at this particular moment in time, as national and global events continue to reiterate, it is uncommonly crucial that we forge new channels of communication and reinforce existing ones. The following article from MR Solutions is an attempt to do just that. We would welcome your thoughts on this or any other Parliamentary Review article.

www.mrsolutions.com

1MR SOLUTIONS |
BEST PRACTICE SPONSOR 2021
Founder and chairman
Dr David Taylor
All preclinical
MRS systems
MR Solutions is an independent world-leader in MRI
technology and a developer and manufacturer of the
world’s first range of commercial, superconducting,
cryogen-free (dry magnet) and preclinical benchtop MR systems.
A spin-out of the University of Surrey, its first two decades saw
it sell its products to a range of businesses, before it evolved to
its current model of selling research equipment. Founder and
chairman Dr David Taylor reveals more about the company’s
success and details the approach it has taken.
During our operations we have raised some 11 rounds of finance, and in 2006 we
focused our interests on the element of the company that we found particularly
interesting. Our reputation allows us to work closely with the bank and has served
to provide us with a great deal of stability. All money we earn goes back into our
company, and through reinvesting our profits we are able to accelerate our growth.
Spin-outs and Queen’s Awards
My original company was a spin-out from the University of Surrey, a 70-strong
team that focused on the production and manufacture of medical technology. Of
our team, 25 members had PhDs in physics and three were engineers. With the
benefit of hindsight, we would say that this ratio could have been improved had it
been the reverse. There is no substitute for practical expertise, and we learnt this in
perhaps the most common way – through our own personal experience.
FACTS ABOUT
MR SOLUTIONS
»Founder and chairman:
Dr David Taylor
»Established in 2004
»Based in Guildford, Surrey
»Services:Developer and
manufacturer of MRI
technology
»No. of employees: 65
MR Solutions
THE PARLIAMENTARY REVIEW
Highlighting best practice
2| MR SOLUTIONS
The physics mentality, while an
absolute asset for a number
of different businesses, is not
overwhelmingly essential to my own,
and having been informed by our own
experience, we have now readjusted
the ratio. I now have a far better
balance in terms of the experience
of my staff, a number of whom used
to work for major companies such as
General Electric.
Our employees are now far better
versed in procedures and are more
equipped to understand the extensive
methodology that is intrinsic to the
business. As such, we have become
far more innovative as a company
overall and have been recognised with
two Queen’s Awards for innovation in
recent years, which we feel reflects our
expertise and hard work.
Positively disruptive
We believe it is possible to be
disruptive in a positive way and that
our work has proven this. We sell MRI
and nuclear medicine systems and
have developed new MRI systems that
don’t require liquid helium. In this
way, we have shown that changing
how things are done can benefit the
industry overall.
We are continuing to work on
consolidating our core business and
are now also focusing on nuclear
medicine, in the same way hospitals
do. This is a significant area of
expansion, and we are eager to see
where the coming years take us as well
as the industry overall.
Optimistic and realistic
We recognise that as we continue
to grow, we need money to do so,
but we have found that working
with financial investors can at times
prove difficult. If investors receive
even as little as a 20 per cent stake,
they are able to control the systems
we run. We also find that, in order
to encourage investors to provide
money, the projections we must
deliver are so optimistic they verge on
theunrealistic.
When external parties become
stakeholders in our business, it is
understandable they want to influence
management. Our experience
has, however, shown that when
management is influenced by external
parties, the range of products we
are able to develop is constrained.
Interference is often disruptive and
rarely helpful.
MR Solutions factory
Abingdon
We have
become far
more
innovative as a
company
overall and
have been
recognised with
two Queen’s
Awards for
innovation in
recent years,
which we feel
reflects our
expertise and
hard work
3MR SOLUTIONS |
BEST PRACTICE SPONSOR 2021
The work we do requires a liberal
funder, and we have found that banks
are often conservative in the way
they offer loans, meaning that we
are forced to operate in a way that is
not always in our best interests. We
hope that in future we will see banks
develop closer relationships with the
companies they provide loans to,
benefiting both parties in question.
We give 100 per cent
For the past decade, we have been
an entirely export-based enterprise.
In spite of the narrative that suggests
British companies cannot compete
with foreign countries, we are a
market leader across the world. We
have always been an export-oriented
enterprise and have received awards in
recognition of this.
While we do work within the global
village market, we find that there are
times when dealing with customers
who are so far away becomes
challenging. The greatest obstacle to
our ability to perform is bureaucracy.
Despite this, we are confident that we
can overcome these challenges in our
future operations.
Making a small market think
big
In the past decade we have also
continued to invest in our operations
and have become part of an entirely
new sector, as discussed earlier. We
hope that in the coming years we will
be able to reinvest our money in more
technology, further developing our
expertise and product repertoire.
We hope that through broadening
the product portfolio in the research
market overall, we will be able to boost
both the reputation of our industry
and its potential reach. While the
market we currently work in is small,
we believe that in future there is scope
for considerable increase in size. We
hope that the future delivers success in
the same way that our past has done,
and we are eager to see where we will
end up.
In spite of the
narrative that
suggests British
companies
cannot compete
with foreign
countries, we
are a market
leader across
the world
The MR Solutions team

www.mrsolutions.com

This article was sponsored by MR Solutions. The Parliamentary Review is wholly funded by the representatives who write for it.