Start-up Business Strategy Development

          Successfully developing medical technology has become increasingly difficult in recent years. Changes to the regulatory framework, uncertainty in the financial markets, a lack of skilled resources, legislation limiting access to Physician Opinion Leaders all create barriers to innovation. The complexity of our industry is increasing and the smart innovator has means to exploit these complexities to their competitive advantage. New methods are needed to secure funding, define the real needs of a changing market and navigate the evolving regulatory and reimbursement pathways. Medical device CEOs may need to devote all their efforts to fundraising with little to no time remaining to run the business. Addressing fundraising at the expense of running the company, or vice versa diminishes success. Let Voyageur medical help.

Assumptions

·      CEO has the knowledge needed to set Company Strategy and establish operational priorities

·      CEO is a physician or technical founder; his/her inclination is to focus on known expertise and naturally neglects other essential aspects of the business (Clinical, Regulatory, Reimbursement, Customer environment/user experience, market fundamentals/market development, funding)

·      CEO has 2 jobs – Financing the company is Job 1, taking important time away from operating the company

·      It is rare for 1 individual to have the skills, capacity and willingness/(lifestyle allowance) to do these 2 roles simultaneously and with excellence.

·      Hiring a Fundraising CEO and Daily operation COO is prohibitively expensive

·      CEO lacks time or adequate sounding-board to fully Exploit his/her knowledge to develop strategy and establish operating priorities.

            Questions

·      Can you confidently define the most critical unknowns that present risks to your enterprise (your “Vital Uncertainties” – risks that could meaningfully impact your company’s speed to or level of success)?Are you thinking beyond technology to understand uncertainties associated with market acceptance, regulatory approval, reimbursement, etc.?

·      Do you have methods that allow you to uncover these uncertainties before they impact your success?

·      Are you becoming smarter about each of your Vital Uncertainties allowing you to move forward more confidently?

·      Do you know which uncertainties need your attention now and which can be set aside for consideration at a later date?  

Voyageur Medical Offerings:

·      Using our proprietary process, let VM engage you to efficiently extract and apply your knowledge to identify and attack the Vital Uncertainties facing your enterprise.

·      VM can give you tools to get smarter about these uncertainties.  With this, you decide which uncertainties require immediate attention and which can be set aside for now without causing anxiety or concern about a looming threat. 

·      If you lack resources to address important and time-sensitive Vital Uncertainties, VM can provide its expertise or introduce you to other resources to retire or better characterize these risks.