Two Startup Accelerator

 Hi, this is Matt Tucker and thanks for stopping by to listen to my thoughts about Two powerful acceleratorsl startups wrongly think they don’t need yet.

If we’ve just met or we don’t know each other very well and you want to know more about me, then I’d suggest you find the video that covers that one this site.  The nutshell however is that I’ve helped companies from large global companies down to startups launch or grow products in the medtech space, at this point, 30 different products in all.

 What I’ve learned working with startups in particular, and helping them launch new and innovative devices, diagnostics, or digital therapeutics into the market is that there is a razor thin line between success and failure. 

I’ve also seen something that many people don’t understand about startups in medtech.  Everyone understands that there is a lot of hard work and effort poured into a new company, and that holds true in medtech of course.  But there is something that is much more unique to medtech that doesn’t happen in other startups.  It’s emotion and passion of the founders.  In medtech the success / failure ratio is very different.  

The most passionate founders have a personal connection to these devices.  it’s the founder with a new device that would have helped his child manage their disease, or the researcher who watched a parent struggle when they were a kid.  Sometimes its a surgeon that has been frustrated with a procedure and has created a new device to solve a problem that he sees every day.

 This emotional connection to the innovations means the risk and reward ratio is also very different…it’s not just the risk and reward tied to financial results or an exit.  And it’s not just the risk of taking angel or venture money and your investors not being able to get it back.  

There’s a lot more at stake for the founders.  I’ve seen the commitment and dedication, but I’ve also heard the stories and how much pressure they place on themselves to change how care is delivered for the better.

That’s of course on top of the risk of stepping into the unknown, and giving up other opportunities at larger more stable roles at the level a CEO or founder would be qualified to hold.

 To most founders….this connection to their new product, the patients, and providers they are trying to help ….failure is not an option.

But the toughest thing any startup faces is the delicate balance that has to be played between time and money.  There’s never enough time…and there definitely isn’t enough money.

But in a few minutes I’m going to tell you how you can get to the place your company needs to be, and save 2-5x on the costs and time getting there.

 We all know how manly things have to go right….

You’ve gotta have the right product so you can develop the right pitch to get the right investors to hire the right team members to develop the right evidence so you can employ the right regulatory strategy, so you can get to the right launch.

 But a lot can go wrong too.

You could position the company or product incorrectly, you could choose to work with advocates who aren’t bought in or are difficult to work with….you could present your company in a way that confuses customers, you could make a bad deal with a payer or decide you want to open it up direct to consumers.  You could get an unexpected surprise from the FDA or even pick a bad manufacturer or distributor.

 At the end of the day, wasting time and money kills momentum, kills potential, and kills startups.

 And since there is that fear…there are things that startups THINK they don’t need to do early lon….but time and again, I’ve seen is incorrect.

 So now that you have your product and some vallidation people are interested…what is it that guarantees you get the most from the time and money that you have?

 A plan and a brand.

 A strong plan determines the dilrection you are headed.  Not only does it size your opportunity and define your company, it also simplifies decision making to keep you focused on the key priorities that will make you successful.  

A good plan helps you identify questions you should be asking and answering that you haven’t even thought of.  This uncovers issues that could occur before they become problems.

Lastly, putting a robust, complete plan in front of a potential investor inspires the confidence they need to write a check, and helps reinforce with current investors you know what you are doing.

 A purposeful brand delivers on a promise you are makingl to your customers and stakeholders.

It conveys the conviction of your big idea while at the same time reinforcing your credibility.  It will connect you emotionally to your customers and communicate the vision you have in how you can change the world.  It demonstrates why you are different and instills belief in you….and ultimately will build trust every step of the way.

 What’s usually missing in this process?  

I’ve seen time and time again with startups and even while launching at larger companies is that the commercialization and strategic thinking isn’t pared with the thinking about the branding and your story.  

They are disconnected….when they should be synchronized.

And what I’m proposing…and what’s different…is an approach where you do it right the first time…and then build on that foundation…rather than doing it once and revising three or four more times…

 Over the course of 20 years in medtech ive seen startup leaders believe they don’t need to do these activities early.  They pour money into their product development, and into regulatory strategies and studies…they’ll put clinical advisors and advocates on retainer and burn through money.

They’ll say…planning and branding will be a priority later….they say….we don’t need this now….they’ll say other things are more important.

That approach leads to missed opportunities…with investors or early adopters…and mistakes that have to be fixed…sometimes multiple times.

But the best companies…the companies who aren’t wondering if they will run out of money this week or next….they’ve invested in these things early…because they know that this leads to better investment opportunities and higher levels of funding.   They avoid re-framing and changing their company story and brand and all the wasted money because of it by doing it right the first time.

I’ve noticed a clear correlation…the companies that have kick ass branding…and articulate a clear plan…before anything else…are the ones who get the 20M in funding…the Series B rounds so no one is worried about a paycheck…and instead focus that energy on making the company great.

 And because of that I decided there was something that just wasn’t right….

So I partnered with a boutique branding agency, led by people who helped me build a couple different brands that led to exponential and rapid growth.

 Our approach combines and synchronizes the planning and branding process so they work together right the first time.

Collectively, we have 60 years of marketing, planning, and branding experience at companies like Baxter, McDonalds, Midas, Mylan, and Hospira.  We’ve run campaigns like the McDonalds Monopoly game and Billion dollar products like EpiPen.

We talk a shorthand language that translates vision to action.  And because of that shorthand, and our efficient approach…the assets you get from engaging with us will be double in number and 2 to 5x less cost than other agencies.

The secret is that we’ve done this so many times we know exactly what questions to ask, and have frameworks to communicate your plan and story more effectively than anyone else.

 Every engagement gets a comprehensive plan.  lThe plan contents have been honed over 20 years at Baxter, Mylan, Highmark Health, and nearly 10 startups.

 From there we will work to develop a number of assets for your company. The goal here is to crystalize your story and help you secure additional funding and your first set of customers.

 From a menu of assets you can pick 5, 9, or receive them all.  It’s really up to you and your needs.

No matter what you pick, we guarantee you won’t be able to get this kind of gamel-changing foundation for your business elsewhere.

As we wrap up….first thank you…second….we’d love to dig in and hear more about your company and your personal journey…we believe we can help you immensely and you can contact me via email or by scheduling a quick chat.

We look forward to hearing from you.