Innovation is essential for any orthopedic company looking to stay ahead of the curve in a fast-changing landscape. Yet, innovation remains a significant challenge for many Big Orthos.
In this article, I will explore the reasons why Big Orthos often fail with their innovation programs and how Startup Orthos have the advantage in this regard.
The Innovation Dilemma
The innovation dilemma facing Big Ortho is a "true dilemma" in the sense that there's no right answer. On the one hand, it makes sense to optimize your strengths and invest in what you're good at, which is the pursuit of excellence.
However, in a fast-changing landscape like we live in today, companies that focus solely on optimizing their strengths risk getting stuck on a local optima, unable to reach a higher, more fit place. The analogy is that they climb the local mountain, and once at the top, they discover the larger mountain in the distance.
On the other hand, the only way to get to a higher mountain is to climb back down into the valley and venture into the unknown, to invest in places where you're weak, and where there are unknown product concepts, unknown regulatory and reimbursement hurdles, unknown margins, ...
