Breakthroughs in Medtech: 5 Leaders Share Their Secrets to Innovation
Understand Your Users and Aim For Simplicity
Doug Evans, President and CEO of Lungpacer Medical, brings a personal touch to his mission of developing revolutionary technology. Lungpacer is working on a singular therapeutic solution to preserve the strength of the diaphragm muscle for critically ill patients on mechanical ventilation. This was inspired by Evans’ son’s struggles with traditional respiratory equipment.
Evans urges entrepreneurs to view their products first through the eyes of the patient, and then through the eyes of the clinician; with the end goal of keeping them very simple to use.
Leverage an Incubator or Accelerator
Dan Rose, is the CEO of French-based medtech company LimFlow, which is transforming the peripheral vascular space by providing a much-needed solution for end-stage critical limb-threatening ischemia (CLTI) patients by restoring blood flow to the ischemic foot via deep vein arterialization. Their treatment prevents major amputation, resolves pain, and promotes wound healing.
In 2011, the LimFlow team successfully collaborated with the medtech incubator MD Start to create a prototype and successfully raise capital. Rose emphasizes the significant benefits of partnering with a credible medtech incubator, citing their extensive expertise.
Balance Venture and Strategic Capital
With President and CEO Mike Kujak at the helm, Francis Medical is developing novel thermal treatment technologies for cancers across the body. Francis Medical’s mission grew out of founder and CTO Michael Hoey’s experience of watching his father battle prostate cancer.
Kujak’s advice? Find the right balance between venture and strategic capital as they both provide value and resources for key company functions, yet come with different agendas and requirements.
Prioritize Substance Over Sales
John Murphy, CEO and co-founder of Virtual Incision, has a diverse background in life sciences, aerospace, private equity, and venture capital that he invests into his company’s mission to develop the miniaturized in vivo robotic assistant (MIRA).
Murphy recommends that fellow entrepreneurs put substance before sales. Especially in the early stages of development, it's best to focus on creating a robust product; and the marketing can follow.
Build a Community Through Authentic Connections
Since founding Blackrock Neurotech in 2008, Marcus Gehrhardt has been on a mission to help people suffering from neurological disorders. Their ‘MoveAgain’ brain-computer interface (BCI) system is a breakthrough medical device that uses brain implants to enable immobile patients to control electronic devices, wheelchairs, and even prosthetics without an intermediary device.
Gerhardt’s advice is to foster a sense of community and build authentic connections with researchers in your space. He believes these connections have significantly contributed to Blackrock’s ability to become a major player in the industry.
Join Medsider as a Free Subscriber
Subscribe to Medsider and get access to exclusive benefits for free. No spam, 100% privacy, and your email won’t be shared.