A Patent on a New Algorithm for Monitoring Brainwave Activity

Fred Bloggs was a bright young Ph.D. scientist with a patent on a new algorithm for monitoring brainwave activity. Why might Fred Bloggs’ failure be linked to having a partial model of how innovation works?

Fred Bloggs was a bright young Ph.D. scientist with a patent on a new algorithm for monitoring brainwave activity and predicting the early onset of a stroke. He was convinced of the value of his idea and took it to market, having sold his car, borrowed money from family and friends, and taken out a large loan. He went bankrupt despite having a demonstration version which doctors he showed it to were impressed by. Why might his failure be linked to having a partial model of how innovation works – and how could he avoid making the same mistake in the future?