Originally Published MX November/December 2005

BUSINESS PLANNING & TECHNOLOGY DEVELOPMENT

Hard work and a willingness to take risks are necessary but not sufficient for success in starting up a medical technology company. Founders of entrepreneurial enterprises can improve their chances of achieving their goals if they:

   • Establish the viability of the product idea and business strategy through up-front market, clinician, user, investor, and patent research.


   • Segment the market and focus on a niche where the product will display evident superiority.


   • Create a logical and realistic financing and spending strategy.


   • Approach venture capitalists intelligently, honestly, and openly.


   • Hire the best people possible.