Latest / Clinician to CEO : Export Your Medical Device With Confidence By Overcoming Go To Market Roadblocks For Medtech Growth / #203 | Why Failed Pilots, Rejected Pitches & Lost Deals Create Better MedTech CEOs

Transcript

#203 | Why Failed Pilots, Rejected Pitches & Lost Deals Create Better MedTech CEOs · Clinician to CEO : Export Your Medical Device With Confidence By Overcoming Go To Market Roadblocks For Medtech Growth

• 0:00
  In
• 0:00
  today's
• 0:00
  episode,
• 0:01
  you're
• 0:01
  gonna
• 0:01
  learn
• 0:01
  why
• 0:01
  the
• 0:02
  skills
• 0:02
  that
• 0:02
  make
• 0:02
  you
• 0:03
  successful
• 0:03
  as
• 0:03
  a
• 0:03
  clinician
• 0:04
  can
• 0:04
  sometimes
• 0:04
  make
• 0:05
  failure
• 0:05
  much
• 0:05
  harder
• 0:06
  to
• 0:06
  deal
• 0:06
  with
• 0:07
  as
• 0:07
  a
• 0:07
  CEO,
• 0:07
  and
• 0:08
  how
• 0:08
  reframing
• 0:08
  failure
• 0:09
  can
• 0:09
  accelerate
• 0:10
  your
• 0:10
  growth
• 0:11
  as
• 0:11
  a
• 0:11
  founder
• 0:12
  Welcome
• 0:12
  to
• 0:12
  Clinician
• 0:13
  to
• 0:13
  CEO,
• 0:14
  the
• 0:14
  podcast
• 0:15
  helping
• 0:15
  clinicians
• 0:16
  simplify
• 0:17
  your
• 0:17
  go-to-market
• 0:18
  strategy
• 0:18
  so
• 0:18
  that
• 0:18
  you
• 0:19
  can
• 0:19
  stop
• 0:19
  guessing
• 0:20
  and
• 0:20
  turn
• 0:20
  your
• 0:21
  working
• 0:21
  prototypes
• 0:22
  into
• 0:22
  international
• 0:23
  MedTech
• 0:23
  businesses.
• 0:24
  I'm
• 0:24
  your
• 0:25
  host,
• 0:25
  Hakeem
• 0:25
  Aade.
• 0:26
  Let's
• 0:27
  get
• 0:27
  started.
• 0:28
  So
• 0:28
  in
• 0:28
  today's
• 0:28
  episode,
• 0:29
  there's
• 0:29
  three
• 0:29
  things
• 0:29
  that
• 0:29
  you're
• 0:30
  gonna
• 0:30
  discover
• 0:30
  is,
• 0:31
  number
• 0:31
  one,
• 0:31
  why
• 0:31
  failure
• 0:32
  is
• 0:32
  often
• 0:32
  the
• 0:33
  fastest
• 0:33
  route
• 0:33
  to
• 0:33
  becoming
• 0:34
  a
• 0:34
  better
• 0:34
  founder.
• 0:35
  Number
• 0:35
  two,
• 0:35
  how
• 0:35
  setbacks
• 0:36
  build
• 0:36
  the
• 0:36
  resilience
• 0:37
  every
• 0:38
  healthcare
• 0:38
  CEO
• 0:38
  needs.
• 0:39
  And
• 0:39
  number
• 0:39
  three,
• 0:40
  why
• 0:40
  many
• 0:41
  of
• 0:41
  the
• 0:41
  world's
• 0:41
  most
• 0:41
  successful
• 0:42
  innovations
• 0:43
  were
• 0:43
  born
• 0:43
  from
• 0:43
  things
• 0:44
  that
• 0:44
  didn't
• 0:44
  work
• 0:44
  the
• 0:45
  first
• 0:45
  time
• 0:45
  Now,
• 0:46
  what
• 0:46
  can
• 0:46
  we
• 0:47
  learn
• 0:47
  from
• 0:47
  so-called
• 0:48
  failure,
• 0:49
  even
• 0:49
  the
• 0:49
  term
• 0:50
  failure
• 0:51
  sets
• 0:51
  the
• 0:51
  wrong
• 0:51
  tone,
• 0:52
  and
• 0:52
  as
• 0:52
  Tav
• 0:53
  Thornton
• 0:53
  put
• 0:53
  on
• 0:54
  one
• 0:54
  of
• 0:54
  my
• 0:54
  LinkedIn
• 0:55
  posts,
• 0:55
  she
• 0:55
  said
• 0:56
  that
• 0:56
  we
• 0:56
  are
• 0:56
  not
• 0:57
  failing,
• 0:57
  we
• 0:58
  are
• 0:58
  learning
• 0:58
  to
• 0:59
  succeed,
• 0:59
  which
• 0:59
  we'll
• 1:00
  definitely
• 1:00
  be
• 1:00
  exploring.
• 1:01
  So
• 1:02
  the
• 1:02
  question
• 1:02
  is,
• 1:02
  why
• 1:03
  is
• 1:03
  failure
• 1:03
  often
• 1:04
  seen
• 1:04
  as
• 1:04
  something
• 1:05
  to
• 1:05
  be
• 1:05
  avoided
• 1:06
  at
• 1:06
  all
• 1:06
  costs
• 1:06
  in
• 1:07
  the
• 1:07
  world
• 1:07
  of
• 1:07
  business?
• 1:08
  When
• 1:08
  in
• 1:08
  fact,
• 1:09
  in
• 1:09
  my
• 1:09
  opinion,
• 1:09
  if
• 1:10
  the
• 1:10
  same
• 1:10
  as
• 1:10
  Tav
• 1:10
  is,
• 1:11
  i.e.
• 1:11
  the
• 1:11
  truth
• 1:12
  is
• 1:12
  that
• 1:12
  failure
• 1:13
  can
• 1:13
  actually
• 1:13
  be
• 1:13
  one
• 1:14
  of
• 1:14
  the
• 1:14
  most
• 1:14
  valuable
• 1:15
  learning
• 1:15
  experiences
• 1:16
  a
• 1:16
  business
• 1:16
  can
• 1:17
  have.
