I’ve spent close to three decades in the MedTech industry and have enjoyed a number of successes as well as my share of failures. I am often asked by clients and colleagues what I learned from these failures and based on my experience, there are several common themes that lead to company/product failure.
Here is what I’ve seen.
First, a collaborative culture that promotes innovation and creative thinking is essential. If this is not in place, even the best ‘A’ players will not perform or even survive. Shared values and objectives as well as team buy-in define this type of culture and lead to successful outcomes at all levels. Good collaborative culture embraces both success and failure along the road to commercialization. Success/wins should be enjoyed and failure must happen quickly (fail fast) to allow new options to be explored within this culture.
Second, a well honed strategic plan with attainable tactical objectives must be in place and re-visited on a regular basis. A continuous cycle of review, planning and implementation are the tools of good strategy, which take into account management preferences, environment/market conditions, resources and organizational structure. Focused strategy is the engine that drives the organization. The fuel includes joint expertise and creativity.
Finally, a cohesive leadership mandate must exist at all levels between key stakeholders from the Board to Investors and of course Senior Management. Too often I have seen a divergence at one or more of these levels which ends in misalignment and sends mixed signals to team members and challenges both the goals and objectives which define the organization. This one more than the others can take a company sideways very quickly and sometimes recovery is out of reach.
My learnings may not be unique but they have shaped me and allow me to deploy my skills more efficiently and effectively on every project I take on.
Don’t let failure define you. Keep moving forward and use the experience to inspire you to go on to do great things.