Latest / Clinician to CEO : Export Your Medical Device With Confidence By Overcoming Go To Market Roadblocks For Medtech Growth / #190 | Why Being Afraid Of Failure Is A Mistake For Medical Device Innovators, And How To Change It

Transcript

#190 | Why Being Afraid Of Failure Is A Mistake For Medical Device Innovators, And How To Change It · Clinician to CEO : Export Your Medical Device With Confidence By Overcoming Go To Market Roadblocks For Medtech Growth

• 0:00
  In
• 0:00
  this
• 0:00
  episode,
• 0:01
  you're
• 0:01
  gonna
• 0:01
  discover
• 0:02
  why
• 0:02
  embracing
• 0:02
  failure
• 0:03
  in
• 0:03
  your
• 0:03
  medical
• 0:04
  device
• 0:04
  business
• 0:04
  can
• 0:05
  actually
• 0:05
  fuel
• 0:05
  your
• 0:06
  growth
• 0:06
  rather
• 0:07
  than
• 0:07
  the
• 0:07
  perceived
• 0:07
  wisdom
• 0:08
  that
• 0:08
  it
• 0:08
  hinders
• 0:09
  it.
• 0:09
  Welcome
• 0:09
  to
• 0:10
  Clinician
• 0:10
  to
• 0:10
  CEO,
• 0:11
  the
• 0:11
  podcast
• 0:12
  helping
• 0:13
  clinicians
• 0:13
  simplify
• 0:14
  your
• 0:14
  go-to-market
• 0:15
  strategy
• 0:15
  so
• 0:15
  that
• 0:16
  you
• 0:16
  can
• 0:16
  stop
• 0:16
  guessing
• 0:17
  and
• 0:17
  turn
• 0:18
  your
• 0:18
  working
• 0:18
  prototypes
• 0:19
  into
• 0:19
  international
• 0:20
  MedTech
• 0:20
  businesses.
• 0:21
  I'm
• 0:22
  your
• 0:22
  host,
• 0:22
  Hakeem
• 0:22
  Aade.
• 0:23
  Let's
• 0:24
  get
• 0:24
  started.
• 0:25
  Today
• 0:25
  we're
• 0:25
  gonna
• 0:26
  dive
• 0:26
  into
• 0:26
  a
• 0:26
  topic
• 0:27
  that's
• 0:27
  often
• 0:27
  overlooked,
• 0:28
  but
• 0:28
  absolutely
• 0:29
  critical
• 0:29
  for
• 0:30
  your
• 0:30
  success.
• 0:30
  And
• 0:31
  that's
• 0:31
  how
• 0:31
  to
• 0:31
  learn
• 0:31
  from
• 0:31
  failure,
• 0:32
  here
• 0:32
  are
• 0:33
  the
• 0:33
  three
• 0:33
  things
• 0:33
  that
• 0:33
  you're
• 0:34
  gonna
• 0:34
  learn
• 0:34
  today.
• 0:34
  Number
• 0:35
  one,
• 0:36
  why
• 0:36
  failure
• 0:36
  isn't
• 0:37
  the
• 0:37
  enemy.
• 0:37
  It's
• 0:37
  actually
• 0:38
  your
• 0:38
  best
• 0:38
  teacher.
• 0:38
  And
• 0:39
  then
• 0:39
  number
• 0:39
  two,
• 0:39
  how
• 0:40
  embracing
• 0:40
  failure
• 0:41
  can
• 0:41
  build
• 0:41
  resilience
• 0:42
  and
• 0:42
  drive
• 0:42
  innovation.
• 0:43
  And
• 0:43
  lastly,
• 0:43
  number
• 0:44
  three,
• 0:44
  practical
• 0:45
  steps
• 0:45
  that
• 0:45
  you
• 0:46
  can
• 0:46
  take
• 0:46
  to
• 0:46
  shift
• 0:47
  your
• 0:47
  mindset
• 0:47
  and
• 0:47
  use
• 0:48
  failure
• 0:48
  to
• 0:49
  your
• 0:49
  advantage.
• 0:50
  So
• 0:50
  I
• 0:50
  decided
• 0:50
  to
• 0:51
  focus
• 0:51
  on
• 0:51
  this
• 0:52
  topic
• 0:52
  around
• 0:53
  failure,
• 0:54
  because
• 0:54
  in
• 0:54
  the
• 0:54
  world
• 0:54
  of
• 0:54
  medical
• 0:55
  devices,
• 0:56
  if
• 0:56
  you're
• 0:56
  launching
• 0:57
  a
• 0:57
  product,
• 0:57
  then
• 0:58
  it's
• 0:58
  gonna
• 0:58
  be
• 0:58
  packed
• 0:58
  with
• 0:59
  uncertainty.
• 0:59
  And
• 0:59
  if
• 1:00
  you're
• 1:00
  not
• 1:00
  already
• 1:01
  experiencing
• 1:01
  failure,
• 1:02
  then
• 1:03
  trust
• 1:03
  me,
• 1:03
  it's
• 1:04
  gonna
• 1:04
  happen
• 1:04
  at
• 1:04
  some
• 1:04
  point.
