By Jon Speer
Product development of any kind is challenging and full of unknowns, obstacles and pivots.
Medical device product development is certainly no different.
With med devices, when you throw in regulatory bodies, such as FDA and others internationally, it only complicates matters further.
However, when you ask entrepreneurs and startups in the medical device industry to define their single biggest challenge, their response is overwhelmingly clear:
Which kind of stinks. Especially for all those that have a fantastic idea for a medical technology that could improve the quality of life.
Seldom is having a good idea enough to secure the funding necessary to bring a new device to market. Unless you have quite the track record.
So what do you do? I mean everything during the medical device product development process requires funding. Right?
For the most part, yes. And there are things you can do to increase your chances of funding by reducing the business risk and starting to bring your idea to practice.
This is important. Early stage investors are inherently playing a risky game but like to mitigate risk where ever possible. Why? All investors have one thing in common: They want to make money.