VICTORIA, British Columbia, February 7, 2019 – It doesn’t matter how long a company has been in business. Both startups and established companies need to remain focused on the value proposition of its device product development efforts. Scott Phillips, CEO of StarFish Medical, offers advice on how to approach medical device product development value proposition depending on the stage of your business in a new 30 minute podcast interview with Jon Speer, Founder and VP QA/RA, Greenlight Guru.
Highlights of the interview include:
- What does your company value? Point priorities in the right direction.
- Founders start a company because they want to make an impact, offer value, but own most of it.
- Equity Preservation for Startups: Avoid the trajectory of delusion after raising millions of dollars of capital.
- Be skeptical of advice
- Identify and address risks
- Focus on what investors value
- Understand value of minimum viable product (MVP)/lean startup concept
- StarFish uses a framework that addresses 12 functional areas to identify client’s target audience, IT environment, reimbursement strategy, and other factors that reinforce the Medical Device Product Development Value Proposition
- There’s plenty of horror stories about when things go bad. Also, it can be considered bad business when companies rush to get in human-type studies.
- Equity Preservation for Established Companies: Basically the same as startups, except the notion that future money is cheaper than current money doesn’t apply.
- Established companies tend to place more emphasis on regulatory processes, submissions, and clearances. StarFish helps startups fill gaps in such areas.
- Those in a product management role at a startup often have a tech background and don’t understand the role’s responsibilities.
The Global Medical Device Podcast powered by Greenlight Guru is where today’s brightest minds in the medical device industry go to get their most useful and actionable insider knowledge, direct from some of the world’s leading medical device experts and companies.
About StarFish Medical
Empowering Medtech Innovation ®
StarFish Medical is a full service Medical Device Design company offering design, development, and manufacturing services based in Toronto and Victoria. We use our Pathfinder™ process to reduce wasted effort and increase success for medical device product definition, technical engineering, and product development. Prototype and volume production are delivered within an ISO 13485 certified Quality Management System and an FDA registered manufacturing and clean room facility. www.starfishmedical.com
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