064: Winner of Pitch Makeover + June LIVE Q&A

drumroll….the winner is…..James Davis! Check out his video here. We’ll keep you posted on his journey through a pitch makeover and you’ll be able to see the transformation.

James was one of several entries that made a video and shared his plea for why he should get a pitch makeover. The entry with the most amount of social shares won.

Every month, I do a live Q&A show answering questions that were submitted to me as well as answering questions directly on the live stream and here’s a synopsis of what I covered:

1. I got my devices made in China and want to distribute to the US but my Chinese manufacturing company doesn’t have a GMP cert. How do I remedy this?

First, you want to go through an inventory of what has been done and what’s left to be done. From there, you can find out the regulatory pathway for your particular product then plan your verification and validation from there. You can see if you can get any manufacturing tooling like the mold from your manufacturer and transfer it to another one. The new manufacturer will need to verify that the tooling is up to standards for US ISO and GMP.

2. Can you explain the difference between IIPP, the boardroom, and the medical device starter kit?

The Medical Device Starter Kit is meant for someone just starting out and they’re not sure what to do next. It’s only $47 and includes some assessments, videos, and explains the process of bringing a device to market. This is a good intro and gives some next steps.
Invention Idea to Profitable Product (IIPP) is a 100 day virtual pre accelerator meant to get your idea to fundable business in 100 days. It gives you the plan to get started, walks you through all of the steps, then ends with preparing a perfect pitch so you’re ready to pitch to friends, family, crowdfunding platforms, and early angel investment.

The Boardroom is a combination of group coaching and consulting so you still get the guidance you would get if you were a 1 on 1 client of mine without the expensive price. There are extra perks like a collaborative group and you get to know the others pretty well to get help from them too.

1. How was your birthday?

My birthday was great! I spent the weekend in downtown D.C. with some friends and we stayed at the Donovan Hotel which I highly recommend because the outdoor pool is really fun and they have a free happy hour with wine in the lobby. We went to brunch at Masa 14…great all you can eat / all you can drink brunch so go if you get the chance.

2. It seems like each pitch competition is different. How do I tailor my pitch for each competition?

Each competition is different based on the organization that’s sponsoring it, the judges, and the initiatives behind it. You want to do your homework on all of the above and be prepared so you can tailor your pitch to what they’re looking for…just like when you apply for a job and you tailor your resume accordingly. You also want to have a 1, 3, 10, and 20 minute version of your pitch because many times you will be in competitions with this amount of time.

3. I’ve been pitching for a while and just not meeting the right investors. What are some good resources to find the right ones that would be interested in my idea?

Finding the right investor for your pitch isn’t as easy as meeting investors. Some factors that make this possible are: -solid market research
-solid IP stance
-due diligence on your technology
-demonstration of market share
-the way you present yourself
-the way you pitch
-your pitch deck
-the investors interest in your technology
-whether your technology fits into the investor portfolio

3. How do you like living in Virginia? We miss you in California!

I miss California but I like Virginia. It’s very green, pretty, close to the city but it’s quiet where we live, and the dramatic transition from winter to spring was pretty amazing.

About the Author

Meghan M. Alonso

Meghan M. Alonso, referred to by Shark Tank’s Kevin Harrington as a medical device development expert, is known for her award winning medical device podcast, Inspired by Imua, the chapter she wrote in best selling book “Put a Shark in Your Tank, and her valuable connections in the medical industry. According to the Huffington Post, she helps clients navigate the complicated process of bringing their ideas to the marketplace. She’s a patriotic military wife, pet parent, founder and co-founder of 4 successful companies who thrives on guiding medical device and IVD companies through development and manufacturing.

When she isn’t helping others, Meghan is hard at work on her MBA she is pursuing from Auburn University, staying active with her adorable husky Abby, crossfitting, enjoying great restaurants and fine wine with her husband, and soaking up the sun the nearest beach.

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