Author Archives: Arlen Meyers

About Arlen Meyers

Arlen Meyers, MD, MBA is an emeritus professor at the University of Colorado School of Medicine, an instructor at the University of Colorado-Denver Business School and cofounding President and CEO of the Society of Physician Entrepreneurs at www.sopenet.org. Linkedin: https://www.linkedin.com/in/ameyers/

Why I split with Alexa

GUEST POST from Arlen Meyers

The latest smart audio report from NPR and Edison Research estimates that there are now nearly 120 million smart speakers in U.S. homes, representing 78 percent year-over-year growth. However, the survey also found that nearly 70 percent of survey respondents were “not at all likely” to buy another device.

According to a recent survey published by Voicebot.ai, one in four Americans own a smart speaker and that number continues to grow; smart speaker ownership increased by 40 percent in 2018 alone.

Just over half (53 percent) of owners use their smart speakers daily or multiple times a day. Curiously, 16 percent of the sample said they “never” use them. These are likely to have been gifts. Mine was.

Like the start of any relationship, our cyberdating experience started slow until we gradually got to know each other better . She had to learn my voice commands and I had to learn what she could and could not do. It also turns out that someone gave me a smart plug before I even knew what I was supposed to do with it. I plugged it in. Then, nothing.

Once I realized it was a way to activate lights or other electrical things by asking Alexa, I thought I’d give it a try. I must admit, though, I was getting nervous about how quickly things were moving with our relationship particularly since, even though I hardly know her, I invited her into my bedroom. Much to my surprise, she did not mind. In fact, she encouraged me to ask her more questions.

After about a month of using it to periodically listen to music or turn on and off by bedside lamp, there were ominous signs that our gig was going south:

  1. Every now then and it became disconnected to my WiFi and the App on my phone was cumbersome and time consuming to navigate. A simple on-off button would have been easier.
  2. I started reading about how speakers listen to our every word and sell the data to someone else without my approval. I thought we were going to keep things to ourselves before we introduced each other to our parents.

3. People like me are still trying to understand the full potential of smart speakers, and their expectations, interactions and boundaries are evolving. One survey uncovered six key tensions:

4.People are buying A LOT of smart speakers, but that doesn’t mean they aren’t nervous about eavesdropping. Curiosity about what smart speakers can do for people and their homes is being weighed against privacy concerns.

5.Talking to a machine feels futuristic, but the auditory interface can stir up feelings of nostalgia. An interactive voice assistant feels beamed from the future, but a speaker can feel like radio.

6. Smart speakers can help accomplish tasks, but they can also feel like toys. A person’s relationship to the device changes depending on whether they view it as a tool that completes tasks, or a content delivery mechanism that provides fun diversions.

7. People want a voice assistant to be friendly, but not too friendly. While it’s possible to humanize voice assistants by adding accents or emotions, people don’t want the devices to have an unprompted or imposing presence.

8. The experience reminded me of a sensory neuropathy where there was a neurologic problem with the afferent system

9. The experience reinforced my thought that putting smart speakers in the medical exam room would have lots of problems.

10. Like entrepreneurship, it was just better to pull the plugs, learn from my mistakes, and move on. No alimony. No child support. Not having to ghost Alexa on social media or avoid her at the Starbucks.

11. Maybe some day, like a bunch of techie nonsickcare entrepreneurs hope, Alexa will be a personalized patient clinical decision support tool or help with chronic disease management. It won’t help much, however, if your home dialysis machine loses it’s WiFi connection or your dog eats the smart plug.

12. There is a lot to be said for digital detox and solitude.

Now I am enjoying the disconnection, just using my expensive Sonos system that has much better sound anyway, just turning on the damn light myself and just looking up on the Internet who won the latest college football playoff game, which I really didn’t care that much about anyway. She just didn’t solve my problem and add enough value compared to the competition enough to make me switch from what I was doing before she entered my life.

