Session 2 - Types of innovation PDF

GRD301: Innovation and Entrepreneurship GRD301: Innovation and Entrepreneurship Innovation and Entrepreneurship Lesson Learning Outcomes: Understand and identify the different types of innovation. Understand the value of Innovation in healthcare. Identify the major drivers of innovation in healthcar...

GRD301: Innovation and Entrepreneurship GRD301: Innovation and Entrepreneurship Innovation and Entrepreneurship Lesson Learning Outcomes: Understand and identify the different types of innovation. Understand the value of Innovation in healthcare. Identify the major drivers of innovation in healthcare. Identify innovation trends in healthcare GRD 301 *This course includes materials licensed by Stanford Center for Professional Development on behalf of Stanford University. The materials provided herein do not confer any academic credit, benefits, or rights from Stanford University or otherwise confer a relationship between the user and Stanford University. PowerPoint developed by David Vanhoutte When considering innovation, it is worth exploring what is being innovated and the types of innovation Innovation is the practical application of ideas that lead to various new types of new offerings such as: Products. Services. Processes. Business models. The goal of innovation is improving or creating new solutions. Innovation can happen anywhere. What is Being Innovated Product Innovation Service Innovation Business Model Innovation Process and technology innovation Organizational innovation Social innovation Environmental innovation Types of Innovation Incremental Existing technology, existing market A common form of innovation. Uses existing technology within an existing market Goal is to improve an existing offering by adding new features, changing the design, etc. Examples include updating hardware, improving design, adding additional features Examples of existing technology, existing market Architectural Existing technology, new market Existing expertise, technology and capabilities applied to offer new services and products for different markets Allows organizations to enter new markets and expand their customer base. Examples of existing technology, new market Disruptive New technology, existing market. Associated with the application of new technologies, processes or disruptive business models to existing industries. Examples of new technology, existing market Radical New technology, new market. Way most people view innovation; The rarest form of innovation Involves the creation of technologies, services, and business models that open up entirely new markets. Examples of new technology, new market Challenge Find an example for each of the four types of innovation: Incremental Radical Architectural Disruptive The examples should be from healthcare Innovation in Healthcare What innovations do you know of? Innovation in Healthcare Innovation for health includes the development of new drugs, vaccines, diagnostics and medical devices, as well as new techniques in process engineering and manufacturing, (and new approaches and policies in health systems and services, including a better understanding of human health behaviour) Why is innovation important in Healthcare? There are multiple global health challenges that require solutions and innovative thinking like obesity, climate change, air pollution. Each pose particular challenges and each require new solutions to deal with them. The Value of Innovation in Healthcare Settings Hospitals and health systems are constantly changing to deliver high-quality, safe, client care, and to improve clinical outcomes and the health of their communities. Hospital and health system leaders and providers benefit when hospital-monitored quality and safety performance metrics improve, Centers for Medicare & Medicaid penalties are reduced or eliminated, and hospital reputation improves. Of equal importance, when innovative practices, processes, and systems improve the health of the community, hospital and health systems can expect to see higher utilization of services. Drivers Of Innovation In Healthcare Settings Client/ Community Lower cost of care Improved satisfaction Health promotion Enhanced high-quality clinical care Hospitals Safety and quality metrics improve Save through greater efficiency Improved clinical outcomes Patient/family satisfaction Can you add any? Emerging Trends In Healthcare Innovations Emerging Trends In Healthcare Innovations Telehealth Known as telemedicine, virtual care, or connected care. The practitioner can visualize, hear, and communicate with either a patient or another care provider. Telehealth commonly allows patients in rural locations to receive high-quality specialty care that may not otherwise be available. Emerging Trends In Healthcare Innovations mHealth mHealth or mobile health refers to mobile medical applications (apps) that can be used on a variety of mobile or portable devices, including mobile phones (i.e., smartphones), tablets, or computers. the fastest growing area of emerging innovations within healthcare. Emerging Trends In Healthcare Innovations Game theory is rapidly advancing into healthcare as disruptive treatment and education tool. Gaming in healthcare is through a computer or mobile app-based game to improve a condition, help caregivers monitor their own performance in delivering care, or advance education, whether to clinicians or patients. The Value of Innovation In Healthcare Settings Hospitals and health systems are constantly changing to deliver high-quality, safe, client care, and to improve clinical outcomes and the health of their communities. Hospital and health system leaders and providers benefit when hospital-monitored quality and safety performance metrics improve, Centers for Medicare & Medicaid penalties are reduced or eliminated, and hospital reputation improves. Of equal importance, when innovative practices, processes, and systems improve the health of the community, hospital and health systems can expect to see higher utilization of services. Emerging Trends In Healthcare Innovations Artificial intelligence (AI) is a wide-ranging branch of computer science concerned with building smart machines capable of performing tasks that typically require human intelligence. Emerging Trends In Healthcare Innovations Biotechnology: tools and techniques open new research avenues for discovering how healthy bodies work and what goes wrong when problems arise. Knowing the molecular basis of health and disease leads to: improved methods for treating diseases Improved methods for preventing diseases Examples include quicker and more accurate diagnostic tests, therapies with fewer side effects and new and safer vaccines. Emerging Trends In Healthcare Innovations Can you add any? Is all innovation Good? Inappropriate innovations may occur. Investment may be going into high cost sophisticated technology when basic issues of access are not being addressed. Innovations can drive up demand and costs. Innovations can also increase inequity. If there are costs involved at point of use, people of lower socioeconomic status might not be able to afford them. Is all innovation Good? Innovation is expensive and companies are spending more money on research and development, but producing fewer innovations, and these costs eventually will get passed on to the consumer. Challenge Find an existing innovation in healthcare Identify a problem that has resulted from the introduction of the innovation. Suggest a way this could be overcome. Evidence-Based Leadership, Innovation and Entrepreneurship in Nursing and Healthcare : A Practical Guide to Success, edited by Bernadette Mazurek, PhD, APRN-CNP, FAANP, FNAP, FAAN Melnyk, and Tim, DNP, RN Raderstorf, Springer Publishing Company, 2019. ProQuest Ebook Central, http://ebookcentral.proquest.com/lib/fchsae/detail.action?docID=5970676. Created from fchsae on 2021-08-23 07:33:57. Paul Stoneman and Paul Diederen.(1994). Technology Diffusion and Public Policy.The Economic JournalVol. 104, No. 425 pp. 918-930 (13 pages) Published By: Oxford University Press https://doi.org/10.2307/2234987 https://worldofwork.io/2019/07/the-henderson-clark-innovation-model/