The Challenge to Innovate

July 2011: OrthoWorx eNewsletter

“Innovation is one of the key ingredients to long-term business success. What’s more, the development of innovative, new products and services drive economic growth and sustainability for our communities throughout the state of Indiana.” (2011 Innovation Survey, Indiana Business Council, April 2011.) This holds true for all companies, especially in an environment of a recovering economy.

We are all capable of innovation for continued improvement and growth. This applies to large, technologically advanced biotech firms, to small businesses, to a local farm. Innovation came in the form of a square watermelon in Japan. According to Mahender Singh, Ph.D., Massachusetts Institute of Technology, the Japanese people enjoyed watermelon, but it was cost prohibitive for stores to stock due to size and shape. So, local farmers grew watermelons in square containers for a condensed product that fit with store merchandising and also into consumers’ refrigerators. (Orthopaedic Manufacturing & Technology Exposition and Conference (OMTEC), Chicago, Ill., June 2011)

This process of growing square watermelons has made its way to the United States. An article titled Square Watermelons Hit U.S. Markets states, “In this age of carbon-footprint sensitivity and conserving gas, it’s actually a terrific idea—square melons take up less room to transport than round ones.” (www.huffingtonpost.com/food). With a price of $75 each, it is doubtful many have been sold in the U.S. However, could there be future applications for this process?

The competitive medical device industry is driven by innovation in products, services and processes. We are challenged to incorporate new ways of thinking for continued success and navigating the changing healthcare landscape.

What can we learn from other companies and professionals outside of our industry to spur our next innovation? Are there business models, ideas or processes that may transfer? An article from The Innovation Engine, Bloomberg Businessweek, June 28, 2011, states “We find it extremely interesting that hundreds of ridiculously successful companies—everything from Amazon (AMZN) to Zipcar (ZIP)—were started by people with no industry experience.”

Innovation translates to value for companies. Doug Conner, Principal, Bright Path Capital, Inc., states, “Growing value in businesses is mostly about establishing momentum, and innovation is the fuel for doing just that.” (2011 Innovation Survey, Indiana Business Council, April 2011).