Are you listening digital health, digital therapeutics and the internet of medical things? Alexa isn’t any more.

and Co-editor of Digital Health Entrepreneurship

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Expand the AREA under your network curve

GUEST POST from Arlen Meyers

Building and managing your social network, both face to face and online, is a core entrepreneurial competence. It should also be a personal care competence.

There are many reasons why a robust internal and external network will help you achieve your personal and professional goals and should be part of your personal business model canvas.

Experts agree that the most connected people are often the most successful. When you invest in your relationships — professional and personal — it can pay you back in dividends throughout the course of your career. Networking will help you develop and improve your skill set, stay on top of the latest trends in your industry, keep a pulse on the job market, meet prospective mentors, partners, and clients, and gain access to the necessary resources that will foster your career development or help you find the necessary resources to build and finance your company.

If you are reading this article, it is possible that you are enmeshed with your career. Psychologists use the term “enmeshment” to describe a situation where the boundaries between people become blurred, and individual identities lose importance. Enmeshment prevents the development of a stable, independent sense of self.

Unfortunately, I think most doctors are linkedout and there are many reasons why:

1. Linkedin is mostly about finding a job. It does not fit the needs of doctors. Unless, that is, you didn’t match or a tired of medicine and looking for your next gig.

2. Social media sites are a useful way to educate, inform, market, build networks and communities of interest and build a business or start one. Most doctors are not interested in those things.

3. Doctors don’t have the time to actively engage to the extent they need to to be effective.

4. There are many competitive physician networks that offer more of a value proposition.

5. Doctors like to hang out with other doctors and feel uncomfortable expanding their networks outside of medicine.

6. They are afraid of liability risks and are just learning about how to use social media correctly.

7. Using Linkedin is a great way to build international networks. However, 10% will be talkers and the other 90% will be gawkers.

8. Linkedin can be used as a freemium business model. However there are risks and unless you offer a lot to premium members, it will fail.

9. Doctors use professional and specialty associations as advocates, as ineffective as some think they are. Not much get’s done on Linkedin.

10. The opportunity costs of their time is high. They don’t want to waste what little time they have left each day surfing on Linkedin

One way to get, keep and grow your network is to expand the AREA under your network curve. That will require a strategy, some tools, ways to drive traffic to your sites and platforms and metrics.

Awareness

The first step is to create awareness, whether you reach out personally or use social media tools. For example, on Linkedin, you should:

  1. Have a professional looking profile
  2. Create a company page
  3. Join relevant groups
  4. Create content that that you can post on your company page, website or blog and share with others
  5. Comment on other posts
  6. Introduce members to your network who might benefit from the connections

Relationship building

The value of networks derive more from their quality than quantity. Vanity numbers are relatively meaningless. Consequently, supplement local online links with opportunities to meet, exchange well wishes or congratulate on happy life events or condolences for sad ones.

Here is a guidebook if you need help.

Education and Engagement

Take the opportunity to educate your network members about what you are doing, the progress you are making, the problems you are having, and, when appropriate, invite them to help you and ask if you can help them.

Avocacy

You know you have been successful when you exchange advocacy roles by highlighting successes, encouraging others to follow or connect, championing a cause or organization or writing endorsements, testimonials or recommendations if, and when, you feel comfortable doing so.

In addition, social networks are good for your health. It’s always fun having a friend to high five when you’re feeling fabulous, or to have a shoulder to cry on when you get the blues, but new research from the University of North Carolina at Chapel Hill reveals that having more social ties to people at an early age can lead to greater health benefits at the beginning and end of your life.

The study, published in the Proceedings of the National Academy of Sciences, finds that measures of physical well-being such as abdominal obesity, inflammation, and high blood pressure, all of which are linked to further health problems, were definitively linked to social relationships, and that aging adults live longer when they have more connections.

Reach out to friends and family to revitalize your social circles. You’ll end up having fun while also establishing a support network for yourself. Even just reaching out by text, online,email, or phone to catch up with people you haven’t spoken to in a while can help strengthen relationships. It doesn’t take much; recent research on adult friendships has shown that having just three to five close friends is associated with the highest levels of life satisfaction.