• 1:05
  And
• 1:05
  there's
• 1:05
  no
• 1:06
  issue
• 1:06
  with
• 1:06
  that
• 1:07
  because
• 1:07
  in
• 1:08
  fact,
• 1:08
  the
• 1:08
  fear
• 1:08
  of
• 1:08
  failure
• 1:10
  may
• 1:10
  well
• 1:10
  be
• 1:10
  the
• 1:10
  thing
• 1:11
  that
• 1:11
  holds
• 1:11
  you
• 1:12
  back
• 1:12
  from
• 1:12
  taking
• 1:12
  the
• 1:13
  risks
• 1:13
  necessary
• 1:14
  to
• 1:14
  innovate
• 1:15
  and
• 1:15
  grow.
• 1:16
  And
• 1:16
  therefore,
• 1:16
  I
• 1:16
  wanted
• 1:17
  to
• 1:17
  talk
• 1:17
  about.
• 1:17
  What
• 1:18
  you
• 1:18
  can
• 1:18
  learn
• 1:19
  from
• 1:19
  so-called
• 1:20
  failure,
• 1:21
  and
• 1:21
  obviously
• 1:22
  why
• 1:22
  embracing
• 1:22
  failure
• 1:23
  in
• 1:23
  my
• 1:23
  opinion.
• 1:24
  It's
• 1:24
  a
• 1:24
  critical
• 1:25
  component
• 1:26
  of
• 1:26
  success
• 1:27
  in
• 1:27
  business.
• 1:28
  Now,
• 1:28
  even
• 1:29
  the
• 1:29
  term
• 1:29
  failure
• 1:30
  sets
• 1:30
  the
• 1:30
  wrong
• 1:31
  tone,
• 1:31
  and
• 1:31
  as
• 1:32
  Tav
• 1:32
  Thornton
• 1:33
  put
• 1:33
  on
• 1:33
  one
• 1:33
  of
• 1:33
  my
• 1:33
  LinkedIn
• 1:34
  posts,
• 1:34
  she
• 1:35
  said
• 1:35
  that
• 1:36
  we
• 1:36
  are
• 1:36
  not
• 1:36
  failing.
• 1:37
  We
• 1:37
  are
• 1:37
  learning
• 1:38
  to
• 1:38
  succeed,
• 1:39
  which
• 1:39
  we'll
• 1:39
  definitely
• 1:39
  be
• 1:39
  exploring.
• 1:40
  So
• 1:41
  the
• 1:41
  question
• 1:42
  is,
• 1:42
  why
• 1:42
  is
• 1:42
  failure
• 1:43
  often
• 1:43
  seen
• 1:44
  as
• 1:44
  something
• 1:44
  to
• 1:44
  be
• 1:44
  avoided
• 1:45
  at
• 1:45
  all
• 1:45
  costs?
• 1:46
  The
• 1:46
  world
• 1:47
  of
• 1:47
  business
• 1:48
  when
• 1:48
  in
• 1:48
  fact,
• 1:48
  in
• 1:48
  my
• 1:48
  opinion,,
• 1:49
  the
• 1:49
  truth
• 1:50
  is
• 1:50
  that
• 1:50
  failure
• 1:51
  can
• 1:51
  actually
• 1:51
  be
• 1:51
  one
• 1:52
  of
• 1:52
  the
• 1:52
  most
• 1:52
  valuable
• 1:53
  learning
• 1:53
  experiences
• 1:54
  a
• 1:54
  business
• 1:55
  can
• 1:55
  have.
• 1:56
  Now,
• 1:56
  failure
• 1:57
  is
• 1:57
  not
• 1:57
  something
• 1:58
  that
• 1:58
  most
• 1:58
  businesses
• 1:59
  and
• 1:59
  most
• 1:59
  business
• 2:00
  leaders
• 2:00
  want
• 2:00
  to
• 2:00
  talk
• 2:01
  about,
• 2:01
  but
• 2:01
  it
• 2:02
  is
• 2:02
  simply
• 2:03
  a
• 2:03
  part
• 2:03
  of
• 2:03
  life
• 2:03
  and
• 2:04
  a
• 2:04
  necessary
• 2:04
  component
• 2:05
  of
• 2:05
  success
• 2:06
  by
• 2:06
  embracing
• 2:07
  failure.
• 2:07
  Business
• 2:08
  leaders
• 2:08
  can
• 2:09
  learn
• 2:09
  from
• 2:09
  their
• 2:09
  mistakes
• 2:10
  and
• 2:10
  make
• 2:10
  adjustments
• 2:11
  in
• 2:11
  order
• 2:11
  to
• 2:12
  increase
• 2:12
  the
• 2:12
  chances
• 2:13
  of
• 2:13
  future
• 2:13
  success.
• 2:14
  Now
• 2:14
  this
• 2:14
  podcast
• 2:15
  will
• 2:15
  discuss
• 2:16
  three
• 2:16
  reasons
• 2:17
  why
• 2:17
  embracing
• 2:17
  failure
• 2:18
  is
• 2:18
  a
• 2:18
  critical
• 2:19
  component
• 2:20
  of
• 2:20
  success
• 2:21
  in
• 2:21
  business.
• 2:21
  So
• 2:22
  number
• 2:23
  one,
• 2:23
  failure
• 2:24
  helps
• 2:24
  you
• 2:25
  learn
• 2:25
  and
• 2:25
  grow.
• 2:26
  When
• 2:26
  things
• 2:27
  go
• 2:27
  wrong
• 2:27
  in
• 2:27
  business,
• 2:28
  it
• 2:28
  can
• 2:28
  be
• 2:28
  tempting
• 2:29
  to
• 2:29
  sweep
• 2:29
  the
• 2:29
  experience
• 2:30
  under
• 2:30
  the
• 2:30
  rug
• 2:31
  and
• 2:31
  move
• 2:31
  on
• 2:32
  as
• 2:32
  quickly
• 2:32
  as
• 2:32
  possible.
