Which is more critical to the success of a technology startup: technological smarts or business acumen? Or is it vision, or passion, or leadership, or revenue generation, or fund-raising ability?
There have been enough successes – and failures – to support any argument. In my many years of experience with medical technology startups I know that it takes a team with broad and diverse skills to develop the right product, bring it to market successfully and/or support a successful company acquisition.
A team with complementary skills will have the best likelihood of success, but the quality that is needed above all and across the whole team is flexibility.
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The medical technology industry is in tremendous flux. That presents many opportunities for innovation and also many challenges. The team must be able to learn, adapt and change direction when things change or when things go wrong – and things will always change and sometimes go wrong.
Tips for making a successful medical technology startup
My experience has yielded a great deal of insight into the making of a successful medical technology startup. Following are five key tips for a successful medical technology startup:
- Get input from your market. The potential value of a new product or service idea is directly proportional to the size of the problem it solves or the unmet market need it fulfills. In medical technology, that means getting input from clinicians early in the process. Patents and clever engineering will not produce a successful product if it doesn’t make life easier for practitioners or produce better outcomes for their patients.
- Prioritize IP analysis. Make intellectual property (IP) development an early priority. Mismanaging early IP analysis and development is one of the most damaging mistakes a startup can make. Irrespective of expense, working with the right IP professional can ensure that you protect your rights and avoid potential 3rd party patent infringement before investing too much in R&D going down the wrong path.
- Lead with Integrity and Passion. Entrepreneurial leadership is still critical to success. No matter how talented and functionally diverse the team members, they must be led by someone with passion, vision, and personal commitment. Especially in a startup environment, the CEO sets the tone. It is his or her personal qualities that will unleash the energy of the entire enterprise and drive it to excel. Or mire the team in a dynamic caught-up in the CEO’s personal foibles. A healthy dose of professionalism is key in leading an effective, dynamic team without untoward drama.
- Success Counts. Recruit people who have hands-on experience and a record of accomplishment in your industry. There is no substitute for a deep understanding of how your potential customers function and the network of contacts a veteran brings to the table. This kind of understanding is what ”winners” in their field have to offer. Shy away from candidates that look experienced by virtue of multiple starts, but who offer little relevant experience because they have few or no finishes.
- Hire Doers. Be wary of big titles in assembling a team. Hiring from the pool of past Vice Presidents and C-level executives may provide a list of impressive names, but many of these people are no longer accustomed to getting into the trenches and learning the details that must be appreciated for good early-stage decision making. A startup needs doers with current skills who will get their hands dirty in the lab, more than it needs overseers. As your enterprise grows, there will be a time to bring on the heavyweights.
- Having a team with complementary skills and the mental flexibility to turn on a dime when necessary is your best bet when hard times hit. But the team also has to gel. And that comes down to a shared attitude about what they want to achieve, what their personal values are and, most important, how they define success for the enterprise together.
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[Photo from Flickr user Allan Ajifo]
Frank Becking, Co-Founder, IP Counsel & CTO to Panthera MedTech, a company specializing in the founding and development of new technologies in mobile health, medical devices, biotech and health information technologies. He received a B.S. in Mechanical Engineering and a B.A. in Art History from Stanford University. He earned his J.D. with a focus on Intellectual Property (IP) Law from Santa Clara University School of Law. Mr. Becking is an active engineer and registered patent attorney with 20+ years of related experience and a track record of success in patent design-around work. He also has extensive experience in IP diligence, patent litigation, licensing and other contract negotiation.
