Many innovators lead with their technology in their creation process, and in the process they leave behind the other important building blocks of a strong business. How do we avoid building a business with a singular muscle? How can we deal with the biggest barrier to successful commercialization? How can we get physicians involved in the ideation process, and what difference can that make?
On this episode, we’re joined by the CEO and Chief Medical Officer of 98point6, Robbie Cape and Brad Younggren, who share their journey to commercialization and lessons learned.
3 Things We Learned
The biggest mistake innovators make
Many innovators lead with a technology and end up with that as the singular muscle behind the business. One of the things 98point6 got right is that they developed 4 core muscles in the business: the medical, technology, regulatory & compliance, and commercial muscle.
How to build relationships with physicians
When it comes to building strong relationships with physicians, we must look at doctors as a separate audience segment, understanding the problems they have and delivering a strong value prop to them as we would with any customer.
How to get into healthcare and win the favor of stakeholders
There’s a huge difference between coming into the healthcare industry as a competitor, and coming into the industry with the intention to find the right stakeholders and people and support their vision and goal. It’s more powerful to sit alongside the primary care community so that you’re not treated as a competitor.
Innovators often focus mostly on raising money and building the technology. They think the vision, mission, values, culture and employee engagement are things that can be built-in down the road. The problem is, they miss the benefits of building these things into the system early on. In order to successfully commercialize, it helps to be deeply integrated with the people who will eventually become your customers and pay for your service. You do that by thinking beyond the technology and considering the greater ecosystem and stakeholders who are critical to your business.