I currently am pursuing an MBA so I can sort of speak to that. Purely in terms of innovation I dont think an MBA is necessary. There are plenty of physicians who have been innovators without needing an MBA. An MBA is quite helpful for the business world and if you wanted to run your business. However again it isn't absolutely necessary but may make the journey slightly easier. For me personally my goal was to either be a clinician leader in a large healthcare system or a physician entrepreneur. I felt that the MBA would be helpful for both paths. It could have shortened the time to be promoted to leadership position in a large medical center and it could have helped me learn the necessary skills to build and run a business.

What went into my decision was the cost and the time of an MBA. Luckily as a resident and fellow the MBA was discounted by 50%. So the lower cost made the decision a bit easier. But still it is a large time commitment. I think if I had to pay full price, I would have to think long and hard about doing an MBA.

The MBA has been helpful in innovation to open doors, meet teammates, as well as learn some of the basics of starting and building a start up. But a lot of the content I think can be learned on the job.

Ultimately I don't think having an MBA is going to be the deciding factor on whether you succeed or not in the health innovation space. It can certainly help. If the opportunity cost of getting one isn't extreme, then it could be worthwhile. The benefit of an MBA are increased if you are interested in a physician executive role since it is an easy way to prove your skill and value add without years and years of experience.

I am currently pursuing a joint MD/MS in Clinical Informatics so I can address this question too. I agree with everything that Michael said before me, I actually came into medical school planning to get a dual MD/MBA but received some really helpful advice before starting.

First, I was told that some residency programs may hold an MBA against you when applying because you are considered a flight-risk after finishing, though this seems like less of an important factor for you right now. The second piece of advice was ‘is the knowledge you gain absolutely required to achieve what you want to achieve?’ For me, I realized that I did not want to become the CEO or director of a start-up business, so the business learning was not relevant for me. I had a chance to reflect on where I saw my career going and after deciding that I cared about the technology than the business-side, I was able to pivot to a more relevant and fulfilling degree!

I think the best question to ask yourself is why do you want the degree? If you are hoping to learn more about a particular area of medicine, such as hospital administration or public health, than an additional degree might allow you to view medicine from a new perspective and grow in that area. However, if you are looking to get a degree just to add letters at the end of your name, I think Michael said it perfectly:, a lot of the content can be learned on the job.

Side Note: If you are considering an additional degree, always reach out to your school/residency program as they may offer financial support or even full funding!

Great question. One really good piece of advice I have received is to think about pursuing areas or goals that fulfill three criteria: something that you care deeply about or enjoy, something that you are good at and something where there is a compelling market need or opportunity. It would be great to actively think about what areas these are early in your career so you can focus and systematically work towards high value, fulfilling long-term goals.

The best advice that I’ve received is to just start doing whatever it is that I have an interest in doing. Don’t wait to gather “all of the information” or to “know it cold!” Oftentimes we are so hesitant to venture out because we don’t “know everything” at the start, however, jumping in and exploring really has its benefits! I’ve found that I’ve learned so much more from projects and ways to be really innovative due to uncertainty- which allows for a lot of collaboration and creativity!

I would say "Follow the money in healthcare." As it stands, our current healthcare system is ridden with inefficiencies and hence, opportunities for disruption and innovation. That said, entrepreneurs not only need to think about the market opportunity, but also how funds are currently allocated towards mitigating a given problem. For my team, it was looking how Medicaid, Medicare, and cab vouchers contributed nearly $6 billion to non-emergent medical transportation (NEMT). Despite such allocation of funds, the transportation system still had a horrendous track record of missed appointments, stranded patients, and ultimately, poor healthcare. In any pursuit - I think it is critical to pin down the incentives of each stakeholder of your organization and question why THEY specifically would benefit from your envisioned solution.

I probably don't have the breadth of experience as other more seasoned clinicians, but I think it depends on your organization. Some organization have formal channels where you can submit ideas and they can be vetted, prioritized, and resources allocated to it.

Personally what I have found useful is sharing your idea with others in the organization and building a sort of a mini start up within the organization. In the past I have tried to engage people that I think would be critical to the ideas success and pilot something. We have created a MVP and often have used people to simulate the tech portion. At the very least you get some interesting results and possibly a research product but if the pilot goes well, then it can be shared more broadly and scaled.

