What you missed on BoneChat last week.

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Sharing a few quotes and nuggets of wisdom from Marc Viscogliosi during BoneChat Call #2.

Embrace Failure and Persistence:
Quote: “Well, Tiger, you said something last week, which is, you know, you said, my brothers and I don’t make mistakes. And there’s probably nothing farther from the truth than that. We make mistakes all the time.”

Lesson: Acknowledge and embrace the inevitability of mistakes in entrepreneurship. Persistence is key to overcoming challenges.

Selective Focus and Deep Engagement:
Quote: “Whatever we do, we’re really active and deeply involved and engaged. We don’t try to do 20 or 30 things. We do five.”

Lesson: Focus on a few key objectives and be deeply committed to them. Deep engagement often leads to better performance compared to being passively involved.

Capital Management and Staying Power:
Quote: “If you don’t have the capital, of fight, with the staying power all the way to the end. You better develop that.”

Lesson: Ensure a continuous search for capital partners who are committed for the long haul. Staying power is crucial in the face of uncertainties.

People and Adaptive Leadership:
Quote: “Probably the hardest lesson that I’ve learned over the years, the most painful mistakes that I’ve made are probably around people.”

Lesson: Recognize the importance of having the right people at the right time. Adaptive leadership involves understanding that individuals may excel in certain chapters but not others.

Efficient Resource Allocation:
Quote: “I tend to approach it a little bit differently. My approach would be what is the… John Doerr’s open system, objectives, key results system, where what I really want to make sure we’re doing is defining what the key objectives are for that moment.”

Lesson: Use efficient resource allocation, delay infrastructure cash burn, and build step by step, focusing on key objectives and results.

Innovate with Surgical Insight:
Quote: “So what we do is we analyze what works, what actually surgeons will do and what currently exists within the OR and that just stays on the shelf.”

Lesson: Tailor innovation to surgical needs, ensuring practicality and adoption by addressing existing challenges in the operating room.

Simplify Adoption for Market Success:
Quote: “There is so much friction when you introduce innovation in the marketplace that most people don’t think about reducing that friction.”

Lesson: Successful innovation involves simplifying adoption processes, recognizing that reducing friction facilitates market acceptance.

Customized Solutions for Specific Challenges:
Quote: “We took the irregular pattern of bone, which is significantly different in the spine, and it has high failure rates.”

Lesson: Tailor solutions to specific challenges, such as irregular bone patterns in the spine, to enhance success rates and improve patient outcomes.

Market Over Technology:
Quote: “Don’t bet on the technology but on the market.”

Lesson: Prioritize understanding market dynamics and needs over technological innovation alone for success in the medical field.

Valuation Strategies for Startups:
Quote: “Whatever you do, do not become profitable because the second you become profitable, your valuation is going to be based on that.”
Lesson: Consider the strategic balance between financial sustainability and startup positioning, recognizing the impact of profitability on valuation strategies.

The Hidden Dangers of Venture Finance
Quote:”I think we’re deep in it right now. And we don’t, a lot of people don’t see it. If you look at the cash assets on the balance sheet, the ability for liquidity to free up the investment cycle horizons of these VC funds. A lot of these historical VC funds are late in their vintage investment cycle. And their LPs are telling them that they’re not going to pony up again. So if they run out of capital, the secondary markets dry up. It becomes really painful really fast.”

Lesson: Understand the precarious nature of the current venture finance landscape. Awareness of cash assets, liquidity, and investment cycles is crucial. Entrepreneurs must proactively manage their finances and be prepared for rapid changes in the market.

Financial Survival in Entrepreneurship
Quote:”I’m sorry. I don’t mean to be the bearer of bad news and I couldn’t be off about this. But I think if you are not actively looking at cash, runway right now. You’re in trouble.”

Lesson: Emphasizes the importance of actively monitoring cash and runway in entrepreneurship. Being proactive about financial health is critical for survival, especially during challenging times. Entrepreneurs should prioritize financial planning to navigate uncertainties.

Navigating Market Dynamics in Healthcare Technology
Quote:”Look, the hardest thing in the world is to get beyond your initial core customer base, early adopters, early innovators that kind of thing, and get to the early majority, cross that chasm and crossing that chasm to me has really two things that drive that. Are you aligned with the practice pattern of the day to day customer?”

Lesson: Scaling in healthcare technology requires alignment with the practice patterns of the target customers. Understanding regional and local nuances, reimbursement dynamics, and aligning with daily practices are crucial for successful market penetration.

Long-Term Realities of Healthcare Technology Adoption
Quote:”So all this money that’s just going into computer navigation and AI. We might see something back in a decade, maybe less.”

Lesson: Acknowledges the extended timeline and challenges in implementing new healthcare technologies. Entrepreneurs should realistically anticipate lengthy timelines for adoption and consider the non-reimbursable nature of certain innovations.

Streamlining Sales Strategies with Friction Reduction
Quote:”The hardest thing in the world is to get beyond your initial core customer base, early adopters, early innovators that kind of thing, and get to the early majority. Cross that chasm to me has really two things that drive that. Are you aligned with the practice pattern of the day to day customer? And that looks at everything that looks at how does that physician schedule their cases? How do they work through the reimbursement dynamic?”

Lesson: Emphasizes the challenge of moving beyond early adopters in sales. Successful sales strategy involves understanding and aligning with the day-to-day practices of the customer, including scheduling, reimbursement, and regional nuances. Entrepreneurs should focus on reducing friction in the adoption process.