Playbook
Breakthroughs in Medtech: 5 Leaders Share Their Secrets to Innovation
Medtech breakthroughs are not just about the technology itself. To successfully bring something to market, you have to create a scalable business model, raise capital, convince key stakeholders, and the list goes on. Here are real-world insights from proven entrepreneurs who are paving the way for the future of healthcare.
Key Lessons From This Playbook
Start with a mission that moves you: Start with a mission that deeply motivates you and design with empathy for both patients and clinicians. Focus on simplicity and core functionality—don’t overwhelm users with complexity.
Go for game-changing innovations: Aim for solutions that fundamentally alter how care is delivered and develop devices for the average user. Leverage incubators for additional support.
Build a strong, knowledgeable team: You don’t have to know everything yourself. Do thorough research, build a passionate team, trust your gut, and lean on your network of advisors.
Plan for scalable regulatory strategies: Think about scalability from the start. Use the De Novo pathway to establish a strong regulatory foundation for a first-of-its-kind device. Once that’s in place, you can leverage it to streamline future products through the simpler 510(k) process.
Explore alternative ways of funding: Focus on how to get to profitability from the outset of your startup. Traditional venture capital requires a significant emphasis on returning capital in a given timeline. Think about the ways you can maintain independence while funding your R&D and product pipeline.