One of the great benefits of being a physician innovator is that your network is pretty vast and can help you get access to these diverse opinions. I find that talking to colleagues is often the best way to start and get a sense of what the actual need (or gap) is and then making sure your solution laser focused on addressing the need. Also, my patients are some of the best people to give critical feedback! They love the idea of participating in feedback sessions and studies with the goal of helping future patients who may benefit from these new technologies. It's really important to listen as you talk to people and really hear what they say--both the positive and negative. Positive feedback is always nice, but the critics are the ones who will likely help you ruthlessly evaluate your solution and optimize it for the end user. Changing the opinion of a former critic to potential buyer--that's the best!

Diversity in perspectives - from different stakeholders - is critical when building any start-up venture. You really have to be a sponge as an entrepreneur. Ask open-ended questions during your stakeholder meetings, and examine your solution from their perspective. Ask physicians - would you actually use this? If not - what would make you incorporate X solution / technology / etc into your daily practice? What is preventing you currently? Hear out the alternative use cases that advisors may suggest.

It can be challenging to incorporate diverse perspectives - especially if they are conflicting. As a young healthcare entrepreneur, I recall many instances in which an investor's advice would conflict with a social worker (end user's) preference. You have to hear out various perspectives, but also stand your ground at times. Knowing when to take advice versus when to table it / re-consider it in the future is a key attribute for a successful entrepreneur.

I think it's also important to recognize the unique expertise represented within your team (engineers vs clinicians or financial analysts vs designers) - and recognize how their individual contributions may advance the overall vision of the company. There are often times engineers may not have a clinical background to fully grasp how their technology will be put to use (and vice versa). Consider bridging roles for those who have a background in both engineering and patient care - to truly enhance your product's adoption and impact. And also - try to promote intra-team teaching and this idea of a growth mindset within the organization.

Depending on where you work, your local technology transfer office is often a good starting point. My work with UT Southwestern's Office for Technology Development has been very productive in terms of understanding intellectual property, steps in the innovation process and developing a network of relevant contacts. The American College of Cardiology (ACC) launched an Innovation Section in 2017 which contains multiple resources to help healthcare providers, opportunities for involvement and networking opportunities. I have steadily become more involved in this Section both locally and nationally, which has led to multiple opportunities including meeting venture companies, advising startups, etc. For a more formal engagement, the American Heart Association offers a 9-month course called Innovating from Discovery to Delivery that covers many aspects of the innovation spectrum by working in small groups with people across the innovation landscape nationally.

Those are all great resources! A good first step is your local Tech Development office. Another great resource for Women in Innovation is the yearly Equalize Pitch Conference equalize.wustl.edu/ . This is a great networking event for Women in Innovation and Entrepreneurship!

Would like to plug Theia (theiahc.org), a non-profit organization that a couple of peers from Wharton and I started last year that helps aspiring entrepreneurs navigate the process of building healthcare organizations and start-ups. We host a podcast that features the stories of many inspiring change-makers in healthcare (open.spotify.com/show/5fH7f8tO...), and are in the midst of building a virtual framework / curriculum that walks through the process of venture creation in healthcare and the life sciences.

I'll also share this link to 4 videos that were recorded at MATTER in collaboration with Sling Health. One in particular hosts a panel of three distinct paths that physicians took to accelerate health care innovation youtube.com/playlist?list=PL7Z...

Absolutely -- the AMA is a fantastic place to meet people who are passionate about advancing medicine. I personally got involved as medical student in the AMA's Medical Student Section, which has a wide variety of opportunities that might be relevant for innovators, including a variety of policy committees on topics like health IT, medical education, etc. I actually first met my co-founders in the MSS!

The Medial Student Section Standing Committees are a great place to get involved! There are 14 MSS Standing Committees covering a variety of subject matter interests. These committees meet regularly to discuss policy and innovation, in addition to being a crucial part of MSS policy and advocacy work. To learn more about the Standing Committees, visit their page on the AMA website: ama-assn.org/member-groups-sec.... Applications are now open to join!

I found the AMA in medical school and quickly realized I could develop my interest in economics and innovation. For me, this mainly included writing resolutions and participating in committees (specifically the Committee on Economics and Quality in Medicine via the Medical Student Section and the Committee on Business and Economics via the Residents Fellow Section). There are ample lectures and networking events during conferences which have provided me with many contacts in the past. AMA members are some of the most receptive people I've ever met. I've never been turned away.

