Ideas are a Myriad of Unanswered Questions

Ideas are a Myriad of Unanswered Questions

MediCoventures has evaluated hundreds of startup ideas in the past couple of years and we are on track to see over 300 ideas this year. We have found that every idea that comes to us really represents a list of questions in search of a productive answer.

Questions like:

  • Is this a good idea?
  • What is my idea worth?
  • How do I protect my idea?
  • Should I invest money into my idea?
  • What should I do next – Build a prototype? Pursue a patent? Quantify the market?
  • What will reimbursement pay for this?
  • How do I show clinical success?
  • How much will I need to invest before I can sell my idea?

Answering these questions candidly is important in order to ensure that time and money is not frivolously wasted progressing towards the wrong target. However, reaching a trustworthy answer requires great knowledge, access to unique databases, extensive experience and connecting to the right individuals.

At MediCoventures, we have built a process to answer these questions for clients efficiently and effectively.

A couple of months ago a physician came to our firm looking to answer the question, ‘should I invest significant money into my idea by building a prototype’. We engaged with him. He initiated our efforts by supplying a plethora of background information he had already completed, obviously very passionate about his idea. After reading through all his information, we ran his idea through the MediCoventures process and within a few hours we identified three primary risks that were not on his radar previously.

  1. Gaining a patent – there were several prior art technologies that he would be competing with and we identified them and provided a list.
  2. Competition – the existing products on the market were successfully fulfilling customers’ jobs to be completed and disrupting the incumbent would require tremendous clinical superiority or pricing wars.
  3. Market size – the total market size for the specific technology, boiling down to the identified patient population was just too small for typical investors to get excited about.

It wasn’t that he couldn’t overcome these risks, it was that in his mind, building a prototype was the logical next step, when in reality he needed to take a step back and first look at the market holistically. With the information we provided, he changed his direction, focusing instead on customer validation rather than building a prototype.

More often than not, the ideas that come across our desk have questions that can be answered fairly quickly if the right resources are aligned. Answering these questions effectively will lead medical technologies down the right path towards being successful rather than spending time and money on efforts that ultimately do not add significant value.

_________

Do you have questions that need answered? MediCoventures is uniquely formulated to working through difficult questions every new medical device idea or startup has. Contact us.

Not ready to engage with MediCoventures? Download our Fundability Criteria Worksheet and find questions you probably haven’t even thought of yet that need answered.