• 1:17
  Now,
• 1:17
  failure
• 1:18
  is
• 1:18
  not
• 1:19
  something
• 1:19
  that
• 1:19
  most
• 1:19
  businesses
• 1:20
  and
• 1:20
  most
• 1:21
  business
• 1:21
  leaders
• 1:21
  want
• 1:22
  to
• 1:22
  talk
• 1:22
  about,
• 1:23
  but
• 1:23
  it
• 1:23
  is
• 1:23
  simply
• 1:24
  a
• 1:24
  part
• 1:24
  of
• 1:24
  life
• 1:25
  and
• 1:25
  a
• 1:25
  necessary
• 1:26
  component
• 1:26
  of
• 1:27
  success.
• 1:27
  By
• 1:27
  embracing
• 1:28
  failure,
• 1:29
  business
• 1:29
  leaders
• 1:30
  can
• 1:30
  learn
• 1:30
  from
• 1:30
  their
• 1:30
  mistakes
• 1:31
  and
• 1:31
  make
• 1:31
  adjustments
• 1:32
  in
• 1:32
  order
• 1:33
  to
• 1:33
  increase
• 1:33
  the
• 1:33
  chances
• 1:34
  of
• 1:34
  future
• 1:34
  success.
• 1:35
  So
• 1:35
  for
• 1:35
  clinician
• 1:36
  founders
• 1:36
  and
• 1:36
  startups,
• 1:37
  this
• 1:37
  can
• 1:38
  be
• 1:38
  particularly
• 1:38
  difficult
• 1:39
  because
• 1:39
  most
• 1:39
  clinicians
• 1:40
  have
• 1:40
  spent
• 1:41
  years
• 1:41
  training
• 1:41
  in
• 1:42
  environments
• 1:42
  where
• 1:43
  mistakes
• 1:43
  can
• 1:43
  have
• 1:44
  serious
• 1:44
  consequences.
• 1:45
  So
• 1:45
  you're
• 1:45
  taught
• 1:46
  to
• 1:46
  minimize
• 1:47
  risk,
• 1:47
  follow
• 1:48
  evidence,
• 1:48
  and
• 1:48
  get
• 1:49
  things
• 1:49
  right.
• 1:49
  But
• 1:49
  building
• 1:50
  a
• 1:50
  business
• 1:50
  is
• 1:51
  very
• 1:51
  different
• 1:52
  because
• 1:52
  a
• 1:52
  clinical
• 1:52
  trial
• 1:53
  might
• 1:53
  not
• 1:53
  deliver
• 1:54
  the
• 1:54
  outcome
• 1:54
  you
• 1:54
  expected,
• 1:55
  and
• 1:55
  a
• 1:55
  hospital
• 1:56
  pilot
• 1:56
  may
• 1:56
  well
• 1:57
  generate
• 1:57
  positive
• 1:58
  feedback
• 1:58
  but
• 1:58
  never
• 1:59
  convert
• 1:59
  to
• 1:59
  adoption.
• 2:00
  And
• 2:00
  an
• 2:00
  investor
• 2:01
  might
• 2:01
  reject
• 2:01
  your
• 2:01
  pitch,
• 2:02
  and
• 2:02
  a
• 2:02
  distributor
• 2:02
  might
• 2:03
  promise
• 2:03
  growth
• 2:04
  and
• 2:04
  deliver
• 2:04
  nothing.
• 2:05
  So
• 2:05
  none
• 2:05
  of
• 2:06
  these
• 2:06
  necessarily
• 2:07
  mean
• 2:07
  that
• 2:07
  you've
• 2:08
  actually
• 2:08
  failed.
• 2:09
  They're
• 2:09
  often
• 2:09
  the
• 2:09
  moments
• 2:10
  that
• 2:10
  teach
• 2:10
  you
• 2:10
  the
• 2:11
  lessons
• 2:11
  that
• 2:11
  ultimately
• 2:12
  help
• 2:12
  you
• 2:12
  build
• 2:13
  a
• 2:13
  stronger
• 2:13
  company.
• 2:14
  And
• 2:14
  that's
• 2:14
  why
• 2:14
  understanding
• 2:15
  how
• 2:15
  to
• 2:15
  learn
• 2:15
  from
• 2:16
  setbacks
• 2:17
  is
• 2:17
  such
• 2:17
  an
• 2:18
  important
• 2:19
  part
• 2:19
  of
• 2:19
  the
• 2:19
  journey
• 2:20
  from
• 2:20
  going
• 2:20
  from
• 2:20
  a
• 2:20
  clinician
• 2:20
  to
• 2:21
  CEO
• 2:22
  Now,
• 2:23
  this
• 2:23
  podcast
• 2:24
  will
• 2:24
  discuss
• 2:24
  three
• 2:24
  reasons
• 2:25
  why
• 2:25
  embracing
• 2:26
  failure
• 2:26
  is
• 2:27
  a
• 2:27
  critical
• 2:27
  component
• 2:28
  of
• 2:28
  success
• 2:29
  in
• 2:29
  business.
• 2:30
  So
• 2:30
  number
• 2:30
  one,
• 2:31
  failure
• 2:32
  helps
• 2:32
  you
• 2:32
  learn
• 2:33
  and
• 2:33
  grow.
• 2:33
  When
• 2:34
  things
• 2:34
  go
• 2:34
  wrong
• 2:35
  in
• 2:35
  business,
• 2:35
  it
• 2:35
  can
• 2:35
  be
• 2:36
  tempting
• 2:36
  to
• 2:36
  sweep
• 2:37
  the
• 2:37
  experience
• 2:37
  under
• 2:38
  the
• 2:38
  rug
• 2:38
  and
• 2:38
  move
• 2:38
  on
• 2:39
  as
• 2:39
  quickly
• 2:39
  as
• 2:39
  possible.
