January 9, 2015 by Val Kennedy
A panel of startup experts at an Innovators Forum at Boston Children’s Hospital this week details the key elements of successful medical device startups.
A medtech product’s market niche and patentability are critical factors in winning seed funding, according to a panel of startup experts at an Innovators’ Forum at Boston Children’s Hospital this week.
The panel, moderated by the hospital’s cardiac surgery chief Dr. Pedro del Nido, discussed the key elements of a successful medical device startup.
“If you’re really meeting a need, filling a gap that’s out there, you’re going to find interest from strategic partners,” said Ron Lancaster, Boston Scientific’s (NYSE:BSX) director of corporate research. “But you really have to show how you’re solving a problem that’s out there.”
Johnson & Johnson (NYSE:JNJ) Innovation’s new ventures director, Ibraheem Badejo, said his company looks for products that improve patient outcomes while lowering costs. “What we really look for are products that address economic needs, but we’re also mindful to stay away from devices that will take a long time to reach commercialization.”
