Innovations that have the benefit of a full and thorough evaluation can often be pushed into the market more quickly. The rapid turnaround and no-cost option of the Valuation Lab where students apply the “business” aspect to these inventions, speed up the innovation pipeline. By doing so, potentially disruptive advancements can get to market more quickly and have positive impacts on patient care. The types of projects seen are varied, which further illustrates the potential to change a large number of markets and standards of practice.
Presentations end with very straightforward summary statements containing recommendations for the next steps, which there are typically three: 1) proceed; 2) interesting but not ready for prime time; 3) stop development, there is no commercial potential.
Rapid and thorough top-to-bottom analysis of innovation and its prospect in the market
- Explore the “business” aspect of innovation
- Utilize thorough evaluation to enter the market more quickly
- Receive an unbiased market assessment
- Student reports take the viewpoint of potential investors and can be used when making business pitches for investments.