Social isolation and loneliness are risk factors for adverse health outcomes.

Thanks for being part of the AREA under my network curve.

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How to fund your biomedical or digital health idea

GUEST POST from Arlen Meyers

The most frequently asked question most inexperienced physician entrepreneurs ask is, “How do I find investors?”. The facts are that, according to the Angel Capital Association, only 2 percent of entrepreneurs are able to pry much-needed cash from the tight hands of angel investors, and less than a half of a percent raise money from venture capitalists, according to Price Waterhouse study.

Structural changes in the venture capital industry makes it harder to find seed stage money and investors who are willing and able to lead deals. The result is a seed stage gap.

Further complicating the issue is that investor ecosystems and funding requirements vary depending on the type of product or service you are building. For example, finding the amounts of money you will need to develop a drug, device or diagnostic product will vary significantly from how you find money for your digital health app or care delivery or service improvement. The time horizons and follow on round required are also different.

So, what’s a biofounder to do?

Here’s are the stages of funding.

Obviously, there is a lot of advice on how to raise seed stage money, but here are some recurrent themes concerning the strategy and tactics involved:

Strategy

1. Be sure your idea is ready for investor prime time–i.e. you have the pieces in place and have validated most of the elements of the your business model. The ultimate validation of your model will be if you have paying customers already.

2. Fight the right kind of investor who identifies with your idea during the right stage of development. Not all investors are the same. Some favor certain industries or products, some have personal connection, some want early stage, some want later stage. Do your homework. Here are the various stages of startup funding.

3. Explore alternative and new forms of funding, such as investor, charity or product/service crowdfunding, corporoate venture, state andlocal grants and university based endowments and investment funds.

.4. Network, network, network.

5. Fail early, often, and for as little cost as possible.

6. Self-fund or bootstrap for as long as possible. Build as much value into your idea as possible before shopping it to investors.

7. Consider customer-funded business models if possible.

8. Have a fundraising plan, just like a marketing plan or financial plan, and execute it

.9. Get the right people on the bus as soon as possible.

10. Find the cheapest, smartest capital (not necessarily money) to get to your next critical success factor.

Be sure you have a fundraising plan and follow these steps.

Tactics

Now that you have some strategy, here are some nuts and bolts:

1. Network, network, network.

2. Create a one-page executive summary, a 3-minute video, a website with a button “for investors” and a 10-slide Powerpoint presentation.

3. Sell to the heart, not to the head and be sure your pitch is investor ready.

4. Be sure you have the right story teller on the team.

5. Create social media buzz about your product or service as part of your plan. You know you are successful when an investor says, “Oh, I’ve heard of you.”

6. Apply for non-diluting sources of capital like SBIR/STTR, state and local eco-devo grants, international research, and development collaborations, etc.

7. Explore accelerators, generators, and incubators that have the right model for you.

8. Find out who funded your competitors and contact them.

9. Think big, but start small demonstrating customer traction with pilots.

10. Network,network, network. Even when you are networking, you might be mingling with the wrong people. There are 15 sources that you should cultivate who can make introductions or ease the way to meet investors. Here are some tips on how to find investors on Linkedin.

11. Here is your angel investor contact to do list

Here are 10 other places to look for money:

You should also look into investor crowd funding. Here are the pros and cons.

Here are some tips on how to find angel investors:

  1. Use personal networking. The best angels you will find are the ones who know you personally, or know a member of your team or advisory board. If a potential investor gets to know you BEFORE you are asking for money, your credibility and investment probability will be improved by an order of magnitude.
  2. Entice angels to play along. Of course, angels are really mortals. They want to make a difference. Asking an angel to work with your company in an advisory role is a great way to establish a relationship that may lead to a cash investment. If you impress the angel, it will likely make her at least an archangel (advocate) when it comes to funding.
  3. Court local angel groups. Since angel investors most often focus only in their own geographic area, it’s most effective to court the local group, or even make a guest appearance with an archangel. If you can earn an archangel’s confidence, he or she will invite you to pitch the group, and you’ll have an edge in the voting.
  4. Mine national databases. If you are still alone, submit your application to the leading online website national databases of angel investors, Gust (USA) and National Angel Capital Association (Canada). These sites have arrangements with hundreds of local groups and individual investors that you might otherwise have missed. You might also check angel funds that target bioscience or digital health ideas or raise money from doctors for doctors.

