Symptoms: Solution created (product or service) and can’t find a market.

Prescription: Find a business, get your hands dirty and you’ll find enough problems you can solve with a solution.

I work primarily for a service company that pays the bill with products. We’re in the medical field which is filled with good intention individuals that take a cautious look at any new innovations. This approach works well to protect patients and medical professionals from pre-maturely jumping on bandwagons lead by manufacturers.

Growth has come quickly and consistently with our company. We’re reaching unprecedented levels of profitability and penetration in our markets. But we’re beginning to explore other markets to extend our brand. We’re designing products, creating new service models and dreaming of ways to further improve patient care. Some of it is related to orthopaedics, but many ideas would take us outside of our current market. It’s an exciting and challenging point in my career.

AdAge has an insightful article on brand extensions that helps me process and articulate our emerging strategy. Hope you enjoy it as much as I have.

As I was watching videos of winners from the CMU McGinnis Venture Competition I was amazed at the awesome power of American innovation. The teams are out solving problems, the solution to some I can barely understand.

Despite the doom and gloom in our economy today I know our future is bright because of  the ingenuity of partners from around the world solving basic and complex problems. These problems solver, titans of learning, will rise up new businesses and a new economic vitality will emerge from the ashes of derivatives.

I’ve been following the developments in Saudi Arabia as they look to diversify away from all oil to energy intensive manufacturing and knowledge economy. Their SAIGA is opening up some unique opportunities to foreign investment to be a part of building new cities and expanding their current infrastructure.

I can apply the example of Saudi Arabia in any company. What am I doing to foster innovation – how open am I to the contributions of others? Am I prepared for the next business that will disrupt my current model? (ie. blockbuster vs. netflix) What are my basic assumptions about my business, how safe are those assumptions?