Great question that touches on many areas of the innovation process. I want to offer a broad checklist we developed here at UT Southwestern to help potential innovators:
1) Depending on where you work and how lengthy it is, consider disclosing to your Tech Transfer office to evaluate potential intellectual property (IP) protection. They can often help determine if there is "prior art" or whether your idea has already been invented.
2) I think it is very important to analyze the viability of any product or service upfront. What exactly is the problem you are trying to solve and is your idea unique? Is there existing IP that addresses this problem? How will your solution generate revenue? Who is the customer and how is this currently addressed? What is the size of the market? Who are your competitors and what is the advantage of your idea?
3) Consider a SWOT analysis (strengths, weaknesses, opportunities, threats)
4) What is needed to move forward? Startup costs, funds (how much do you have and what is needed), regulatory and legal issues. Do you have a team? Who will be helping with this innovation?
5) Timeline - what are your long-term goals? How much time can you invest into this idea? What are your metrics for success?

Shameless plug for Stanford Biodesign program. They have a sampling of videos to watch, starting with needs finding and screening, to help you answer your questions about whether your solution is "start-up ready."
youtube.com/watch?v=6Zan0ajET3...

You are asking two different questions. The first question refers to producing a novel proposed technology solution. The second questions refers to building a company underneath the proposed technology concept to support product development and market introduction.

Regarding the first question you must be able to answer the following five questions:

(1) What is the specific healthcare/medical problem that needs a solution?
(2) Who are the people, i.e., patients, healthcare providers, etc., or organization being directly impacted by the problem?
(3) What is the proposed solution and how does it solve the problem for the impacted people or organization being directly impacted?
(4) What is the value proposition for the potential buyers and users of the proposed solution?
(5) How does the proposed solution compare to existing solutions that?

Regarding the second question, you will need a business model, which is used as the foundation for the startup. The business model indicates how the company intends to produce the proposed technology solution, market & promote the solution, sell the the solution distribute the solution, and earn revenues from the solution. Note, the answers from the five questions above will be included in the business model.

Agree with the above.

Will add that it is important to have an internal framework of validating your solution / product. First, yourself in understanding the unmet need, the unique value of your proposed solution, the market opportunity, and the competitive landscape. Next come casual contacts (i.e. friends, family, and acquaintances). Then, come more formalized conversations with professors, clinicians, investors, end-users, etc. For these conversations, it is crucial to do your due diligence about their special expertise and potential interests in your solution. Tailor your questions accordingly, and allow them to provide constructive criticism, new directions, contacts, etc. During these conversations, it is great to bring in a wire-frame or even a minimum viable product (MVP) to increase the credibility of your organization - and your commitment to its success. Have a personalized deck prepared - that outlines the unmet need and how your organization fits in ... and have an ASK with next steps to ensure long-term contact.

Incorporation of LLC, C-Corp - could refer to university-affiliated law clinics that provide pro-bono services; can certainly draw up founder and operative agreements, formalize your organization, etc

Product development - would tap into list-servs of your affiliated institutions (undergraduate, graduate, etc) or alumni networks for building initial version of your product. As you develop the product, it is crucial to receive constructive feedback from the end-user (i.e. social workers/ nurse navigators for Ride Health, a start-up that I co-founded), as this will be position your solution for clinical adoption and integration into an already busy workflow.

Funding - would tap into university-associated pitch competitions and hackathons; beyond funding, these opportunities will increase visibility of your organization to contacts - whether potential advisors, customers, investors, etc.

We already have plenty of game-changing healthcare ideas - be it app, platform, device, technology or treatment plan.

But not all have yet reached the stage where they no longer need any further innovation. Meaning, we always need to polish the already invented wheel to make it more useful and productive. (That will work as effectively as a newly invented wheel!)

Let me give you an example. Telemedicine is one such great idea. But even after being in existence for years, it is not yet fully innovated. So, there is still room for taking telemedicine to the next level.

For that, you can connect it with healthcare eCommerce like Hims and Hers, you can also connect it with remote patient monitoring. Possibilities are endless. And every possibility leads us to the next generation of an already existed idea - which makes more sense - rather than launching an unmatured idea and experiencing failure.

