Medicon Village

10XHealth: Module 2 on “Strategy and Business Model Innovation”

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Medicon Village

Yesterday, together with SmiLe Venture Hub, we organised Module 2 of our accelerator programme 10XHealth. C-level leaders from our seven participating companies joined us to explore Strategy and Business Model Innovation, expertly guided by Thomas Kalling and Craig Mitchell from Lund University School of Economics and Management, alongside 10XHealth alumni Linda Persson, CEO at NanoEcho. This module was sponsored by Zacco.

Here’s some learnings from expert Craig Mitchell after this first module:

What is your reflection after having guided our participating companies in your module?

After having spent almost 2 decades teaching and facilitating entrepreneurship and innovation workshops, the best outcomes come when we are having fun and enjoying it. I very much experienced that today. I asked the participants to step out of their comfort zones and enjoy the messy, turbulent process of ideation. We looked at cross industry innovation and I would be very surprised if some of the things we innovated, didn’t end up being applied for real.

Would you please list three major challenges to scale-ups regarding the expert area you represented with your module, and examples of how to deal with them?

  1. Get comfortable, being uncomfortable, think not only outside the box, but also outside your industry. Think like Picasso and master the art of “stealing”, by that I mean embrace adopting, adapting and recontextualising cross industry innovations. 
  2. Often a business model innovation reflex is to innovate in the value proposition space, looking for new products or services and uses for technology or the customer segment space, to find new segments, markets, geographic regions. While that isn’t a bad thing, there are also opportunities to innovate in other areas of the business model.
  3. Avoid silo thinking, avoid being stuck within industry boundaries, avoid “not invented here” syndrome.

What do you hope the companies participating in the 10XHealth programme will do next after this module?

I really hope that they continue with the using the tools we explored during the workshop. I believe they can be truly transformative and can facilitate some real-life business model innovations and industry disruptions.

Over 10 months, these scale-ups is taking part in a tailor-made journey designed to accelerate life science innovation. The programme is powered by Medicon Village Innovation and SmiLe Venture Hub, and co-financed by the European Regional Development Fund.

More on 10XHealth at https://10xhealth.se.