Other Talks in the Series: Hot Topics

Hello, my name is Eugene Buff, I'm the founder and the president of Primary Care Innovation Consulting firm. And today, we'll talk about innovation and not just about innovation, but about how to make innovation successful, and that would be the "Customer Driven Innovation".
When I talk about innovation, technology, technology transfer, I very often start with this slide, which I consider, almost, the oral story. I'm sure you saw a different iteration of that slide, but it basically describes the technology lifecycle from an idea to a successful product. And there are several things, data points on the slide, that make it really look scarier for us, innovation and technology professionals. One, it shows a very low efficiency of the process of innovation. You can see that we start from about 1000 ideas and only one ends up to be a success story. Another unpleasant part of this graph, you can see that it takes a lot of time to basically get even to the zero point with your technology. And of course, the third scary part of this slide is the Y-axis that shows the money. As you can see most of this slide was below the zero line, which means that we're spending way, way more money and time on developing something that will not be a success story. So with that I think that there are three major things that we all, the technology and innovation professionals, try to solve. One is, how could we be more efficient, right? What can we do to change this ratio of 1000 ideas to one product? Can we do it faster? I mean, the reality is, in today's business culture, in life, the speed of business is much faster, we cannot afford to spend 10 years to figure out if the idea is reasonable or not. And, of course, we want to figure out how we can save or spend less money on doing this. So these are the major challenges or innovations for professionals.