• 2:40
  However,
• 2:40
  by
• 2:41
  doing
• 2:41
  so,
• 2:41
  you
• 2:41
  miss
• 2:42
  out
• 2:42
  on
• 2:42
  an
• 2:42
  opportunity
• 2:43
  to
• 2:43
  learn
• 2:43
  from
• 2:43
  your
• 2:43
  mistakes
• 2:44
  and
• 2:44
  grow
• 2:44
  as
• 2:44
  an
• 2:44
  entrepreneur
• 2:45
  or
• 2:45
  a
• 2:45
  business
• 2:46
  person.
• 2:46
  Embracing
• 2:47
  failure
• 2:47
  means
• 2:48
  taking
• 2:48
  the
• 2:48
  time
• 2:49
  to
• 2:49
  reflect
• 2:49
  on
• 2:49
  what
• 2:50
  went
• 2:50
  wrong
• 2:50
  and
• 2:50
  why.
• 2:51
  By
• 2:51
  analyzing
• 2:52
  your
• 2:52
  failures,
• 2:52
  you
• 2:53
  can
• 2:53
  identify
• 2:53
  areas
• 2:54
  for
• 2:54
  improvement
• 2:54
  and
• 2:54
  make
• 2:55
  changes
• 2:55
  that
• 2:55
  will
• 2:55
  help
• 2:56
  you
• 2:56
  succeed
• 2:56
  in
• 2:56
  the
• 2:56
  future.
• 2:57
  Life
• 2:57
  is
• 2:57
  littered
• 2:58
  with
• 2:58
  success
• 2:58
  stories
• 2:59
  born
• 2:59
  out
• 2:59
  of
• 3:00
  failure.
• 3:00
  Take
• 3:00
  the
• 3:00
  example
• 3:01
  of
• 3:01
  Thomas
• 3:01
  Edison.
• 3:02
  He
• 3:02
  famously
• 3:03
  said
• 3:03
  that,
• 3:03
  "I
• 3:04
  have
• 3:04
  not
• 3:04
  failed.
• 3:05
  I've
• 3:05
  just
• 3:05
  found
• 3:05
  10,000
• 3:06
  ways
• 3:07
  that
• 3:07
  won't
• 3:07
  work."
• 3:07
  His
• 3:08
  repeated
• 3:08
  attempts
• 3:09
  at
• 3:09
  creating
• 3:09
  the
• 3:09
  light
• 3:10
  bulb
• 3:10
  eventually
• 3:10
  led
• 3:10
  him
• 3:11
  to
• 3:11
  success.
• 3:11
  Similarly,
• 3:12
  many
• 3:12
  entrepreneurs
• 3:13
  have
• 3:13
  started
• 3:14
  businesses
• 3:14
  that
• 3:14
  failed
• 3:15
  only
• 3:15
  for
• 3:15
  them
• 3:15
  to
• 3:15
  come
• 3:16
  up
• 3:16
  with
• 3:16
  an
• 3:16
  even
• 3:16
  better
• 3:17
  idea
• 3:17
  or
• 3:17
  product
• 3:18
  later
• 3:18
  on,
• 3:18
  such
• 3:19
  as
• 3:19
  Steve
• 3:19
  Jobs
• 3:20
  and
• 3:20
  Apple.
• 3:20
  It's
• 3:21
  a
• 3:21
  very
• 3:21
  famous
• 3:22
  example.
• 3:22
  In
• 3:22
  other
• 3:22
  words,
• 3:23
  failure
• 3:24
  can
• 3:24
  be
• 3:24
  an
• 3:24
  opportunity
• 3:25
  for
• 3:25
  growth
• 3:25
  if
• 3:26
  you
• 3:26
  look
• 3:26
  at
• 3:26
  it
• 3:26
  from
• 3:26
  the
• 3:27
  right
• 3:27
  perspective.
• 3:28
  You
• 3:28
  can
• 3:28
  learn
• 3:28
  from
• 3:29
  your
• 3:29
  mistakes
• 3:29
  and
• 3:29
  use
• 3:30
  them
• 3:30
  as
• 3:30
  stepping
• 3:31
  stones
• 3:31
  for
• 3:31
  future
• 3:32
  success.
• 3:33
  Number
• 3:33
  two,
• 3:33
  failure
• 3:34
  builds
• 3:35
  resilience.
• 3:36
  And
• 3:36
  resilience
• 3:36
  is
• 3:36
  one
• 3:37
  of
• 3:37
  the
• 3:37
  most
• 3:37
  talked
• 3:37
  about
• 3:38
  qualities
• 3:38
  in
• 3:39
  business
• 3:39
  today
• 3:40
  Whether
• 3:40
  I
• 3:40
  agree
• 3:40
  with
• 3:41
  that
• 3:41
  sentiment
• 3:41
  or
• 3:41
  not,
• 3:42
  it
• 3:42
  shows
• 3:42
  that
• 3:42
  resilience
• 3:43
  is
• 3:43
  something
• 3:43
  that
• 3:43
  is
• 3:44
  valued
• 3:44
  in
• 3:44
  business,
• 3:45
  so
• 3:45
  you
• 3:45
  need
• 3:46
  to
• 3:46
  get
• 3:46
  it
• 3:46
  developed.
• 3:47
  Entrepreneurship
• 3:48
  and
• 3:48
  business
• 3:48
  is
• 3:49
  not
• 3:49
  for
• 3:49
  the
• 3:49
  faint-hearted.
• 3:50
  It
• 3:50
  requires
• 3:51
  grit,
• 3:51
  determination,
• 3:52
  and
• 3:52
  resilience,
• 3:53
  and
• 3:53
  there's
• 3:53
  no
• 3:53
  better
• 3:54
  way
• 3:54
  to
• 3:54
  build
• 3:54
  that
• 3:55
  than
• 3:55
  by
• 3:55
  experiencing
• 3:56
  failure.
• 3:56
  When
• 3:57
  everything
• 3:57
  goes
• 3:57
  well,
• 3:57
  it's
• 3:58
  great,
• 3:58
  but
• 3:58
  you
• 3:58
  certainly
• 3:59
  aren't
• 3:59
  building
• 4:00
  the
• 4:00
  resilience
• 4:00
  that
• 4:00
  you're
• 4:00
  gonna
• 4:01
  need,
• 4:01
  and
• 4:01
  be
• 4:01
  sure
• 4:02
  you
• 4:02
  will
• 4:03
  need
• 4:03
  it
• 4:03
  at
• 4:03
  some
• 4:04
  point.
