Michael "Mick" Farrell

In today's relentless business arena, depending solely on in-house R&D is like wagering your entire fortune on a single, volatile bet. Enter the paradigm of open innovation—a game-changer that's transforming how companies thrive. In my latest article, "Integrating External Expertise," I delve into the essence of mastering the open innovation ecosystem. From meticulous strategic preparation to the art of scouting and evaluating breakthrough technologies, and finally, to nurturing a vibrant innovation ecosystem, this piece offers a blueprint for market leadership through collaboration. Consider this: How have tech giants and pharmaceutical behemoths managed to stay ahead of the curve? By opening their gates to external ideas and cutting-edge technologies. It's high time we all adopt this transformative mindset. Whether you're steering a biotech firm, a software company, or any other industry player, the directive is clear: Flourish through collaboration, not isolation. Key insights include: Strategic Preparation: Define your objectives with precision and build a multidisciplinary team to evaluate opportunities from every possible angle. Scouting and Evaluating: Implement a systematic approach, similar to how venture capitalists operate, to identify and seamlessly integrate the most promising innovations. Building an Ecosystem: Engage a wide array of stakeholders to construct a dynamic, resilient environment that fuels continuous innovation. At Strategic Intelligence, we're spearheading this movement, offering tailored scouting and evaluation services. The future of innovation lies in our collective ability to harness external expertise and cultivate robust, collaborative ecosystems. For those committed to staying ahead in this ever-evolving landscape, this article is informative reading. Let's revolutionize our approach to innovation and propel our industries forward together. https://lnkd.in/ggY84k-P #Innovation #OpenInnovation #BusinessStrategy #Collaboration #R&D #Leadership #Technology

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Johnson & Johnson has rebranded Ethicon, Inc., DePuy Synthes, Biosense Webster, Abiomed and CERENOVUS to Johnson & Johnson MedTech, as it moves deeper into digital technology. “At Johnson & Johnson, we are addressing some of the largest unmet needs in healthcare through innovative medicine and medical technology. By bringing our medtech businesses together under the Johnson & Johnson name, the scale of our impact in healthcare will be even more apparent, unlocking new opportunities for us to strengthen our competitiveness,” said Tim Schmid, executive VP and worldwide chair of the J&J MedTech business. via Danielle Kirsh / MassDevice / WTWH Media LLC ***** ▪ Enjoy this content? Follow me and ring the 🔔 to stay current on #IndustrialAutomation, #IndustrialSoftware, #MES, #SmartManufacturing, #AI, #Pharma, #Biotech, #MedDevice, #Electronics, #Semiconductor, #Manufacturing and #Industry40 Tech Trends & Market Insights!

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Another good medtech strategy article. A centralized, searchable resource for global medtech regulations is a game-changer. Here are two key benefits: 1. Easier access to documents streamlines the approval process, potentially accelerating time to market for critical devices. 2. A clearer understanding of global regulations can fuel innovation in underserved markets, improving access to healthcare technologies. #MedTech #Policy #GlobalHealth https://lnkd.in/gJWTMQPb

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As a Medical Device and Life Science leader, I'm intrigued by recent research into "interpersonal neurobiology" and how it relates to #leadership. Our brains are wired for connection. When we can relate, belong, and be understood at work, we are happier, healthier, and higher-performing. This is why #empathy in the workplace is so important. Practicing active listening and giving your people your full attention is a great way to demonstrate human-centered leadership.

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Heading to meet with Quality Means Business in Boston ahead of an exciting two days at the LSX Global Medtech conference. Michel E. Moravia, MBA, MSE continues to amaze me with his insight, leadership, and resilience as QMB heads into the next stage of its development. The journey of the start-up is NOT for the faint of heart. Humbled to be a part of an incredible board and supporting an honorable and humble leader working hard to bring a product to the market that is not only unique but will improve safety for patients and decrease wasted resources for companies bringing technology to the marketplace in a safer and more efficient manner. I am excited to hear the presentations at LSX - partnering for Life Science eXecutives, network with innovators and thought leaders, and am thrilled to help share the experience and expertise of the panel as we discuss Cash, Crew, & Commercialization: A Start-Ups Journey to Success. On Friday, I head to Portugal to attend the 3rd annual LSI Emerging Medtech Summit as Scott Pantel continues to drive incredible value globally for the world of Medtech. The technology, leadership, networking, presentations, and thought leaders never disappoints. As I am halfway through my 10th year in the industry leading Shurig Solutions, Inc., I am humbled daily by the opportunity to be involved in our space and the goal of bringing improved patient outcomes, patient access, and increased efficiency to the healthcare system. As this last 1.5 years has been extremely challenging for many relevant to the economy, numerous layoffs, the challenges of raising capital, and an incredibly competitive landscape, I continue to be amazed at the resiliency and strength of so many Medtech leaders, service providers, and friends that I have been blessed to meet, know, and partner with. As Dr Joe Dyspenza always says…. Gratitude is the ultimate form of receivership. 🙏. I am grateful for the opportunity to attend, learn, and grow! #innovation #medtech #resilience #giftofgratitude #neverstoplearning #growthmindset #networking

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