BETIC, IIT Bombay: Commercializing A Novel Digital Stethoscope

On January 3, 2017, the principal investigator at the Biomedical Engineering and Technology Innovation Centre (BETIC), in India’s Indian Institute of Technology Bombay was considering the next steps for a newly developed product. BETIC was a multi-disciplinary and multi-institutional translational research and development network in the medical technology sector that acted as a running partner for innovators and entrepreneurs. The core vision of BETIC was to create global success stories of indigenous medical devices by providing systematic guidance and support to innovators developing medical devices. The principal investigator and his team had developed an indigenous and innovative smart stethoscope from the ideation stage to a functional prototype. The next critical challenge was how to commercialize the product and ensure that it could deliver the maximum amount of social impact.

This case is ideal as an introduction to innovation management for graduate-level (MBA) students. It covers the different stages of the product development, innovation, and commercialization processes and examines potential paths for commercializing the developed product. The case is an example of how to engage in innovation in highly regulated industries. It can act as a guide for managers of innovation and incubation centres. The case is also suitable for entrepreneurship modules to highlight the practices and activities that need to be performed by support systems to enable new venture formation with minimal risk of failure. It can be also be used in a module to explore the process of translating research and innovation that happens in academic settings to the formation of a spinoff in the form of a new entrepreneurial venture. The case is also applicable in focused executive programs dealing with innovation management and in general management executive programs to demonstrate the effective leadership initiatives that are required to foster innovation and to encourage entrepreneurial ventures. After completion of the case discussion and analysis of assignment questions, students will be able to<ul><li>appreciate the process, practices, and structure of an innovation-incubation centre that helps innovators overcome the critical initial phase, which is often referred to as the “valley of death” (or death valley) curve, in a product’s developmental, innovative, and commercial process;</li><li>understand the different stages, complexities, and factors involved in medical device development; and</li><li>identify and choose commercialization pathways for a developed product.</li></ul>

• Innovation
• Entrepreneurship
• Commercialization Pathways
• Medical Devices
• Healthcare
• Product Development
• Technology Incubation