I talk with early startups in orthopedics and spine every week. These companies are messy by nature. I like to think of early startups as “teenagers” with lots of potential, but the teenager doesn’t know who they are yet.
Most startups want to hire a CEO from day 1, but there is a better way.
Enter the interim CEO.
1/ Cost-effectiveness: Hiring a temporary interim CEO can be more cost-effective for a startup orthopedic company than hiring a permanent full-time CEO with equity. A temporary CEO can be hired on a short-term basis and may not require the same level of compensation and benefits as a permanent CEO.
2/ Quick turnaround: An interim CEO can be hired quickly to fill an immediate leadership gap. This can be particularly important in a startup environment where time is of the essence and every moment counts.
3/ Flexibility: An interim CEO can provide flexibility for a startup medical device company that is still exploring its direction and goals. With a temporary CEO, the company can adjust and pivot as needed without being tied to a long-term commitment.
4/ Expertise: An interim CEO can bring a specific skill set and expertise to a startup medical device company. This can be particularly important if the company is facing a specific challenge or needs to navigate a complex regulatory environment.
5/ Objective perspective: An interim CEO can bring an objective perspective to a startup medical device company. This can be particularly important for a company that has been operating with a certain mindset or approach and needs fresh ideas and insights.
6/ Less risk: Hiring an interim CEO can be less risky for a startup medical device company than hiring a permanent W-2 CEO with equity. This leader is not as committed to the company as a permanent CEO and can be more easily replaced if necessary.
7/ Bridge to the future: An interim CEO can serve as a bridge to a more permanent leadership solution. This can be particularly important for a startup medical device company that is still in the process of building its team and refining its strategy.