047 – Millennial Entrepreneurship in MedTech

By the year 2025, the workforce will be made up of 75% millennials….that’s 3 out of 4. What are you doing so that you keep up with the trends and stay engaged with this audience that’s bound to be your customer, your employee, your employer, or your VC? I give tips for this in this episode, which was a presentation given at MedTech Monday and you can download the presentation….as well as watch a HILARIOUS video

See the presentation here
Watch the video here
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Host: Meghan Alonso
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Host Company: Imua Services
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Full Transcription:

Recorder: Are you ready to master the waves of medical device product development? Well wax up your surfboard because you are listening to inspired by Imua. Here is your medical device product development expert that Hawaiian hearted hostess who will help you hang ten. Meghan Alonso.

Meghan: E komo mai and aloha! You’re listening to inspired by Imua, where we help you master the waves of medical product development. Each week we interview guest that educate, guide and inspire to give you and your product the skills you need to hang ten. If this is your first time listening, Imua is spelled I-M-U-A and it’s a Hawaiian word. It means to advance forward with passion despite rough waves. There are plenty of those in the medical product development but keep listening because we’ve got you covered.

Meghan: I just wanna give you an update last week my podcast was all about how I was moving and reflecting and reminiscing I’m happy but sad at the same time and movers let’s see when I recorded it we haven’t move yet and then in a few days the movers pack everything up and I am coming at you right now through my hotel room in Virginia right outside the Dallas airport here and I’ve got desk set up I’m living out in hotel in a little bit until I find some place to live. I’m a very busy girl in a addition to work just getting all that stuff situated so that’s my update again I would love to connect with you if you’re listening in the greater DC area I’ll be living in the north Virginia area but still I’d love to meet up with you guys. For today I just want to give you the presentation that I gave at medtech Monday a few weeks ago so had tons of positive feedback on that presentation. So many people ask me for you know what that would really cool if I turned it into podcast so that’s what I’m doing It’s obviously different in time in telling this over the podcast and you can’t see the slides so I’ve got a gift for you if you go to the podcast page on my website so if you go to Imua-services.com and then click the podcast link or if you just go to inspiredbyimua.com you can access there and on the show notes page of this episode I will have the slides available so you can download it there and go check it out. Now the title of this is millennial entrepreneurship in medtech and it’s a trends and how to engage. When I did this I started of the video I don’t know if you guys have seen it, it’s absolutely hilarious it’s called millennial international it’s just a party on sponsoring a millennial like you would sponsor a child in another ministry. I started the presentation of with that I will also link to that into this show notes page so if you haven’t seen that you just gonna be rolling and it’s really funny definitely makes fun of entrepreneurs I started out like that so people can start laughing and see what that’s stereo type looks like and then so basically I’ll continue the presentation right now. We are gonna disrupt that right here right now so I’m Meghan Alonso of Imua Services and I help entrepreneurs, inventors and scientist to idea to manufactured product and I do that in a few different ways so ways I help I have a virtual pre accelerator program called invention idea to profitable product that gives entrepreneurs any scientist the tools they need to start working towards commercialization I also provide consulting and low cost group consulting for people and their product to move forward I teach people how to get funded and then I connect them to strategic partners that can propel their product in the market place. I was born in 1980 and yeah I’m not afraid to say my age atleast not yet maybe in a few years but I’m right on the — of millennial and – so I kinda see both sides of this I see the pros and cons of both generations so my story with entrepreneurship in medtech I never thought I would end up where I am today as some of you know that have been listening for a long time I have faced medical challenges and I think I planted the seeds for this and what I’m doing now and if you haven’t heard my story you can listen to it if you go to my website and go to imua-services.com check out the about page you can see a video and you can listen to my first podcast and later on I’ve done another podcast I talked about it. So early on I was coaching and consulting high level athletes to really help improve their sports performance and I started working with some injured ones and that let me into the medical field and I worked in a clinic that clinic ended up closing in the – which led us to starting our own clinic we have all the puzzle pieces here and no actual work to go to everyday so we created our own you what I started the marketing department for this clinic with a hundred dollars as my budget so I had to scrappy I had to resourceful and we did it we got it off the ground we grew it to 3 clinics after that. Later on I knew with all the changes in health care coming down the pipeline