“The old cliché is true: Good people are a company’s most valuable resource.”
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For Maurice Ferré, the concept of creative destruction that Charles Koch discusses in Good Profit is more than just theoretical economics. In fact, disrupting conventional technology to deliver greater value in new and better ways is the reality in which he drives his company, Insightec.
Insightec’s incisionless, FDA-approved treatment option, Exablate Neuro, delivers focused ultrasound waves to treat essential tremor (ET) and tremor-dominant Parkinson's Disease (TDPD) patients. It replaces the scalpel and drill of conventional, invasive brain surgery.
“We’re taking old methods – sometimes decades old surgical procedures – of performing open brain surgery and transforming them to incisionless, outpatient procedures,” Maurice said. “Our system is guided by an MRI and targets tissue deep within the brain using focused ultrasound to do the surgery. This innovation is 'creative destruction' of medical technology to better people’s lives. It's driven by the philosophy at the essence of Good Profit and it is a total game-changer within the neurosurgical space.”
The technology has been used to treat more than 4,000 ET and TDPD patients, and Insightec’s MRI-Guided Focused Ultrasound platform is commercially available in 26 countries. In 2017, it captured the attention and imagination of Koch Disruptive Technologies, becoming KDT's first investment. In 2020, KDT became Insightec's lead investor.
“We see good profit coming from this innovation, we see next-generation, life-changing solutions in health care from this, and our team is constantly looking for ways to innovate and disrupt,” Maurice said. “We’re now exploring ways to utilize low-frequency focused ultrasound to allow the transport of powerful drugs across the blood brain barrier – drugs that were previously unable to access the brain – allowing us to potentially discover novel treatment solutions to disease states that the medical science community have always struggled with.”
As his company grows in scale, footprint and capability, Maurice credits yet another idea in Good Profit for helping guide his company's growth.
“Mr. Koch writes that ‘decision rights are synonymous with authority. If you have the decision rights to decide something, not only do you have the authority to decide it; you are responsible and accountable for it.’ This really resonates with me,” Maurice said. “This is central to how we took Insightec from a valuation of $175M to $1.3B in the last six years.”
“Being less top-down and more bottom-up with decision-making and with decentralized authority brings out the entrepreneurial spirit throughout the business at every level and creates an environment where innovation is cultivated in every aspect of the business,” Maurice said. “Pushing decision rights down and then holding the decision-maker accountable really inspires people by putting trust in them and their abilities, as well as the sense of ownership of their role and contributions they gain. I’ve seen this motivate employees to persevere and be successful, or on the other side learn from a failed experiment. I get motivated seeing this process unfold in folks who’ve earned decision rights.”
Maurice is living proof that applying Market-Based Management principles to achieve Good Profit doesn’t have to be brain surgery. But it can be.
Good Profit has been embraced around the world. Today, it is available in seven languages: English, Chinese, Japanese, Korean, Vietnamese, Romanian and Portuguese, as well as a UK edition. Available now in hardcover, e-book and audiobook from these retailers.