Category Archives: Innovation

From Innovation To Adoption: Successfully Spreading Surgical Innovation: Royal College of Surgeons (RCS)

This report warns that failure to adopt new surgical techniques quickly into everyday clinical practice means NHS patients are missing out on ground-breaking new procedures. It sets out the factors that have helped and hindered the adoption of new surgical techniques in England and seeks to address how to progress the uptake of surgical innovations in a practical way, eradicating delay to ensure their benefits are realised by patients as quickly as possible.

We’re Not Risk-Averse, We’re Variance-Averse – Discipline of Innovation Blog Post

Considers the role of variance aversion in the process of innovation.  Finds that variance-aversion is ok, if your firm lives in a completely stable environment.  But it is a problem if we suppress variance – because that only leads to big (usually unpleasant) surprises.  When the environment that we operate in changes, we have two choices.  We can adjust on a more or less continuous basis (innovation!) – this increases variance in returns, but it also reduces friction between our business model and the environment it operates within.  Or there can be an attempt to suppress it.  If we do this, the changes slowly build up pressure on our business model, until the pressure (and the business model) bursts.