The Power of Storytelling in a Medical Device Startup

Torrey Smith, co-founder and CEO of Endiatx, started out in numerous medtech startups as an R&D engineer. After a decade of bringing other people's dreams and visions to life, he decided it was time to make his own mark in the industry. 

His love for Sci-fi inspired him to develop the PillBot™, a futuristic invention that aims to change the landscape of the endoscopy devices market, which is valued at over $42 billion. 

This vitamin-sized intra-body robot can be remotely piloted to transverse the digestive tract and transmit real-time footage that will aid doctors in diagnosing gastrointestinal ailments.

The California-based medical robotics company has made great progress in under four years, from assembling its first football-sized prototype to creating advanced, pill-sized models that Torrey has swallowed himself. 

Endiatx secured about $1 million in funding from angel investors, venture capitalists, family, and friends in its early days. About 20 months after he swallowed his first PillBot in June 2020, Torrey's team successfully closed their seed funding round. 

The company has since performed a live swallow demo at the 2021 International Forum on Advancements in Healthcare (IFAH) conference, moved into an 8,700-square-foot building, and recently announced a know-how license agreement with Mayo Clinic. 

As his company continues to pioneer the development of groundbreaking technology, Torrey finds himself constantly outside his comfort zone, navigating various challenges, from raising investment funds to seeking FDA clearance for the PillBot. 

In this episode of Medsider, Torrey shares how to utilize social media to build connections, how you can weave storytelling into constructing an attractive founder's profile, and the benefits of incorporating existing technologies into your product's development. 

Key Learnings from Torrey's Experiences 

• Don't be afraid to experiment with existing concepts when developing a product. Some of the most incredible inventions are built upon the adaptation, modification, and combination of technologies, data, and mechanics that already exist. 

• Leverage social media platforms to reach doctors, investors, stakeholders, and your targeted users. You'll never know when a single post, video, or email can help you connect with someone who can support your product's regulatory process or expedite its adoption in real-life clinical settings. 

• Never underestimate the power of sharing your product development progress from the very start. This helps you establish connections with people who will be eager to invest in your vision, even in the early stages.