Medsider

Here's the newest op-ed Scott Nelson, our host and CEO of FastWave Medical, penned for MD DI. In this article, he talks about 5 essential frameworks that every #medtech CEO can utilize to steer their company toward success. Big thanks to our guests for sharing their wisdom with the Medsider community. Click on the link ⬇ to check out the full article.

“There's got to be stage-appropriate funding, stage-appropriate strategy, stage-appropriate boards, and stage-appropriate everything. And it changes with every stage as you evolve. Once you've actually achieved a certain target and met a goal, you need to pivot to what's next, and that will require its own way of capitalization and it will have its own set of priorities.” With a career spanning three decades, digital health veteran Sumit Nagpal has co-founded and grown five companies that have tackled significant challenges in healthcare. His experience also includes working with Steve Jobs at NeXT. Currently, Sumit is the Chairman and CEO of Cherish, the company developing 'Serenity' a radar-based health and safety monitoring device to support proactive self-care at-home for the elderly and others. He also serves on the board of HIMSS. Here's a sneak peek at Sumit’s conversation with Scott Nelson: 🎨Steal like an artist. Learn from the successes and failures in other industries. Observe patterns, simplify ideas, and create a collaborative environment where ideas and feedback flow freely. 📏 Each phase of your business, from invention to scaling, requires different resources and priorities. Set clear and stage-appropriate goals, raise the necessary amount of capital—without excess—and meet those milestones. 👂 Cultivate an inquisitive mindset. Make listening key to your company culture. Gather diverse input, choose authentic partners, and build trusting relationships to support mutual goals. Check out the full interview link with Sumit in the comments below. This Medsider episode was brought to you by FastWave Medical, a hot IVL startup in the cardiovascular space. Don’t miss out on their next fundraise (more details in the comments). P.S. - We just launched Medsider Mentors Volume VI, which is packed with insights and learnings from founders and CEOs of some of the most dynamic medical device and health technology startups in the world. Click the link in the comment section for this latest edition now available exclusively to our premium members.

“You want it to be about genuine partnerships. You don't want it to be a client-vendor, and you don't want it to be like, ‘Hey, I'm just going to tighten the screws as much as possible and get everything I can in the short term.’ That doesn't establish that long-term partnership which is going to be extremely important for building a business at scale. Because the last thing you want to do is have a partnership that allows you to get to market, and all of a sudden, it falls apart.” Meet Dan Nardi, CEO of Reimagine Care and a veteran entrepreneur with over 20 years of experience in digital health. He's a results-driven executive who previously served as COO at Carrum Health, driving value-based care initiatives. He also played a pivotal role in scaling Livongo to its IPO. Extending care beyond the clinic, Reimagine Care integrates clinical oncology experts and robust technologies to deliver individualized, at-home cancer care thereby reducing the burden of commutes, in-clinic appointments, and overall stress of the cancer journey. Here are the key takeaways from Dan’s conversation with our host Scott Nelson: 🤝 Partnerships are essential for growth in the healthcare industry. Focus on building strategic alliances that leverage both your core competencies and those of your partners. Prioritize long-term, win-win collaborations over short-term gains. 🍀If you’re disrupting a market, early adopters are your life vest, but they are not enough. Work closely with them to demonstrate the value and ROI of your offering while further proving its outcomes through clinical studies.    🍵 Embrace healthcare's shift to fee-for-value. Opt for risk-based agreements tied to patient outcomes to demonstrate long-term value and ROI when introducing novel solutions. Also pay attention to the incumbents and flow of funds. Check out the full interview link with Dan in the comments below. This Medsider episode was brought to you by FastWave Medical, a hot IVL startup in the cardiovascular space. Don’t miss out on their next fundraise (more details in the comments). P.S. - We recently launched Medsider Mentors Volume VI, which is packed with insights and learnings from founders and CEOs of some of the most dynamic medical device and health technology startups in the world. Click the link in the comment section for this latest edition now available exclusively to our premium members.

“Startups are like sharks. They’ve got to keep swimming. They’ve got to keep moving. If you run out of capital and have to pause things, it does more than pause things.” Dan Rose, former CEO of LimFlow SA “Find an actual problem, and don't just invent one. Find a problem that you can solve and that has either an existing market, or a market that you can create and grow.” Marissa Fayer, CEO of DeepLook Medical “It almost sounds blasphemous because everybody wants the 510(k) or the CE mark when you can get it. I'm just simply pointing out that pre-commercially, they're expensive to maintain.” Trent Reutiman, CEO Mercator MedSystems, Inc. Medsider Mentors are book volumes we publish a few times a year, summarizing the best Medsider interviews from the last few months. Here’s the last of our #medtech rockstars from Volume VI of Medsider Mentors, authored by our host Scott Nelson, who is also the co-founder and CEO of FastWave Medical. Here’s more to chew on: 🌞 In the early development phases, design for the average user to maximize adoption rates. Keep it simple and don’t be afraid to pivot. 🔓 Identify a genuine need and develop a product that enhances efficiency and outcomes while fitting into existing workflows. 🤹🏼♂️ Be intentional about the balancing act of demonstrating your technology’s efficacy by gathering data for regulatory purposes while consistently improving upon the design and usability of your device. Available for premium members for free, check out the full edition of Medsider Mentors - Volume VI (link in comments) to learn from founders and CEOs of the hottest #medicaldevices and health technology startups in the world. For non-premium members, individual volumes can now be purchased separately.

