Distinguish innovation (a world of ideas) from entrepreneurship (a world of action).
Three greatest drivers of innovation and sources of ideas:
■existing problems
■dissatisfaction with what is
■market opportunities
Here are the 7 Big Ideas from the book.
I. There are three types of innovation:
1.Oriented towards the consumer- changing the experience of the healthcare user. This is especially relevant for patients with chronic disease who need complex care coordinated.
One example of this kind of innovation example might be the elimination of the waiting room at the Virginia Mason Kirkland Clinic in suburban Seattle.
2.Based on technology - new therapeutic agents, medical devices, or information technology tools. Examples would include novel monoclonal antibody drugs, knee prostheses or error-reducing software.
3.Based on a business model - integrating hospitals into a chain or a hospital and its clinics into a system.
II. Nobody invests in an idea. Instead they invest in its execution.
III. Despite the chaos and creativity that typify a startup, there are identifiable phases to starting a business, accompanied by questions that are essential to be asking. This is succinctly illustrated on pages 30, 31 and 32.
For example, in the earliest phase, the question to ask is "Is my idea a good one or just an opportunity?"
Later, you might ask what your options are for making your efforts profitable, once you have developed a business plan - Should you sell or license your patent? Should you be seeking an alliance? Can you do this by yourself?
IV. It's vital to understand and position yourself within the healthcare value chain. Dr Pareras describes this important business concept in a blog post.
V. The purpose of a business plan is to explain the story of the opportunity your project or business poses. It also provides a road map to making the idea happen. It is above all a communication tool -- to ourself, to outsiders and to insiders who will work with and for you.
VI. The most important asset of any business or idea is the people behind it -- the team that will execute the idea. This will demand leadership and management skills.
VII. Financing your business is a challenge that takes planning and awareness of the multiple ways a healthcare start-up and business can be financed. Whether you are using your own money, R and D development subsidies, grants, debt or investment -- you will need to know what is out there to help you raise the money you need to start your venture.
So there you have it - the seven big ideas from the book.
This is a book for entrepreneurial physicians but is useful to anyone who has an urge to start a business of whatever size.
Book is here.
