Investing in R&D and Innovation Culture in Healthcare Industry
The goal of creating a value and innovation culture in the healthcare industry has not changed, but how it is done has. Investment into R&D and venture capital arms are growing, but risk aversion still limits progress. Dr. Maddox talks about nurturing tech and innovation teams’ sense of purpose with mission-driven work and empowerment. Dr. Kapoor mentions rewarding innovation and inspiration, whether financially or not.
Empowering Leaders at All Levels and Fostering Culture of Innovation
Entrepreneurship and research are different in terms of passion, but both require grit to succeed. Organizations should ensure leaders at all levels are empowered to develop creative solutions, and celebrate failure as learning opportunities. Structures and processes such as empowering frontline staff to be drivers of innovation can help support a culture of innovation. Leaders need to model this culture and create an environment that is psychologically safe and celebrates learning.
Incentivizing and Encouraging Innovation from Frontline Teams
It is important to engage frontline teams and encourage ideas from them. This can be done through small celebrations, featuring innovators in newsletters, and awarding innovators of the month. To facilitate creativity and collaboration, organizations should have a yes and culture instead of a yes but culture, teach people to love the problem rather than the solution, ensure there is equity within the organization, keep the hierarchy simple, provide feedback to idea generators, and make sure the person who gave the idea implements it. It is important to reward and recognize innovative ideas, make sure that the idea is aligned with the mission and values of the organization, and have engaged stakeholders to help champion the innovation.
Note: This is an AI generated transcript, not edited by a staff writer and is solely intended for educational purposes. If you have any questions/concerns, reach out to events@beckershealthcare.com
This panel was live on 04/04/2023 at the event listed here.
If you are interested in event like this, you can visit our Upcoming Conferences.