• 2:33
  However,
• 2:34
  by
• 2:34
  doing
• 2:34
  so,
• 2:35
  you
• 2:35
  miss
• 2:35
  out
• 2:35
  on
• 2:35
  an
• 2:35
  opportunity
• 2:36
  to
• 2:36
  learn
• 2:36
  from
• 2:36
  your
• 2:37
  mistakes
• 2:37
  and
• 2:37
  grow
• 2:38
  with
• 2:38
  an
• 2:38
  entrepreneur
• 2:38
  or
• 2:39
  a
• 2:39
  business
• 2:39
  person.
• 2:40
  Embracing
• 2:41
  failure
• 2:41
  means
• 2:41
  taking
• 2:42
  the
• 2:42
  time
• 2:42
  to
• 2:42
  reflect
• 2:43
  on
• 2:43
  what
• 2:43
  went
• 2:44
  wrong
• 2:44
  and
• 2:45
  why.
• 2:45
  By
• 2:46
  analyzing
• 2:46
  your
• 2:46
  failures,
• 2:47
  you
• 2:47
  can
• 2:47
  identify
• 2:48
  areas
• 2:48
  for
• 2:48
  improvement
• 2:49
  and
• 2:49
  make
• 2:49
  changes
• 2:50
  that
• 2:50
  will
• 2:50
  help
• 2:50
  you
• 2:50
  succeed
• 2:51
  in
• 2:51
  the
• 2:51
  future.
• 2:52
  Life
• 2:52
  is
• 2:52
  littered
• 2:53
  with
• 2:53
  success
• 2:53
  stories
• 2:54
  born
• 2:54
  out
• 2:54
  of
• 2:54
  failure.
• 2:55
  Take
• 2:56
  the
• 2:56
  example
• 2:56
  of
• 2:56
  Thomas
• 2:57
  Edison.
• 2:57
  He
• 2:57
  famously
• 2:58
  said
• 2:59
  that,
• 2:59
  I
• 2:59
  have
• 2:59
  not
• 2:59
  failed.
• 3:00
  I've
• 3:00
  just
• 3:01
  found
• 3:01
  10,000
• 3:02
  ways
• 3:02
  that
• 3:02
  won't
• 3:03
  work.
• 3:03
  He's
• 3:04
  repeated.
• 3:04
  Attempts
• 3:05
  at
• 3:05
  creating
• 3:05
  the
• 3:05
  light
• 3:05
  bulb
• 3:06
  eventually
• 3:06
  led
• 3:06
  him
• 3:06
  to
• 3:07
  success.
• 3:07
  Similarly,
• 3:08
  many
• 3:09
  entrepreneurs
• 3:09
  have
• 3:09
  started
• 3:10
  businesses
• 3:10
  that
• 3:10
  failed
• 3:11
  only
• 3:11
  for
• 3:11
  them
• 3:11
  to
• 3:12
  come
• 3:12
  up
• 3:12
  with
• 3:12
  an
• 3:12
  even
• 3:13
  better
• 3:13
  idea
• 3:13
  or
• 3:13
  product
• 3:14
  later
• 3:14
  on,
• 3:14
  such
• 3:15
  as
• 3:15
  Steve
• 3:16
  Jobs.
• 3:16
  Apple.
• 3:17
  It's
• 3:17
  a
• 3:18
  very
• 3:18
  famous
• 3:18
  example.
• 3:19
  In
• 3:19
  other
• 3:19
  words,
• 3:20
  failure
• 3:20
  can
• 3:21
  be
• 3:21
  an
• 3:21
  opportunity
• 3:22
  for
• 3:22
  growth.
• 3:23
  If
• 3:23
  you
• 3:23
  look
• 3:23
  at
• 3:23
  it
• 3:23
  from
• 3:24
  the
• 3:24
  right
• 3:24
  perspective,
• 3:25
  you
• 3:25
  can
• 3:25
  learn
• 3:26
  from
• 3:26
  your
• 3:26
  mistakes
• 3:27
  and
• 3:27
  use
• 3:27
  them
• 3:28
  as
• 3:28
  stepping
• 3:28
  stones
• 3:29
  for
• 3:29
  future
• 3:30
  success.
• 3:31
  Number
• 3:32
  two,
• 3:32
  failure
• 3:33
  builds
• 3:34
  resilience.
• 3:35
  A
• 3:35
  very
• 3:35
  topical
• 3:36
  word
• 3:36
  at
• 3:36
  the
• 3:36
  moment
• 3:37
  as
• 3:37
  many
• 3:37
  people
• 3:37
  in
• 3:37
  business
• 3:38
  keep
• 3:38
  talking
• 3:39
  about
• 3:39
  the
• 3:39
  lack
• 3:39
  of
• 3:39
  resilience
• 3:40
  in
• 3:40
  the
• 3:40
  younger
• 3:40
  generation.
• 3:41
  Whether
• 3:42
  I
• 3:42
  agree
• 3:42
  with
• 3:42
  that
• 3:43
  sentiment
• 3:43
  or
• 3:43
  not,
• 3:44
  it
• 3:44
  shows
• 3:44
  that
• 3:44
  resilience
• 3:45
  is
• 3:45
  something
• 3:45
  that
• 3:45
  is
• 3:45
  valued
• 3:46
  in
• 3:46
  business.
