Going from the first product concept to sales growth and acquisition in an ortho startup can be a long and difficult journey. A few milestones that must be crossed are:
Product concept
Product patent
Startup Hiring
Concept testing.
Fund raising
Product-market-fit
Financial system
FIM surgeries
Patents issued
Driving down COGs
System focused Hiring
Choosing the right suppliers.
Nailing your Marketing message
Quality System.
FDA clearance.
Surgeon training.
Piecing together a sales force.
Building inventory.
Passing FDA audits.
Winning VAC committee approvals.
Scaling focused Hiring.
Doubling sales Y/Y.
ERP system.
Managing cash flow.
etc.
Completely different leadership skills are need in three phases of this journey. Let's review what the three different CEOs might look like.
Phase 1: Invention to Product-Market Fit
Leadership Style: Visionary Innovator
The first phase of any orthopedic medical device company is the transition from a groundbreaking idea to achieving product-market fit. This stage is characterized by intense creativity, experimentation, and relentless pursuit of innovation. The leadership style required here is that of a Visionary Innovator.
Key Characte...