“The biggest learning for me and the biggest excitement with the community round is every time somebody invests, there's a little box where they get to put in information about why they're investing. Some folks don't say anything, but a lot of them do. It's been so rewarding for me to read through those comments and just hear the stories about family members and loved ones who see how they could use our technology.” Meet Conor Cullinane, PhD, an aeronautical engineer by training who went from designing NASA space suits to developing novel #medicaldevices. Conor has an impressive resume that includes Harvard Medical School, Massachusetts Institute of Technology, and NASA - National Aeronautics and Space Administration. He, along with two other rocket scientists, co-founded Pirouette Medical, a startup developing Quicpush, a disk-shaped autoinjector that delivers medicines with just the push of a button. Here’s a sneak peek into Conor’s conversation with Scott Nelson: 📐 Be selective with where you innovate. Disrupt where it matters most, but don't reinvent the wheel unnecessarily. By aligning with established practices and industry standards, you can streamline your development processes, reduce costs, and ultimately leave room for creative freedom where it counts. 🔄 Although less common in medtech, community fundraising rounds may offer benefits like brand awareness and direct engagement with potential end users. View all investors as valued partners to foster a strong community and feedback loop around your product. 👓 Everyone in the healthcare supply chain, from payers to providers, needs a reason to choose your product. To successfully launch a #medicaldevice, it's crucial to understand the needs of all stakeholders. Check out the full interview link with Conor in the comments below. This Medsider episode was brought to you by FastWave Medical, a hot IVL startup in the cardiovascular space. Don’t miss out on their next fundraise (more details in the comments). P.S. - We just launched Medsider Mentors Volume VI, which is packed with insights and learnings from founders and CEOs of some of the most dynamic medical device and health technology startups in the world. Click the link in the comment section for this latest edition now available exclusively to our premium members.

We love it when Scott Nelson, our host and co-founder of FastWave Medical, puts together these op-eds for MD DI! His recent article explores five unconventional approaches for #medtech success. Big shoutout to our past guests featured below for sharing their stories and insights. Click on the link ⬇ to check out the full article.

“What I like to do in the moments of critical decisions is to expunge myself of any bias with respect to money that's been spent, and try to make a decision with fresh eyes." Benjamin Sexson, CFA, CEO of Monogram Technologies “Talking to the partners, members, and clients really helps me decide what's next. You’ve got to be out meeting with folks and getting feedback on an ongoing basis.” Bill Snyder, CEO of Cylinder “If the nurse doesn't like your product or the scrub tech doesn't like your product, your product isn't going to be used in the OR no matter how much the surgeon loves it.” Ahmed Zobi, EMBA, CEO of Syntr Health Technologies, Inc. Here's our next set of guests featured in the latest edition of Medsider Mentors, a book summarizing the best Medsider interviews from the past few months. These three #medtech entrepreneurs from our previous Medsider episodes have now returned as mentors, making an appearance in Volume VI, authored by our host Scott Nelson, who is also the CEO of FastWave Medical. Here are a few more takeaways from these featured interviews: 👓 Don't let past investments cloud your judgment about a project's present viability. Regularly reassess the viability of your idea based on current conditions, not past investment. 🌐 You have to know where your product or service fits in the overall healthcare ecosystem. That way you can connect the dots for your providers and consumers about the precise role you play in the benefits they receive.  🛣️ Focus on meeting FDA’s core requirements first. Don't get tied down trying to add extra features to early prototypes. Submit ASAP to pave the road to market. Available for premium members for free, check out the full edition of Medsider Mentors - Volume VI (link in comments) to learn from founders and CEOs of the hottest #medicaldevices and health technology startups in the world. For non-premium members, individual volumes can now be purchased separately.