• 3:47
  So
• 3:47
  you
• 3:47
  need.
• 3:47
  To
• 3:48
  get
• 3:48
  it
• 3:48
  developed.
• 3:49
  Entrepreneurship
• 3:50
  and
• 3:50
  business
• 3:51
  is
• 3:51
  not
• 3:51
  for
• 3:51
  the
• 3:51
  faint-hearted.
• 3:52
  It
• 3:52
  requires
• 3:53
  grit,
• 3:54
  determination,
• 3:54
  and
• 3:55
  resilience,
• 3:55
  and
• 3:56
  there's
• 3:56
  no
• 3:56
  better
• 3:56
  way
• 3:57
  to
• 3:57
  build
• 3:57
  that
• 3:58
  than
• 3:58
  by
• 3:58
  experiencing
• 3:59
  failure.
• 4:00
  When
• 4:00
  everything
• 4:00
  goes
• 4:00
  well,
• 4:01
  it's
• 4:01
  great,
• 4:01
  but
• 4:01
  you
• 4:02
  certainly
• 4:02
  aren't
• 4:02
  building
• 4:03
  the
• 4:03
  resilience
• 4:03
  that
• 4:04
  you're
• 4:04
  gonna
• 4:04
  need.
• 4:04
  And
• 4:05
  be
• 4:05
  sure
• 4:05
  you
• 4:06
  will
• 4:06
  need
• 4:07
  it
• 4:07
  at
• 4:07
  some
• 4:07
  point.
• 4:08
  So
• 4:08
  it's
• 4:08
  better
• 4:08
  to
• 4:09
  get
• 4:09
  it
• 4:09
  now.
• 4:10
  Early
• 4:10
  and
• 4:11
  regularly,
• 4:11
  and
• 4:12
  then
• 4:12
  use
• 4:12
  it
• 4:12
  in
• 4:13
  the
• 4:13
  right
• 4:13
  way.
• 4:14
  When
• 4:14
  you
• 4:14
  fail
• 4:15
  in
• 4:15
  business,
• 4:15
  it
• 4:16
  can
• 4:16
  no
• 4:16
  doubt
• 4:16
  be
• 4:17
  a
• 4:17
  blow
• 4:17
  to
• 4:17
  your
• 4:17
  confidence
• 4:18
  and
• 4:18
  self-esteem,
• 4:19
  but
• 4:19
  by
• 4:19
  picking
• 4:19
  yourself
• 4:20
  up
• 4:20
  and
• 4:21
  trying
• 4:21
  again,
• 4:21
  you
• 4:22
  build
• 4:22
  the
• 4:22
  mental
• 4:23
  toughness
• 4:23
  necessary
• 4:24
  to
• 4:24
  weather
• 4:24
  future
• 4:25
  challenges.
• 4:26
  For
• 4:26
  example,
• 4:27
  JK
• 4:27
  Rowling,
• 4:28
  who
• 4:28
  was
• 4:28
  living
• 4:28
  off
• 4:28
  welfare
• 4:29
  while
• 4:29
  writing
• 4:30
  her
• 4:30
  first
• 4:30
  Harry
• 4:31
  Potter
• 4:31
  novel
• 4:31
  before
• 4:32
  it
• 4:32
  became
• 4:32
  a
• 4:32
  phenomenon.
• 4:33
  Worldwide.
• 4:34
  She
• 4:34
  got
• 4:35
  rejected
• 4:35
  by
• 4:35
  12
• 4:36
  publishers,
• 4:36
  but
• 4:37
  did
• 4:37
  she
• 4:37
  give
• 4:37
  up?
• 4:37
  Nope.
• 4:38
  She
• 4:38
  kept
• 4:39
  going
• 4:39
  and
• 4:39
  finally
• 4:39
  got
• 4:40
  her
• 4:40
  book
• 4:40
  published
• 4:40
  by
• 4:41
  BRE
• 4:41
  Publishing
• 4:42
  and
• 4:42
  the
• 4:42
  rest,
• 4:43
  as
• 4:43
  they
• 4:43
  say
• 4:43
  is
• 4:43
  history.
• 4:44
  The
• 4:44
  books
• 4:45
  have
• 4:45
  now
• 4:45
  sold
• 4:45
  over
• 4:45
  500
• 4:46
  million
• 4:46
  copies
• 4:46
  worldwide
• 4:47
  with
• 4:48
  eight
• 4:48
  blockbuster
• 4:48
  movies
• 4:49
  following
• 4:50
  suit.
• 4:50
  This
• 4:51
  goes
• 4:51
  to
• 4:51
  show
• 4:51
  that
• 4:52
  even
• 4:52
  though
• 4:52
  she
• 4:52
  suffered
• 4:53
  numerous
• 4:53
  rejections,
• 4:54
  she
• 4:55
  still
• 4:55
  kept
• 4:55
  going
• 4:56
  until
• 4:56
  she
• 4:56
  found
• 4:57
  success.
• 4:57
  Had
• 4:58
  she
• 4:58
  given
• 4:58
  up
• 4:59
  as
• 4:59
  many
• 4:59
  do
• 5:00
  not
• 5:00
  continued
• 5:01
  on.
• 5:01
  We
• 5:01
  may
• 5:01
  have
• 5:02
  never
• 5:02
  heard
• 5:03
  of
• 5:03
  Mr.
• 5:03
  Potter
• 5:04
  and
• 5:04
  his
• 5:04
  friends.
