Originally Published MX November/December 2005
BUSINESS PLANNING & TECHNOLOGY DEVELOPMENT
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Hard work and a willingness to take risks are necessary but not sufficient for success in starting up a medical technology company. Founders of entrepreneurial enterprises can improve their chances of achieving their goals if they:
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• Establish the viability of the product idea and business strategy through up-front market, clinician, user, investor, and patent research.
• Segment the market and focus on a niche where the product will display evident superiority.
• Create a logical and realistic financing and spending strategy.
• Approach venture capitalists intelligently, honestly, and openly.
• Hire the best people possible.
• Take stock of personal strengths and weaknesses in deciding what role the founders will play in the company.
• Distribute equity in the company according to contributions over time.
• Strive to secure a strong patent position.
• Focus on ways to accelerate product development for rapid market entry, and test the product thoroughly to identify and correct shortcomings.
• Solicit feedback on the developing product to make sure that the final version will appeal to prospective customers.
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