And yes, the third step should be compliance! (What are the laws your idea forces you to adhere to!)

Because regulators are watching you!

A lot of great advice and suggestions here. What has worked for me is to try to derisk the venture/idea/product as fast and cheaply as possible. Large risks include not solving a problem for someone but even if you solve a problem for a start up you need customers. So making sure that your idea can actually get people to pay for it is critical.

Another thing investors look at is size of the market. If you solve a problem for a small group of people, it will look less attractive than solving a problem for a large group of people. There are a lot of things to consider but making sure you actually address a need and having something that people are willing to pay for I would say are the most critical and have to be addressed first.

When done well, mentorship is a 2 way street where both parties give to the mentor-mentee relationship and both get something from the relationship. And I have always approached this as a team sport—I’ve needed different people to mentor me though/help me develop in different areas. I’ve had mentors in clinical work, research and entrepreneurship. Hope this helps!

I totally agree with Jennifer. You need to add value as you as receiving mentorship. You need to offer your time/effort to help out or volunteer. Ideally, the goal of mentorship is to have someone that guides you. You can learn from that person by observing the daily work, ask questions, and being curious.

Add value to receive a greater value.

To add one final thought to the excellent responses above, I would say never be afraid to reach out to clinicians, researchers, innovators, or anyone whose work interests you. The worst thing that can happen is they don't respond to you. However, the flip side is that they are happy to speak with you, can answer any questions that you have, and may be able to provide some guidance into the future. Some of the most informative conversations I have had about medical entrepreneurship were the result of cold emails or networking events, it can never hurt to just say hello!

Great question! It is challenging to do anything outside clinical responsibilities in residency and of course those are the main priority. I did a few things to keep myself involved in healthcare innovation. First and most importantly I found a mentor. This can be challenging and I actually went outside my medical field of practice to find someone. I selected a research project which allowed me to study a patented medical device since I knew this was specifically what I wanted to do in the long run. I volunteered for events like hackathons and attended healthcare innovation conferences such as RockHealth. Joining the AMA PIN is a great first step!

Thank you! I am looking for mentorship, I didn’t even think about approaching it the way you described. How did you know this was the area you specifically wanted to go into? What do you suggest we do if we haven’t found a specific area yet?

Hi Fahed,

You are near Chicago so tactically I would recommend attending a few events at Matter. They usually hold fairly regular event and is an easy way for you to see what people are doing out there. Healthcare innovation is incredibly broad, there are people interested in AI, devices, blockchain, human computer interface, etc. The great thing is that in Chicago there is probably someone working on/in an area that you are interested in. Asking questions and just overall inquiring about what it is that they do and how you can help will open so many doors.

Resources: Recommend the same things as Dr. Miller with the added suggestion of using your medical school and residency network. Alumni are always eager to talk with students. That is a great way to get started on projects and get experience in this area. I would also recommend joining AMIA. A lot of the informaticists are involved in innovation.

Lastly there is no ONE set path to being in innovation. I know as physicians we are use to a linear path. Innovation unfortunately (or maybe fortunately depending on your preference) isn't like that.

I would try to expand my network using social media platforms like Linkedin, Twitter, and Clubhouse. I would also subscribe to the newsletter of organizations like MATTER, 1871, Stanford innovation, MIT Hacking Medicine. Ideally, this would result in meeting new people interested in the same field and finding a mentor to help you out. I would also encourage you to volunteer at some of these organizations or startups. You need to get yourself out there and meet people interested in the same field. Unfortunately, the residency curriculum is still so rigid to learn anything about innovations or technology in healthcare.

Fahed - If you're not already involved, MD++ would be a great start for you to meet like-minded med students, find mentors, and hear about exciting events and opportunities. Here's a link to sign up mdplusplus.org/

As a current medical student, I am happy to answer from recent personal experience! A little background on me, between college and medical school, I worked as a research study assistant at a cancer hospital and almost by accident got to work with a small team of passionate developers and scientists in building a software platform to match patients to available clinical trials. Unbeknownst to me, this would light a passion for clinical research informatics, and I have been able to continue growing in this field throughout medical school.

