Associate Director Tanya Ridding has partnered with over 100 startups across the MedTech and Life Science markets, and within hundreds of conversations with leaders at these businesses, this blog explores the key success factors she has identified.
The execution imperative
Contrary to popular belief, the brilliance of your idea only constitutes a small percentage of your potential success. Estimates are that just 5% of success comes from the idea itself.
Execution is where an idea comes to life. Your ability to transform a concept into a tangible, functioning product or business model is what will attract funding and make your idea profitable.
The power of networking
Expansive networks are invaluable assets for any startup. Conduct an analysis of your network to evaluate how each connection can contribute. Consider:
- Obtaining market expertise and industry-specific knowledge
- Where to leverage warm introductions for credibility
- Seeking guidance from seasoned professionals
- Considering the viewpoints of those from diverse backgrounds
- Learning from those who’ve been in the trenches and succeeded
- Guidance from market intelligence and talent experts
A dream team
Build a founding team that complements your skills. Know your weaknesses and plug the gaps. Look beyond a resume and consider those who can bring unique and valuable resources to your team. In a start-up environment, mindset is just as important as background. Partner with an expert who can help you with the mapping out of your organizational talent needs, as well as skilled in the identification and attraction of the right people.
Economic resourcefulness
Instead of chasing after funding, prioritize bootstrapping where possible, identify and map all available economic resources including: grants, accelerators, awards and support programs. These can provide the necessary cushion without diluting equity too early or becoming overly reliant on external funding.
Seek out the ‘angel customers’ who believe in and align with your vision. Their feedback and support can be invaluable. When resources are scarce, embrace creativity and sidestep conventional approaches and find innovative solutions.
Embrace flexibility
In the fast-paced start-up environment, rigid adherence to rules and procedures can be a hindrance. Embrace improvisation, flexibility, creativity and intuition.
The ability to pivot quickly is essential to enable you to navigate complex or unexpected situations, often without the necessary resources. It is also a huge advantage against less agile, more established businesses. Seize every opportunity you are presented with and hold on tight.
Are you a medical device or healthcare company looking for talent? Or maybe you’d like to learn more about our recruitment services? Head over to our specialist executive search page to learn how our medical device experts can support your growth.
