Summary

In this episode, Jeremy interviews Robert Wilson, CEO of Egg Medical, about his journey as an entrepreneur in the medical device industry. They discuss topics such as finding innovation and ideas, determining the viability of ideas, fundraising and investor expectations, the impact of device regulation on fundraising, timeline and expectations for different device classes, and engineering challenges in product development. In this conversation, Robert Wilson discusses the challenges of manufacturing medical devices and emphasizes the importance of customer feedback in the development process. He shares his experience of pivoting based on customer input and highlights the significance of identifying the market and value proposition. Robert also addresses the issue of radiation exposure in healthcare and the lack of regulation in this area. He explores different exit strategies for medical device companies, including acquisition by larger companies or private equity firms. Finally, he discusses his current strategy and future milestones for his company.

Takeaways

• Finding innovation often comes from identifying unmet needs in areas that have had little to no innovation for decades.
• When evaluating an idea, consider the market size and the potential for a significant return on investment.
• The type of device regulation can greatly impact fundraising and investor expectations, with class one devices being easier to raise funds for compared to class three devices.
• Product development in the medical device industry requires a skilled and imaginative engineering team that can navigate the challenges of prototyping, testing, and commercialization. Manufacturing medical devices is a complex and challenging process that requires attention to detail and a focus on quality.
• Customer feedback is crucial in the development process, and repeatedly engaging with potential customers can provide valuable insights.
• Pivoting based on customer feedback can lead to the identification of a more valuable market and a stronger value proposition.
• Radiation exposure in healthcare is a significant problem, and there is a need for better shielding devices to protect healthcare workers.
• The regulation of radiation protection in healthcare is currently lacking, and there is a growing awareness of the need for solutions.
• Exit strategies for medical device companies often involve acquisition by larger companies or private equity firms.
• Building a strong business and focusing on delivering value to customers is key to success in the medical device industry.

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

Check the episode on spotify here