Creating A Culture Of Innovation - 5 Ways To Take Your MedTech Company To The Post-Season
BLOG SERIES: CREATING A CULTURE OF INNOVATION [Installment 1 of 9]
Attention, MedTech and medical device companies! Seeking ways to take your great new product or service to the next level? Have dreams of transforming healthcare and getting wealthy in the process? Fantastic … but it all begins with a culture of innovation. In Installment 1 of this 9-part blog series, we look at five ways you can build that all-important culture.
5 WAYS TO TAKE YOUR MEDTECH COMPANY TO THE POST-SEASON
By THOMAS HICKEY
Partner
[June 24, 2021] – Major League Baseball is in full swing [pun most certainly intended] and we’re at the point of the season when the best have begun to separate from the rest. Each of the 30 clubs emerged from Spring Training with some degree of promise yet only a handful sit atop their divisions today.
Why is that …? What separates them? Why do some succeed while most do not? Everybody starts with lofty expectations but only a few rise to the top. Most slog along, watch high hopes eventually fade to hopelessness, and are once again saying “Maybe next season …”. It doesn’t have to be that way.
The world of MedTech and medical device is a lot like “America’s Pastime”. Very much so, in fact. It ain’t rocket science but you better master the fundamentals and get most things right if your dreams are to become your reality. Here are five ways to create a culture of innovation that can take your organization and its world-changing product or service to the MedTech postseason.
No.1 – Go where others do not.
Musicians often say it’s the space between the notes that creates the magic of music. Same is true with innovation. When you go where others do not, cannot, or will not, you’ve discovered opportunity. The empty spaces in healthcare [or any industry for that matter] where few are inclined to venture, are where the seeds of innovation are most likely to flourish and thrive. Plain and simple, reluctance on the part of others to fill these spaces makes room for you to envision the next innovation, develop it, refine it, and prep it for market. Always remember, the things that are most challenging or difficult are the things that create the greatest value and make the biggest splash. It’s the difference between a repeat champion and a worst-to-first sensation. It’s your opportunity to rock the world!
Yes, medical technology and medical device sales can be intimidating. I know because I’ve lived it for a long time. Sales cycles are lengthy and arduous and there are no guarantees. Managing cash flow along the way can be difficult. Only those who master the fundamentals and tend to the tiniest of details – many of them not exactly a stroll in the park – will succeed and prosper.
Today would be an excellent day to sit down and take stock of what you’re really, really good at, personally and as an organization, and stick to it. Do not try to be all things to all people or you’ll dilute your chances of succeeding.
By going where others do not, cannot and will not, you’re creating a space for success and you can now embark on your journey. Every step of the way, maintain your focus. Baseball season is 162 games long, not counting Spring Training or the post-season. Take it one inning at a time and honor the fundamentals along the way.
No.2 – Surround yourself with superstars.
If it sounds so obvious, why do so many organizations get it wrong ..? Of course it’s critically important to identify the right players with the right skills, the right experience and the right attitudes. But it’s even more than that. Like baseball, locker-room chemistry – that invisible intangible that can be your team’s secret to greatness – is as important as anything.
So where do you find these elite players that will come together and meld as a unit? Start by identifying [and maybe acquiring] companies that have what you need in terms of human firepower. Pinpoint superstars on other teams and go after them aggressively as a ballclub does in the free-agent market. When you adopt a “Moneyball” mindset and rely on Sabermetrics-style data to source your talent, you secure the absolute best and brightest and set the stage for likely success. And remember just because some players flounder on one team doesn’t mean they won’t become stars on your team. Moneyball, baby!
No.3 – Adopt a leadership strategy.
So, you’ve inked the right players. Your line-up card is formidable, and you have bench strength. It’s now on you to lead this group and get the most out of them. That takes a well-thought-out management strategy and approach. These are your hand-picked people and it’s your duty to stand 100% behind them every step of the way. They need to know you’ve got their backs. I venture to say, standing behind your team is just as important as the value proposition related to your shiny, new innovation.
