The Premise: Fractional work has revolutionized other industries like taxis and food delivery. I believe that fractional work will come to Orthopedics in the near future because it just makes sense. I
I see a future where people who are available and have strong specific skills will work part-time for months or quarters, solve problems and reach milestones… then go to another fractional role.
These talented flexible people may work for 2 or 3 companies at the same time. They will work at a high hourly rate and earn equity.
I believe that 2024 may be the year for this trend in Orthopedics.
Could the orthopedic sector witness a surge of C-suite executives embracing the fractional work trend?
The recent sea change in the capital markets has propelled orthopedic startups into a realm of reduced cash reserves and extended operational runways. Consequently, there’s a growing demand for C-suite expertise at earlier developmental stages, crucial for effectively managing cash burn and steering these startups towards success.
Anticipating trends in 2024, the fractional executive model is poised to gain momentum, with more executives expressing a willingness to engage on a fractional basis.
Simultaneously, orthopedic startups face an escalating need to navigate financial risks while enticing top-tier talent, even if only on a part-time basis.
For orthopedic startups, the allure of Fractional Executives lies in the ability to access A-Player senior talent without piling payroll expenses. The Fractional Executive, in turn, benefits from being hired on-demand, enjoying the flexibility to distribute their time across multiple companies or focus on project-specific initiatives. For example, a CFO might be enlisted to establish corporate structures and assist in fundraising, while a CTO could contribute to proof-of-concept milestones, intellectual property development, and preparation for regulatory filings. Specific roles in pre-revenue startups that are particularly suited for Fractional work are: CEO adult supervision, Finance, Marketing, R&D, Regulatory, Reimbursement (not Sales, Clinical, Ops, Legal, Compliance).
Let’s watch it happen.