Overcoming Innovation Hurdles & High Failure Rate w/Stacie Ruth
"You have to accept that if a problem is there but not recognized by the care community, it’s not a problem you’re going to be able to solve easily." -Stacie Ruth
One of the top challenges healthcare innovators face is managing all the decisions in the strategy development and commercialization process. There are so many demands competing for priority. It can be extremely daunting and distracting. How do we develop an innovation to solve a problem the right way? What kind of framework and methodologies need to be put in place? What are the most important things to focus on?
In this episode, Aire Health CEO Stacie Ruth shares her transition from commercializing innovations in the corporate world to leading a healthcare startup. She shares insights into how innovators can increase their chances of market success.
3 Things You'll Learn
1. The problem we’re solving is key to successful commercialization
One of the challenges innovators face is getting caught up in solving the problem without really considering if that problem is something the care community is seeking to solve. If the problem is not a priority for your target market, it can be a huge stumbling block even if we have a great solution.
2. Successful commercialization is about product and execution
Health innovators can’t solely focus on the product and expect to succeed. Commercial success is more strategy development and execution and less about the product. We have to focus on developing clarity around the problem we’re solving, the identity of our brand, the implementation team executing the commercialization, and stakeholder buy-in.
3. Invest in opportunities for exposure and stakeholder interactions
It’s important to take time to get involved in innovations and events that increase exposure for our innovations. If we have a clear vision of our ideal business, and we can articulate that vision with a story, we need to start sharing that story. We’ll start getting enough feedback to iterate our strategy and better understand how we can solve the problems in healthcare.
Successful commercialization starts with identifying the problem we’re solving and prioritizing the allocation of resources and capabilities. We can’t try to do everything. Once we have the problem clearly identified and we validate market fit, it’s about building the right implementation team and executing well. We have to align goals, people, resources and the greater market in which we’re playing. To hear more on Stacie Ruth’s perspective on successful commercialization, check out the podcast episode on Apple Podcasts and Spotify, or get the full interview video on our website!
If you want to maximize ROI and avoid market failure when launching and commercializing your healthcare innovation, let’s talk! Click drroxietime.com to book your free 30-minute strategy session.
Guest Bio
Stacie is a Connected Health Entrepreneur and the CEO of AireHealth, a respiratory care health company. Go to https://www.aire.health/ for more information, and to get in touch, email stacie.ruth@airehealth.com.