From idea to global solution: How to stay on track from the start

An urgent challenge and an innovative solution with global potential – this formula is the cornerstone of many start-ups, research institutions and idea competitions. Great ideas do not come along every day. So, how do we transform them into real, tangible products and services? Here are five key steps to help make healthcare innovation more successful: Līga Žūka, Director of the Innovation Centre at Rīga Stradiņš University (RSU) and Head of the EIT Health Hub in Latvia, shares her advice for aspiring innovators.

Grab the bull (idea) by the horns – but from the right angle!

The most valuable solutions are not those imposed from the outside, but those that emerge from the very heart of the problem. The challenges and complexities that need to be addressed are best recognised by the patients or healthcare professionals who face them daily. As Līga Žūka, Director of the RSU Innovation Centre and Head of the EIT Health Hub in Latvia, has observed, it is often individuals without medical training, but with keen observation skills and creative thinking, who come up with the most valuable healthcare ideas. The key is to guide them in the right direction.

‘If someone feels inspired to develop a promising idea in the field of medicine, I would recommend not wasting energy on imaginary or overly niche challenges, but instead participating in hackathons like the EIT Health Hackathon i-Days or other similar events. These events involve real organisations with genuine problems that require real solutions.

By focusing on addressing a specific, pressing need, there is a higher likelihood that the problem is relevant, the healthcare institution will provide mentoring, and they will be willing to test and validate the solution.

Trying to convince institutions to adopt something you have invented is a far longer and more challenging journey,’ says Līga Žūka.

Talk to all stakeholders!

It is understandable to want to move quickly, but this is not the case in the healthcare start-up ecosystem. Even if you believe your idea is the best, you will need to convince many others. That is why it is important to speak loudly and confidently about your ideas from the very beginning.

Firstly, healthcare is a highly interdisciplinary field when it comes to innovation, and your idea will likely require expertise from specialists across different disciplines. To connect with them, it is essential to network and present your idea to a diverse group of people. Secondly, innovation cannot be achieved in isolation; you need a cohesive team to develop a tangible product. Thirdly, unlike financial technology, where it may take less than a year to bring an idea to market under successful conditions, medical innovation is a lengthy process – you may not see results even after several years of hard work. Therefore, there is no need to worry about someone stealing your idea, as it would take them just as much time and effort to achieve the same outcome.

Above all, it is essential to engage in conversations to test the viability of your idea. You may believe you have found a solution to a global problem, but first, consult with medical institutions to determine if they recognise this issue in their daily work. Do not be discouraged if they are initially sceptical and ask challenging questions – this is typically justified, as they are responsible for patient care and need to be confident in the potential of your idea. Speak with patient organisations to assess whether patients are ready to adopt your solution and if they even perceive the problem. Engage potential investors, as healthcare innovation requires substantial financial resources. While large investments may not be needed at this stage, you will require time to meet with and listen to as many stakeholders as possible. Only when the viability of an idea has been recognised by all relevant parties should you proceed; otherwise, it may be time to abandon it. Often, these discussions begin with one idea, but in the end, they may lead to the development of an entirely different concept.

Define your business model!

The next step is not building a prototype, but identifying the business model.

‘You must recognise that someone will have to pay for bringing your great idea to life and sustaining it. Who will that be? Will the new solution be available as a publicly funded service? Will a private company be willing to purchase it to expand its product portfolio? Or perhaps a clinic looking to enhance its diagnostic capabilities?’ Līga Žūka encourages you to reflect on these questions in order to establish a clear vision from the very beginning of your journey, understanding who will ensure that the new product or service will thrive once it reaches the market.

Talk to investors before you build prototypes!

Once the initial steps have been taken, it is worthwhile to present the opinions of stakeholders and the business model you have developed to potential investors. If they find the idea attractive and compelling, they may be willing to invest at a very early stage, even before prototyping has begun.

‘Often, it is the other way around – determined individuals with good ideas build a prototype and then try to convince others of its value.

However, we regularly see strong initiatives fail to take off because one of these crucial steps is missing:

no one has asked if there is a genuine need for it, it is unclear who will pay for the product, and an expensive prototype has been created with investments of money, time, and energy, yet investors who do not see a clear business model are unwilling to finance further development,’ says the Head of the EIT Health Hub in Latvia.

Build a strong team!

Every idea needs a team to succeed.

‘A jack-of-all-trades might believe they can handle everything on their own, and perhaps, driven by enthusiasm, they think success is within reach. However, reality shows that one person cannot research the market, develop a business model, write projects, approach investors, and build a prototype all by themselves.

But a good team can solve many challenges. You need like-minded individuals who can push and pull when an idea falters. Someone must be skilled at writing project proposals to secure the funding that is the lifeblood of the entire venture. Someone else needs to be able to present the product idea in a way that is accessible to everyone, as investors are often not experts in the field. Therefore, the idea must be presented simply and clearly to non-experts,’ reminds Līga Žūka. She stresses that this is why every potential innovator must attend different events, network, and discuss their ideas with others, ensuring that the road to creating a globally sought-after product does not end before it truly begins.