We recently completed a short-term project for the client. If the outcome was positive, we could anticipate a longer term opportunity. The client was ready to enter in the long-term relationship right away. We advised against it until we could prove the need.

However, we proved there was not a need. There went the long-term opportunity and potential revenue stream.

Would a typical consultant have taken this approach? Sadly, many probably would have done their best to milk the client for as much as possible. This is why I hate the term consultant. It carries baggage.

Sure, we might miss a “pay day”. But I can live with myself and the work we do.

You probably know Creo Quality’s pitch as well as we do by now: Creo Quality helps bring medical products to market. We help entrepreneurs and early stage companies with business development, operational efficiency, and program / project management.

In order for us to do our job, we must have a solid network of complimentary service providers. And we do. With some of these businesses, we have established several key strategic relationships. For these relationships to work, they have to be mutually beneficial.

Recently, we’ve been working closely with a particular service provider. We’ve sent them leads, and they’ve done the same for us.  In a couple of cases, we have been working with the same clients. We bring a skill set to this provider that they do not have. They bring a skill set and services that we do not have. Together, we have the potential to be a powerful asset to clients.

One client recently hired CQ to perform a market assessment. The client already had a good working relationship with the other service provider, and they were ready to do more. We were able to complete the market assessment pretty quickly and for a reasonable cost. However, the objective results demonstrated the market was likely too small to pursue.

We delivered the news to the client. The news was shared with the other service provider. Both were kind of upset. We were just doing our job. Believe me, I wish the results were more favorable too.

I’m curious to learn what will happen with the client and with the budding strategic relationship. Early indications suggest the client will proceed. Will the service provider still look to Creo Quality as a potential strategic relationship? Time will tell.

I’m big on trying to learn the lessons from cases like this. So what have I learned?

• Communicate, communicate, communicate. I can’t tell you how many times I’ve said this. Just when I think I’ve communicated enough, I realize there’s always more I could have done.
• Be sure that both service providers acknowledge the strengths and weaknesses of the other. Talk about them. Be as close to the same page as possible.
• Continue to do the right thing for clients. If something is going to fail, find out as quickly and inexpensively as possible. They may not like the news, but they need to hear it.

PDA Annual Meeting 2010

Join industry and regulatory peers at this meeting to examine manufacturing best practices and strategies to maximize your company’s efficiency and productivity, while delivering safe and reliable drugs to patients.

The 2010 PDA Annual Meeting conference, held March 15-19, will offer talks, workshops and seminars.

Read more.

Waves of Change: Preparing Wisely for Healthcare’s Uncertain Future

Our 2010 Annual National Conference will focus on the ever changing healthcare industry. The focus will be on industry trends, challenges in the marketplace and how to adapt to such changes. The conference agenda will offer three dynamic keynote speakers, along with general sessions, break-out sessions and panel discussions which has been selected from submissions for the Call for Papers along with a few invited speakers.

The 2010 Annual National Conference will be held at Disney’s Contemporary Resort on March 21-23, 2010. Registration and consultant fair packages are available now.

Design Control for Medical Devices

Meeting FDA’s 21 CFR 820.30 Rules for Quality Design and Manufacturing

2 day course (8:30 a.m. - 5:30 p.m.)

Get Your Training Direct from Former FDA Device Officials

Learn straight from the source – former FDA inspectors, rulemakers, and trainers from the global consulting team of EduQuest.

• March 18-19, 2010, Las Vegas, NV
• September 21-22, 2010, Wilmington, DE

Design control is required for all medical devices sold in the U.S., EU, Japan, and several other countries. In addition, there’s relentless pressure from both FDA and Congress to improve device design control and manufacturing.

Get more information.

15th Annual Medical Devices 2010

Event Overview

Your industry is in unprecedented times. Now more than ever before, you must stay abreast of business-critical issues, trends, forces and growth opportunities. This event, in its 15th year, is the only place to be to get up to speed on healthcare reform, the economy, and the economics of the healthcare industry and its customers.

It’s the only place to be to network with and learn from other seasoned medical devices executives driving their company’s innovation, growth, and business strategy. It’s the only place to be to get an arsenal of thought-provoking ideas, best practices, processes, and tools to make growth happen. Medical Devices 2010 Executive MindXchange, March 14 – 16, San Francisco…It’s THE only place you should be.

Register today.

Sometimes Creo Quality has been the barer of bad news. We accepted this some time ago. But it doesn’t mean it gets any easier.

We do our best to help entrepreneurs realize their dreams. We are blessed to meet some fantastic and innovative people every week. Unfortunately, not every person we meet will see their dreams come true. Not every product idea will become a market success.

It’s just the reality.

Our job isn’t to crush dreams. Really. Our job is to paint a realistic picture of what could happen. Of course we have no crystal ball. And, yes, we could very well be wrong.

VentureBeat recently had a post “9 Quick Tips for Raising Venture Capital”. Here are the tips:

1. Get the first round right
2. Avoid valuation infatuation
3. Raise more than you need
4. Know what “market” is
5. Orchestration is important
6. Beware deal fatigue
7. Don’t Use Your Uncle Larry As Your Lawyer
8. Partner personalities matter
9. Switching Partners Is Hard, Do Your Homework

Be sure to read the entire article for explanations.