A new mantra for health innovation: Fail fast, frequently, and frugally
Faster, cheaper, better. The key to healthcare innovation in 2014 is a tolerance for failure. Companies should view failure as a means to an end to achieve high-impact innovations in less time and at lower cost.
Explore HRI’s innovation scorecard to see how Medtech companies prepare for an innovation makeover.
Implications of the new innovation model:
- Time and money constraints will force experimentation and failure, and will drive innovation.
- Customers, partners and competitors can provide insight and foster innovation.
- New entrants such as telecom and retail companies will provide new partnership opportunities, as well as new fronts for competition.