Innovation, Entrepreneurship in Brief

There are three great drivers of innovation and entrepreneurs are called to act upon those drivers to bring an idea into being through funding and planning.

One of the perks of being an active physician blogger is that I am sent books to review from time to time. A book that recently caught my attention is Innovation and Entrepreneurship in the Healthcare Sector: From Idea to Funding to Launch by Luis G. Pareras, MD, from Greenbranch Publishing.

I've decided to launch a new category I've titled "Books' Big Ideas" in which I plan to summarize the key ideas in books that I believe have merit for you, my readers.

Equipped with an MBA, a PhD and a wealth of experience as a physician entrepreneur and venture capitalist, Spanish neurosurgeon Luis Pareras is well-positioned to offer aspiring entrepreneurial physicians an exhaustive blueprint for launching a business.

He begins by distinguishing innovation (a world of ideas) from entrepreneurship (a world of action).

The three greatest drivers of innovation and sources of ideas that he sees are:

• existing problems

• dissatisfaction with what is

• market opportunities

Big idea number one:

There are three types of innovation:

1. Oriented towards the consumer

Think about changing the experience of the health care user. This is especially relevant for patients with chronic disease who need complex care coordinated.

One example of this kind of innovation example might be the elimination of the waiting room at the Virginia Mason Kirkland Clinic in suburban Seattle.

(See also, Turn Your Waiting Room into a Healing Room and Mad as Hell: By a Doctor, About Doctors)

2. Based on technology

Look into new therapeutic agents, medical devices, or information technology tools. Examples would include novel monoclonal antibody drugs, knee prostheses or error-reducing software.

3. Based on a business model

For instance, integrating hospitals into a chain or a hospital and its clinics into a system.

Big idea number two

Nobody invests in an idea. Instead they invest in its execution.

Read big ideas three through seven here.

Read more:

Focus on Your Business Model Before Your Business Plan

Rooting Out Waste in Health Care by Taking Cue from Toyota Assembly Lines - PBS

Innovation and Entrepreneurship in the Healthcare Sector: From Idea to Funding to Launch

- Amazon