In the seven years I’ve studied healthcare innovation, I’ve examined nearly 500 academic articles on this topic and spoken to hundreds of innovators about their experiences bringing new products to market.
I’d be lying if I told you there were more success stories than failures.
But those stories were like diamonds glittering in a pile of coal. They got me wondering, what made those successes, well, successes? What was done differently in each situation? Was it sheer luck, experience, or expertise that made the difference? How do an innovator’s decisions and actions affect their innovations’ performance in the market?
While doing my research, I came across a tool that’s used to explain how entrepreneurs can earn a profit from their innovation. It’s called commercialization of innovation or COI. I mashed up the idea of COI and IQ (Intelligence) to form COIQ™. COIQ represents the knowledge and insights that health innovators need to maximize market success.
If you’re a health innovator looking to successfully disrupt the healthcare market or incrementally change how things are done, there are a few questions you’ll want to ask yourself before you even begin:
1. Do I believe that I have the next big healthcare innovation?
2. Do I think it will be a success?
Most likely, your answers are “Yes” and “Heck Yes!” And if they are, there are two more questions you’ll want to ask yourself:
3. Do I know for sure?
4. What’s my COIQ score? Maybe I should test it to be sure.
In today’s volatile market, having a superior product isn’t enough. The only thing that will really make a difference in bringing your innovation to market is a winning market strategy.
That’s why we invented the COIQ™ System: an evidence-based framework for making sure that you profit from your innovation. As part of the system, we developed the COIQ Assessment to help you understand the gaps in your strategy — and discover specific ways to close those gaps.
After decades of research, teaching, and business practice, I discovered that health innovators with a COIQ Score of 85 out of 100 or higher are more likely to not only avoid market failure but also maximize their success. What’s your COIQ score?
If you eat, sleep, and dream about innovative ideas, come get free insights tailored to your unique situation and discover what you can do to increase your chances of succeeding. Our 20-minute assessment is free and 100% confidential.
Don't miss out on profits and the social impact of your healthcare innovation – get your COIQ Score today!
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