I don’t want to be on the provider side it’s risky to be in the private practice clinic so I moved in the world of medical devices I help start a product development firm and I do that for a while and then now I have Imua services so what did I tell you that well a played around with entrepreneurship early on when I was working with high level athletes when the clinic closed in 2009 like I said I had to be scrappy I had to do what I could with that a 100 bucks fortunately I graduated in a time when the economy was healthy and it was relatively easy to get a job but see a lot of millennial graduated right in that reception and schools back then are preparing students in corporate jobs so there wasn’t and I get into this later on but you see Irvine has an exception program for anyone that wants to do entrepreneurship and bio mechanical engineer they prepare you for that. That was awesome but that wasn’t around when I was graduating or some of these other millennial graduated. They did what you guys probably think faded is that they moved in with their parents and they had to figure out what I’m gonna do next we all know that happens from here so their either still with their parents or they have to transfer themselves. Again I’m on a cast so what I grew up learning is seeing my dad seeing other people in the community with this jobs that you get and you have them for 20 years and end up with this great retirement pension and that’s obviously that’s not the case anymore there’s no I don’t even know the social security is still around when I get older we’ve gotta prepare ourselves for the future. Grew up with Mark Zuckerberg paving the way on his own and he don’t even have an office let’s face it that’s a totally different model than what we’re used to and what we’ve told as kids. We’ve got to rely on ourselves these days and so because of that the job landscape is radically changing so I want to speak radically changing again I mention that I wanted to disrupt that video so last April I attended the young entrepreneur convention in – now my buddy Brandon Adams put this on Brandon is on podcast episode number 3 have tons of energy and Brandon is a really smooth talker and a great business man even though he is only 27 and he got 500 people to come to — for a conference and the state fare building so we’re walking around and theres all these ads for different feeds for animals like how to grow corn it was pretty funny but it wasn’t excellent conference and I met ton of great people there the youngest attendee was actually 11 her name was – she wrote a book after the conference put it on the kick starter and talk about bullying she wanted to get it and I was — and so the kick start campaign did that now the book is in the different schools for kids to read. I bring that up because these are the movers and shakers of the industry these are who you need to watch and it’s not just a millennial that are living in their parent’s house and they are so entitled yes I see those they’re definitely out there but I want you to pay attention to these – a little bit more about millennial they’re defined in a – kind of – depending on who you are asking so on average I would say they are born before 1980 and 1995 so if you have any judgements about millennial if you’re thinking there are one way or there is another way you know what you just need to get over it right now because you’ll either be working along sideline being employed by one you’ll be employing one or you’ll be pitching to one and yes I’ll see pitching because there’s any – that are millennial so I have in this presentation I have a few different pictures of different articles one headlines is millenicprenuers are starting more businesses targeting higher profits and then this other one says why millennial can be the most entrepreneurial generation ever and then let’s get in to a few studies millennial are the true entrepreneur generation now this first study I want to get into is based onto 2016 BNP global entrepreneur report so it’s states that the average age is that – started their business was age 35 while millennial starting theirs 27 so that’s almost a decade ahead and you might be thinking why is that why are these starting their business earlier the truth is it’s a lot easier to start a business now you don’t have that huge barrier I mean you can start a business if you have a computer and a sofa and you can do that from your couch you don’t need office space or you don’t have to hire someone and you can outsource a lot of this so it gets easier and this millennial generation they are usually not afraid of failure so they can fall in their face and they do it again because the alternative is hey you know my friends working at this company in their cube and they got fired all the time so why would I put my trust in them – I’m gonna put my trust into myself and just go out there and do something so they tend to be more nimble more independent and a lot more entrepreneurial than previous generations so when millennial surveyed the study only 13 actually hear this is a different study. This is the Bentley Univesity study actually. When I started out it was more nimble so it was only 13% that Bentley surveyed aspire the climb the career ladder. 