I recently had the chance to visit the LSI meeting to take a look at all things startup in the world of medtech.
Don’t worry—this isn’t an article set on trying to convince you to go next year, but I did want to share some of my experiences from the meeting.
And the first experience I’d like to relay is that I was really struck by how cool this industry is.
Medtech Really Is an Amazing Field
I don’t know what led you to medtech in the first place, but I ended up here in an effort to move away from a field I knew I didn’t like. There’s nothing wrong with the hospitality industry, but it wasn’t something I loved.
I’ve always found technology intriguing, but I really didn’t think that much about the tools inside a hospital or in healthcare before I started this job.
However, this trip revealed a whole world of devices out there that are trying to either find their way to market or are trying to find broader acceptance, and it gives me a lot of hope for what’s coming in medicine.
Companies are tackling a lot of big problems that affect the way that we take care of people. Their solutions are sometimes using all of the coolest in robotics and AI. Other times, these solutions are incredibly well designed pieces that you would easily overlook. One company pitched the need for better caps to go on the ends of the various tubes used to administer medicine. A better design could prevent contamination at a greater rate, reduce infections, and ultimately deaths in the hospital.
What Will Be the Fate of These Companies?
Not all startups succeed, of course. (For a great look at making tough decisions in a startup environment, check out our conversation with Scott Nelson entitled The Importance of Finding the Right Product-Market Fit.)
Some of these companies will grow to become a name that we all recognize. Some will get acquired by much larger companies—maybe the company at which you’re employed now.
Regardless, these companies are addressing problems not currently being solved by the incumbents in their space. If these startups are raising awareness to a vital issue, then you can expect that customers are going to be looking for real solutions. Either the big companies will need to modify their road map, or these smaller companies will find ways to enter the market in a way that matters.
Case in point: robotics.
The Shifting Landscape of Robotics in Medtech
Robotics is a space near and dear to our hearts here at Health Connective. This year’s LSI provided plenty of opportunities to see new entrants and to hear them discuss how the market is evolving.
At the same time, Intuitive’s da Vinci 5 just received clearance from the FDA, demonstrating that the leader in soft tissue robotics is not resting on its laurels.
But the argument goes that there may be room for more than one robot in a hospital or ambulatory surgical center (ASC). Greg Roche of Distalmotion commented that in the same way you have sports utility vehicles, sedans, and sports cars, you may need a different type of robotic device depending on the procedure or space you have available.
Several of the newer companies, including THINK Surgical, are advocating for robotic systems that can be used with a variety of implants. This is a big deal in orthopedics. It means that a variety of surgeons can still use the implant of their choice without necessarily having to have all of the big companies’ robots in the facility.
Leadership at Robotics Startups
When you look at who is leading these companies, you’ll find a strong pedigree of medtech experience. Of the examples present, I didn’t see many people who had jumped through several different industries and then landed at a leadership position.
Which led to a different realization.
A Career Path Option in Medtech
The tech industry has a real ageism problem. The industry undeniably skews younger, and workers in their 50s report going for unexpectedly long periods of time in between job opportunities.
As I watched companies present at LSI, I saw a mix of people. Some were PhD graduates who took an idea they had worked on in their education and were trying to go big with it in the market. Others had built up a strong body of work in the medtech space and could speak to the ongoing frustrations of healthcare in a particular area.
In another conversation, I heard from someone considering how he might join a board of a startup within the next few years. This person had a background that could immediately elevate the standing of any startup.
Keeping Our Options Open
The medtech industry has had a lot of ups and downs over the past five years. Whether we’re considering our long-term plans or whether we’re trying to figure out the next few steps due to layoffs and reorganizations, it’s important to know where our skills can be valuable.
My attendance at LSI was business-focused, looking to help a startup spend their money (providing service). However, these meetings and the ones you attend provide more opportunities than simply selling.
The Chance to Connect
I’ve remotely attended a few conferences, and it’s a good way to soak in some information from leading experts. Still, connections happen in person.
I say this as an introvert and as someone who likes working from home.
Interestingly, this meeting gave me an opportunity to do some homework before I arrived, which made my in-person time all the more valuable. Everyone who attended had the chance to see who else would be at the meeting. We were able to reach out to other attendees and set up meetings.
Yes, it led to some spamming (“Hello, innovator, I see you will be at the event…”), but I sincerely appreciated the opportunity to connect online to see if there were any common interests before jumping into conversations in person.
I also still had the time to chat with completely new people that I had not connected with beforehand. Those conversations proved valuable in a number of ways: new business opportunities, great people who I just want to stay in contact with, and intriguing insights into investing.
I will say that DeviceTalks Boston has also set up a way to connect with people ahead of time. Hopefully, this will become more of a trend with meetings I attend in the future.
I’m now convinced that trade show success depends on the quality of personal connections we can make before we arrive.
Michael spends a great deal of time with the healthcare industry both professionally and personally, which gives him the perspective of what stakeholders on either side of the care equation need.
He began coding in 2008 and subsequently shifted his attention entirely to online marketing. Michael completed his MBA in 2018, focusing on the intersection of healthcare and marketing.
As the marketing manager, Ashley ensures that our clients’ marketing strategies are put into action. This includes content writing, SEO, online advertising, analytics, and interfacing with the tools, systems, and team members needed to help our clients accomplish their marketing goals.
