Scott Nelson is the cofounder and CEO of FastWave Medical and Medsider.
Innovative, groundbreaking solutions are vital in medtech, but a solitary genius in a lab rarely makes an impact. To turn a concept into a life-saving product, you’ll need to assemble a dynamic, multi-functional network and collaborate effectively with various stakeholders along your journey.
As the cofounder and CEO of FastWave Medical, I have firsthand experience within the fast-paced world of medical devices and health technology. That, paired with the hundreds of insightful Medsider interviews with exceptionally bright life science entrepreneurs, has taught me some valuable lessons.
Below, I’ll share what I know about building strategic networks that can positively influence the success of a healthcare startup.
Secure The Right Capital
It’s tempting to believe that more funding equals success, especially in the early days of a startup. However, each partner comes with a value proposition beyond the invested capital. This could be expertise in your field, a special affinity to the product you’re building, or a collaborative dynamic.
Pitching to anyone willing to invest isn’t a good strategy. You want to foster relationships that go beyond monetary transactions. Create true partnerships that align with your company’s quest, technological innovation and long-term goals.
Befriend Regulatory Bodies
Compliance with regulations in medtech is not a sheer formality but an integral part of the mission. Regard regulators as allies to help ensure your product is safe and reliable, improves lives and adds value to the healthcare system. This begins by adopting an open and cooperative mindset. Gaining insight into the regulatory process is especially helpful in the early stages of development.
You may need to educate your audience about your technology and the problems it solves. Articulate your goals clearly and ensure regulatory bodies comprehend your product’s potential. This will grant you a more streamlined review process, clearer guidance, better feedback and faster response times, potentially reducing costly mistakes and delays.
And don’t forget to focus on understanding their perspectives, too. You can capture their attention and convey your message more effectively by prioritizing what they are seeking.
Keep The Board Small Yet Relevant
Every board member you give a voice to will potentially demand something in return. If they don’t have the relevant expertise and are not aligned with your vision, you may be in for a challenging ride.
Moreover, don’t underestimate the value of mentorship from industry veterans. Such guidance can be invaluable, particularly in the early stages of product development. These mentors have likely navigated similar challenges, and their insights can significantly influence your board’s effectiveness and your company’s trajectory.
Ultimately, a smaller, more concentrated board fosters an environment with a shared sense of purpose, where every voice contributes to a common goal. Adding proven leaders whose “battle scars” offer a wellspring of practical do’s and don’ts to your board can be pivotal to success.
Foster A Collaborative Environment
Your in-house team is your success story. As a CEO, you need to find the right people and create an environment where talented doers can thrive collaboratively.
First, gather people who, beyond the necessary skills, carry passion. Balance expertise with a fresh perspective. While experience is invaluable, adapting to an ever-changing field is always an asset. Then, encourage open communication, shared decision-making and a collective sense of purpose. Let your team members know that they are part of something bigger. When everyone knows what they’re working toward, they’ll be more motivated to do their best.
During the early stages, try to assemble a strong core team. The advantage is twofold. First, you can act swiftly on real-time feedback, allowing for agile development. Second, you bypass the inconsistencies and delays that come with relying on part-time freelancers.
Lastly, celebrate achievements and learn from failures. Create a culture where successes are celebrated and mistakes are seen as opportunities to learn.
Lessons On Collaboration
Success in medtech is about more than groundbreaking ideas—it’s about people, partnerships and focused strategy. Here are a few summary takeaways on cultivating a network to execute your vision:
Team up with regulatory bodies.
Foster relationships with regulators to transform them into allies. Understand their perspective to best address their concerns. Their guidance can streamline approvals while limiting costly mistakes.
Choose wise investment partners.
Funding is essential, but the guidance, wisdom and strategic alignment that the right investors offer can be even more valuable.
Choose like-minded mentors as board members.
Make sure your (small) board is made up of people who share your vision. This includes potential mentors—those who have gone over the mountain themselves.
Invest in the right team.
Form a crew that breathes your vision. Hire passionate doers. Foster collaboration and open communication. Celebrate achievements and learn from mistakes as a team.
In closing, build strategic networks by collaborating with like-minded investors, nurturing relationships with regulatory bodies and fostering a positive, ambitious culture to retain a competitive edge in the turbulent waters of life science startups.