Putting in the requisite time, money and coaching -- taking a team-based approach, not pandering to individuals – is vital. Investing in team members first, and the company second, is a true leadership strategy and one that few adopt. When you relentlessly focus on team success, the distance between here and greatness is shortened.
No.4 – Clearly articulate expectations.
A baseball season is finite [remember those 162 games I mentioned earlier] and great teams with great leadership establish targets and milestones along the way. Where do you want to be at the All-Star Break? Where must you be in late-September to reach the next level [the playoffs]? What do you need to do when you get there? All these things are formalized into a plan with opportunities to tweak and adjust, as necessary, as ballclubs do with injuries, rainouts, and other unforeseen challenges.
Clearly articulate expectations so your team understands your goals and so you’re all on the same page. Then attack those goals with a sense of urgency, including targets, thresholds and measurements. It’s incumbent upon you to create your team’s shared sense of urgency and focus. Remind them often how important this is and, again, be sure they’re sticking to fundamentals every step of the way.
Have an agreed-upon, realistic and attainable timeframe embraced by all stakeholders, including market partners, customers, internal supply chain, etc. Look at investors through the same lens as you do any of your stakeholders. Be sure they fully support your plan. If there’s a disconnect, there’s a serious problem. Get it corrected. And always remember, an unreasonable timeframe will cause your team to lose focus and feel defeated long before the final out.
No.5 – Walk away a winner.
Ultimately, every team wants that elusive World Series ring, to wear the crown worn only by the best of the best, the elite. You’ve made all the right moves. You’ve decided to go where few will venture, you’re surrounded by superstars, you’ve adopted a leadership mindset, and you’ve articulated your expectations. And guess what, you’re winning! All that’s left is your exit strategy.
More often than not, the goal of investors or any company is to establish a target date for you to take a bow and walk off into the sunset a champion. [Or perhaps onto your next challenge and adventure.] It’s likely your team members have shares or options and will get a piece of the pie when it’s time to cash out. Set that exit date, do what you need to do to get there, and make your exit an exciting one for all.
In summary, if you want to create a culture of innovation, you’ve got to be laser-focused and you must keep things fresh, new and exciting. The elite in our industry come with a sense of urgency that is the difference in mindset between hunting and farming -- attacking versus waiting. High achievement is etched into their DNA and they innately respond to BHAGs [Big Hairy Audacious Goals] … adrenaline junkies who never stop striving.
And feel free to flash that Series ring anytime you like …
In installment 2 of our Creating a Culture of Innovation series, we’ll discuss harnessing the power of emerging technology and discovering innovative ways to apply it in the healthcare arena.
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TUNE IN: Thomas Hickey is host of Med Tech Gurus, a podcast focused on Medical Entrepreneurship and Marketing [available on Apple Podcasts and other platforms].
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ABOUT THOMAS HICKEY -- Thomas is expert at developing innovative strategies and tactics and possesses a deep understanding of sales strategy and sales channels that combine to produce impressive results. With more than 35 years’ experience in the medical device industry and executive-level experience with manufacturers and Group Purchasing Organizations [GPOs], Thomas is skilled at launches, start-ups, international distribution, technology assessment, and assessing market feasibility. He has successfully launched several products and hired, coached, trained, motivated and optimized literally hundreds of independent and distributor sales team members.
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ABOUT EXCELERANT CONSULTING
Excelerant Consulting is the go-to organization for med-tech companies that need to position products and services successfully for value analysis committees, contract acquisition, and sales modeling and execution to commercialize the launch of medical devices or services with Group Purchasing Organizations [GPO], Integrated Delivery Networks [IDN], or Regional Purchasing Coalitions [RPC]. Our clients rely on us to enhance their product positioning, navigate corporate contracting opportunities, and provide sales support to accelerate sales growth.
For more info, contact Excelerant Consulting at info@excelerantconsulting.com.