Gust (formerly AngelSoft). This is perhaps the most widely-used source of information on angel investor groups across the world, run by the “Father of Angel Investing in New York,” David Rose. This software platform is used by many local angel organizations for managing deal flow.

Gust claims to have facilitated over $1 billion of investments in 500,000 startups to date, via connection through their platform to over 70,000 angel investors in 190 countries. As an entrepreneur, you simply use their investor search engine to find appropriate investors for your business according to location, industry interest, and other relevant criteria.

AngelListThis is another very popular website for raising equity or debt investments for startups. It was founded back in 2010 by Naval Ravikant and Babak Nivi of Venture Hacks, which is also a great place to visit for startup advice.

AngelList has featured over 3 million businesses for potential investors in a format that is, effectively, a social network for entrepreneurs and angels. They claim to have already raised over $560 million for 1400 startups, primarily in the US and Europe. In addition, they serve as a jobs available site for 24,000 startups.

Keiretsu Forum. This one claims to be the world’s largest single angel investor network, with 2500 accredited investor members throughout 52 chapters on 3 continents. Since its founding in 2000, its members have invested over $800 million dollars in over 800 companies in technology, consumer products, healthcare/life sciences, real estate and other segments with high growth potential.

The Founding Chapter is in Silicon Valley, California, (naturally). A caveat is that this is a for-profit organization, so fees to present may be significant.

USA Angel Investment Network. This group claims to be the largest angel investment community in the world. They have already raised $300 million for startups in the US and across the world. A caveat is that this network doesn’t offer a personal touch, as it only facilitates the exchange of contact information, so the matchmaking is left up to you.

The reach is very broad, with a network has 30 branches extending to 80 different countries. They have over 785,000 registered members with 140,000 investors and 650,000 entrepreneurs.

Angel Capital Association (ACA). The ACA is the angel industry alliance, which now includes a directory to more than 240 angel groups and 13,000 individual angels across North America. ACA member angel groups represent more than 10,000 accredited investors and are funding approximately 800 new companies each year, and managing an ongoing portfolio of more than 5,000 companies throughout North America. Here are some facts about angels:

  • Angels are still predominantly men, but the number of women angels has been increasing – 22 percent of angels are women and 30 percent of new angels are women;
  • Angels are based everywhere, not just in the Silicon Valley, Boston and New York;
  • Most angels are experienced entrepreneurs;
  • Median investment size is $25,000; and
  • A typical angel has a portfolio of 11 companies, with large variation depending on how long the angel has been investing.
  1. Remember angels beget angels. That means that once you get the first one, he or she becomes your best advocate for finding more. Investment angels don’t like to travel alone, so they will bring in others if they can (it’s called share the risk).
  2. Don’t forget passive angels. These are angel investors who are private, meaning they don’t go to meetings, but will invest if someone they trust brings them an attractive opportunity. Find the right investment advisor, or member of your advisory board, and the “match-making” will happen.

The VIC Investor Network helps develop and commercialize biomedical technologies that originate in academic research centers and government labs.

Apply for an SBIR/STTR grant for non-equity diluting funding. If you are successful, then apply for matching grants if they are offered in your state.

Apply to be part of an iCorps team.

Be sure you have a financial model is credible

Here are some ways to be sure you are ready for fundraising prime time.

