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His rare combination of amazing
scientific ability and understanding
of business and finance could give
Healios an edge should its drug
programme succeed.
Many small entrepreneurial
companies emerge from a problem
which needs solving. The result is
fast-growing businesses that are
creating entirely new markets.
Bengo4.com (bengoshi is Japanese
for lawyer) was set up by Taichiro
Motoe following a road accident
when he found it difficult to hire
an experienced lawyer. In 2005 he
started Bengo4.com as an online
shop window for legal advice,
[ BAILLIE GIFFORD ]
18 / 19
The key to thinking flexibly
and creatively about
competitive advantage is to
focus on what might give
a strong and sustainable
edge in the future
connecting lawyers with potential
clients. Now over one-third of all the
lawyers in Japan are signed up to this
portal. The company has created a
whole new market for online legal
advice and has begun to monetise it.
Advantage in this case stems from a
combination of a visionary founder
and a unique business model built
around a compelling product
offering. Such qualitative adjectives
can be hard for conventional analysts
to quantify and model.
Clearly there is no standard
assessment of a company’s market
edge, as no two companies are ever
the same, even those operating in
the same industry. In most cases
our view derives from a collection of
seemingly mundane and intangible
characteristics downplayed by
conventional analysis, mostly due to
intellectual laziness.
The key to thinking flexibly
and creatively about competitive
advantage is to focus on what might
give a strong and sustainable edge
in the future, rather than getting too
hung up on the present.
Important Information
This article does not constitute, and is not subject to the protections
afforded to, independent research. Baillie Gifford and its staff may have
dealt in the investments concerned. The views expressed are not statements
of fact and should not be considered as advice or a recommendation to
buy, sell or hold a particular investment. Baillie Gifford & Co and Baillie
Gifford & Co Limited is authorised and regulated by the Financial Conduct
Authority (FCA). The investments trusts managed by Baillie Gifford & Co
Limited are listed UK companies and are not authorised and regulated by
the Financial Conduct Authority.
Investments with exposure to overseas securities can be affected by changing
stock market conditions and currency exchange rates. Investment in smaller
companies is generally considered higher risk as changes in their share prices
may be greater and the shares may be harder to sell. Smaller companies may
do less well in periods of unfavourable economic conditions. The trust’s
exposure to a single market and currency may increase risk.
A Key Information Document is available by visiting www.bailliegifford.com.
All information is sourced from Baillie Gifford & Co and is current unless
otherwise stated.
Praveen Kumar / Investment Manger
Praveen joined Baillie Gifford in 2008 and is an Investment Manager in the Japanese Equities
Team. He previously worked for FKI Logistex. Praveen graduated BEng in Computer Science from
Bangalore University in 2001 and gained an MBA from the University of Cambridge in 2008.
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