From this, I took away two primary lessons above many others. First, always feel free to email professors or instructors who are doing work that sounds interesting to you! Throughout my entire medical school career, I have emailed dozens of professors with questions and have rarely been turned away, more often I am invited to attend lab meetings or even meet in person (pre-pandemic, of course). In fact, I met my own research PI and mentor by cold emailing her my second week of medical school and one in-office meeting later, I had found my mentor for the next 5 years!

Secondly, I think it is really important to pursue work that you are passionate about. Starting out in this field, you will likely join research projects and take on some “less-than-flashy” tasks to help the team, but it can be really helpful to believe in the overall goal of the research and will help you grow as you learn. It also pays dividends when it comes time to residency/job interviews where speaking about a project you are really invested in speaks so much louder than rattling off facts about work you didn’t care about.

For those of you who don’t have a specific niche yet or are just excited about the prospect of healthcare innovation, then joining this discussion is already the perfect first step! Hopefully we can provide some helpful advice over the next few days to get you started on a really exciting path.

I didn't become interested in innovation until residency. I became interested after seeing the inefficiencies in healthcare. I suspect many in the panel and in the discussion may feel the same way. Luckily my residency institution was part of large university that had a business school and others that were interested in innovation. My advice to people starting out is two fold.
1. Take advantage of the resources at your disposal. If you are in medical school or residency you have a vast network at your disposal. There are people constantly innovating. Your university may have an innovation center. If the University doesn't have one then there are certainly opportunities in/around the city that you live in. Now with technology you don't have to even be physically close. You can be a part of innovation in any city you just have to look for it. If you are in Chicago Matter is a great place to start. Entrepreneurs and healthcare innovators are always eager to talk and chat about their ideas.
2. Just put yourself out there and join a team. Nothing beats experience. Join a team to do a hackathon, help work with a start up for a semester or two, or just reach out to different founders. Similar to how residency is quite different from learning content in medical school, real world experience working with an innovative team is not something that you can just learn by reading. Don't be afraid to take some chances. Regardless you will learn a lot and be able to use it whether it is for your own innovative pursuits or in your future career.

My experience might be slightly different from a typical medical student in the USA. I was born and raised in Damascus, Syria and I went to medical school there. But I have always had a great passion for entrepreneurship, technology, and innovation. In residency, I started learning more about healthcare in the US and the challenges and issues. Given my passion for entrepreneurship and technology, I started following the latest news about healthcare startups, attending sessions and conferences about Health IT in Chicago. I've learned a lot by being involved in the healthcare innovation ecosystem, and that helped me decide that I want to apply for a fellowship in Clinical informatics.

You guys need to realize the exciting times ahead in the healthcare innovation world. I would stay curious about the new updates and follow the latest news by following/visiting organizations like MATTER in Chicago, Stanford Innovation, and MIT Hacking Medicine. I would also be active on Linkedin, Twitter, and especially ClubHouse to meet new people in the field that you are interested in. It would be best if you started building your network, looking for mentors and colleagues to work with. Stay motivated, curious and driven and you will discover your passion.

I have always been passionate about innovation in medicine and I have spent just about every summer since high school in a lab. I joined the MSTP program at Mount Sinai. I had always been open to exploring the business side of medicine but found the academic route to be the seemingly tried and true pathway. I had the fortune of working as part of a large consortium made up of immunologists and bioinformaticians during my PhD, and it became clear to me that the collection of large amounts of data and cloud computing was the future of medicine. I also spent a month interning for a medtech think tank in New York which gave me my first introduction to the business side of medicine. During my fellowship in Peds Cards the Apple Watch Afib detection algorithm came out putting a medical device in the hands of consumers making it possible to truly make patient care patient centric. I pursued a 4th year Digital Health Fellowship during which time I created and studied multiple digital health platforms. During that time I also pitched and won funding for a VR platform for patient specific MRI data. When the pandemic hit, I watched as the private sector was able to quickly pivot and transform the way medicine is practiced. I felt I need more experience in operations and finance so I left academia and took a position as an Expert Physician Consultant.
My fellowship in Digital Health at USC was the most influential experience in my career, and I highly recommend searching out programs like this for example the Stanford Biodesign program. I also recommend following newsletters like those from RockHealth or MIT hacking. Additionally, volunteer for local hackathons, fundraisers, and your innovation center. Reach out to anyone and everyone to learn about their career path. Always be ready to seize any opportunity.