Finding seed funding for your idea is as much about when and if as where and how. It takes planning, preparation and practice and having realistic expectations about how few companies actually are funded by VCs, angels and crowd funding platforms. Be sure you have done your homework, crafted, and validated your business model canvas and done some experiments before giving up control to investors. Good luck with your venture.

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High touch, hight tech and high trust

GUEST POST from Arlen Meyers

The foundation of any relationship is trust, including the doctor patient relationship and any business relationship. Busted trust, ethical lapses and an increasing distrust of technology and people who create it have created both problems and opportunities for those in the trust business.

In the bygone days of 2015, the Brookings Institute did a survey on what Americans are most afraid of. The list consisted of the usual: dying, ghosts, and other spooky things.

But, the top 8 all consisted of tech-related fears, including number 1, “cyberterrorism,” 2, “corporate tracking of personal information,” and interestingly, 8, “technology I don’t understand.”

Since then, technology has only gotten more complex, integrated, and entwined in our everyday lives including when we get sick.

In addition to their concerns about low and declining levels of trust in government, many Americans are anxious about the level of confidence citizens have in each other. Fully 71% think interpersonal confidence has worsened in the past 20 years. And about half (49%) think a major weight dragging down such trust is that Americans are not as reliable as they used to be.

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Best sellers like “The 10 Laws of Trust” and “The Speed of Trust” are but a few that try to guide us mistrusting souls through the morass of deception, deceit and broken promises. Unfortunately, actions speak louder than words and saying what you’ll do, doing what you’ll say and doing what’s right in the other person’s best interest is hard. Here are some reasons why it’s so hard to do the right thing.

The ancients advise us that you get what you give. If you want money, give money. If you want love, give love. If you want forgiveness, forgive others.

But, in most places, when you screw up because you asked for forgiveness and not permission, forgiveness is not your reward.

Advances in digital health, the patient experience, crowd sourcing problems, solutions and money, big data and analytics and many more recent sick care “innovations” will depend more on high trust than high touch and high tech. The laying on of hands has been replaced with the laying on of thumbs on mobile screens and most are laying it on too thick. Data is not the new oil. Trust is. Trust me, I’m your doctor.

and Co-editor of Digital Health Entrepreneurship

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The corporate frailty syndrome

GUEST POST from Arlen Meyers

In medicine, frailty is theoretically defined as a clinically recognizable state of increased vulnerability resulting from aging-associated decline in reserve and function across multiple physiologic systems such that the ability to cope with everyday or acute stressors is comprised. In the absence of a gold standard, frailty has been operationally defined as meeting three out of five phenotypic criteria indicating compromised energetics: low grip strength, low energy, slowed waking speed, low physical activity, and/or unintentional weight loss . A pre-frail stage, in which one or two criteria are present, indentifies a subset at high risk of progressing to frailty. Various adaptations of Fried’s clinical phenotype have emerged in the literature, which were often motivated by available measures in specific studies rather than meaningful conceptual differences.

Patients who are frail before surgery are more likely to have serious complications and mortality afterward and increased costs of care, suggesting that frailty should be factored into risk calculations before surgery.

Consequently, surgeons develop clinical judgement when doing patient selection for surgery. Whether to operate is as important, if not more, than how to operate.

In several ways, organizations and companies are like patients. When they are sick, some interventions , like change management, digitization, leadership development and innovation initiatives are high risk if the company is frail.

Corporate frailty, is as yet undefined, but might include:

  1. Unexplaineed revenue or market share loss
  2. Exhaustion manifested by employee burnout or innovation fatigue
  3. Low physical activity with resulting underproductivity, waste, or complacency
  4. Slowness in seeing potential threats or opportunities or inability to respond to environmental and business model threats
  5. Weakness in the C suite, lack of market power or other parts of their competitive strategy They just can’t get a grip.

Like frail patients, operating on a sick business when it is frail is associated with complications and higher rates of mortality and patient selection is key to favorable outcomes. Prehabilitation is a necessary requirement before taking them to the OR.

