Sir Richard Branson is an excellent example of the pitfalls of branding, and how reputational risk is not as disastrous as some consultants would make out in search of their paycheque. Public relations is important, and Branson is a past master at exploiting the attraction of novelty. One of his most risky and perhaps adroit moves is the extension of the Virgin to new potentailly radical technologies that will have a visible impact. Trains are not included within this structure, though it is interesting how the poor performance of Virgin trains has not yet impacted on the wider reputation of the name.
Now Branson wishes to capitalise on the potential of stem cells and is providing a vital service, by storing the umbilical stem cells of newborn babies. This is a nascent and growing industry:
Public cord storage is becoming more common, particularly in the U.S., but there is also a growing private industry taking advantage of the promise of these cures. However, the industry is extremely controversial because the chances of developing a disease that stem cells can cure, such as leukemia, is small while the new cures may never materialize. Some anti-abortion groups believe that any use of stem cells will lead to human cloning.
Private storage of stem cells is unlawful in France and Italy and is opposed by the European Group on Ethics in Science and New Technologies, which is a European Commission body.
This has not stopped more than 11,000 families in the UK using stem-cell storage facilities. The services typically cost about £1,500 for collection of the blood and about £100 a year for cold storage. A number of celebrity parents are reported to have used these services including Thierry Henry, the Arsenal footballer, and Darcey Bussell, the dancer.
Trust the European Commission and the socialists to ban something which has the potential to do some good and possibly liberate individuals from a date with disease.