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Helping Medical Device Inventor By Paying It Forward

July 4, 2012 By Leave a Comment

During the past few weeks, I have been helping a person I don’t know and have only met once via a Skype video call get feedback about his medical device concept. The person did not offer me any compensation, nor did I request any payment. I just offered to put some feelers out and see what kind of feedback and responses I could get.

Why? I know I have a top-notch network and am either already connected or easily could be connected with physicians who can and will provide feedback for the inventor. I know that I can help this person understand the medical device product development process just a little better. I know that if the idea isn’t worth pursuing, taking this approach makes the best sense for the inventor–spend as little as possible to find out if the idea is worth taking to the next step. I believe if the idea has merit, this inventor (and maybe others like him) will have an interest in working with Creo Quality.

Yes, it’s definitely a “pay it forward” kind of strategy. Yes, I realize I may never receive any revenue from doing something like this. And that’s okay.

While the feedback is still coming in, I did get one response from an expert in this particular device space. The expert is very interested in helping with a prototype and other business development / research activities. I connected him directly with the inventor.

Filed Under: All, Ask CQ, Catalyst, Connect, Product Development - General, Strategy vs. Tactics Tagged With: , , , , ,

A Feasibility Study’s Outcome

May 24, 2010 By Leave a Comment

Last week we delivered a feasibility study to a client and here is what we found for Client X:

•    Total Estimated Market – $15M with a likelihood of getting about 10% of market share
•    Cost to get product to market = $1.5M plus 1-2 yrs of operating expenses
•    CONCLUSION = probable struggle to break-even and not a large enough market to pursue

What is our advice?

  1. Find out if there is a market – BEFORE you spend a lot of $$
  2. If you don’t know what to do ask for help
  3. When you find there is little to no market – KILL THE IDEA and move on
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Filed Under: Create, Indiana Life Sciences, Medical Device - General, Planning, Product Development - General Tagged With: , , , ,

January 22, 2010 – GIIRT Meeting

January 18, 2010 By Leave a Comment

GIIRT luncheon will take place on Friday, January 22 from 11:00-1:00.

Jerry McColgin, President of Insight2, will deliver the presentation: This is NOT your father’s ‘Voice of the Consumer’.  In this presentation, Jerry will show you how to stop being disappointed in your market research results and instead how to use research for bottom line growth.  Through real-life case studies, you will learn the power of using the best types of research for the goals you have established and how to develop consumer insights that can guide your innovation efforts for market success.

The GIIRT luncheon will take place at Suite-D in Carmel.  The address is listed below:

40 Executive Drive, Suite D
Carmel, IN 46032

Please let us know if you are planning to attend.  We ask that you RSVP by the Wednesday before the meeting (1/20) by calling (317) 814.5277, emailing us at contact@giirt.com or on Smaller Indiana.

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reBlog from inpact.org: So You Have A Product Idea?

December 22, 2009 By Leave a Comment

I found this fascinating quote today:

What are some of the early tasks you should consider? Jerry McColgin of Insight2, Jill Harding of Boundless Design, and Pam Weaver of Keywerx shared some thoughts and their experience on front-end innovation, brand positioning, and market research. inpact.org, So You Have A Product Idea?, Jan 2010

You should read the whole article.

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Filed Under: All, Indiana Life Sciences, inpact, Product Development - General Tagged With: , , , , , , , ,

January 22, 2010 – Greater Indy Innovation Roundtable

December 20, 2009 By Leave a Comment

Greater Indy Innovation Roundtable (GIIRT)

January 22, 2010 Meeting:

Jerry will share the “whys and hows” of conducting effective consumer research to gain insights for effective innovation.  He will show the importance of going beyond the voice of the consumer into the actual world of the consumer through a process he calls “contextual innovation”.

RSVP to: Contact@giirt.com

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Overvaluing Product Ideas Can Lead to Failure

November 8, 2009 By Leave a Comment

Do entrepreneurs overvalue their companies and products?

According to Jonathan Lambert developers tend to overvalue their innovations and customers undervalue innovation and it’s this disconnect that is fundamental to why innovative start-ups are failing.

Here’s what happens:

  1. inventor becomes obsessed with their product or idea
  2. they quit their day job and devote EVERYTHING to their invention (including their savings)
  3. they fail to due their market research
  4. potential customers are not impressed by the innovation and don’t want to spend “that much” to purchase the product
  5. inventor is broke with no market to sell to, but a really pretty prototype

Yes, it’s hard to see things clearly when you’re engulfed in the day-to-day, so to be successful, inventors and entrepreneurs need to recognize their weaknesses and learn to rely on outside objective advice.

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Filed Under: All, Design Control, Medical Device - General, Planning, Product Development - General, start-up Tagged With: , , , , , , ,

Medical Startup Ideas – What do I do first?

November 6, 2009 By Leave a Comment

Small businesses are important to economic growth and have an incredible impact on economic growth. So, let’s say you are a small business and you have a medical device idea. What should you do first and where should you spend your money when building your idea?

Before you do anything, you need to prove that there is a market for your product or idea. Will people use / buy your product? At this stage, we recommend limiting the amount of dollars spent by determining your market through market research. Do not rush to build a prototype.

Yes, prototypes have value, but you must be sure that there is a need for the product and that the pricing to manufacture the product and sell it is such that your product price is justifiable and people will buy it.

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Filed Under: All, Indiana Life Sciences, Medical Device - General, Planning, Product Development - General, Project Phases, start-up Tagged With: , , , ,

Articles From Insight2 Breakthrough Innovation Newsletter

November 1, 2009 By Leave a Comment

Here are some excerpts from a couple of articles featured in Insight2 Breakthrough Innovation newsletter:

Food for Thought: Are you using the best research for the job?

Quantitative Research

This type of research is typically done in the form of a survey.  It could be done over the phone, over the internet or face to face.  This typically involves large numbers of respondents so that it will be “statistically significant” (this is a mathematical term that suggests that you need to study a given percentage of your desired population to ensure that your findings represent the whole).  The method of data collection can depend on the project.  If you need to have people interact with a physical product, have them taste something, (or some other sensory feedback), then you would need to do face to face research.  You have probably seen people in public places (like malls) holding clipboards, looking for people that appear to fit their desired demographic.

Virtual Focus Groups: A new approach to traditional research

Online focus groups are becoming an increasingly popular offering among our clients.  These groups can be attended from the comfort of your office or home and eliminate costs and time associated with travel for your team.  Online groups utilize a bulletin board platform where researchers and participants interact in a discussion-like format.   Participants respond to questions from the moderator, as well as to comments (posts) from other participants.

Like what you read? Sign up to receive their newsletter.

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Filed Under: All, Product Development - General Tagged With: , , , ,