When we buy a product or use a service, we essentially “hire” it to help us do a job. This is illustrated in the everyday consumer world by businesspeople hiring a milkshake in the morning to do the job of “providing a tidy way to satiate their hunger during long commutes” [1] or by people […]
De-Risking Adoption of Innovations: Market Risk
In the life sciences, the value of any asset under development (e.g., novel therapeutic, diagnostic, platform technology, or health analytics software) will be mainly a function of risk – because cash flows from successful products can be fairly well benchmarked for a given category [1]. As an investor, entrepreneur, or manager in a growth-stage venture, […]
Managing Risk to Maximize Innovation Success
Everyone would agree that innovation involves risk. Yet how often have you observed an entrepreneur who underestimates or fails to properly identify and communicate the risks for successfully developing and commercializing their innovations? It’s therefore not surprising that many startups fail. According to a Bureau of Labor Statistics report, more than 50 percent of small business startups […]
Build Three Models for Innovation Success: Product, Business and Execution
Every entrepreneur and technical leader wants to build the next blockbuster product and wildly successful company. Despite the desire and vision, success is not easy to find. Studies have shown that only 60 percent of new products introduced[1] and 25 percent of capital-backed ventures[2] achieve success. How do we improve our odds of success? The […]
Monetizing Innovation: The Right Team Counts
When starting a business or pursuing an innovation initiative, a critical component of success is having a great team. In fact, this may be the single most important factor and by itself, often determines whether a given initiative will be successful. Unfortunately, the evaluation of a team’s effectiveness is often done after an initiative is […]
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