• 5:05
  Number
• 5:05
  three,
• 5:06
  failure
• 5:07
  breeds
• 5:08
  innovation.
• 5:08
  Latest.
• 5:09
  Innovation
• 5:09
  in
• 5:10
  history
• 5:10
  have
• 5:10
  come
• 5:11
  about
• 5:11
  as
• 5:11
  a
• 5:11
  result
• 5:12
  of
• 5:12
  failure.
• 5:13
  When
• 5:13
  something
• 5:13
  doesn't
• 5:13
  work
• 5:14
  as
• 5:14
  expected,
• 5:15
  it
• 5:15
  forces
• 5:15
  us
• 5:15
  to
• 5:16
  think
• 5:16
  outside
• 5:16
  the
• 5:17
  box
• 5:17
  and
• 5:17
  come
• 5:17
  up
• 5:17
  with
• 5:18
  new
• 5:18
  solutions.
• 5:19
  By
• 5:19
  embracing
• 5:19
  failure
• 5:20
  rather
• 5:20
  than
• 5:21
  fearing
• 5:21
  it.
• 5:21
  Entrepreneurs
• 5:22
  businesses
• 5:23
  and
• 5:23
  business
• 5:24
  people
• 5:24
  open
• 5:25
  themselves
• 5:25
  up
• 5:26
  to
• 5:26
  new
• 5:26
  possibilities
• 5:27
  and
• 5:27
  opportunities
• 5:28
  for
• 5:28
  innovation.
• 5:29
  Who
• 5:29
  knows?
• 5:30
  Your
• 5:30
  next
• 5:30
  big
• 5:31
  idea
• 5:31
  might
• 5:32
  just
• 5:32
  come
• 5:32
  from
• 5:32
  a
• 5:32
  failed
• 5:33
  project
• 5:34
  or
• 5:34
  product.
• 5:35
  Many
• 5:35
  successful
• 5:35
  companies
• 5:36
  have
• 5:36
  leveraged
• 5:37
  failure
• 5:37
  as
• 5:37
  part
• 5:38
  of
• 5:38
  their
• 5:38
  creative
• 5:38
  process,
• 5:39
  and
• 5:39
  one
• 5:39
  example
• 5:40
  that
• 5:40
  stands
• 5:40
  out
• 5:41
  above
• 5:41
  all
• 5:41
  the
• 5:41
  rest
• 5:42
  is
• 5:42
  three
• 5:42
  M'S
• 5:43
  15%.
• 5:44
  Rule
• 5:44
  3M
• 5:45
  is
• 5:45
  one
• 5:45
  of
• 5:45
  the
• 5:45
  most.
• 5:46
  Innovative
• 5:46
  companies
• 5:47
  in
• 5:47
  the
• 5:47
  world,
• 5:48
  and
• 5:48
  it
• 5:48
  doesn't
• 5:48
  matter
• 5:49
  if
• 5:49
  you've
• 5:49
  heard
• 5:49
  of
• 5:49
  them
• 5:49
  or
• 5:50
  not,
• 5:50
  they're
• 5:50
  behind
• 5:51
  some
• 5:51
  of
• 5:51
  the
• 5:51
  most
• 5:51
  revolutionary
• 5:52
  products
• 5:53
  on
• 5:53
  the
• 5:53
  market
• 5:53
  today
• 5:54
  from
• 5:54
  post-it
• 5:55
  notes
• 5:55
  to
• 5:56
  Scotch
• 5:56
  Tape.
• 5:56
  So
• 5:57
  how
• 5:57
  do
• 5:57
  they
• 5:57
  do
• 5:57
  it?
• 5:57
  The
• 5:58
  answer
• 5:58
  live
• 5:58
  in
• 5:59
  their
• 5:59
  15%
• 6:00
  rule.
• 6:01
  So
• 6:01
  what
• 6:01
  is
• 6:01
  this
• 6:01
  rule?
• 6:02
  The
• 6:02
  15%
• 6:03
  rule
• 6:03
  states
• 6:04
  that
• 6:04
  employees
• 6:05
  should
• 6:06
  dedicate
• 6:06
  15%
• 6:07
  of
• 6:07
  their
• 6:07
  work
• 6:08
  time
• 6:08
  to
• 6:08
  pursuing
• 6:09
  whatever
• 6:10
  ideas.
• 6:11
  Interest
• 6:11
  them
• 6:12
  regardless
• 6:13
  of
• 6:13
  whether
• 6:13
  or
• 6:13
  not
• 6:14
  those
• 6:14
  ideas
• 6:15
  are
• 6:15
  related
• 6:15
  to
• 6:15
  their
• 6:16
  job
• 6:16
  roles.
• 6:17
  This
• 6:17
  allows
• 6:17
  employees
• 6:18
  to
• 6:18
  take
• 6:19
  risks
• 6:19
  and
• 6:19
  explore
• 6:20
  new
• 6:20
  concepts
• 6:21
  without
• 6:21
  fear
• 6:21
  of
• 6:22
  failure.
• 6:22
  If
• 6:23
  their
• 6:23
  idea
• 6:23
  fails,
• 6:24
  it
• 6:24
  won't
• 6:24
  affect
• 6:25
  their
• 6:25
  job
• 6:25
  performance
• 6:25
  or
• 6:26
  career
• 6:26
  advancements.
• 6:27
  And
• 6:27
  in
• 6:27
  other
• 6:28
  words,
• 6:28
  it
• 6:28
  gives
• 6:29
  employees.
