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Leadership Development Institute Innovation Presentation
Tom Finnegan
November 16, 2012
CIE Director
MBA, BS in Finance and Real Estate
Ex- Wall Street Investment Banker
Life Sciences Professional- Public and Private
Who Am I?
Venture Capitalist
Entrepreneur
Austin Angel Founder
MUSC Children’s Hospital Board Member
Who Am I?
What is the definition of innovation?
The process by which an idea or invention is translated into a good or service for which people will pay, or something that results from this process.
Good Definition
Innovation seeks to improve the systems that already exist, making them better, faster, cheaper.
Better Definition
Innovation is people creating value by implementing new ideas.
Best Definition
Why Innovate?
Grant funding ????
State funding is becoming scarce
Corporate/Private funding sources are getting smaller and more competitive
Your job depends on it
Why Innovate?
It gives you more control
Discoveries will increase
The quality of care/healthcare will improve
Every other university has been/is doing it
Why Innovate?
From basic to applied research, academia’s contribution to advances in life sciences, economics, national security, technology, the environment and other strategic initiatives is becoming significant.
Governments and industries across the globe now recognize the synergy between the basic research carried out in institutions of higher learning and the applied research undertaken by commercial entities. And with good reason - In the US, the American Association of Universities estimates the immediate employment impact of academic R&D shows that every $1 million in R&D expenditure supports roughly 36 jobs.
Why Innovate?
During his State of the Union address on January 24, President Barack Obama urged Congress, among other things, to “support the same kind of research and innovation that led to the computer chip and the Internet; to new American jobs and new American industries. Don’t gut these investments in our budget. Don’t let other countries win the race for the future,” he pleaded.
Support!
President Proposes NIH Budget Freeze, Cuts to Health Professions TrainingPresident Obama’s fiscal year (FY) 2013 budget, released Feb. 13, proposes to freeze funding for the National Institutes of Health (NIH) and cut funding for health professions training and children’s hospitals graduate medical education (CHGME). The budget includes $78.3 billion for the Department of Health and Human Services (HHS), a cut of $6.6 billion (8.4 percent).
But Actually
With the exception of the American Recovery and Reinvestment Act of 2009, the federal research budget has been largely flat for years, with well-publicized detrimental effects on the approval rate for NIH grant applications.
Nature September 2012
And Unfortunately
Your division, unit, department is a small business
Limited, finite resources
Colleagues are employees/co-workers
You are required to produce something
You are evaluated on it
Isn’t Innovation for Businesses?
New ideas are cultivated in an environment where employees are empowered, where they feel ownership of their organization’s future, and where the freedom to explore their creativity and innovation is invited and celebrated
What does an innovative environment look like?
Ideas should come from anyone
Ideas should be encouraged, not ridiculed
Follow through/up
Fully integrated into your group
Everyone should share in benefits
More realistically
Examples
School
Intern at medical clinic
Texas Collaboration
Other Examples
Nobody is asking you to do something you don’t feel comfortable doing
Little steps and solutions often lead to big rewards
But small rewards are just as good
Key Points
“The Fiscal Cliff”
Debt is reaching close to $16 trillion or over 100% of GDP
Split Congress
NIH funding rates
Innovate
Correlation between published papers and funds received
Ideas should be encouraged, not ridiculed
Follow through/up
Fully Integrated into your group
Everyone should share the benefits
More realistically