The Current State of Medtech Startups with Alyssa Huffman & Ted Bird

Download Transcript

In this Episode

• 10:57 Commercialization Strategies for Startups
• 21:54 Sustainability Considerations for Medtech Companies
• 29:00 Innovation and Opportunities in Orthopedics

Quotes From This Episode

If people are going through their first round of founding a company or being involved with the company, it’s a big mistake that the thought process around the commercial strategy and the commercial team is an afterthought. Particularly if it’s a technical founder. It might be an engineer or a scientist that isn’t used to carrying a bag and selling something or have that experience. They assume that, okay, our, my priority is to get the product developed to get the regulatory pathway in the US, the FDA approval, get my 510k, and then, oh, then I need to hire a salesperson. That is the big mistake.

Ted Bird

You wanna set yourself up for success with acquisition if and when it happens. But you also wanna be able to have a business, a running profitable business at the same time. So if you partner with somebody where they can come in and they can say, well, this is what the strategics are gonna look for. And this is how to keep yourself out of trouble and align yourself with those metrics. It becomes very synergistic.

Alyssa Huffman

What I’ve learned in the, in the past six years is, you have to be really strategic about what you have with your company. What’s your appeal? What’s your story? What’s important to tell in that story and get across quickly, but who you’re going after. And it’s an ongoing challenge. For the founder, it’s always be raising, always be looking because you’re gonna need those resources, and make sure you’ve got other good people on your team and around you that are gonna continue to make sure you’re hitting the milestones.

Ted Bird