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The Anatomy and Physiology of Remote Sensing and Wearables

GUEST POST from Arlen Meyers

Remember when you first burned your finger on something hot? Here’s how it worked. Temperature, pressure and pain fibers in the skin of your hand sent a signal to your brain that something was wrong (afferent limb). Your brain mysteriously and miraculously processed the information in a split second (central processing), and then sent a signal to the nerves that innervate the muscles of your arm and hand to respond and pull away (efferent limb). There are many neurologic diseases that affect the afferent, central and efferent components of this remarkable system, and that can cause lots of problems.

It’s the same with remote sensing devices and wearables. We’re seeing an explosion of systems that do everything from check for oral cancer via a device linked to an iPhone, to checking your vital signs via a remote gadget, to the latest iteration of the Tridorder that will measure analytes in your blood , through your skin, in the bat of an eye and transmit the results. Here’s another example.

Bill Gates described this feeeback loop in his book, Business @ The Speed of Thought, in 1999. He called it the digital nervous system and most of his predictions have happened way beyond what he predicted. What he called a nervous system has become the wiring for the 4th industrial revolution.

Like a growing fetus though, the cyberworld digital nervous system continues to evolve and develop. Unfortunately, despite all the hype and hope, there are considerable barriers to widespread adoption and penetration of remote sensing devises, systems to analyze the data and ways to respond to it that fall into four general categories:

1. Afferent limb problems: These are issues that involve the data that is derived and sent to the next step, the central processing station. For example, how do we know that the scale measuring your weight at home is actually accurate? How do I know that the person standing on the scale is actually the patient? How can we protect the data that is being sent from intruders or third party intermediaries?

2. Central processing problems:These are problems with how , when and where all this data is processed, stored, analyzed and displayed to create actionable information and generate a valuable efferent signal. For example, should the data be analyzed by a machine, a non-medical professional or someone else? How? How do we prevent “alert fatigue”, i.e. not sending some many false positive signals that users ignore the real emergencies?

3. Efferent limb problems: These are problems that involve who gets the information and what they are expected to do with it. For example, should the patient get the alerts or the doctor? What are the tools we offer to patients to change their health and wellness behavior and will they work? How do we get doctors to adopt these new technologies and use the information to prescribe interventions that will measurably reduce per capita costs, improve health outcomes and improve the patient experience.

4. End organ responses problems Perhaps the biggest problem of all is getting doctors and patients to change their behavior in response to the signals they are receiving.

All of this means that we need to build behavior modification central nervous systems. Given the complexities of human behavior the multiple factors involved, it won’t be easy.

Here’s what some people think the HIT brain will look like.

Getting doctors and patients to use a Tricorder to achieve the triple aim is fraught with obstacles that even Captain Kirk and Dr. Spock would find challenging. The first step will be to create a regulatory, reimbursement and intellectual property environmnent that creates an ecosystem with an incentive to deploy existing technologies using businesses models that create a profit. Welcome to the Starship Enterprise.

 
Image credit: Johns Hopkins Hospital

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Filling the biomedical skills gap

GUEST POST from Arlen Meyers

Almost every day, a new technology emerges that challenges doctors and physician entrepreneurs to perfect them. Examples include digital health, blockchain, AI, VR/AR, ICOs, population health analytics, remote sensing and many more. It is unlikely, however, that most doctors will learn any of this in medical school since digital health courses are not required nor are demonstrated competencies at graduation.

A recent report concluded that ,over time, these technologies will have such a significant affect on healthcare that proper training and educational programs will be a necessity.

“The curricula must be multidisciplinary and engage AI developers, implementers, health care system leadership, frontline clinical teams, ethicists, humanists, patients, and caregivers,” the authors wrote. “Each group brings much-needed perspectives, requirements, and expertise.”

The skills gap is not unique to medicine, and, in fact, with low levels of unemployment and many unskilled workers sitting on the sidelines, finding skilled workers is the biggest challenge for employers regardless of the industry.

