Visit our Medical Device page to discover how PQE Group can support your Start-Up. Our staff can provide 360 degrees solutions: from the market strategy to the full compliance of your products.
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5 Initial Steps to Success
Although each company is unique, every company that I have helped has started with the same first 5 steps:
- Create a strong, multidisciplinary team
- Identify all relevant regulatory requirements
- Create a go-to-market strategy
- Have the strategy reviewed
- Market the strategy
Step 1 requires the identification of necessary personnel needed to support a go-to-market strategy that includes at least the following areas and strategies: U.S. regulatory and quality requirements, manufacturing, reimbursement, R&D support, sales and distribution, business development and fundraising and global market penetration. These areas are independent from each other but must be integrated into one cohesive plan. Once these resources have been engaged, whether they be full- or part-time employees or partnerships with third parties, the next step is to outline the prerequisites to reach the market. Understanding the minimum requirements needed provides a skeleton roadmap that all the other areas can be combined with to create a fully realized strategy, which should answer the following questions:
- How to get to market?
- How long that process will take?
- What is the potential revenue?
Strategy Review
Once a strategy has been created, it is critical to have it reviewed by the prospective end users to understand if the product and the pathway to launch it is something the market needs and can accept and handle. The last thing to do before seeking funds is to create a strong, concise marketing campaign, with presentations and materials that allow investors to see the product’s potential and its prospective return. Without overwhelming investors with science or engineering, and with a clear understanding of the investment, you have a better chance of obtaining funds to start your business.
