The business planning stage is where it sort
of all comes together. This is the moment really to take
all of the steps that you’ve executed on previously and condense
them into a package that allows you to tell your story. …. it’s really pulling it all together
… …. to take your innovation to the promised
land. once the innovator has identified the key
questions and has a sense of how they will sequence, you’re left with the task of integrating
this into a plan and matching resources to each of those tasks.
The mistake that I see a lot of small companies do is they over estimate how much they can
get done on how little money. As an entrepreneur, the operating plan, financial
model, is the way I relate to investors. It’s the language they speak. And so by me being
able to put it into financial terms and create five-year financials and to think about it
that way, I am giving them the material they need to think and understand what my business
is. Don’t forget you’re telling a story. You
have to make it interesting. early on you know the first folks you’re marketing
to of course are investors. And so definitely understand what messages resonate and keep
a tight story. You can expect that you’re not going to be
giving one pitch in your life. You’re going to be giving many. And so take the feedback
you get from each one and make yourself better because no one got funded after the first
pitch they ever did The financial hurdles of fundraising have
gotten larger over the years. We’re looking for big ideas, large markets, unmet clinical
needs and a great team that can execute on those plans.
You want an experienced team that’s done it before. But it really is about doing it on
a tight budget and a very capital efficient. Entrepreneurs really need to be persistent
in finding money wherever they can. With Angels, offshore money, traditional venture capital
sources, as well as strategic investors. It may be thinking outside the box of crowd
sourcing for money. It may be thinking about Mom and Dad and maybe thinking about friends
of Mom and Dad. I’ve seen a lot of other innovators looking
to grants; looking to distributors; in general just being creative and not necessarily just
thinking I have to go pitch to a VC right away.
Innovation can take many forms. And as an innovator, you don’t have to be good at
everything. You just have to know what your strengths and weaknesses are, and play the
role that fits you… Not all ideas are worthy of being an independent
company. It’s about learning about where your place is and where that idea is, to be
able to push it forward in the most effective way.
Being a CEO in a medical device entrepreneur is not glamorous so don’t do it for the
wrong reasons. There are better ways to make fast money, but this is something you go to
bed at night and wake up in the morning and you’re working 18 hour days you can be very
proud of. Ultimately, follow your passion if you’re
pursuing something that you’re truly passionate about, you will be able to push through the
barriers and go the distance. Patients need you!
You can make a real difference! You are our next generation of saving the
world. If it was easy, everyone would do it! That’s
why we’re counting on you!