Getting More from America’s Academic Medical Centers by Making Innovation and Entrepreneurship a Natural and Expected Academic Behavior
This blog is focused on the critical need for a more strategic approach to biomedical innovation and entrepreneurship in America’s Academic Medical Centers and Universities.
The Innovator’s ‘Academic’ Dilemma: A Primer
August 8, 2017
Clayton Christiansen wrote a bestseller called The Innovator’s Dilemma. It’s an awesome and instructive read on why and how new technologies can result in large, established firms failing because they do NOT see the unexpected from potential competitors. The concept of disruptive innovation is also introduced that suggests it is difficult to envision what disruption will occur from technologies in their early state. It’s a bit scary if you are a CEO – like you CEO guys and gals need something else to worry about. I hope to be able to engage Mr. Christiansen in our blog and podcast series in the future. Clayton, buddy, if you’re out there reading this, give me a call to schedule!
Today’s post is about setting the stage in explaining why it’s such a !@#$*&% difficult choice (dilemma) for faculty at our great academic medical centers (AMC) on whether or not to devote significant energy and resources toward innovation, commercialization and entrepreneurship. In future posts, I’ll cover, in greater detail, definitions of innovation, including disruptive innovation, as well as entrepreneurship as it applies to academic medicine; for today, let’s just broadly define innovation as an idea to change the way we do something in medicine that requires investment and risk. The investment and risk can be time and money or a combination of the two.
While this post is not going to tell any of the folks struggling with biomedical innovation in academic medicine anything new (you peeps can skip to the next blog), it will be a primer for our industry, entrepreneurial and other interested colleagues that hopefully helps you understand why things can move so damn slowly within the academic sphere (bubble) or why you often can’t get good academic partnership traction.
KEVIN R. WARD, M.D.
Executive Director: Fast Forward Medical Innovation
Professor: Emergency Medicine and Biomedical Engineering
University of Michigan Medical School
Kevin Ward, M.D., is a simple country ER doctor, serial innovator, and sometime entrepreneur who is blessed with the privilege of leading two awesome (his words) innovation programs at the University of Michigan — Fast Forward Medical Innovation and the Michigan Center for Integrative Research in Critical Care. His passion is in developing programs which encourage strategic, integrative, and disciplined collaborations across medicine, engineering, information sciences, and industry that promote true solutions.