059: May Q&A Live Podcast: Just getting started, how much projects cost, and what to focus on in a pitch

I’m starting a live Q&A podcast on Facebook live and you can catch it by following Imua Services on Facebook.
the next live Q&A will be on Monday June 12. This will be a special episode because it’s the day after my birthday and I’m going to run a birthday challenge the week of June 4-11 and I’ll announce the winner LIVE on the podcast on June 12. Stay tuned for details. This episode I answer questions that were submitted to me beforehand. Some have to do specifically with med device product development, there are some personal questions, funny questions, and I give some great direction for those of you in the midst of product development. What do you think was the most random question asked and…keep an eye out for a cameo appearance if you watch the video version

Join our FREE book club and get a FREE audio book with a trial from audible.com!  This month and next month we’re listening to / reading “The Lean Startup” by Eric Ries.  More info and details here.

Questions & Answers:

#1.What should I do when I’m first starting out?  If I have an idea and I’m not sure what to do with it?

I have the perfect fun little quiz for this you can check out at http://imua-services.com/goodidea.  Over there you’ll be able to find out some info about your idea and where you can go from there.

 

#2. What kind of food do you feed Abby?  She looks like a really healthy pup.

She loves her Honest Kitchen Marvel formula which is turkey based.  She used to really like the Zeal formula that’s fish based but she got kind of tired of that so we changed it.

 

#3. I’ve identified a pitch competition that I want to enter.  This will be my first one and I want to know what I should focus on.

It’s difficult to answer this question without seeing what you’ve done so far but my Invention Idea to Profitable Product program may help.  It’s designed to get you pitch ready and a fundable business in 100 days.  All tricks of the trade in pitching plus the work you need to do beforehand to be successful. There is a video you can check out on this page for more info here.

 

#4. What conferences should I go to if I’m thinking about developing a device?

It really depends on what the product is that you’re developing.  I’m working on a conference specifically for startups that may happen this late fall in the DC area and in Florida in the winter.  Besides that, you should really pick a conference based on what your product is because there’s niches.  If you have an IVD or life sciences device there’s conferences around that.  If you have an idea for an orthopedic device there’s conferences for that….for every product.  DeviceTalks is a good general one coming up out of St. Paul MN in June then in Boston in September, then in Irvine CA in December.  You can fnd more out at DeviceTalks.com

 

#5. How much vision do yo have in your left eye?

Actually I don’t have any vision in my left eye.  I have a prosthetic that’s custom painted by an ocularist.

 

#6. I hear startups say you need to be in stealth mode but I know you need to get exposure to get investment.  How does this work?

This is a controversial question.  Sometimes people take stealth mode to mean that you don’t have a website and don’t tell anyone anything about your product.  I suggest that you do have a website and you’re active on social media but you talk generalities about the therapeutic area you’re impacting.  You want to create buzz and share just enough information to get people excited.

 

#7.  Where did you live in Hawaii?

When I first moved to Hawaii, I lived in Honolulu and was in a graduate program at University of Hawaii.  I lived in the Salt Lake neighborhood.  After that, I moved to Lanai and worked at the Manele Bay Hotel / Four Seasons Resort Lanai.  I came back later and lived in Wailea Maui for about 6 months too.

 

#8.  How do I know how expensive it will be to develop a product?

This is a tough question and depends on several factors….the biggest two being…

-compexity: Is your product a simple one piece plastic device or something that has several components?

-regulatory pathway: If you’re developing a risky product or something that has never been done before, it could be very costly.  If it’s something that has competitors out there and you file a 510k it could be less expensive.

The best way for you to find out how much this costs is for you to start working on your idea with the medical device starter kit or Invention Idea to Profitable Product so you can gather enough information that you can sit down and talk with the experts so you can get rough estimates.

Catch us back on Monday June 12 and we’ll have a fun birthday challenge the week of June 5-12.  Join our group to stay up to date here

Host: Meghan Alonso
twitterfbli

Host Company: Imua Services
2000px-Wordpress_Shiny_Icon.twitterfbli

All Podcasts:
iTunes: bitly.com/Inspire

About the Author

Comments are closed.

Shares