[Image courtesy of Innovative Trauma Care]
2. Understand ‘inventiveness versus innovation’
According to innovation expert, Christophe Bureau, PhD, founder and CEO of AlchiMedics, “Innovation is not about problem solving, it is about building an appetite for a product or service that does not exist yet, because innovation is about chasing a moving target.” True innovation is only achieved when the top and bottom line is positively impacted.
Innovative Trauma Care (ITC), a medical device company based in San Antonio, Texas, is conquering this need. The company’s founder, Dr. Dennis Phillips, is a trauma surgeon, retired from the Canadian armed forces. Phillips saw first-hand the limitations of existing technology when managing the bleeding from trauma wounds. The inventiveness part was creating a simple, easy to use hemostatic clamp that could save lives. After their first prototype, ITC began working with MPR to make the design fit within their business model. MPR was able to improve usability and cut cost of manufacturing by 65% in order fit into the company’s business model, providing value to the buyer as well as the seller.
