Playbook
Beyond Science: Convincing Your Way to Commercialization
This article weaves together the wisdom of five startup medtech CEOs, each of whom has successfully navigated the intricate path of turning a vision into a viable, market-ready product and has managed to convert regulators, capital partners, and end-users to support their ventures along the way.
Key Lessons From This Playbook
Go beyond the buzzword “unmet need”: Just because you see a problem doesn’t mean it’s widespread, urgent, related to technology, or even the workflow. Make sure you understand every aspect of it.
Rehearse, refine, and tailor your pitch: Each time you pitch to an investor, it’s an opportunity to practice and improve your storytelling. Incorporate feedback from your mentors and the people you’re pitching to and adjust your narrative to resonate with different investors.
Explore unconventional methods: Discover different ways of bringing your product to the real world, such as pilot study programs, alternative regulatory paths, and various funding vehicles like grants, clinicians, or even crowdfunding.
Prioritize patient comfort: Start with simpler, common indications to quickly demonstrate effectiveness and build momentum. Get experts on your side to establish credibility with key stakeholders. And throughout, never lose sight of the patient experience.
Engage continuously with investors and users: Keep a constant line of communication open with investors and end users for ongoing feedback and support. Plan for double the time and budget to account for the unexpected challenges that always arise.
