Hello !

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Spring is here in Basel, Switzerland. It's so lovely to see the color and the smell.

Last week, I reached over 10 million public funding allocation application reviews from startups and academic projects. This is the occasion to summarize the leading mistakes teams make when developing a new solution. By solution, I mean a product (launch a complex and costly new oncology combination), a process (be ready to deal with the latest European legislation on HTA), or a service (AI-based digital health software as a service).

The mistake #1? Their strategy and tactics have the wrong focus.

So, we will look together at how shifting your focus to risks can reduce costs and accelerate the development of your new solution in healthcare.

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Before I forget, I have launched "Bamboost Circle: Tips & Talks" (the name is still a work in progress 😅), a new Ask Me Anything (AMA) session designed to connect, inform, and inspire. We're starting off with a hot topic: "How to Elevate Your Value Proposition." This 30-minute insight-packed presentation will be paired with a 30-minute AMA.

Save the Date: April 4th at 12 PM CET. Register here👇 and join the conversation! It is free and reserved for my readers and coachees 😍.

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Looking forward to seeing you there!

Get comfortable for your 5 minutes of sparks to hack.

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✨ Spark

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✏ We build solutions based on assumptions

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If you are working on a complex project, is your idea a vision or an illusion? Illusions of knowledge are dangerous. We think we know our customers, how they will use our product, and how our partner will handle the collaboration.

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I use this metaphor with my teams: your project is just a set of assumptions like this castle of cards (does it speak to you?).

Each card represents a critical assumption. Assumptions are statements that need to be true for your idea or project to work.

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Without a solid foundation, you face a high risk of failure.

So our job is to build a solid castle of cards: meaning 1) knowing our assumptions and 2) ordering them so we have a solid foundation.

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✏ Assumptions - 3 types of risks

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All assumptions can be categorized within 3 areas of risks

• DESIRABILITY: Do customers want your solution?
• FEASIBILITY: Can we do it?
• VIABILITY: Is it a profitable or self-sustaining business model?

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✏ Desirability: Do customers want your solution?

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You take the perspective of the market and your customers. Assumptions could be :

• Problem and market: Who has the problem/need? What are your customers' pain points and wishes? Where is the biggest growth potential in the market segment?
• Solutions: What are the current solutions used to deal with the problem?
• Your project/solution: What is your Unique value proposition?

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✏ Feasibility: Can we do it?

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You look at your organization, the partnerships, and the environment. Assumptions could be :

• Technical: What type of technology is needed? Is it feasible?
• Organizational: Do we have the expertise for the expected activities? Could we hire the right people? Do we have the right team and process in place? Who is the best partner for us?
• Legal, Compliance, Ethical: Is it legally feasible? What about intellectual property?

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✏ Viability: profitable or self-sustaining business model?

You want to understand the cost/investments and revenues. Assumptions could be :

• Problem cost: How much does the problem cost today? Who supports the cost of the problem?
• Budget holder: Who will pay for your solution?
• Cost vs revenue/savings: What are the estimated fixed and variable costs to develop and run the solution at scale? What is the parties' agreement in bringing this solution to life? (e.g. partnership framework)

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Last tips for listing your assumptions: For each category, you will also have risks you can influence (e.g., your pricing strategy) and risks outside your influence (e.g., competitors' strategies or the macroeconomic condition with high inflation rates).

So now let's see how it could help you to run projects better or develop solutions.

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✨ Hack

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Here are tips for saving time and money if you work on complex projects (high uncertainty, significant complexity).

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✏ Stop doing activities-based planning but do risk-based planning

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Reflect on your plan: is it activity-based? By activities, I mean your to-do list and the prioritized projects.

Do you frame your plan as "we will DO this, then that " or "we will REDUCE /LEARN about this risk, and then that risk"

If you are activities-focused, you might miss the most significant risk your team needs to tackle first. Remember the castle of the card.

So move from "we aim to DO that" to "we aim to LEARN that."

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✏ Promote the right questions

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One criterion of a team's performance is the quality of their questions.

So, reflect on the questions you spend the most time answering.

To help you and your team focus more on risks, use these 3 questions when you review your strategy or tactics :

• What needs to be true (for my solution to be successful)?
• What are our most significant risks?
• What are our assumptions as we design this strategy?

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✏ Stop mitigation strategy - start experimentation

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When you develop a mitigation strategy, you list your main risks, score them from high to low risk, and create a plan to prevent or reduce the risk.

The mitigation strategies are: 🤔 Conduct market research and gather feedback from potential users, offer pilot programs and trials to showcase effectiveness to potential customers.

But this is a wrong mindset! Managing risks is not the same as learning from the market, and intending to limit risk is not the same as understanding its size.

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You must design experiments before planning risk mitigation strategies.

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All of this content can be learned and applied to your project in my online coaching program, BOOST. It is for early-stage projects in healthcare that involve designing a new process, a product, or a service.​
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It is based on the insights from more than 500 healthcare teams coached.

And if you are interested in experimentation, here is one of my last articles about it.

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This is all for today 😆.

See you in two weeks. Keep the spark alive, and be intentional :)