Summary

In this conversation, Giovanni Lauricella, Managing Partner of Lifeblood Medical, discusses his experience in the medical device industry and the role of staffing key individuals for MedTech companies. He explains the complexities of the industry, including regulatory affairs and commercialization. Giovanni also shares insights into the recruitment process and the services provided by recruitment firms. He emphasizes the importance of building end-to-end teams and the value of third-party recruiters. Additionally, he discusses the hiring profiles at different stages of a medical device startup. In this conversation, Giovanni Lauricella discusses various aspects of building and growing a medical device startup. He highlights the costs associated with establishing a company and the importance of turning a concept into a properly run organization. As the company transitions to Series A, the focus shifts to growth and commercialization, requiring the hiring of talent and the expansion of quality systems and R&D. Giovanni also explores the benefits and downsides of joining early-stage startups, the strategies for hiring key people with limited budgets, and the role of executive board members in fundraising. He emphasizes the importance of pitching the financial opportunity to institutional investors and the passion and impact to high net worth individuals and angel groups. Giovanni concludes by acknowledging the challenges and rewards of being in the medical device industry.

Takeaways

• The medical device industry is complex, with regulatory requirements and commercialization challenges.
• Recruitment firms can provide valuable services in sourcing and presenting candidates, managing logistics, conducting references, and facilitating negotiations.
• Engaging with a recruitment firm is typically beneficial for medical device startups at the series A stage and beyond.
• Hiring profiles at different stages of a medical device startup vary, with early-stage companies often focused on R&D and later-stage companies requiring a more comprehensive management team.
• Building a medical device startup involves significant costs and the need to establish a properly run company.
• Transitioning to Series A requires a focus on growth, commercialization, and the hiring of talent.
• Expanding quality systems and R&D are crucial in the Series A stage.
• Hiring strategies for seed stage companies often involve bringing on friends and independent board members.
• Pitching to institutional investors requires emphasizing the financial opportunity, while pitching to high net worth individuals and angel groups should focus on passion and impact.

To learn more about the topic, listen to the full podcast episode on the Modern Lifescience podcast:

Check the episode on spotify here