Before reading I was extremely skeptical about the potential for Open Innovation in healthcare. Given the immense regulation that governs the healthcare space, I struggled to see how industry could leverage open innovation to advance R&D efforts.
After reading, my perspective has completely changed. I now see how it is sensible for a company, such as Eli Lily, to partner with a leading researcher/academic to develop the next breakthrough drug. With the diminishing returns that pharmaceutical R&D now delivers, it is logical to see pharmaceutical companies opening up their R&D efforts.
I am convinced Open Innovation will help advance the quality of healthcare in the future. But if competitors begin to do the same, can Eli Lily ensure/retain a competitive advantage in this open landscape?
Thanks for sharing, Sam!
It is extremely interesting to see how teachers are actively leveraging open innovation & the sharing economy to boost the quality of education for children. As you mention, the key hurdle that TeachersPayTeachers must overcome is getting administrators to see the educational benefit of crowdsourcing (a portion) of their educational content.
Perhaps, administrators can first target this crowdsourced educational content to school districts that are severely underfunded (as these communities have the most to benefit). Alternatively, administrators can focus on the cost benefit of crowdsourced content to alter their purchasing habits. Either way, TeachersPayTeachers does a great job of disrupting the education industry. Traditional publishers should watch out!
After reading this post, I am left at the edge of my seat. As your numbers portray, cancer affects us all in some way, shape or form. With the hundreds of thousands of lives that are lost each year to cancer, there is clearly a tremendous opportunity for companies to apply breakthrough technology to address this major health need.
What Freenome is doing is incredible. I would recommend that they remain focused on a specific cancer type in order to make serious progress in their ability to effectively predict the actual biomarkers that lead to colorectal cancer.
Although Machine Learning is helping Freenome charge forward with breakthrough oncology research, it is fascinating to still see the critical role that oncologists will still need to play to ensure ultimate success. It reinforces how we are not being replaced by machines/machine learning, we need to learn how to work with machines/machine learning to truly unlock it total potential.
ThyssenKrupp’s exploration into Machine Learning is particularly interesting. Having worked in manufacturing for a number of years, I know the tremendous value that effective maintenance scheduling can provide an operation. By leveraging machine learning to better predict when elevators need maintenance, I am confident that ThyssenKrupp will unlock productivity & significantly reduce downtime (costs).
Instead of worrying about competitive responses to machine learning exploration, I would challenge ThyssenKrupp to look outside of this specific industry for future opportunities. I envision numerous applications for this technology/capability in industries that are capital-intensive. This could be a great opportunity for ThyssenKrupp to partner.
P.S. You should add a ‘Tower of Terror’ to your list of movies with iconic elevator scenes. Hopefully ThyssenKrupp can continue their commitment to this Machine Learning technology, as I would hate to be caught in my own rendition of ‘Tower of Terror’…
Really interesting read.
I believe technological breakthroughs are the #1 driver of product innovation at footwear companies such as Adidas & Nike. In the short-medium term, the most valuable benefits of these technological breakthroughs (such as 3D-printing) are the increased product customization & (eventually) reduced manufacturing costs. Adidas & Nike must now sprint to capture as much of this value via the first-mover advantage.
Long term however, the feasibility/sustainability of 3D-printed footwear will hinge entirely on product performance. If Adidas can not couple breakthroughs in 3D printing with advancements in product performance, the ultimate viability of 3D-printing/additive manufacturing will be at risk.