• 4:04
  So
• 4:04
  it's
• 4:04
  better
• 4:05
  to
• 4:05
  get
• 4:05
  it
• 4:05
  now
• 4:06
  early
• 4:06
  and
• 4:06
  regularly
• 4:07
  and
• 4:07
  then
• 4:08
  use
• 4:08
  it
• 4:08
  in
• 4:08
  the
• 4:09
  right
• 4:09
  way.
• 4:09
  When
• 4:10
  you
• 4:10
  fail
• 4:10
  in
• 4:10
  business,
• 4:11
  it
• 4:11
  can
• 4:11
  no
• 4:11
  doubt
• 4:12
  be
• 4:12
  a
• 4:12
  blow
• 4:12
  to
• 4:12
  your
• 4:13
  confidence
• 4:13
  and
• 4:13
  self-esteem.
• 4:14
  But
• 4:14
  by
• 4:14
  picking
• 4:15
  yourself
• 4:15
  up
• 4:16
  and
• 4:16
  trying
• 4:16
  again,
• 4:17
  you
• 4:17
  build
• 4:17
  the
• 4:17
  mental
• 4:18
  toughness
• 4:18
  necessary
• 4:19
  to
• 4:19
  weather
• 4:20
  future
• 4:20
  challenges.
• 4:21
  For
• 4:21
  example,
• 4:22
  JK
• 4:22
  Rowling,
• 4:23
  who
• 4:23
  was
• 4:23
  living
• 4:23
  off
• 4:23
  welfare
• 4:24
  while
• 4:24
  writing
• 4:25
  her
• 4:25
  first
• 4:25
  Harry
• 4:26
  Potter
• 4:26
  novel
• 4:26
  before
• 4:27
  it
• 4:27
  became
• 4:27
  a
• 4:27
  phenomenon
• 4:28
  worldwide.
• 4:29
  She
• 4:29
  got
• 4:29
  rejected
• 4:30
  by
• 4:30
  12
• 4:30
  publishers,
• 4:31
  but
• 4:31
  did
• 4:31
  she
• 4:31
  give
• 4:32
  up?
• 4:32
  Nope.
• 4:32
  She
• 4:33
  kept
• 4:33
  going
• 4:33
  and
• 4:33
  finally
• 4:34
  got
• 4:34
  her
• 4:34
  book
• 4:34
  published
• 4:35
  by
• 4:35
  Bloomsbury
• 4:35
  Publishing,
• 4:36
  and
• 4:36
  the
• 4:36
  rest,
• 4:37
  as
• 4:37
  they
• 4:37
  say,
• 4:37
  is
• 4:38
  history.
• 4:38
  The
• 4:38
  books
• 4:38
  have
• 4:39
  now
• 4:39
  sold
• 4:39
  over
• 4:39
  500
• 4:40
  million
• 4:40
  copies
• 4:40
  worldwide
• 4:41
  with
• 4:41
  eight
• 4:42
  blockbuster
• 4:42
  movies
• 4:43
  following
• 4:43
  suit.
• 4:44
  This
• 4:44
  goes
• 4:44
  to
• 4:44
  show
• 4:45
  that
• 4:45
  even
• 4:45
  though
• 4:46
  she
• 4:46
  suffered
• 4:46
  numerous
• 4:47
  rejections,
• 4:47
  she
• 4:48
  still
• 4:48
  kept
• 4:48
  going
• 4:49
  until
• 4:49
  she
• 4:49
  found
• 4:50
  success.
• 4:50
  Had
• 4:51
  she
• 4:51
  given
• 4:51
  up,
• 4:52
  as
• 4:52
  many
• 4:52
  do,
• 4:52
  not
• 4:53
  continued
• 4:53
  on,
• 4:54
  we
• 4:54
  may
• 4:54
  have
• 4:54
  never
• 4:55
  heard
• 4:55
  of
• 4:55
  Mr.
• 4:56
  Potter
• 4:56
  and
• 4:56
  his
• 4:56
  friends.
• 4:57
  Number
• 4:57
  three,
• 4:58
  failure
• 4:59
  breeds
• 4:59
  innovation.
• 5:00
  Greatest
• 5:00
  innovations
• 5:01
  in
• 5:01
  history
• 5:02
  have
• 5:02
  come
• 5:02
  about
• 5:03
  as
• 5:03
  a
• 5:03
  result
• 5:03
  of
• 5:04
  failure.
• 5:04
  When
• 5:04
  something
• 5:05
  doesn't
• 5:05
  work
• 5:05
  as
• 5:05
  expected,
• 5:06
  it
• 5:06
  forces
• 5:07
  us
• 5:07
  to
• 5:07
  think
• 5:07
  outside
• 5:08
  the
• 5:08
  box
• 5:08
  and
• 5:08
  come
• 5:09
  up
• 5:09
  with
• 5:09
  new
• 5:09
  solutions.
• 5:10
  By
• 5:10
  embracing
• 5:11
  failure
• 5:11
  rather
• 5:12
  than
• 5:12
  fearing
• 5:12
  it,
• 5:12
  entrepreneurs,
• 5:13
  businesses,
• 5:14
  and
• 5:14
  business
• 5:14
  people
• 5:15
  open
• 5:15
  themselves
• 5:16
  up
• 5:16
  to
• 5:17
  new
• 5:17
  possibilities
• 5:18
  and
• 5:18
  opportunities
• 5:18
  for
• 5:18
  innovation.
• 5:19
  Who
• 5:19
  knows?
• 5:20
  Your
• 5:21
  next
• 5:21
  big
• 5:21
  idea
• 5:22
  might
• 5:22
  just
• 5:22
  come
• 5:23
  from
• 5:23
  a
• 5:23
  failed
• 5:23
  project
• 5:24
  or
• 5:24
  product.
