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Medical device startups must demonstrate a product's economic value as well as its clinical usefulness, say industry leaders. Read more about their advice for new healthcare businesses.
At age 25, Laura Sanko was a founding member of a startup that raised $3.5 Million from some world-famous investors and the Founder’s Fund. The business model was simple: a website that rented high-end jewelry for special occasions for a fraction of the retail value of each piece. Three years later, the investment money was all gone and while the site continued to operate, it had failed to meet the investors’ expectations.
Three years ago, Jason Bhan, MD, a family practitioner, went into business with a cousin—Sundeep Bhan, a serial entrepreneur—and a friend, Destry Sulkes, also an MD. The three healthcare entrepreneurs founded Medivo, which developed tools to track symptoms, explain lab results, and provide personalized health information.
One way for life science and digital health entrepreneurs to innovate: turn landmark literature into accessible, web-based programs.
That’s what Omada Health, a San Francisco startup, has done for diabetes prevention. In a session on the future of intervention at the FutureMed conference at Singularity University in the Silicon Valley last week, the company’s co-founder and CEO Sean Duffy explained the effort.
There’s no silver bullet for becoming a successful life science entrepreneur. But at a session on entrepreneurship and innovation at the FutureMed conference at Singularity University in the Silicon Valley last week, three panelists shared their tips on achieving entrepreneurial success.
DioGenix, in Gaithersburg, Md., was founded in 2009 after CEO Larry Tiffany and his senior management team saw a clear clinical need: monitoring disease progression of multiple sclerosis (MS). Tiffany has an extensive background in biotech, as an IP attorney, and as a senior executive at small and mid-size biotech companies. Before DioGenix, he was senior vice president and general manager of genomics for another genomics research company, Gene Logic.
Dr. Todd O’Brien has additional challenges beyond those encountered by most startup life science CEOs. The 48-year-old podiatrist still sees patients even while developing his latest innovation: an electronic tuning fork for measuring diabetes-related nerve damage in people’s feet. He's also building his company in Orono, Maine - far from any major healthcare hub.
It’s a cancer immunologist’s dream to discover a safe and effective way to coax the body’s own immune system into waging war against invading cancer cells. Building a startup company around that finding, though, is definitely not every scientist’s forte. For Gary W. Wood, making the leap from laboratory to C-suite seemed like the next logical step.
Last week we launched a brand new program for startup companies who had previously presented at 1 Million Cups, the Kauffman Foundation's weekly educational program that features two local startups presenting to the community over coffee. This new effort, launched with the folks at Dream Big America, will continue to put a spotlight on startup companies from throughout the country.
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