Beyond Pivoting: The Degrees of Freedom available to MedTech Entrepreneurs
Achieving success in the MedTech world has been said to depend on the four factors of Unmet Need, Intellectual Property, People and Money. There are various schools of thought on which of these should come first. Stanford’s Biodesign program teaches the needs-led approach based on early stakeholder engagement.
The age-old “Technology Push” approach starts with IP, and often has to search for or establish an unmet need.
Starting with people or money is less common. A deeper dive into case studies of successful MedTech societal impact teaches us that we should consider all of these factors as substitutable. You are almost certainly familiar with examples of pivoting a technology to another unmet need, but how do you build a stronger business case by swapping Intellectual Property, People and Money?
More about the guest speaker:
Professor James E. Moore Jr., Ph.D.
The Bagrit Chair in Medical Device Design
Department of Bioengineering
Imperial College London
Prof. Moore received his PhD in 1991 from the Georgia Institute of Technology, followed by postdoctoral training at the Swiss Institute of Technology at Lausanne, where he also helped set up a new biomedical engineering lab. In January 2013, he joined Imperial College as the Bagrit Chair in Medical Device Design, and started a new masters program in medical device entrepreneurship. To date, eight spinouts have resulted from this program that have attracted more than £4 million in grant and professional investor funding. Prof. Moore is a Fellow of the American Society of Mechanical Engineers, the Institution of Mechanical Engineers, and the American Institute of Medical and Biological Engineering.
Prof. Moore’s research interests include Cardiovascular Biomechanics, Stents, Implantable Devices, Atherosclerosis, and the Lymphatic System. His research focuses on the role of biomechanics in the formation and treatment of diseases such as atherosclerosis and cancer. His cardiovascular biomechanics research includes the first studies of the effects of stents on both blood flow patterns and artery wall stress. This work resulted in the development of two novel stent designs aimed at optimizing post-implant biomechanics for the prevention of restenosis. He is currently developing two technologies for preventing and resolving secondary lymphedema, which forms subsequent to cancer surgery. Along with his funding from government, charity, and industry sources, Prof. Moore has received multiple patents for medical devices and testing equipment. Prof. Moore has also co-founded two startup companies, with another two about to emerge.