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- [Instructor] There is a concept for it

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called the efficient innovation niche.

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My colleague, Eric von Hippel, who coined it,

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will break it down for you.

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- [Eric] If you are somebody who is already kite surfing,

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then it's very efficient for you

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because you already have the skillset.

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You have the equipment and so on

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to improve innovations in that area.

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If you are coming in, and you don't know anything

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about kite surfing, you've got a great deal

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of learning to do before you can even start to innovate.

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So not only on the skillset side, where it's best

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if you can use your own skills as you have them,

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but also on the side of the practice

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that you're engaged in, the type of innovation you're using,

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it's an enormous advantage

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if you're already knowledgeable in

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and fiddling in that area.

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- [Instructor] Julio is now building

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a medical device company.

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It's called Airway Medical Innovations,

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and it has a mission to make intubation safer for everyone.