The C.H.I.E.F.S. Story – The Recap

To better understand the depth of C.H.I.E.F.S., and what it truly represents to a health innovator, a number of colleagues recommended I should publish some articles about it on LinkedIn.

Currently, I’ve released nine of these under the title of “The C.H.I.E.F.S. Story.” They include: Introduction, My Mantra, We the people, It’s NOT too late!, Business Development, No more Fly/Drive Vacations, Market Perspective, The Exit, and most recently No Clichés. This article will be the tenth.

Initially my goal was to use this channel as a communication tool to better describe how the ten C.H.I.E.F.S. Functions drive the six critical Priorities. However as I was writing, and comments started to arrive, it became evident there was an opportunity to also describe the overall vision through story telling.

In the Introduction I laid out the C.H.I.E.F.S. background, rationale, and actual model with pricing. Most new developments rarely provide pricing at their kick-off, however, I felt it important that health innovators realize C.H.I.E.F.S. is priced at something they should be able to afford and the significant value they could receive.

The articles, My Mantra, It’s NOT too late, No More Fly/Drive Vacations, and No Cliché, are targeted stories. These four may appear somewhat general in nature. However, they too reflect a more American approach to the overall pursuit of delivering a health innovation for something that improves outcomes, yet will become a viable business.?

As for the Priority articles, they expand upon both the targeted C.H.I.E.F.S. scoring and allude to specific remedies that could elevate a Canadian innovation closer to where an American counterpart would be with respect to that particular Priority.

Having an extensive background in dealing with Intellectual Property (IP), trained by one of the industry’s leaders, plus effecting an IP-based billion-dollar-plus outcome with global impact, this was naturally the first Priority I covered. I was also surprised by the number of comments I received from well-informed practitioners who had no idea that IP was enshrined in the American Constitution or that commercialization was mandated if the IP received federal funding.

(The US also has phenomenal SME procurement provisions).

The second Priority was Business Development/Commercialization. This is the heart and soul of a successful venture and also represents over 25% of the proprietary Criteria inherent in the C.H.I.E.F.S. model.

Market Perspective was the next Priority and also reflected how an effective innovation policy can become an economic driver. My old Ecosphere team at ventureLAB discussed this in detail when we were strategizing about the concept. However, although this is ?recognized in the US it is still somewhat foreign to Canadians.

Lastly we focused on the Exit. Most pitches I’ve seen don’t spend enough time developing this Priority and miss how it can directly impact the innovation’s valuation. ?It is much more than a simple compilation of a number of liquidity events by other health innovators. Moreover, for those who engage a C.H.I.E.F.S. Outcomes? report, they will truly understand this.

I hope you have enjoyed “The C.H.I.E.F.S. Story” articles. Feel free to email me your thoughts, insights and suggestions ([email protected]).

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