Thanks to our good friends at PwC for hosting our joint breakfast event last week, where we continued to explore the successful commercialisation of MedTech innovations in WA.
Carel Smit led the discussion, drawing on the valuable experiences of our panellists Sheryl Frame and Dr Matthew Oldakowski who highlighted the need to validate innovative ideas early, the challenges of raising funds in the MedTech industry, the importance advisors play in the commercialisation journey, and the often-uncontrollable affects timing can have.
Here are some of our key takeaways:
- Play to your strengths. In knowing what you’re good at, you’ll find a much better pathway to take. Validate all of your thinking, and be aware when constraints identified at in the early stages aren’t actually ‘real’ constraints at all.
- Trialling your invention is just that – a trial. It’s not all about getting to the biggest market as quickly as possible. It’s about seeing whether your invention works in a market, what changes need to be made, and creating an opportunity to gain valuable feedback. Close to home is often the best option too. The last thing you want is to send your invention far away to be tested, only to realise it doesn’t work and you’re too distant to fix problems without enduring considerable expense!
- There are many benefits of early engagement with licensors. By talking to multiple interested parties, competitive tension may arise, insights could be provided into what the market wants to see and further opportunities for your invention may be identified. Find out who does what, where and how. Learn when the right time to speak to licensors about your innovation is.
Stay tuned for information on the next event in the series.