Leadership Development Institute Innovation Presentation Tom Finnegan November 16, 2012

 CIE Director  MBA, BS in Finance and Real Estate  Ex- Wall Street Investment Banker  Life Sciences Professional- Public and Private

 Venture Capitalist  Entrepreneur  Austin Angel Founder  MUSC Children’s Hospital Board Member

What is the definition of innovation ?

The process by which an idea or invention is translated into a good or service for which people will pay, or something that results from this process.

Innovation seeks to improve the systems that already exist, making them better, faster, cheaper.

Innovation is people creating value by implementing new ideas.

Why Innovate?

 Grant funding ????  State funding is becoming scarce  Corporate/Private funding sources are getting smaller and more competitive  Your job depends on it

 It gives you more control  Discoveries will increase  The quality of care/healthcare will improve  Every other university has been/is doing it

From basic to applied research, academia’s contribution to advances in life sciences, economics, national security, technology, the environment and other strategic initiatives is becoming significant. Governments and industries across the globe now recognize the synergy between the basic research carried out in institutions of higher learning and the applied research undertaken by commercial entities. And with good reason - In the US, the American Association of Universities estimates the immediate employment impact of academic R&D shows that every $1 million in R&D expenditure supports roughly 36 jobs.

During his State of the Union address on January 24, President Barack Obama urged Congress, among other things, to “support the same kind of research and innovation that led to the computer chip and the Internet; to new American jobs and new American industries. Don’t gut these investments in our budget. Don’t let other countries win the race for the future,” he pleaded.

President Proposes NIH Budget Freeze, Cuts to Health Professions Training President Obama’s fiscal year (FY) 2013 budget, released Feb. 13, proposes to freeze funding for the National Institutes of Health (NIH) and cut funding for health professions training and children’s hospitals graduate medical education (CHGME). The budget includes $78.3 billion for the Department of Health and Human Services (HHS), a cut of $6.6 billion (8.4 percent).

With the exception of the American Recovery and Reinvestment Act of 2009, the federal research budget has been largely flat for years, with well-publicized detrimental effects on the approval rate for NIH grant applications. Nature September 2012

 Your division, unit, department is a small business  Limited, finite resources  Colleagues are employees/co-workers  You are required to produce something  You are evaluated on it

New ideas are cultivated in an environment where employees are empowered, where they feel ownership of their organization’s future, and where the freedom to explore their creativity and innovation is invited and celebrated

 Ideas should come from anyone  Ideas should be encouraged, not ridiculed  Follow through/up  Fully integrated into your group  Everyone should share in benefits

Examples

 School  Intern at medical clinic  Texas Collaboration

 Nobody is asking you to do something you don’t feel comfortable doing  Little steps and solutions often lead to big rewards  But small rewards are just as good

“The Fiscal Cliff” Debt is reaching close to $16 trillion or over 100% of GDP Split Congress NIH funding rates

 Correlation between published papers and funds received  Ideas should be encouraged, not ridiculed  Follow through/up  Fully Integrated into your group  Everyone should share the benefits