Move Fast Early, Slow Down When It Counts

Key Learnings From Steffen's Experience

• In medtech, development timelines can stretch over a decade. Before pouring resources into an idea, it’s crucial to confirm its relevance and market potential and then get the right people on board. Building your network early helps with finding the right talent as well as the right investors.

• Align your pace with the development stage you’re at. Move fast in early development but slow down and be thorough in the clinical stages. Then, be ready to pick up speed and go full throttle when commercialization approaches. Start thinking about market access from the start, as early decisions can impact later commercialization. Bringing in the right specialists upfront for coding, coverage, and payment planning can smooth the path to market.

• Take a steady, strategic approach to fundraising. Perfect your pitch and refine your story to make a strong impression. View each investor interaction as a long-term relationship rather than a one-time opportunity; stay in touch, and show consistent progress. Above all, bring energy and resilience to each pitch—persistence can turn a "no" today into a "yes" tomorrow.

Steffen Hovard spent 20 years at Coloplast, and after participating in a urology-focused acquisition that led him to relocate to Minnesota, Steffen began working in the urology field. Over the years, he became well-acquainted with the complexities and patient needs in the space, particularly neuromodulation, for treating conditions like overactive bladder (OAB).

Now, as CEO of Neuspera, a neuromodulation company with a versatile platform technology, Steffen is developing a minimally invasive sacral neuromodulation system, with its first indication targeting OAB. 

The market for OAB has been around for 25 years, but the market penetration is still only around 5%. Existing solutions, although clinically effective, often deter patients due to the invasiveness and bulk of the implants. Neuspera reduces these barriers.

Their device stands out because, unlike older systems that involve bulky implanted batteries, Neuspera’s device is wireless and much smaller. The technology involves a small, implantable device and a wearable transmitter to deliver electrical stimulation to the sacral nerves. The stimulation can help to improve bladder control and reduce the frequency and urgency of urination. This “microinvasive” design uses an external transmitter to power the device and requires minimal hardware inside the body, making it significantly less invasive. Neuspera is also exploring other potential applications for their technology, such as treating chronic pain and movement disorders. 

It’s a 10-year journey coming to fruition. Currently, Neuspera is in the final stages of their clinical and regulatory pathway and commercialization is on the horizon. Steffen and his team are confident in the potential of their technology as the company’s pivotal trial has shown promising results in meeting key endpoints and matching the efficacy of established technologies.