The reasons are many. The solutions will require a skills gap ecosystem that includes companies, the public sector, the education establishment, service providers, non-profits and students and parents. The model similarly applies to graduate level education since they are not immune to the challenges of finding jobs where they can use their skills, particularly bioscience graduate students expecting find a job in academic research. The ecosystem should have a central nervous system that provides:

  1. A one stop shop to find the resources students need
  2. Teaching the hidden curriculum
  3. Networks and mentors
  4. Experiential learning outside the campus and apprenticeships
  5. Equity, diversity and inclusion
  6. Money, tuition assistance and cheaper student loans with more favorable terms
  7. Alternative business models and pathways to stackable credentials
  8. Reengineering care
  9. New rules and payment schemes
  10. Faculty development help

 

Companies are getting impatient with higher ed and either offering their own courses or working with universities to outsource teaching the information and skills faster and cheaper.

Biomedical education is not keeping up with a rapidly changing world. The result is a skills gap that places patients and the economy at risk. Plugging the gap is too big a job for any one piece to solve. Rather, we need a skills gap ecosystem to fill the slots.

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10 ways to overcome corporate immune surveillance

GUEST POST from Arlen Meyers

One of the many conundrums about cancer biology is why the body does not recognize abnormal, mutating cells as foreign and eliminate them. Biotech companies are starting to unravel the mystery and cancer immunotherapy is hot.

However, we have a much better understanding of the corporate immune system that has developed, over many years, the ability to sniff out innovation, troublemakers or those who pose a threat to the status quotidiens and nip it in the bud.

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For intrapreneurs-employees trying to act like entrepreneurs in their organizations- they need to learn how to evade this highly developed and regulated corporate immune mechanism. Here are some tips:

1. Become a Trojan horse

2. Innovate your heart out. Just don’t let anyone know you are doing it until just the right time. Be sure you know when to ask for foregiveness instead of permission.

3. Intrapreneurship is guerilla warfare, not a full on frontal assault, so pick your weapons and strategy carefully,

4. Be sure you have good intelligence assets on the ground

5. Have Plan B

6. Be sure to give as many other people credit for your ideas as possible

7. Use words carefully. Call something by a name that does not raise the hair on the back of people’s heads, particularly in a different culture, like using “entrepreneur” or “marketing” in a clinical environment

8. Find a sponsor who can provide you with political cover

9. Bootstrap your idea for as long as possible. Asking for money puts you on the radar screen

10. Hide as many innovation surface receptors as possible so the corporate ligands can’t find you.

Here are some other survival tips for physician intrapreneurs.

Corporate anti-immunotherapy is evolving,but very slowly. It will take a long while before investors start throwing the same kind of money at it they are throwing at cancer immunotherapy. Keep your head down.

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Surveillance medicine

GUEST POST from Arlen Meyers

Harvard Professor Shoshana Zuboff took aim on tech giants like Facebook and Google when she wrote “The Age of Surveillance Capitalism”. Her thesis is that tech companies use our data, most of which we voluntarily relinquish, to steer us towards buying and using products and services and mold our behavior, labeling it a “virus”.

BIG DIGITAL HEALTH seems to have caught the bug. While Apple hasn’t made a move so drastic as acquiring Epic, the consumer tech titan continued to make headway on its strategy to democratize health information. We saw (mixed) results from the Apple Heart Study, the launch of new clinical studies using the Apple Watch, and an acquisition of Tueo Health for good measure.

Amazon’s joint venture with JP Morgan and Berkshire Hathaway got a name—Haven—and details emerged about its plans to scale to the broader insurance market. A year after purchasing PillPack, the tech giant ran into a prescription data wall and got its first vote of confidence from an insurer. Along the way, Amazon bought Health NavigatorAlexa learned some new healthcare skills, and AWS became a virtual medical scribe.

The conflict is between the potential benefits of digital health and digital therapeutics and the ethical threats and intrusions into our privacy and security.

