So you have an idea... maybe it’s on the back of a napkin, or maybe you have an early prototype in your garage. What do you need to do to take that idea from conception to commercialization? Join RedCrow's virtual panel discussion to hear from our companies about how to bring a medical device to market!
To get things started, lets talk about the foundational qualities of a successful healthcare startup. In other words, if you have a great idea, what things should you put in place at the outset to maximize your chances of success?
Good morning and thank you for joining this terrific panel of experts to learn more about driving innovation in healthcare. We’re joined by successful entrepreneurs and the representatives of top organizations like Ximedica and the Innovation Institute to answer all of your questions and help understand how to take your idea from concept to commercialization.
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Good Morning Orrin,
Speaking on behave of the Concept side it is always a challenge to formulate a great idea, even a must have concept into a working concept and on to prototype and then commercialization. Since we are in Super Bowl season - there is a reason you don't play the Super Bowl in September. The path to commercialization takes time and the obvious is to minimize the mistakes.
Pending
There is a myriad of factors but amongst the most important: team and expertise (with healthy group dynamic and persistence), market need (now and in the future), access to cash (especially during scaling up phase), and especially timing of product/service (see TED talk by Bill Gross for talk on timing).
It is also good to have a continual mechanism to measure your startup either as a SWOT matrix or as an assessment score.
Pending
You nailed it. Team, product/market need, timing, and cash to break even. If I were to pull out the all important factor it is team, team, team. What is their collective experience, do they share the same vision, and do they view the importance of professional relationships in a common way?
Pending
Team, product/market need, timing, and cash to break even. If I were to pull out the all important factor it is team, team, team. What is their collective experience, do they share the same vision, and do they view the importance of professional relationships in a common way?
Connect
Yes! Anthony is a great resource.