• 6:30
  Permission
• 6:31
  to
• 6:31
  fail,
• 6:32
  which
• 6:32
  encourages
• 6:33
  innovation
• 6:34
  and
• 6:34
  creativity.
• 6:35
  It's
• 6:35
  this
• 6:35
  policy
• 6:36
  that's
• 6:36
  paid
• 6:36
  off
• 6:37
  for
• 6:37
  3M
• 6:38
  big
• 6:38
  time.
• 6:39
  Many
• 6:39
  groundbreaking
• 6:40
  products
• 6:41
  have
• 6:41
  been
• 6:41
  developed
• 6:41
  through
• 6:41
  this
• 6:42
  role,
• 6:42
  including,
• 6:43
  as
• 6:43
  I
• 6:43
  said
• 6:43
  earlier,
• 6:44
  post-it
• 6:44
  notes,
• 6:45
  which
• 6:45
  was
• 6:45
  created
• 6:46
  by
• 6:46
  an
• 6:46
  employee
• 6:47
  with
• 6:47
  on
• 6:47
  a
• 6:47
  project
• 6:48
  completely
• 6:49
  Ted,
• 6:49
  with
• 6:49
  job
• 6:49
  role
• 6:50
  and
• 6:50
  scotch
• 6:50
  tape,
• 6:51
  which
• 6:51
  was
• 6:51
  invented
• 6:52
  by
• 6:52
  an
• 6:52
  employee
• 6:52
  who
• 6:52
  was
• 6:53
  simply
• 6:53
  experimenting
• 6:54
  with
• 6:54
  adhesive
• 6:55
  materials.
• 6:56
  Three
• 6:56
  M's.
• 6:57
  Success
• 6:57
  story.
• 6:58
  Demonstrates
• 6:59
  that
• 6:59
  failure
• 7:00
  isn't
• 7:00
  always
• 7:01
  a
• 7:01
  bad
• 7:01
  thing.
• 7:02
  Sometimes
• 7:03
  it
• 7:03
  can
• 7:03
  be
• 7:03
  used
• 7:03
  as
• 7:03
  an
• 7:03
  opportunity
• 7:04
  for
• 7:04
  growth
• 7:04
  and
• 7:04
  innovation.
• 7:05
  It's
• 7:05
  precisely
• 7:06
  because
• 7:06
  3M
• 7:07
  are
• 7:07
  prepared
• 7:07
  to
• 7:08
  fail
• 7:08
  that
• 7:08
  they
• 7:08
  have
• 7:08
  had
• 7:09
  that
• 7:09
  success.
• 7:10
  So
• 7:11
  the
• 7:11
  simple
• 7:11
  message
• 7:12
  is
• 7:12
  don't
• 7:13
  be
• 7:13
  afraid
• 7:14
  to
• 7:14
  fail.
• 7:15
  Instead,
• 7:15
  embrace
• 7:16
  it
• 7:16
  as
• 7:16
  an
• 7:16
  opportunity
• 7:17
  for
• 7:17
  growth
• 7:18
  and
• 7:18
  learning.
• 7:19
  Now,
• 7:19
  I
• 7:20
  know
• 7:20
  this
• 7:20
  is
• 7:21
  very
• 7:21
  easy
• 7:21
  to
• 7:21
  say,
• 7:22
  but
• 7:22
  even
• 7:22
  with
• 7:23
  everything
• 7:23
  that
• 7:23
  I've
• 7:23
  said.
• 7:24
  I'm
• 7:25
  convinced
• 7:25
  that
• 7:25
  there'll
• 7:26
  be
• 7:26
  some
• 7:26
  people
• 7:27
  who
• 7:27
  are
• 7:27
  still
• 7:27
  finding
• 7:28
  it
• 7:28
  difficult
• 7:28
  to
• 7:28
  embrace
• 7:29
  failure.
• 7:29
  So
• 7:29
  here's
• 7:30
  a
• 7:30
  few
• 7:30
  tips
• 7:31
  on
• 7:31
  how
• 7:32
  to
• 7:32
  start
• 7:32
  and,
• 7:33
  and
• 7:33
  shift
• 7:33
  your
• 7:33
  mindset.
• 7:34
  So
• 7:35
  to
• 7:35
  reiterate,
• 7:36
  the
• 7:36
  first
• 7:36
  step
• 7:37
  in
• 7:37
  embracing
• 7:37
  failure
• 7:38
  is
• 7:38
  learning
• 7:39
  to
• 7:39
  view
• 7:39
  it
• 7:40
  as
• 7:40
  an
• 7:40
  opportunity.
• 7:41
  And
• 7:41
  not
• 7:42
  as
• 7:42
  an
• 7:42
  obstacle.
• 7:43
  Too
• 7:43
  often
• 7:44
  people
• 7:44
  brush
• 7:44
  off
• 7:45
  failure
• 7:45
  without
• 7:45
  taking
• 7:46
  the
• 7:46
  time
• 7:46
  to
• 7:46
  look
• 7:47
  at
• 7:47
  what
• 7:47
  went
• 7:47
  wrong
• 7:48
  or
• 7:48
  what
• 7:48
  could
• 7:48
  have
• 7:48
  gone
• 7:49
  better.
• 7:49
  Taking
• 7:50
  the
• 7:50
  time
• 7:50
  to
• 7:50
  reflect
• 7:51
  on
• 7:51
  past
• 7:51
  failures
• 7:52
  can
• 7:52
  help
• 7:52
  you
• 7:52
  identify
• 7:53
  areas
• 7:53
  for
• 7:53
  improvement
• 7:54
  and
• 7:54
  create
• 7:55
  strategies
• 7:55
  for
• 7:55
  avoiding
• 7:56
  them
• 7:56
  in
• 7:56
  the
• 7:56
  future.
