Dealing with Uncertainty

We investigated the problem areas for aspects like mortality and morbidity of diseases, flows of government grants, investment trend and competitors in the space. We then used the analyses to decide the final clinical areas we wanted to focus on.

Dr. Prashant Jha
Your investigations are good enough to choose problem areas. But you must make one other important decision. What kind of problems you want to solve? The first option is solving a big problem that can change the world and make you famous. The other one is solving a smaller and simpler problem. My advice is second one.

You should run through the whole cycle once, quickly. Once you have done it, you get a fair idea of the process, the market, the network, how the system works and how the funds flow. Then, these experiences and resources make it possible for you to work on bigger problems and solve them more effectively and efficiently.

How do we make these decisions now? We don't seem to have sufficient information. It will take us some time to collect more data.

Dr. Prashant Jha
You are right in worrying about this. But a decision must be made. Be careful not to jump to this decision, please take time and discuss.
Choosing a problem area is an important factor for deciding what kind of medical device you will develop- complex and time-intensive or simple and faster-to-market. Don’t just follow your gut, make an informed decision.
Also, make sure the decision you make resonates with every member of the team.

'Often entrepreneurs, have to make important decision with little or insufficient information.
You can never get all the information.
It is about navigating through uncertainty.'

For making a wise decision, ask questions.
For eg: If you have observed 10 problem areas and you have information on investment trends, your team skills and the severity of the problems. Start with asking questions like Which problem lies in our skill-set?
Which problem was observed in more contexts?
Which problem will attract quick funding?
Have team discussions and vote for the one that answers your questions.
It is one of the most promising ways to make better decision in the uncertain world.

…..from the notebook of Yasuyuki Matsuura