Tips for Taking a Medical Device Startup to the Next Step

We told you a couple weeks ago that CQ UniDoc was to be featured during the Innovation Showcase. It was a good opportunity and learning experience.

Prior to the event, we had taken some baby steps towards commercializing the product. Since the event, I have been thinking about the overall business strategy for UniDoc. And I need to spend more time on this.

In the meantime, I thought I’d share some tips that I read about things a startup should do to get to the next level. I shared some tips from a few articles: From Contest to Company: 6 Tips for Taking a Startup to the Next Level, 5 Sure Signs a Startup Firm Will Succeed, and 12 Rules for Building Your First Profitable Startup. While the tips provided are not unique to medical device startups, they certainly apply.

  • Baby steps matter – Don’t be afraid to take baby steps and fail quickly
  • Has validated customers – A successful startup scales its growth on the basis of proven, steady and paying customers.
  • Sell something – If your company isn’t selling something, you have a project, not a product.
  • Replace part of your customer’s workflow with a better solution – Look at your prospective customers’ current business processes and identify steps or tasks of theirs that can be simplified, automated, or eliminated.
  • Don’t Plan for Exits or VC Money – Focus on selling your product for a profit.

Reading these articles has provided some food for thought for me regarding UniDoc. I hope these help you too.

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