• 5:25
  Many
• 5:25
  successful
• 5:25
  companies
• 5:26
  have
• 5:26
  leveraged
• 5:27
  failure
• 5:27
  as
• 5:27
  part
• 5:28
  of
• 5:28
  their
• 5:28
  creative
• 5:28
  process,
• 5:29
  and
• 5:29
  one
• 5:29
  example
• 5:29
  that
• 5:30
  stands
• 5:30
  out
• 5:30
  above
• 5:31
  all
• 5:31
  the
• 5:31
  rest
• 5:31
  is
• 5:32
  3M's
• 5:32
  15%
• 5:33
  rule.
• 5:34
  3M
• 5:34
  is
• 5:34
  one
• 5:34
  of
• 5:34
  the
• 5:35
  most
• 5:35
  innovative
• 5:36
  companies
• 5:36
  in
• 5:36
  the
• 5:36
  world,
• 5:37
  and
• 5:37
  it
• 5:37
  doesn't
• 5:37
  matter
• 5:38
  if
• 5:38
  you've
• 5:38
  heard
• 5:38
  of
• 5:38
  them
• 5:39
  or
• 5:39
  not.
• 5:39
  They're
• 5:39
  behind
• 5:40
  some
• 5:40
  of
• 5:40
  the
• 5:40
  most
• 5:40
  revolutionary
• 5:41
  products
• 5:42
  on
• 5:42
  the
• 5:42
  market
• 5:42
  today,
• 5:43
  from
• 5:43
  Post-it
• 5:43
  Notes
• 5:44
  to
• 5:44
  Scotch
• 5:44
  tape.
• 5:45
  So
• 5:45
  how
• 5:45
  do
• 5:45
  they
• 5:45
  do
• 5:46
  it?
• 5:46
  The
• 5:46
  answer
• 5:46
  lies
• 5:47
  in
• 5:47
  their
• 5:47
  15%
• 5:48
  rule.
• 5:49
  and
• 5:49
  The
• 5:49
  15%
• 5:50
  rule
• 5:50
  states
• 5:51
  that
• 5:51
  employees
• 5:52
  should
• 5:52
  dedicate
• 5:53
  15%
• 5:54
  of
• 5:54
  their
• 5:54
  work
• 5:55
  time
• 5:55
  to
• 5:55
  pursuing
• 5:56
  whatever
• 5:57
  ideas
• 5:57
  interest
• 5:58
  them,
• 5:58
  regardless
• 5:59
  of
• 5:59
  whether
• 6:00
  or
• 6:00
  not
• 6:00
  those
• 6:00
  ideas
• 6:01
  are
• 6:01
  related
• 6:02
  to
• 6:02
  their
• 6:02
  job
• 6:02
  roles.
• 6:03
  This
• 6:03
  allows
• 6:03
  employees
• 6:04
  to
• 6:04
  take
• 6:04
  risks
• 6:05
  and
• 6:05
  explore
• 6:06
  new
• 6:06
  concepts
• 6:07
  without
• 6:07
  fear
• 6:07
  of
• 6:07
  failure.
• 6:08
  If
• 6:08
  their
• 6:08
  idea
• 6:09
  fails,
• 6:09
  it
• 6:09
  won't
• 6:10
  affect
• 6:10
  their
• 6:10
  job
• 6:10
  performance
• 6:11
  or
• 6:11
  career
• 6:11
  advancement,
• 6:12
  and
• 6:12
  in
• 6:12
  other
• 6:13
  words,
• 6:13
  it
• 6:13
  gives
• 6:14
  employees
• 6:15
  Permission
• 6:15
  to
• 6:16
  fail,
• 6:16
  which
• 6:16
  encourages
• 6:17
  innovation
• 6:18
  and
• 6:18
  creativity.
• 6:19
  It's
• 6:19
  this
• 6:19
  policy
• 6:19
  that's
• 6:20
  paid
• 6:20
  off
• 6:20
  for
• 6:21
  3M
• 6:21
  big
• 6:21
  time.
• 6:22
  Many
• 6:22
  groundbreaking
• 6:23
  products
• 6:24
  have
• 6:24
  been
• 6:24
  developed
• 6:24
  through
• 6:24
  this
• 6:25
  rule
• 6:25
  including,
• 6:26
  as
• 6:26
  I
• 6:26
  said
• 6:26
  earlier,
• 6:27
  Post-it
• 6:27
  notes,
• 6:28
  which
• 6:28
  was
• 6:28
  created
• 6:28
  by
• 6:29
  an
• 6:29
  employee
• 6:29
  working
• 6:30
  on
• 6:30
  a
• 6:30
  project
• 6:30
  completely
• 6:31
  unrelated
• 6:31
  to
• 6:31
  his
• 6:32
  job
• 6:32
  role,
• 6:32
  and
• 6:32
  Scotch
• 6:33
  tape,
• 6:33
  which
• 6:33
  was
• 6:34
  invented
• 6:34
  by
• 6:34
  an
• 6:34
  employee
• 6:35
  who
• 6:35
  was
• 6:35
  simply
• 6:35
  experimenting
• 6:36
  with
• 6:37
  adhesive
• 6:37
  materials.
• 6:38
  3M's
• 6:39
  success
• 6:39
  story
• 6:40
  demonstrates
• 6:41
  that
• 6:41
  failure
• 6:41
  isn't
• 6:42
  always
• 6:42
  a
• 6:42
  bad
• 6:42
  thing.
• 6:43
  Sometimes
• 6:44
  it
• 6:44
  can
• 6:44
  be
• 6:44
  used
• 6:44
  as
• 6:44
  an
• 6:44
  opportunity
• 6:45
  for
• 6:45
  growth
• 6:45
  and
• 6:45
  innovation.
• 6:46
  It's
• 6:46
  precisely
• 6:47
  because
• 6:47
  3M
• 6:48
  are
• 6:48
  prepared
• 6:48
  to
• 6:48
  fail
• 6:49
  that
• 6:49
  they
• 6:49
  have
• 6:49
  had
• 6:50
  that
• 6:50
  success.
