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Guiding Entrepreneurial Physicians to Empathy-First Innovation Breakthroughs | Design Thinker | Industrial Designer | Innovation Leader | Family Man | Avid Reader | Kayaker

Invest a Dollar, Return Ten: Measuring Innovation with Cost Per Lesson Learned Innovation isn't just about ideas—it's about capital efficiency and value creation. Neal Piper, founder of Luminoah, shared a powerful insight on the medDesign by Trig Podcast: "If you're going to spend a dollar, and you need to return $10 in value." For startups and innovators, this mindset means being strategic about every investment. One way to measure this is through the innovation metric we call Cost Per Lesson Learned: What is Cost Per Lesson Learned? It’s the ability to maximize learning with minimal capital outlay. By working with Trig - Industrial Design Firm, his team went through over 50 design iterations, leveraging cost-efficient tools like concept storyboards, 3D CAD, and additive prototyping methods. By the time they moved to high-cost methods like injection molding, they had already refined their concept, saving significant time and money. Why It Matters: Early iterations are affordable lessons. Late-stage changes are costly mistakes. Being capital-efficient accelerates innovation without breaking the bank. This approach allowed Neal’s team to stay lean while staying true to the expectations of a startup, where a 10:1 return on innovation investment is needed to cover the risk and reward. 🎧 Check out the full conversation on the medDesign Podcast for more on how Neal and Luminoah turned a heart wrenching personal experience into a groundbreaking medical device that can positively impact millions of people. #costperlessonlearned #designthinking #medicaldevices #meddesignpodcast #tubefeeding

Ty Hagler, MBA

Guiding Entrepreneurial Physicians to Empathy-First Innovation Breakthroughs | Design Thinker | Industrial Designer | Innovation Leader | Family Man | Avid Reader | Kayaker

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