Factors for Success are:
Why Needs-driven Innovation?
Entrepreneurship and innovation in the healthcare sector are still heavily driven by technological pushes (idea first), where new technologies are developed before potential markets are identified and thoroughly analysed. This leads to many products that do not meet the needs of the clinical stakeholders, including healthcare providers, doctors and, most of all, patients. Ultimately, this results in high failure rates between 70 and 90 percent for classic technology push developments.
In contrast to that, market pull (needs first) starts with the actual stakeholders in order to identify and evaluate their unmet needs and then develop products in order to overcome and address these. By consistently applying such a needs first approach in an outcome-driven innovation cycle, innovation success rates of up to 86 percent are achievable.
Medical device development requires a thorough understanding of clinical workflows and user groups
Support for Entrepreneurship
Technical University Munich provides two main centres to support start-ups and spin-offs and provide necessary skillsets. The Centre for Digital Technology & Management (CDTM) functions as a hub for students and doctorates interested in innovative education and entrepreneurship, offering a wide variety of courses. The UnternehmerTUM is the centre for Innovation and Business Creation at TUM, and accompanies and supports start-ups and established companies when founding successful businesses – from initial idea to growth stage. Support is given by courses, workshops, mentorships, and potentially also direct investment.
The overall goal of MedInnovate is to develop leaders in medical technologies, by fostering the cooperation and collaboration of academia, clinical practice, and industry. In this regard, experts from various disciplines (engineering, business experts, medicine, natural sciences, computer science, designers) should step up to become key contributors and leaders in medical innovation.
MedInnovate provides a strong network of mentors and supporters. Based on strong collaborations on a national, European, and international level, e.g. with potential sister programs such as BioInnovate Ireland, a strategic network of unique value is accessible, ultimately providing an improved level of healthcare to patients and a benefit to the general society.
MedInnovate fosters collaboration between academia, clinical practice, and industry.
In the fellowship program, interdisciplinary teams identify unresolved clinical needs by full clinical immersion, where the team observes the daily practice and interacts closely with healthcare providers. MedInnovate considers the heterogeneous background of the individual fellows (e.g. including a medic, engineer, business expert, and designer) as key to success and actively embraces the collaboration within teams as well as across teams and different disciplines.
Beyond that, Medinnovate fosters a collaboration on a European and global level. The fellowship is supported by a strong technical and clinical network in Munich, Europe and worldwide, also leveraging existing innovation fellowship programs in Europe. With leading hospitals and various supporters within clinical practice, fellows can immerse themselves using the provided network. Through a strong link and collaboration with other fellowship programs and initiatives, access to a global network of experts from various disciplines is facilitated. In collaboration with industry-leaders and innovators around the world, a strong network can be accessed and leveraged to commercialise innovative medical technologies.