67% of people wanted to start their own businesses and I think what about the other percentage I mean who knows maybe they just did it now, gotta keep that in mind to. I really see this too you know so many of these kids just wanna do this. They’re hungry for that they feel that the traditional path with leave them down to nowhere and they watch their peers indispensable 77% value flexible work hours and the good news on that is after they surveyed the employers that will give this employs flexible work hours. The employers are reporting that hey we actually love because we found out that we are always on 89% on flexible employees check their work email after work hours and on the weekends and it actually really beneficial in employers. They just getting better results and better costumer service out of them so how can we use this information you know how can we apply in our businesses and what were doing so if put together something’s going on that and the first one we want to pitch millennial with passion so millennial really like – driven companies and they want their company to be – as well so let’s look at that actually means so if you heard about Tom shoes or – parker eye wear those are example of – driven so Tom shoes it’s not just about selling shoes and having this fashionable shoes that everybody wants because for everybody pair of shoes that sold a pair is donated to someone in need same thing with – parker it’s not about buying the trendy hipster glasses it’s about if you buy a pair of glasses I’m gonna donate a pair to someone that needs them and that what it means to be purpose driven and these millennials wants to be a part of way bigger than themselves and hello medtech is so easy to get passionate about and we know we are changing the lives of millions of people so my advice to you to highlight the story of your company so your company story shines tell that back bone don’t just say hey have it very corporate this is what our company does this are values but actually tell a story that people can connect with and tell why you are in business. What drives your purpose what drives that passions highlight all of these you want to be clear on your story so when someone ask you just right of the – you will be able to do it. So recruiters and employers I want you to focus on that and if you’re a start up and you are pitching yourself you want to be clear what your story is and how people can connect with you if you’re pitching into a millennial remember it’s not all about business they want to see the emotional details they want to see that your really invested and also just like anyone who actually pitch you just want to connect with them as much as you can and if you’re service provider really ask those questions that they get to share their story you know many times peoples favourite subject is themselves so if you get them talking about themselves and their product it’s just you are already doing great business with them. Number 2 we wanna hangout where all the cool kids are and all the cool kids are on social media so I get it I used to think that hey I’m in a business to business industry and that means that I don’t really focus on facebook I need to look at linkedin and I kinda came around and I thought so what’s this twitter thing and I got on twitter ton of people in twitter and then I eventually came around and thought okay what the deal with facebook in business. Here is the deal there is more than 1 billion people on facebook actually it’s 1.8 billion have facebook account and 1.1 Billion people are logged on facebook everyday so if you think you’re clients are on facebook they may not be talking with you on facebook but you can lead them there and develop those relationships cause I know it’s kinda like okay this is awkward they have picture of their kids up here out doing stuff but I don’t know them in – isn’t that more fun to get to know people so you also need to be aware to keeping with the changes. Kids in high school these days speaking in facebook that generation actually is not using facebook much they are using snapchat and instastories seems like there are new ones coming out all the time so you need to keep a close eye on what’s happening with that so in addition to social media all cool kids are hanging out in co working spaces so remember when I talked about how I said it’s so much easier to start a company these days and it is because you don’t need this big office footprint you can either work from home or these co working spaces allow you all the resources of a normal office but you are just sharing the cost and you have this great community to everyone around you is kinda going through the same things so I see these – all over a country so if wherever you are I’m sure there is one close to you so the 3rd thing that we can do to engage with this millennial entrepreneurs is be flexible so I hinted earlier 77% of people in that Bentley survey one of the flexible work hours and I was actually listening to a podcast of my friend Michael O’neal had a podcast I was listening to a few weeks ago and I forgot his last name his guest is Matthew so Michael and Matthew are talking about what they would do if they were offered this so either a job with a hundred thousand salary and you have to work 8 to 6 or you could take 50 thousand dollars and you can work wherever hours you wanted from wherever you wanted and they both said no doubt in my mind I would take the 50 thousand over the 100 thousand dollars and I know some of you are thinking right now of what the heck that is crazy and I get it because it does seem that way but then think of this so the reason why is it they are able to design their lifestyle so if they want to get up and surf in the morning or workout if they want to bust out to work at 6 am and go to the gym 9 am and comeback hangout with family. Travel while you’re doing this that is worth more than the extra currency so there is a guide that I’ve paid attention to a lot you might have heard of him his name is Tim – he has a book called 4 hours work week the idea