Principles of Entrepreneurship and Innovation in Medicine – Dr Sanil Rege

Posted on October 30, 2016

Dr. Sanil Rege talks about the key principles of Entrepreneurship and Innovation that have assisted him in setting up two economically sustainable businesses – Psychscene.com, Australia and New Zealand’s leading Mental Health education company and Vita Healthcare – a boutique mental health clinic in Mount Eliza on the Mornington Peninsula.

Key Definitions:

  1. Entrepreneurship – Process by which an Entrepreneur shifts economic resources from areas of low productivity and yield to areas of higher productivity and yield
  2. Innovation – An act that endows resources with a new capacity to create wealth.
  3. Systematic Innovation – A Systematic examination of the areas of change that offer entrepreneurial opportunities.

Principles of Innovation (Drucker)

  1. Analyse Opportunities
  2. Go out to look- to ask -to listen
  3. Keep its simple
  4. Start small
  5. Aim for leadership

Principles for challenging the status quo for transformation

  1. Disrupt the rules but know your boundaries
  2. Combat risk aversion (does not mean taking too many risks)
  3. Persevere but know when to quit