“Everything we build should be self-explanatory. It's just like your phones, they make it so you pick it up, turn it on, and you don't have to have an IFU to teach you how to use it.” (Dr. Ananth Ravi, CEO of MOLLI Surgical) “If you haven't built a relationship over a long time and you have no traction and I haven't seen you progress, it's really hard for me to judge if this is something really differentiated.”  (Dr. Anish Kaushal, Healthcare investor Amplitude) “It's surprising how far you can get with nothing, and how little progress you can make with all the money in the world. Both things are true. It does take some creativity.” (Dr. Steven Mickelsen, CEO of Field Medical) Get a front-row seat to our entrepreneur roundtable as you read Medsider Mentors Volume VI, our latest book summarizing the best interviews from the previous several months. This edition includes highlights from interviews conducted by Scott Nelson, who is also the co-founder and CEO of FastWave Medical. Here are three more ideas from these interviews: 💉 Immerse yourself where your product will be used. Then build products that minimize risk, maximize patient benefit, have a fast learning curve, and are clinically effective. 🗺 Clearly define the gap, the solution, the regulatory process, and reimbursement. Show VCs that you're not improvising and that you have a clear roadmap with achievable milestones. 🦾 Scarcity can breed creativity, so use that to your advantage. Build prototypes with readily available parts and focus on nailing your narrative to convince investors. Available for premium members for free, check out the full edition of Medsider Mentors - Volume VI (link in comments) to learn from founders and CEOs of the hottest #medicaldevices and health technology startups in the world. For non-premium members, individual volumes can now be purchased separately.

“You now need to think more about how your device is going to be used and how it's going to be incorporated into the practice of medicine. So first and foremost, if your technology converts an in-hospital to an out-of-hospital procedure, or it allows earlier discharge or in some way, shape, or form shortens that episode of care within the hospital, that's really, really important. Even if your technology is better but it adds a two-day stay, that may be a tough sell.” Meet the CEO of Canary Medical Inc., Dr. Bill Hunter, who was previously instrumental in the development of #medicaldevices like the TAXUS drug-eluting coronary stent, paclitaxel-eluting balloons, and the Zilver PTX peripheral drug-eluting stent. Bill’s extensive career as a practitioner and notable successes in the #medtech space are truly impressive. After spearheading the successes of companies Angiotech Pharmaceuticals and CORREVIO PHARMA CORP., he’s now at the forefront of bringing novel digital solutions to healthcare. At Canary, Bill and his team are developing smart implants that empower patients by providing real-time insights during their recovery journey after implant surgeries. Here’s a taste of Bill’s interview with Scott Nelson: 🔍 Identify market opportunities by examining trends and structural gaps. Bill, for example, noticed the demand for personalized patient care and the strain on healthcare providers, leading him to develop digital solutions. 🏥Innovation in medtech requires a superior, not just an alternative, product approach framework. Consider how your idea streamlines processes, reduces hospital stays, and empowers both patients and physicians. 🩺 If you’re a physician contemplating a full-time move to a startup, embrace your entrepreneurial spirit by leveraging the stability of your medical career. Start small, experiment, and be honest with yourself about your priorities. Check out the full interview link with Bill in the comments below. This Medsider episode was brought to you by FastWave Medical, a hot IVL startup in the cardiovascular space. Don’t miss out on their next fundraise (more details in the comments). P.S. - We just launched Medsider Mentors Volume VI, which is packed with insights and learnings from founders and CEOs of some of the most dynamic medical device and health technology startups in the world. Click the link in the comment section for this latest edition now available exclusively to our premium members.

“The FDA is going to object and question our science. The payers are going to question the efficacy and the health economic outcomes of what we're doing. The clinicians actually should question and test as well. Of course, this happens with the investors who question and test us on everything. It's just part of the job that we need to be able to answer all of the questions. We're looking to create things in the world that have never existed before. It's contingent on us to be able to explain it and to be able to address all open questions from all angles.” Meet Beth Rogozinski, CEO of Oncoustics. She’s held a variety of leadership roles in the field of digital medicine, including the development of the first FDA-cleared prescription digital therapeutic for Pear Therapeutics. She advises numerous startups and accelerators and has consulted with organizations like Stanford University, UnitedHealth Group, and the National Mental Health Innovation Center, and serves on the board of Biotechnology Innovation Organization’s Digital Health Committee. Oncoustics is developing affordable, non-invasive AI solutions for disease monitoring and treatment. Their OnX platform – a device designed to be used in conjunction with readily available handheld ultrasound devices – uses AI to analyze sound waves from ultrasound devices to monitor and quickly detect unhealthy liver tissue. In this Medsider interview, Beth and Scott Nelson discuss: 🏥 Clinicians, regulatory bodies, and commercial stakeholders may have different requirements. Address each of them as soon as feasible in the development process. 🔍 Consider FDA a part of your team. However, before approaching the agency, evaluate whether clearance is necessary for your product based on the value proposition vs speed to market. 📝 Fundraising for startups requires persistence and having a clear narrative about your technology. Engage with investors even if they typically invest in later stages. And don’t limit yourself to investors strictly within your niche. Check out the full interview in the comments below. This Medsider episode was brought to you by FastWave Medical, a hot IVL startup in the cardiovascular space. Don’t miss out on their next fundraise (more details in the comments). P.S. - We just launched Medsider Mentors Volume VI, which is packed with insights and learnings from founders and CEOs of some of the most dynamic medical device and health technology startups in the world. Click the link in the comment section for this latest edition now available exclusively to our premium members.