Recently, I was talking to a podcast guest who revealed that their first four companies failed before they finally achieved any measurable success.
This made me wonder: Does success require failure or can we avoid that part of the process?
As innovators, we don’t want to sit around, wondering if this is the time my new idea rockets onto the market and makes a difference. But with a 20% success rate - like the one my guest experienced, and when studies show that over 95% of all innovations never see the light of day, it can feel daunting.
Daunting, yes - but not impossible.
For the last seven years, I’ve specifically studied what strategies health innovators need to beat these odds.
One way to boost your chances of being in the top 5% that get generate a profit from your innovation is to follow the COIQ™ Early Adoption framework - a unique process for developing your early adoption strategy and winning the first 16% of your target market.
Every health innovator needs to start with an early adoption strategy and it should include these five components:
1. Timing - Analyze when to announce the innovation to the market, when to pilot, and when to launch.
2. Targeting - Identify what market segment should be pursued through the lens of early adoption.
3. Communication - Define key messages and how to differentiate your innovation authentically and meaningfully in a way that will resonate with the early market.
4. Product - Plan the product configuration and the co-creation strategy.
5. Pilot - Develop a pilot plan that leads to future sales.
There are no shortcuts to success. Having a strong, working knowledge of key commercialization concepts, strategies, and how you’re developing and validating those strategies, will give your innovation the best chance at market success.
Changing the world isn’t easy. And when you’re creating something that’s revolutionary, you don’t want to sit there, hoping the most recent failure will be your last, or simply waiting to get lucky. You want to make a difference - and you want to make that difference now.
That’s why I created the COIQ Early Adoption Strategy. I want to help you take your brilliant ideas to full market adoption and transform healthcare.
Before you make substantial investments in strategies that set you on a course for market failure, ask me about the CoIQ™ early adoption framework. To see if you’re a good fit for our program, schedule a call with me here.
If you want to see if there are any gaps in your strategy — and discover specific ways to close those gaps. take the free COIQ assessment today!
Tune into The Health Innovators Show, a weekly podcast and video show about the leaders, influencers, and early adopters who are shaping healthcare and digital health.