Last month, we posted a blog about what entrepreneurs should do if funding is limited. We had a few comments on the post (thanks). The topic is extremely important for medical device entrepreneurs. We decided to discuss this during the July 17, 2009 INpact meeting. Here are some highlights from the INpact group discussion:
What is the first step? Find friends, family, and fools to invest. Build a prototype. Secure intellectual property. All of these steps should be considered in parallel rather than in series. Of course, the entrepreneur should have compelling marketing research to demonstrate there is a market and an unmet need.
Strategy is also very important. A sound business strategy and regulatory strategy are mission critical.
It’s also important to tell the entrepreneur what he/she needs to hear, rather than telling he/she what they want to hear. You can put lipstick on a pig, but it’s still a pig.
In my experience, one of the bigger obstacles for entrepreneurs is overcoming fear. An entrepreneur needs to trust others. An entrepreneur needs to establish relationships with service providers that have expertise and then trust them.