How to Avoid Pilot Purgatory in Healthcare Innovation w/Dr. Joseph Kvedar, VP of Connected Health with Partners HealthCare
It’s hard to believe that it’s already 2019. (I know… we all say it every year. And this year’s no different!)
From major changes to the US health insurance model to the advancement of incredible technologies like blockchain and AI, this past year has made it certain that we have so much to set our sights on moving forward.
So many healthcare entrepreneurs assume that developing new innovations that customers need or want will automatically result in market success. However, this is far from what research indicates.
The reality is that commercialization is a complex process with many inter-woven factors and decisions that affect success. To put it simply: it’s hard.
Apart from missing the complex nuances of the process, there are three key issues that help explain why so many innovators struggle to develop an effective commercialization plan:
In our last post about 3 key challenges for health innovators, we touched a bit on the Trough of Sorrow, a.k.a. “The Founder’s Blues.”
The Trough of Sorrow is often attributed to the phase where the initial excitement of launching a startup begins to wane after numerous setbacks. Popular stories like Airbnb, Rent the Runway, and Uber leave us thinking that creating a disruptive innovation should be easy street. However, the reality is that commercializing an innovation is not easy, especially in healthcare.
When we think of health and tech innovators — and any startup, for that matter — we think of hard work and perseverance (and maybe being in the right place at the right time) as the key drivers for success.
While these ingredients are critical for an innovation to gain momentum and diffuse through the mainstream market, these factors don’t guarantee success.