Tag: markets

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Tunnel-Vision Innovation

Excerpt from The Daily Drucker written by Peter Drucker

Often a prescription drug designed for a specific ailment sometimes ends up being used for some other quite different ailment.

When a new venture does succeed, more often than not it is in a market other than the one it was originally intended to serve, with products or services not quite those with which it had set out, bought in large part by customers it did not even think of when it started, and used for a host of purposes besides the ones for which the products were first designed. If a new venture does not anticipate this, organizing itself to take advantage of the unexpected and unseen markets; if it is not totally market-focused, if not market-driven, then it will succeed only in creating an opportunity for a competitor.

The new venture therefore needs to start out with the assumption that its product or service may find customers in markets no one thought of, for uses no one envisaged when the product or service was designed, and that it will be bought by customers outside its field of vision and even unknown to the new venture. If the new venture does not have such a market focus from the very beginning, all it is likely to create is the market for a competitor.

Action Point: When innovating, go with the market response, not with your preconceived ideas. Don’t marry your pet ideas about a new venture.

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Entrepreneur Profile – Trevor Brown, DEact Medical Solutions

Trevor Brown founded DEact Medical Solutions in 2016 after completing his phD   thesis on  “The Development of a Chemical Reaction Packet to Destroy/Denature Pharmaceutical Waste.”

Trevor developed a proprietary, patent-pending technology that permanently renders medications ineffective and safe for disposal. The material, when combined with medications and water, forms a solidified gel-like substance that cannot be easily tampered with or leach into the environment.

Opioid abuse is sadly all too commonplace in the US.  Today, nearly 7 out of 10 prescription opioid abusers obtain their supply directly from a friend or family member. Proper disposal of unused or expired medications can prevent the onset of substance abuse y limiting the ease of availability. This patent pending drug disposal pouch neutralizes unused pharmaceuticals, including opioids. Currently, this is DEact’s only product offering which is being made available to a variety of markets including hospitals,  retail pharmacies, drug manufacturers, and many more.

Trevor acknowledges that being a young entrepreneur teaches him valuable lessons. Each failure has led to an incredible opportunity for an early stage of my company. “Every entrepreneur has to be able to accept failure to truly succeed,” says Trevor. DEact Medical Solutions has immediate plans for growth to forge partnerships across the many segments to immerse their flagship product into the market. From there, they plan to expand on their current offerings to penetrate institutional drug disposal.

Trevor says, “The EEC has provided a wide variety of support services that have continually helped push DEact forward. In addition, to the office space, the EEC has provided business coaching and unparalleled access to their community and members.”