Know Thyself

To construct a strategic model for innovative growth, the first step is an ancient one based on the proverb “Know Thyself.” Although the creative inspiration for the next great product or valuable comprehensive solution and service may come from within, a company’s ability to transform this idea into reality may be limited. For example, a company that has developed a new assay to diagnose drug-resistant tuberculosis obviously has core expertise in biochemistry. But it may not have the competency to effectively develop a full point-of-care diagnostic solution. This company may need the help of partners who can provide such expertise as market analysis for entry, disposable cartridge design and reagent packaging, instrumentation development and manufacturing, and/or conduct clinical studies.

In short, a broad knowledge base and diverse expertise is needed to develop and launch such transformative products and services. It is human nature to extrapolate one’s own mastery of a domain into other areas of limited knowledge or skill. I’ve done it plenty! (Sure, I can do my own brakes. After all, I’m an experienced engineer!) The resulting ride could be, literally, white knuckle and end with a crash. So when exploring a new medical market opportunity—probably one of the most complicated undertakings in the professional world—you need an extremely frank understanding of how your company’s core competency does and does not contribute. Granted, there may be complimentary areas worth investing in that have critical strategic importance. However, caution is advised. The full talent spectrum needed to address this new class of innovation is rarely found under one roof—pick and choose carefully where you invest hard-won capital or run the risk of burning up critical time. Companies that try to do it all run the risk of falling into the trap of many failed initiatives.