• 6:51
  So
• 6:51
  the
• 6:51
  simple
• 6:52
  message
• 6:52
  is
• 6:53
  don't
• 6:53
  be
• 6:53
  afraid
• 6:54
  to
• 6:54
  fail.
• 6:55
  Instead,
• 6:55
  embrace
• 6:56
  it
• 6:56
  as
• 6:56
  an
• 6:56
  opportunity
• 6:57
  for
• 6:57
  growth
• 6:58
  and
• 6:58
  learning.
• 6:59
  Now,
• 6:59
  I
• 6:59
  know
• 7:00
  this
• 7:00
  is
• 7:00
  very
• 7:01
  easy
• 7:01
  to
• 7:01
  say,
• 7:02
  but
• 7:02
  even
• 7:02
  with
• 7:03
  everything
• 7:03
  that
• 7:03
  I've
• 7:03
  said,
• 7:04
  I'm
• 7:04
  convinced
• 7:05
  that
• 7:05
  there'll
• 7:05
  be
• 7:05
  some
• 7:05
  people
• 7:06
  who
• 7:06
  are
• 7:06
  still
• 7:06
  finding
• 7:07
  it
• 7:07
  difficult
• 7:07
  to
• 7:07
  embrace
• 7:08
  failure.
• 7:08
  So
• 7:09
  here's
• 7:09
  a
• 7:09
  few
• 7:09
  tips
• 7:10
  on
• 7:10
  how
• 7:11
  to
• 7:11
  start
• 7:11
  and
• 7:11
  shift
• 7:12
  your
• 7:12
  mindset.
• 7:12
  So
• 7:13
  to
• 7:13
  reiterate,
• 7:14
  the
• 7:14
  first
• 7:14
  step
• 7:15
  in
• 7:15
  embracing
• 7:15
  failure
• 7:16
  is
• 7:16
  learning
• 7:17
  to
• 7:17
  view
• 7:17
  it
• 7:17
  as
• 7:18
  an
• 7:18
  opportunity
• 7:19
  and
• 7:19
  not
• 7:19
  as
• 7:19
  an
• 7:19
  obstacle.
• 7:20
  Too
• 7:20
  often
• 7:21
  people
• 7:21
  brush
• 7:21
  off
• 7:22
  failure
• 7:22
  without
• 7:22
  taking
• 7:23
  the
• 7:23
  time
• 7:23
  to
• 7:23
  look
• 7:24
  at
• 7:24
  what
• 7:24
  went
• 7:24
  wrong
• 7:24
  or
• 7:25
  what
• 7:25
  could
• 7:25
  have
• 7:25
  gone
• 7:25
  better.
• 7:26
  Taking
• 7:26
  the
• 7:26
  time
• 7:27
  to
• 7:27
  reflect
• 7:27
  on
• 7:27
  past
• 7:27
  failures
• 7:28
  can
• 7:28
  help
• 7:28
  you
• 7:29
  identify
• 7:29
  areas
• 7:30
  for
• 7:30
  improvement
• 7:30
  and
• 7:30
  create
• 7:31
  strategies
• 7:31
  for
• 7:32
  avoiding
• 7:32
  them
• 7:32
  in
• 7:32
  the
• 7:32
  future.
• 7:33
  Asking
• 7:33
  yourself
• 7:34
  questions
• 7:34
  such
• 7:35
  as,
• 7:35
  "What
• 7:35
  could
• 7:35
  I
• 7:36
  have
• 7:36
  done
• 7:36
  differently?"
• 7:36
  Or
• 7:37
  "What
• 7:37
  would
• 7:37
  have
• 7:38
  been
• 7:38
  the
• 7:38
  best
• 7:38
  outcome?"
• 7:39
  Can
• 7:39
  give
• 7:39
  you
• 7:39
  insight
• 7:40
  into
• 7:40
  how
• 7:41
  to
• 7:41
  do
• 7:41
  it
• 7:41
  better
• 7:42
  next
• 7:42
  time.
• 7:42
  It's
• 7:42
  also
• 7:43
  important
• 7:43
  that
• 7:43
  business
• 7:44
  leaders
• 7:44
  encourage
• 7:45
  their
• 7:45
  employees
• 7:45
  to
• 7:45
  embrace
• 7:46
  failure
• 7:46
  when
• 7:46
  it
• 7:47
  happens.
• 7:47
  Too
• 7:47
  often,
• 7:48
  businesses
• 7:49
  are
• 7:49
  quick
• 7:49
  to
• 7:49
  punish
• 7:49
  employees
• 7:50
  for
• 7:50
  making
• 7:50
  mistakes,
• 7:51
  which
• 7:51
  can
• 7:51
  lead
• 7:52
  to
• 7:52
  feelings
• 7:52
  of
• 7:53
  shame
• 7:53
  and
• 7:53
  discouragement.
• 7:54
  Instead,
• 7:55
  businesses
• 7:55
  should
• 7:55
  focus
• 7:56
  on
• 7:56
  celebrating
• 7:56
  progress
• 7:57
  and
• 7:57
  rewarding
• 7:58
  employees
• 7:58
  who
• 7:58
  take
• 7:59
  calculated
• 8:00
  risks
• 8:00
  and
• 8:00
  think
• 8:01
  outside
• 8:01
  the
• 8:01
  box,
• 8:02
  even
• 8:02
  if
• 8:02
  those
• 8:03
  risks
• 8:03
  don't
• 8:03
  pay
• 8:03
  off
• 8:04
  in
• 8:04
  the
• 8:04
  end.
• 8:04
  This
• 8:05
  kind
• 8:05
  of
• 8:05
  positive
• 8:06
  reinforcement
• 8:07
  encourages
• 8:07
  good
• 8:08
  quality
• 8:08
  risk-taking
• 8:09
  behavior
• 8:09
  while
• 8:10
  still
• 8:10
  allowing
• 8:10
  room
• 8:11
  for
• 8:11
  mistakes.
• 8:11
  Remember
• 8:12
  3M?
