This interdisciplinary course focuses on sustainable innovation, introducing entrepreneurial students to the realities of problem identification and solution design within the complex world of healthcare.
Healthcare Entrepreneurship and Intrapreneurship Part B
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From the course by Duke University
Healthcare Innovation and Entrepreneurship
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From the lesson
Innovating in Healthcare
How do physicians see and interpret the patient? Can physicians observe without judging? Are there more cost effective ways of disease prevention and treatment? What role does innovation play? How can an entrepreneurial approach improve healthcare?
Meet the Instructors
Marilyn M. Lombardi, Ph.D.Associate Clinical Professor
School of Nursing
Bob Barnes, PhDInstructor
Biomedical Engineering
Let's take a look at intrapreneurs for
just a second and I know you'll discover some of our prejudices.
And I think these prejudices is borne out by some of the research
that others have done.
Why do we need intrapreneurs within our corporations?
In difficult times, the first thing many corporations do is they cut costs.
And at some point, they realize they've cut all the costs they can cut.
And if they're going to stay in business,
if they're going to grow, they have to grow the top line.
In other words, there has to be something else to sell,
something that benefit to provide to their customer base.
This is going to require a commitment of time and funding.
That is a willingness to implement winning ideas.
Think about it, when times are difficult and there's no other place to turn,
this might be a place to look.
Here's some of the keys to success, essentially it's change.
Well, those entrepreneurs that are going to be given the opportunity
have to have training and coaching.
Remember that in many cases the only reason we're doing this is because signing
is difficult, we have no place else to turn as a large corporation.
So if we haven't been doing the training and
coaching I have a suspicion about how successful this can be.
Incentives and protection.
In other words, if it doesn't work out, well,
Charlie you may have a job to come back to.
We want you to take this risk, we want you to push this new product,
this new process idea ahead.
But if it doesn't work out, you'll still be able to pay your mortgage, and
you'll still be able to make your car payment.
Investing heavily in ideas in the past what initial requirements.
In other words, there's a tremendous amount of screening that goes,
before we actually put the intrapreneur in charge of the activity.
Somewhat different than taking responsibility, taking the initiative,
taking the risk.
Firms that do this well,
tend to recruit people that can be builders of their businesses.
They provide them with appropriate incentives.
They tailor business cycles to support entrepreneurship and
they accept their management that's accepting innovative processes.
Large corporations essentially have processes
that focus toward reducing cost and reducing risk.
Everything we presented here in terms with entrepreneurship
is contrary to the ways most large organizations do business.
One of the key attributes of being able to telefirm,
that a firm is intrapreneurial.
Is to look at what they monitor and
measure when they identify progress and success.
Is it profit?
Or is it market share and growth?
There may be others.
The corporate culture might be supporting of this.
And there are a number of firms that have been intrapreneurial over time.
3M Corporation in the US.
Hewlett-Packard in the US.
Xerox in the, US and many others.
But one of the things you see here when you look at keys to success,
they fly in the face of waiting until there's a problem.
They planned for this.
They prepared their culture for this.
They prepared their people for this.
And they give them the support that they need to potentially be successful.
Let's take a look at successful executives.
Successful executives by in large a very dull,
slow moving and really not committed.
Successful executives by enlarge are passionate, but
they're passionate with their curiosity.
These are the people that when they show up at your business you're not quite
sure whether they're asking all of these questions as a potential indictment of you
or they're asking all the questions to determine what we could do better,
what our opportunities are that haven't been discovered yet.
They have tremendous self-confidence.
They are team-focused.
They have a way of converting the complicated into the simple,
and they have the courage to act.
Successful executive are successful within their corporate culture.
Executives that are passionate and curiosity, help self confidence, or
team focus, synthesize the complex to the simple and have courage to act.
Typically a reflective of the corporate culture that supports that.
Innovative entrepreneurship,
Is represented by executives and managers who are observant.
They spend a lot of time walking about,
moving from one part of the organization to another and
not spending a great deal of time in their office.
