Medical Innovation Start-Ups
When Dr. Hill came to California to complete his surgical training at Stanford University as a Vascular Fellow, he was fortunate to work with and learn from Dr. Tom Fogarty, one of the foremost pioneers in catheter-based vascular intervention. Through years of training, mentorship and collaborative work, Dr. Hill learned how medical technology entrepreneurship works.
Start-Ups Considerations in MedTech
The process of taking an idea from “bench to bedside” is very complex, with many layers of technical detail.
Considerations include:
1
Engineering
an engineering component which involves invention, testing and optimization,
2
IP
intellectual property that must be protected for companies to be financially viable in the marketplace,
3
Funding
corporate funding needed to fuel the overall innovative process,
4
Team Work
the inspiration and motivation necessary to gather a highly competent team, and execute the necessary steps for success,
5
Trials
preclinical testing, clinical trials and the regulatory process to ensure new medical devices and technologies are safe and effective for clinical use,
6
Business Know-How
and, the business acumen needed to run a startup, whereby a new product or innovative system must bring adequate value and clinical utility to survive and grow in the marketplace.