• 7:57
  Asking
• 7:58
  yourself
• 7:58
  questions
• 7:59
  such
• 7:59
  as,
• 7:59
  what
• 8:00
  could
• 8:00
  I
• 8:00
  have
• 8:00
  done
• 8:00
  differently?
• 8:01
  Or
• 8:01
  what
• 8:02
  would
• 8:02
  have
• 8:02
  been
• 8:02
  the
• 8:02
  best
• 8:03
  outcome
• 8:03
  can
• 8:04
  give
• 8:04
  you
• 8:04
  insight
• 8:05
  into
• 8:05
  how
• 8:06
  to
• 8:06
  do
• 8:06
  it
• 8:06
  better
• 8:07
  next
• 8:07
  time.
• 8:08
  It's
• 8:08
  also
• 8:08
  important
• 8:09
  that
• 8:09
  business
• 8:09
  leaders
• 8:10
  encourage
• 8:10
  their
• 8:10
  employees
• 8:11
  to
• 8:11
  embrace
• 8:11
  failure
• 8:12
  when
• 8:12
  it
• 8:12
  happens.
• 8:13
  Too
• 8:13
  often
• 8:14
  businesses
• 8:14
  equipped
• 8:15
  to
• 8:15
  punish
• 8:15
  employees
• 8:16
  for
• 8:16
  making
• 8:16
  mistakes,
• 8:17
  which
• 8:17
  can
• 8:17
  lead
• 8:17
  to
• 8:18
  feelings
• 8:18
  of
• 8:18
  shame
• 8:19
  and
• 8:19
  discouragement.
• 8:20
  Instead,
• 8:21
  businesses
• 8:21
  should
• 8:21
  focus
• 8:22
  on
• 8:22
  celebrating
• 8:23
  progress
• 8:23
  and
• 8:23
  rewarding
• 8:24
  employees
• 8:24
  who
• 8:25
  take.
• 8:25
  Calculated
• 8:26
  risks
• 8:27
  and
• 8:27
  think
• 8:27
  outside
• 8:28
  the
• 8:28
  box
• 8:29
  even
• 8:29
  if
• 8:29
  those
• 8:30
  risks
• 8:30
  don't
• 8:30
  pay
• 8:30
  off.
• 8:31
  In
• 8:31
  the
• 8:31
  end.
• 8:31
  This
• 8:32
  kind
• 8:32
  of
• 8:32
  positive
• 8:33
  reinforcement
• 8:34
  encourages
• 8:35
  good
• 8:35
  quality
• 8:36
  risk
• 8:36
  taking
• 8:36
  behavior
• 8:37
  while
• 8:37
  still
• 8:38
  allowing
• 8:38
  room
• 8:38
  for
• 8:38
  mistakes.
• 8:39
  Remember
• 8:39
  3M,
• 8:40
  the
• 8:40
  fact
• 8:41
  they
• 8:41
  built
• 8:41
  a
• 8:41
  culture
• 8:42
  on
• 8:42
  trying
• 8:42
  things
• 8:43
  even
• 8:43
  if
• 8:43
  they
• 8:43
  failed,
• 8:44
  led
• 8:45
  to
• 8:45
  some
• 8:45
  of
• 8:45
  the
• 8:45
  most
• 8:46
  popular
• 8:46
  products
• 8:47
  in
• 8:47
  the
• 8:47
  world.
• 8:47
  Finally,
• 8:48
  it's
• 8:48
  important
• 8:49
  that
• 8:49
  business
• 8:49
  leaders
• 8:50
  obviously
• 8:50
  learn
• 8:50
  from
• 8:51
  their
• 8:51
  own
• 8:51
  mistakes,
• 8:51
  but
• 8:52
  also
• 8:52
  they
• 8:52
  need
• 8:53
  to
• 8:53
  learn.
• 8:53
  From
• 8:54
  those
• 8:54
  of
• 8:54
  others.
• 8:55
  So
• 8:55
  if
• 8:55
  a
• 8:55
  competitor
• 8:56
  has
• 8:56
  failed
• 8:56
  at
• 8:56
  something
• 8:57
  due
• 8:57
  to
• 8:57
  poor
• 8:58
  planning
• 8:58
  or
• 8:58
  execution,
• 8:59
  then
• 8:59
  use
• 9:00
  this
• 9:00
  knowledge
• 9:01
  as
• 9:01
  an
• 9:01
  opportunity
• 9:02
  to
• 9:02
  make
• 9:02
  changes
• 9:03
  in
• 9:03
  your
• 9:03
  own
• 9:04
  organization
• 9:05
  so
• 9:05
  that
• 9:05
  you
• 9:05
  don't
• 9:05
  suffer
• 9:06
  the
• 9:06
  same
• 9:06
  fate.
• 9:07
  Keeping
• 9:07
  up
• 9:08
  with
• 9:08
  the
• 9:08
  trends
• 9:09
  and
• 9:09
  staying
• 9:09
  informed
• 9:10
  on
• 9:10
  industry
• 9:10
  news
• 9:11
  will
• 9:11
  also
• 9:11
  help
• 9:12
  you
• 9:12
  anticipate
• 9:13
  potential
• 9:13
  problems
• 9:14
  before
• 9:14
  they
• 9:14
  become
• 9:15
  real
• 9:15
  issues
• 9:16
  for
• 9:16
  your
• 9:17
  company.
