Times. Have. Changed.
Today, the healthcare industry is in flux, and leaders must navigate many threats.
These threats are both near term & long term, traditional & new.
Legacy business models cannot maintain growth or defend market share. Executives have urgent need to redesign their competitive strategies to survive.
requires a new approach
To succeed in today’s market, leaders need
four key ingredients.
1. Access to Willing Partners
In this period of uncertainty, “going it alone” is not an option; leaders need an easy way to find willing partners in real time.
2. Engagement with (Quality) New Tech
Leaders ignore new technologies at their peril; they must continually engage young companies & learn ways to quickly filter the noise.
3. Channel to External Ideas & Expertise
Leaders face complex challenges, requiring fluency across many domains; typically, the expertise they need will not be found in-house.
4. Disciplined, Standardized Process
No more “spray & pray” for innovation investments; leaders must adopt a consistent process to find opportunities & create ROI.
In a changing industry, legacy solutions have dimishing returns
There are a few places to find these four ingredients, but they are too silo’d & episodic for today’s market conditions.
+ Industry Conferences
- Increasingly expensive with large opportunity costs
- Agendas determined by vendor sponsorships, not industry needs
- Difficult to build trusted personal relationships with episodic contact
+ Accelerators & Incubators
- Many solutions are not ready to scale with large customers
- Over-crowded marketplace with high variance of quality
- With over 130 health tech accelerators in 2017, which ones do you attend?
+ Innovation Consultants
- Static reports quickly lose value in an evolving industry
- Bundled contracts can be inflexible to unique needs
- Can create ongoing dependency; exec’s want to "fish for themselves"