Suppose you are the attending making innovation rounds on your assigned company, product or service this morning. Surrounded by trainees in fleece vests and iPhones, you approach the bedside and ask, "So, what is the patient's NPVI this morning? The fresh faced senior resident responds, "Steady at 1 %, Dr. Meyers"
This is not a good innovation vital sign. The NPVI, the new product vitality index, measures revenue from new products launched into the market over the past 5 years. Many companies, including DuPont, Striker and 3M measure this and have goals in the 30% area. Most sickcare organizations are probably stuck in the lower decile. It is one of the myths of innovation.
Here are some other things you should know about innovation before the next morning report:
1. You need to lead innovators, not manage innovation
2. Innovative universities and organizations are not necessarily entrepreneurial
3. Patients and other stakeholders are your main source of opportunity to create innovation.
4. Big Device should change their R/D models
5. You need an Innovation Management System to create impact
6. You need to clarify your innovation expectations and encourge innovators to go beyond them
7. Have you validated your business model assumptions?
8. Rules create ecosystems. Ecosystems drive innovative business models. Think, TV, the Internet, electric cars.
9. Stop blowing innovation smoke and raise your innovation bar
10. Create user defined value through the deployment of innovation, not just companies
Be sure to keep up with the literature and come prepared for innovation rounds. That interventional cardiology fellowship you have your eyes on is very competitive and program directors will only pick the best of the best.
Arlen Meyers, MD, MBA