12 Innovation Lessons from 2014 (Fast Company)

Back in March 2014 (yes I’m behind), Fast Company put out a report on the World’s Most Innovative Companies.  I thought the list of 12 trends or lessons from their research was worth sharing.

1. Exceptional is the Expected…Google is the case study here, but they make a point that for most companies, the best businesses focus on less not more.
2. Innovation is Episodic…Innovation ebbs and flows so people don’t stay on the list every year.  This is also known as regression to the mean or the Sports Illustrated curse (of being on the cover).
3. Making Money Matters…This is very true for mHealth.  I’ve seen so many really cool ideas, but if they’re not self-sustaining, that’s a problem.
4. Sustainability Has Found A New Gear…”Green” is no longer a gimmick.  Companies are innovating and using alternative fuels and recycling as part of that.
5. Unlocking Global Talent Unlocks Possibility…I can’t believe companies still don’t get this.  To innovate, you need diversity and a culture which allows those different opinions and perspectives to hash it solutions.  (Just look at the graphic at the bottom of this post for Silicon Valley which makes that point.)
6. Passion is Underrated…While crowdsourcing sounds like old news to many industries.  I think there’s still a huge patient empowerment push that will happen in healthcare.  (Just look at this article in the WSJ.)
7. Conflict Isn’t Required…This is the perfect Blue Ocean example.  You don’t always have to try to change the establishment but sometimes you have to figure out a whole new way.
8. Happy Customers Make You Happy…Not much to say here.  Healthcare is about to learn this lesson with exchanges, but we have a long way to go.
9. Software Beats Hardware…YES!  A great computer with a horrible data entry process which messes up the physician workflow and consumer experience is bad.  We need outside-in design to develop user-friendly software that takes into account workflow and regulation but improves the overall experience and outcomes.
10. “Made In China” Is A Compliment…I’d expand this point to say that while we’ve outsourced for years for cost that’s building up knowledge and a middle class abroad.  As their expectations and experience rise, we’re going to see more innovation and quality from abroad.
11. The Biggest Winner In The App Economy Remains Apple…And, now, Apple is taking it’s “moral obligation” and bringing it to healthcare.
12. Dreaming Big Isn’t Folly; It’s Required…Eliminating cancer.  Changing payment paradigms in healthcare.  Getting patients to take action.  Changing food at schools.  We have to have some BHAGs in healthcare and make them happen.  (Perhaps some of the HealthPeople 2020 initiatives will get us thinking.)

Above: Tech Immigrants: A Map of Silicon Valley’s Imported Talent (from VentureBeat article)