These are the people, as I mentioned a moment ago, that ask 1,001 questions and
each question leads to another question, because they are passionately curious.
They don't mind.
Innovative entrepreneurs do not mind running small tests,
small pallets, isolated investigations.
They network regularly,
because they realize that they're not the only people who have good ideas.
They want to test their ideas with others.
That want to know what others are doing.
They want to know what best practices are.
They want to know, what's the next big thing?
Among all the attributes of the innovative entrepreneurs,
you remember that word synthesis?
Simplifying what innovative entrepreneurs have is a skill
as the ability to take tremendous amounts of data, and
information, and observations of answers to questions, and
associate them with one or a few conclusions.
But these are not he things that make for success, they are contributors too.
One additional requirement, that additional requirement is leadership.
Kouzes and Posner,
a number of years ago identified a number of attributes of good leaders.
Here you see that there are two that are important above all else.
Innovative entrepreneurs, must have foresight, not be looking for
what's going to happen the end of this quarter.
But looking at their environment and
what's possible, within the range of their market.
The market they serve and where it's going.
And had the foresight to know what they had to be able to do to compete,
and this often requires courage.
We'll talk about courage in the next slide a little bit more.
Plus look at corporate culture just a tad bit more.
Definition of culture, many, many definitions exist.
The best definition, the shortest one I've seen, is culture by and
large, is what one does by habit.
And the most important two words in this statement, is without thinking.
Every organization has a culture.
It's what one does by habit, without thinking.
This is the reason, in many cases,
you can't see your own culture because you do it by habit, but others can.
Let's take a look at three attributes of culture, especially corporate culture.
People, the atmosphere in which that company operates and
how they actually extend their funds.
For innovative corporate culture, the people are achievement focused.
And in many cases, they are expert, and
they're fanatical about what they want to do.
Remember that entrepreneurs are focusing on what can be done, and
they're always cutting away the things that don't fit
because there are limited funds, limited time.
There's only so much effort, and it has to be concentrated.
So they're fanatical at what they think is important, and
they are achievement-focused in measurable ways.
One of the impediments of this can be the atmosphere within your organization.
Did you know that it took over 23 years from the initial idea,
the initial discovers associated with birth control pills.
Until the first birth control pill was available in 1963.
Over 23 years, think of the amount of patients that requires,
especially in an organization and
many of the companies that we see that have a focus on a next order.
Usually no more than six quarters in the future.
An atmosphere that promotes entrepreneurship,
intrapreneurship is one that is cost focused.
In other words, you can get the money you need but you don't get any more.
Which means you need to compete for consistently,
you have to be fanatically driven to show value.
Firms that have a corporate culture of being supportive of an intrapreneurship,
and entrepreneurship will fund multiple approaches.
Don't just pick one.
In fact, you may find that you may be running one of several projects all
focused at the same objective.
They have flexibility and keyword is quickness.
Quickness in making decisions and providing the resources to get
work done, and within this firms cannibalization is okay.
What this means is a firm
is willing to give up other things in order to get new things.
Think about it for just a second.
The invention of penicillin could've been seen as very
negative by some, because think about what penicillin did.
Penicillin eliminated a number,
a tremendous number of infections that could've been treated.
But other names, not nearly as effectively.
Think about what happened when we sort of working with
coronary stents,
how do that affect cardiac surgery.
Think of other attributes when you implement one thing,
other things go away.
When you implement a cell phone and
you're also selling rotatory phones that are landlines.
You'd have to give up one in other to get the other, and that's difficult for
many organizations to do.
The final barrier to success and a corporate culture, this having
incentives that attract the right people and reward people for the right work.
And then provide the capital
that actually deliver the product and/or service to the marketplace.
Let me summarize.
Entrepreneurs and intrapreneurs have much in common.
Entrepreneurs take the initiative.
Intrapreneurs, in many cases, are given the opportunity.
Whether you're successful in one or the other this is many
times driven by the culture that you and your team work in.
Thank you very much,
I look forward to seeing you at our next get-together sometime soon.
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