• 8:12
  The
• 8:12
  fact
• 8:13
  they
• 8:13
  built
• 8:13
  a
• 8:13
  culture
• 8:14
  on
• 8:14
  trying
• 8:14
  things,
• 8:15
  even
• 8:15
  if
• 8:15
  they
• 8:15
  failed,
• 8:16
  led
• 8:16
  to
• 8:16
  some
• 8:17
  of
• 8:17
  the
• 8:17
  most
• 8:17
  popular
• 8:18
  products
• 8:18
  in
• 8:18
  the
• 8:18
  world.
• 8:19
  Finally,
• 8:19
  it's
• 8:19
  important
• 8:20
  that
• 8:20
  business
• 8:20
  leaders
• 8:21
  obviously
• 8:21
  learn
• 8:22
  from
• 8:22
  their
• 8:22
  own
• 8:22
  mistakes,
• 8:22
  but
• 8:23
  also
• 8:23
  they
• 8:23
  need
• 8:24
  to
• 8:24
  learn
• 8:24
  from
• 8:24
  those
• 8:25
  of
• 8:25
  others.
• 8:26
  So
• 8:26
  if
• 8:26
  a
• 8:26
  competitor
• 8:27
  has
• 8:27
  failed
• 8:27
  at
• 8:27
  something
• 8:28
  due
• 8:28
  to
• 8:28
  poor
• 8:28
  planning
• 8:29
  or
• 8:29
  execution,
• 8:30
  then
• 8:30
  use
• 8:30
  this
• 8:31
  knowledge
• 8:31
  as
• 8:31
  an
• 8:31
  opportunity
• 8:32
  to
• 8:32
  make
• 8:32
  changes
• 8:33
  in
• 8:33
  your
• 8:34
  own
• 8:34
  organization
• 8:35
  so
• 8:35
  that
• 8:35
  you
• 8:35
  don't
• 8:36
  suffer
• 8:36
  the
• 8:36
  same
• 8:36
  fate.
• 8:37
  Keeping
• 8:37
  up
• 8:38
  with
• 8:38
  the
• 8:38
  trends
• 8:38
  and
• 8:39
  staying
• 8:39
  informed
• 8:39
  on
• 8:39
  industry
• 8:40
  news
• 8:40
  will
• 8:41
  also
• 8:41
  help
• 8:41
  you
• 8:42
  anticipate
• 8:42
  potential
• 8:43
  problems
• 8:43
  before
• 8:44
  they
• 8:44
  become
• 8:45
  real
• 8:45
  issues
• 8:45
  for
• 8:46
  your
• 8:46
  company.
• 8:47
  In
• 8:47
  conclusion,
• 8:48
  all
• 8:48
  successful
• 8:49
  businesses
• 8:49
  go
• 8:50
  through
• 8:50
  periods
• 8:50
  of
• 8:50
  trial
• 8:51
  and
• 8:51
  error.
• 8:51
  It's
• 8:51
  just
• 8:52
  part
• 8:52
  of
• 8:52
  running
• 8:52
  a
• 8:52
  business.
• 8:53
  However,
• 8:53
  too
• 8:54
  many
• 8:54
  leaders
• 8:54
  shy
• 8:55
  away
• 8:55
  from
• 8:55
  discussing
• 8:56
  failure
• 8:56
  because
• 8:56
  they
• 8:56
  see
• 8:57
  it
• 8:57
  as
• 8:57
  a
• 8:57
  sign
• 8:57
  of
• 8:58
  weakness
• 8:58
  or
• 8:58
  ineptitude.
• 8:59
  This
• 8:59
  couldn't
• 9:00
  be
• 9:00
  further
• 9:01
  from
• 9:01
  the
• 9:01
  truth,
• 9:01
  and
• 9:01
  in
• 9:02
  reality,
• 9:02
  embracing
• 9:03
  failure
• 9:04
  is
• 9:04
  one
• 9:04
  of
• 9:04
  the
• 9:04
  most
• 9:04
  important
• 9:05
  things
• 9:05
  business
• 9:06
  leaders
• 9:06
  can
• 9:06
  do
• 9:06
  if
• 9:07
  they
• 9:07
  want
• 9:07
  their
• 9:07
  companies
• 9:08
  to
• 9:08
  succeed
• 9:09
  over
• 9:09
  time.
• 9:09
  By
• 9:10
  learning
• 9:10
  from
• 9:10
  our
• 9:10
  failures,
• 9:11
  we
• 9:11
  become
• 9:11
  better
• 9:12
  equipped
• 9:12
  to
• 9:12
  handle
• 9:12
  similar
• 9:13
  situations
• 9:13
  in
• 9:13
  the
• 9:14
  future
• 9:14
  and
• 9:14
  avoid
• 9:15
  costly
• 9:15
  missteps
• 9:16
  along
• 9:16
  the
• 9:16
  way.
• 9:17
  We
• 9:17
  build
• 9:17
  resilience
• 9:18
  and
• 9:18
  breed
• 9:19
  innovation,
• 9:19
  all
• 9:20
  critical
• 9:20
  components
• 9:21
  of
• 9:21
  achieving
• 9:22
  long-term
• 9:23
  success.
• 9:23
  The
• 9:24
  key
• 9:24
  is
• 9:24
  approaching
• 9:25
  failure
• 9:25
  with
• 9:26
  an
• 9:26
  open
• 9:26
  mind
• 9:27
  and
• 9:27
  viewing
• 9:27
  it
• 9:27
  as
• 9:28
  an
• 9:28
  opportunity
• 9:29
  and
• 9:29
  a
• 9:29
  learning
• 9:30
  opportunity
• 9:30
  specifically,
• 9:31
  rather
• 9:32
  than
• 9:32
  an
• 9:32
  obstacle.
• 9:33
  And
• 9:33
  if
• 9:33
  there's
• 9:33
  one
• 9:33
  thing
• 9:33
  I'd
• 9:33
  like
• 9:33
  you
• 9:33
  to
• 9:33
  take
• 9:33
  away
• 9:33
  from
• 9:33
  today's
• 9:33
  episode,
• 9:33
  it's
• 9:33
  this:
• 9:33
  the
• 9:33
  goal
• 9:34
  isn't
• 9:34
  to
• 9:34
  avoid
• 9:34
  failure,
• 9:34
  the
• 9:34
  goal
• 9:34
  is
• 9:34
  to
• 9:34
  learn
• 9:34
  faster
• 9:34
  than
• 9:34
  everyone
• 9:34
  else.
