Thursday, April 7, 2016

Innovation Interview: The Ability to Execute Brings Innovation to Life

In our Innovation interview series, each week we will be talking to thought leaders, inspirers, and innovators in the industry to pick their brains about the state of innovation, trends, and what’s in store for the future.

This week we caught up with Lisa Maki, co-founder and CEO of PokitDok. Check out our interview with her below:

Why does inspiration need execution when it comes to innovation?

Maki: The ability to execute brings innovation to life. For example, we were inspired by the idea of allowing consumers to shop, book and pay for treatment over the Web. To inspire our prospective customers, we didn’t build a demo - we actually designed and implemented our own solution to show them how it could work. Now medical centers like St. Vincent’s Healthcare are incorporating this ecommerce framework into their imaging business. It is a white labeled marketplace wrapped around their own brand. These experiences would never be possible without strong execution.

Why are large organizations under fire these days to be more agile and opportunistic in their approach to innovation?

Maki: Especially in healthcare, new emerging entrants are out-maneuvering large established vendors who are often slowed down by legacy solutions and channel commitments. Companies like Xerox, who have strong entrepreneurial instincts, are finding ways to leverage the speed, culture and assets of those new emerging entrants to accelerate their own innovation.

Why is customer-centered innovation so important now more than ever?

Maki: Getting to the heart of what keeps your customer up at night is vital to understanding where to channel your innovation efforts.  

It is also about giving customers the tools to create their own innovations. We’re seeing this play out in the nearly 4000 applications that have been built using our Application Programming Interfaces (APIs). These software developers are creating and delivering better healthcare experiences to consumers in ways we hadn’t even imagined. If you ever call DoctoronDemand for a telemedicine visit, you’ll experience this first hand.

How can a company create a culture of innovation?

Maki: Recognize that success flows directly from the individuality of everyone on the team. Hire original minds of highly intelligent people to foster collisions throughout the organization, such that the resultant ideas have value greater than the sum of the contributions.  Create budget and culture for individuals and teams to innovate in the organization where decisions and execution can happen faster, even if it’s just 10% of each department’s budget to spend on new ideas.

Why is intrapreneurship key to innovation?

Maki: You don’t have to be a venture-backed startup to innovate. It can happen within a corporation that’s open to change and employs polymaths who should expect their contributions to be debated and refined.

How can large organizations keep the pace & creativity of startups?

Maki: Commit actual budget toward innovation each year.  Choose to incubate ideas that are big and may fail.  Leverage technology where it makes sense. Hire original minds. Be fearless and be ready to change and adapt at a pace most find difficult to comprehend.

What is the biggest innovation trend of 2016 so far?

Maki: In healthcare, consumer/patient centered design and the use of data to drive both clinical and business decisions and efficiency.  Interoperability will become a requirement of all systems solutions to go to market, not just a goal.

Where do you see the state of corporate innovation 5 years from now?                                                                                                                                                                                                                  
Maki: Corporations will build on their R&D foundation through native labs programs.  Beyond that, expect to see corporations maintain their involvement in the venture capital ecosystem. Investing in startups helps corporations see around corners and prepare the business for where the market is moving. Corporate innovation will also look similar to what Xerox is doing in building partner ecosystems with emerging players and leveraging their advanced technology in joint client engagements.

What is the biggest takeaway you hope the audience takes from your session at FEI?

Maki: The way to achieve open innovation and agility is by building a partner ecosystem with emerging pioneers.

What are you most looking forward to about FEI: Front End of Innovation this year?

Maki: FEI will bring together a mix of companies that come from a range of industries. I’m looking forward to hearing approaches from other sectors that could be applied to the business of healthcare. We’ve seen this happen with application programming interfaces (APIs), where they have transformed industries like ecommerce (Amazon), telecommunications (Twilio), payments (Stripe) and transportation (Uber) and are now making its way to healthcare.

FEI is a global event brand that has become the annual meeting place of the most seasoned innovators across the globe. Established in 2003 in the US and 2007 in Europe, the FEI event has sustained a rich history of success with corporate innovators, entrepreneurs, academics and thought leaders with events in cities across Europe, including Munich, Vienna, Amsterdam, Berlin, Copenhagen, Zurich and Monte Carlo. To hear Lisa speak at FEI and learn more about the conference, click here:

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