is because this is the new rich you’re designing your life you are not rich in money but you’re rich as a human being and the one life that you have to live in this earth so throws that traditional work for 40 years and then go retire completely at the window so this new philosophy that a lot of these younger millennial are taking is hey I want to be flexible I want to enjoy my life while I’m going through it I don’t necessarily need to do nothing in my retirement but just enjoying at a long way so he even encourages to take mini retirements so maybe work work work for a few years and you take a month off and you go to something you really love and that way just feeds your passion you never really get tired of doing your job because you’re always enjoying it. Allowing you to enjoy your lifestyle too and if you build your business like some of these teachings you have efficiency and then a lot of your business in auto pilot of just they can keep going while you’re travelling so the fourth thing that we can do to engage with this millennial is building credibility so how are people perceiving you in your business when they search for you online and I say search for you online unless their – upon you on – or in person the first place that all of us go to look for is not the – not the newspaper or the magazine. We go online and we search the company so what are we finding out about you are we going to know like in trust you and these days video is king there’s Youtube stars there’s people Facebook added their live broadcasting there are – and what are we finding when we google you or we finding some outdated website with obviously stock photos or do we find a really cool new website with tons of video with you. Are you on interviews? Are there articles that you’ve written? Knowing you sharing your story online, podcast is great way to do this if you can get interviewed on podcast and have that is not only in audio but a lot of time its transcribe so it’s in a blog post format it’s on youtube and it’s syndicated to 7 different channels so if you count the written version of it. For each podcast episode I have 8 different versions just going out there to the web. I mention video I know sometimes video is really awkward but I promise you it’s great the average user on the internet spends more than 88% of their time in the website than without. Nearly 75% of all internet traffic in 2017 will be video so I just want to keep that in mind. To summarize we have pitch with passion so with this you gotta tell your story highlight your company story share your passion behind it. Number 2 you gotta hangout with all the cool kids are hanging out so having an effort of meet them where they’re at. Be present develop relationship on their turf so if you never been in relational ministry like camp – for Christ in your varsity young life. All of those Christian ministries even the mormon church. They go out and they meet people where they are they don’t expect people to come to them you gotta go to where they are that’s what I mean when I say hangout where all the cool kids are. The 3rd thing be flexible so lifestyle is more important than having and millennial don’t want to be slave to work they don’t want to be stock in an office all day they want to be outside and join the sunshine. I remember you know and the winner especially if you live in an area where it’s more north east or north west think about it. You got to work in the morning and it’s dark and then you’re working all day in an office building you get home it’s dark. How depressing is that? Would it be awesome to okay have in a work early in the morning and I’m gonna get outside actually get some vitamin B and enjoy my day and then I can work this later hours like maybe I’ll stop working 8pm instead. Build credibility so make sure we know who you are, what you stand for and get valuable content out of internet so we can find you. We know like in trust you and we want in this with my friend Kevin Harrington book is out and I was lucky enough to contribute a chapter of that so the book is called Put a Shark in your Tank you can find it in Amazon right now we have pre sells special because the hard copy of the book is not out yet so you can get the digital version for 99 cents if you have – limited it’s just free which is amazing. So my chapter is chapter 9 and it talks about product development. What you need to go through after you get your product funded because he definitely goes into the pitch and getting funded so I don’t want to cover that but again head over to my website and click on the podcast tab so it’s IMUA-SERVICES.COM or INSPIREDBYIMUA.COM and I will have this slides for you to see I’ll have the millennial international video for you to see and if you want to go check out Put a Shark in you Tank which I highly suggest again Kevin Harrington original shark from shark tank great guy for you to get some awesome insights. Head on over there and I will catch you next week and hopefully by next week I will have a place to live. I will be coming at you from there okay until then, IMUA!

Mahalo for joining us. If you’re new to riding the waves of medical device product development, or if you’ve been in development for a while already, Inspired by Imua is here to surf with you. Want to be a master of the waves? Text hang ten that’s all one word HANGTEN to 44222. We’ll send you the most common wipe outs companies make in product development so you can avoid them and reach master wave status. Again, that’s HANGTEN to 44222. We publish a new episode every Tuesday, so catch us at Inspiredbyimua.com. Imua!

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