• 9:18
  In
• 9:18
  conclusion.
• 9:19
  All
• 9:20
  successful
• 9:20
  businesses
• 9:21
  go
• 9:21
  through
• 9:21
  periods
• 9:22
  of
• 9:22
  trial
• 9:22
  and
• 9:22
  error.
• 9:23
  It's
• 9:23
  just
• 9:23
  part
• 9:24
  of
• 9:24
  running
• 9:24
  a
• 9:24
  business.
• 9:25
  However,
• 9:25
  too
• 9:26
  many
• 9:26
  leaders
• 9:26
  shy
• 9:27
  away
• 9:27
  from
• 9:27
  discussing
• 9:27
  failure
• 9:28
  because
• 9:28
  they
• 9:28
  see
• 9:29
  it
• 9:29
  as
• 9:29
  a
• 9:29
  sign
• 9:29
  of
• 9:29
  weakness
• 9:30
  or
• 9:30
  ineptitude.
• 9:31
  This
• 9:32
  couldn't
• 9:32
  be
• 9:32
  further
• 9:33
  from
• 9:33
  the
• 9:33
  truth
• 9:34
  and
• 9:34
  in
• 9:34
  reality.
• 9:35
  Embracing
• 9:36
  failure
• 9:36
  is
• 9:36
  one
• 9:37
  of
• 9:37
  the
• 9:37
  most
• 9:37
  important
• 9:38
  things
• 9:38
  business
• 9:38
  leaders
• 9:39
  can
• 9:39
  do
• 9:39
  if
• 9:40
  they
• 9:40
  want
• 9:40
  their
• 9:40
  companies
• 9:41
  to
• 9:41
  succeed
• 9:42
  over
• 9:42
  time.
• 9:43
  By
• 9:43
  learning
• 9:44
  from
• 9:44
  our
• 9:44
  failures,
• 9:44
  we
• 9:45
  become
• 9:45
  better
• 9:45
  equipped
• 9:46
  to
• 9:46
  handle
• 9:46
  similar
• 9:46
  situations
• 9:47
  in
• 9:47
  the
• 9:47
  future
• 9:48
  and
• 9:48
  avoid
• 9:49
  costly
• 9:49
  missteps.
• 9:50
  Along
• 9:50
  the
• 9:50
  way,
• 9:51
  we
• 9:51
  build
• 9:51
  resilience
• 9:52
  and
• 9:52
  breed
• 9:52
  innovation,
• 9:54
  all
• 9:54
  critical
• 9:55
  components
• 9:55
  of
• 9:55
  achieving
• 9:56
  long-term
• 9:57
  success.
• 9:58
  The
• 9:58
  key.
• 9:59
  Approaching
• 10:00
  failure
• 10:00
  with
• 10:00
  an
• 10:00
  open
• 10:01
  mind
• 10:01
  and
• 10:01
  viewing
• 10:02
  it
• 10:02
  as
• 10:02
  an
• 10:03
  opportunity
• 10:04
  and
• 10:04
  a
• 10:04
  learning
• 10:04
  opportunity
• 10:05
  specifically
• 10:06
  rather
• 10:07
  than
• 10:07
  an
• 10:07
  obstacle.
• 10:08
  And
• 10:08
  if
• 10:09
  you're
• 10:09
  building
• 10:10
  a
• 10:10
  MedTech
• 10:10
  business
• 10:11
  and
• 10:11
  you're
• 10:11
  not
• 10:12
  sure
• 10:12
  whether
• 10:12
  your
• 10:12
  next
• 10:13
  move
• 10:13
  should
• 10:13
  be
• 10:13
  around
• 10:13
  evidence,
• 10:14
  market
• 10:15
  access,
• 10:15
  commercialization,
• 10:16
  distributor
• 10:16
  strategy.
• 10:17
  Or
• 10:17
  adoption.
• 10:18
  Do
• 10:18
  not
• 10:19
  guess.
• 10:19
  Book
• 10:20
  a
• 10:20
  healthcare
• 10:20
  export
• 10:21
  accelerator
• 10:21
  diagnostic
• 10:22
  Call
• 10:22
  with
• 10:22
  me.
• 10:23
  Use
• 10:23
  my
• 10:23
  link
• 10:24
  in
• 10:24
  the
• 10:24
  show
• 10:24
  notes.
• 10:25
  And
• 10:25
  in
• 10:25
  that
• 10:25
  session
• 10:26
  I'll
• 10:26
  help
• 10:26
  you
• 10:27
  identify
• 10:27
  the
• 10:27
  specific
• 10:28
  constraints
• 10:29
  blocking
• 10:29
  your
• 10:30
  momentum
• 10:30
  and
• 10:31
  the
• 10:31
  commercial
• 10:31
  move
• 10:32
  most
• 10:32
  likely
• 10:33
  to
• 10:33
  unlock
• 10:33
  your
• 10:33
  progress.
• 10:34
  Thanks
• 10:34
  for
• 10:35
  tuning
• 10:35
  in.
• 10:35
  Until
• 10:36
  next
• 10:36
  time,
• 10:37
  thanks
• 10:37
  for
• 10:37
  listening.
• 10:38
  Keep
• 10:38
  challenging
• 10:38
  your
• 10:38
  assumptions
• 10:39
  and
• 10:39
  keep
• 10:40
  growing.