Want to hear from real startups about their journey in medical device development? You got it right here…
When I was at the OCTANe Medical Device Investor Forum recently, I had the chance to interview several startups about their journey, what their technology is, and what advice they would give to someone just starting out. They’re battling the rough waves of development but they get right back on their board when they fall off. I hope this inspires you to do the same and IMUA with your idea!
Aloha and welcome to another Imua on TV episode. If this is your first time watching, this is a great resource for you if you’re developing a medical product or if you just have an idea for one and you haven’t started. You can also check out our website, it’s imua-services.com, that’s I-M-U-A services.com. There we have more resources for you, we have a podcast, you can find all the episodes of Imua on TV and I will see you over there. So let’s dive in to our video today. So you may remember from your upper level business classes or your MBA, those Porter’s five forces. So if you haven’t had that then I’ll just tell you what that is and if you had just think of it as a reminder. This is a framework designed by Michael Porter and he is a Harvard Business School Professor. His methods are use in practically ever under graduate and MBA program. So why are they important? Will they utilize all of the different forces around your product that can pull it in different ways? Today we’re gonna be using an example of medical device and looking how this apply. So ideally what I want you to do is look at these on how they apply to your idea, your product, and development or if you already have a product on the market, this is really good. Just dive into and look at occasionally. So for our example today, we’re gonna use a shoulder implant to show you how this applies in medical devices. Read more »
Andy Cothrel has seen it all in the medical devices industry. He’s worked for big companies like Roche and Abbot and has been on the team of startups and advising others now through his own company, Blue Marble Medical. Andy and Meghan talk about why no one wants to buy a project anymore, and why you should always have an exit strategy. Got an idea for a medical device or health/wellness product? Check out our new program that will be beta launching soon and you might be able to go through it for FREE.
Andy’s background in alternative energy and how he switched into medical devices [2:33]
The three ways that Andy gets involved with startups [3:50]
Why it’s important to begin with the end in mind [6:35]
Why “no one wants to buy a project anymore” [10:50]
What to do if you haven’t already positioned for an exit [16:38]
The top three things startups should be considering [22:25]
Turning a medical invention idea into a real product takes some guts, grit, and a whole lot of determination. Is this the right choice for you? How far should you go? These are common questions and today I dive in on some personality traits needed to withstand all of the rough waves. Do you have an idea of your own? I’d love to help you FOR FREE! Become one of our beta testers in our new “Invention Idea to Profitable Product” program. Visit imua-services.com/iipp or text the word “invention” to 44222 to sign up.
Why you need to be committed in order to take your product to market [3:13]
Why getting out of the way is sometimes the best decision [3:40]
Why learning to love the “no” is important [6:54]
Why your outside relationships are important to build [7:50]
Why you need to design your lifestyle [9:05]
The importance of finding your why [10:20]
Figuring out how to fund your product [11:40]
Do you have the desire and faith to keep moving forward? [13:40]