Ethical issues abound in digital health as they apply to:

  1. personal health data
  2. artificial intelligence
  3. facial recognition
  4. reconciling the ethics of business with the ethics of medicine
  5. manipulating patients and doctors for profit
  6. conflict of interest and busted trust
  7. personal health information ownership rights
  8. social media mining for health applications
  9. biometric technologies
  10. Alexa spying

The bottom line: Your data is a valuable asset and is for sale online.

As patients begin to own their data, however, they will become digital health entrepreneurs and think twice about giving away such a valuable asset.

The space between the data and the doctor is being filled quickly with navigators, advocates and “infomediaries”. As responsibility for health outcomes increasingly shifts from doctors to patients, they become, in a sense, patient entrepreneurs, in possession of an asset-their data- creating value (better disease management and prevention) through the deployment and adoption of innovation. The result will be more DIY medicine and all that goes with it.

What’s more, the sharing economy is disintermediating the aforementioned intermediaries as patients become prosumers. But, picking your partner is about trust, something that seems to be busted in sickcare.

Think of APIs as tunnels into the clinical data warehouses that have been created by EHRs. Think of third parties as new and existing IT powerhouses — including the likes of Apple, Amazon, and Google — that have been authorized by patients to act as data stewards on their behalf.

We are not only democratizing care. We are democratizing and decentralizing value creation and funding. We are creating prosumers and accidental entrepreneurs.

What the result will be is anybody’s guess, but what is clear is that the rules, ecosystems, business models and technologies are inevitably facilitating more patient involvement, engagement and responsibility.

Amedzon has recently announced a service that will allow AI based algorithms to be applied to EMR data. Would you charge someone a fee to do that and place restrictions on its use if you owned your data?

Where you stand on whether digital health products add value or, as in the case of most digital health apps, are snake oil depends on where you sit.

At this point, though, it is unlikely that medical students and residents will be rotating on the surveillance medicine service.

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Recent advances in the diagnosis and treatment of innovation fatigue

GUEST POST from Arlen Meyers

Innovation Fatigue can be defined broadly as a negative impression of what is characterized as innovation caused by the overuse of the term, poorly-executed initiatives, internal misalignment and innovation for the sake of innovation. 

The etiologies of innovation fatigue are:

  1. Pervasive misuse of the term and confusing true innovation with an idea, an invention or an improvement
  2. Buying into the innovate or die mindset without creating the components necessary to do it
  3. Not having the knowledge, skills, attitudes and competencies to create it
  4. Repeated failures attempting to create it
  5. Cynicism about the ability to substantive change organization and systems that are traditionally highly resistant
  6. Frustration that leads to anger and resentment about the process
  7. Unwillingness to learn from other people and industries who have been successful creating truly innovative products and services
  8. Anxiety about the fear of missing out or the “I never saw it coming” syndrome
  9. Believing the press and cyberspace hype
  10. The bandwagon effect

Signs and symptoms of innovation fatigue are:

  1. Bloated budgets that do not translate into impact
  2. Misplace hires
  3. Spending more and more money on innovation initiatives without evidence that they work
  4. Attending programs, workshops and seminars that capitalize on fear and that do not change what you will do on Monday that you did or did not do on the previous Friday
  5. Buying products and services that have not been clinically validated
  6. It all becomes a joke
  7. Employees pretend to be engaged
  8. Resistance to change increases
  9. People say no
  10. People quit

Recent advances in treatment include:

  1. Recruiting for innovation
  2. Identifying champions with an entrepreneurial mindset
  3. Creating a culture of innovation
  4. Putting in place the leadership, strategy, tactics, structure, process and metrics
  5. Learning how to test business ideas
  1. Leading innovators instead of managing innovation
  2. Teaching innovation and entrepreneurship and intrapreneurship
  3. Understanding the definition of value
  4. Value proposition design
  5. Creating a VAST business model

Chronic innovation fatigue syndrome is endemic to geographic areas but is spreading rapidly. As yet, there is no vaccine to prevent activation of the corporate immune system that is a contributing factor.

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