MedicalTech: Co-creating Value with Customers

The head of research and development at MedicalTech, a new manufacturer of magnetic resonance imaging (MRI) coils and software, had just met with MedicalTech's founder and chief executive officer (CEO). They had been discussing the technology development requirements decided so far in their attempts to build MedicalTech's first technology offering for diagnosing cancer. The head of research and development needed to advise the CEO regarding the best technology development approach (services-oriented technology co-creation and product-oriented technology creation); selecting the appropriate hospital partner to co-create the first public prototype; and determining the value propositions of all end-users for the features and functions chosen. The head of research and development gave some thought to seeking the advice and partnership of more developed competitors in the industry, as she was confident that this start-up company could be a success, but wondered whether the company could succeed on its own.