For medical device developers outsourcing can be an effective solution to increase innovation, reduce risk and get to market quicker. Choosing the right development partner can be tricky when many make the same claims and seem to be equally qualified.
This week marks the end of an era at Stratos as Director of Electrical Engineering Brian Read retires. Described by many as an incredible problem solver and a creative and valuable collaborator, it’s clear he has left his mark on Stratos’ body of work. Luckily, many here have had the chance to work beside him, solve problems with his help and learn from him.
When I spoke to him about his almost 20 years as part of the Stratos team, he was characteristically modest and emphasized that brainstorming with a team of great minds is what he will really miss.
Life Science Washington recently hosted an event titled, “Investing in Washington Research: Partnerships for Innovation.” The purpose of the discussion was to provide insight into the opportunities for existing companies and industry members to partner with Washington’s research entities for increased R&D success. The panel included Charlotte Hubbert of Gates Foundation Venture Capital, Leen Kawas of M3 Biotechnology, Patrick Shelby of Fred Hutchinson Cancer Research Center, Elizabeth Aylward of Seattle Children's Research Institute, Andrea Lazarus of Washington State University, and Todd Cleland of the University of Washington.
Product innovation within a well-established product design company can be challenging. Corporate politics, burdensome development processes, and competing priorities can suppress engineering creativity and limit the acceptance of new ideas. Corporations that are more successful at innovation tend to be smaller companies where bureaucracy and competing priorities don’t create road-blocks to creativity and invention. One option for corporations that are struggling to gain a leading edge in product design and engineering is to outsource innovation to a product development consulting firm.
When looking to develop a cutting-edge product, you are bound to encounter new, unproven technologies with the potential to turn your product into a serious revenue source. Incorporating these new technologies is a risky venture, but with thorough analysis and diligence you can mitigate these risks on your way to a successful product launch.
I was recently listening to a discussion about the difference between technology development and product development and why it’s so important to clearly understand. Lots of people fail to recognize the distinction and it costs them a lot of R&D dollars. Here’s one simple way to think about it.