• 9:34
  E-every
• 9:34
  rejected
• 9:34
  proposal,
• 9:34
  every
• 9:34
  failed
• 9:34
  pilot,
• 9:34
  every
• 9:35
  investor
• 9:35
  who
• 9:42
  says
• 9:42
  no,
• 9:42
  every
• 9:43
  product
• 9:45
  iteration
• 9:46
  that
• 9:47
  doesn't
• 9:47
  quite
• 9:47
  work,
• 9:48
  they're
• 9:48
  all
• 9:48
  providing
• 9:49
  data.
• 9:49
  The
• 9:49
  clinicians
• 9:50
  who
• 9:50
  successfully
• 9:50
  become
• 9:51
  CEOs
• 9:51
  aren't
• 9:51
  necessarily
• 9:52
  the
• 9:52
  smartest,
• 9:53
  the
• 9:53
  best
• 9:53
  connected,
• 9:54
  or
• 9:54
  even
• 9:54
  the
• 9:54
  most
• 9:54
  experienced.
• 9:55
  They're
• 9:55
  often
• 9:55
  the
• 9:56
  ones
• 9:56
  who
• 9:56
  are
• 9:56
  willing
• 9:56
  to
• 9:57
  learn,
• 9:57
  adapt,
• 9:58
  and
• 9:58
  keep
• 9:58
  moving
• 9:58
  when
• 9:59
  things
• 9:59
  don't
• 9:59
  go
• 10:00
  according
• 10:00
  to
• 10:00
  plan.
• 10:01
  So
• 10:01
  next
• 10:01
  time
• 10:01
  something
• 10:02
  doesn't
• 10:02
  work
• 10:02
  out,
• 10:03
  don't
• 10:03
  just
• 10:03
  ask,
• 10:03
  "Why
• 10:03
  did
• 10:04
  I
• 10:04
  fail?"
• 10:04
  Ask,
• 10:05
  "What
• 10:05
  did
• 10:05
  I
• 10:06
  learn?"
• 10:06
  Cause
• 10:06
  the
• 10:06
  answer
• 10:07
  may
• 10:07
  be
• 10:07
  the
• 10:07
  thing
• 10:07
  that
• 10:07
  ultimately
• 10:08
  drives
• 10:08
  your
• 10:08
  success
• 10:09
  Hakeem: And
• 10:09
  Hakeem: if
• 10:10
  Hakeem: you're
• 10:10
  Hakeem: building
• 10:11
  Hakeem: a
• 10:11
  Hakeem: MedTech
• 10:11
  Hakeem: business
• 10:12
  Hakeem: and
• 10:12
  Hakeem: you're
• 10:12
  Hakeem: not
• 10:13
  Hakeem: sure
• 10:13
  Hakeem: whether
• 10:13
  Hakeem: your
• 10:13
  Hakeem: next
• 10:14
  Hakeem: move
• 10:14
  Hakeem: should
• 10:14
  Hakeem: be
• 10:14
  Hakeem: around
• 10:14
  Hakeem: evidence,
• 10:15
  Hakeem: market
• 10:16
  Hakeem: access,
• 10:16
  Hakeem: commercialization,
• 10:17
  Hakeem: distributor
• 10:17
  Hakeem: strategy.
• 10:18
  Hakeem: Or
• 10:18
  Hakeem: adoption.
• 10:19
  Hakeem: Do
• 10:19
  Hakeem: not
• 10:20
  Hakeem: guess.
• 10:20
  Hakeem: Book
• 10:21
  Hakeem: a
• 10:21
  Hakeem: healthcare
• 10:21
  Hakeem: export
• 10:22
  Hakeem: accelerator
• 10:22
  Hakeem: diagnostic
• 10:23
  Hakeem: Call
• 10:23
  Hakeem: with
• 10:23
  Hakeem: me.
• 10:24
  Hakeem: Use
• 10:24
  Hakeem: my
• 10:24
  Hakeem: link
• 10:25
  Hakeem: in
• 10:25
  Hakeem: the
• 10:25
  Hakeem: show
• 10:25
  Hakeem: notes.
• 10:26
  Hakeem: And
• 10:26
  Hakeem: in
• 10:26
  Hakeem: that
• 10:26
  Hakeem: session
• 10:27
  Hakeem: I'll
• 10:27
  Hakeem: help
• 10:27
  Hakeem: you
• 10:28
  Hakeem: identify
• 10:28
  Hakeem: the
• 10:28
  Hakeem: specific
• 10:29
  Hakeem: constraints
• 10:30
  Hakeem: blocking
• 10:30
  Hakeem: your
• 10:31
  Hakeem: momentum
• 10:31
  Hakeem: and
• 10:32
  Hakeem: the
• 10:32
  Hakeem: commercial
• 10:32
  Hakeem: move
• 10:33
  Hakeem: most
• 10:33
  Hakeem: likely
• 10:34
  Hakeem: to
• 10:34
  Hakeem: unlock
• 10:34
  Hakeem: your
• 10:34
  Hakeem: progress.
• 10:35
  Hakeem: Thanks
• 10:35
  Hakeem: for
• 10:36
  Hakeem: tuning
• 10:36
  Hakeem: in.
• 10:36
  Hakeem: Until
• 10:37
  Hakeem: next
• 10:37
  Hakeem: time,
• 10:38
  Hakeem: thanks
• 10:38
  Hakeem: for
• 10:38
  Hakeem: listening.
• 10:39
  Hakeem: Keep
• 10:39
  Hakeem: challenging
• 10:39
  Hakeem: your
• 10:39
  Hakeem: assumptions
• 10:40
  Hakeem: and
• 10:40
  Hakeem: keep
• 10:41
  Hakeem: growing.