Innovation and the Entrepreneurial IR

12 rules for physician entrepreneurs

Each year during the Annual GEST conference, we focus on innovation and how you push forward a new idea. Below is a summary from the Innovation sessions at GEST 2022.

Some of the most challenging clinical scenarios have paved the way for some of the landmark IR procedures. Recognizing a clinical unmet need is often where ideas start. So you have an idea – what are you going to do with it? What are the opportunities and what are the challenges in going from idea to implementing a new procedure, developing a new product, starting a new company, or commercializing a concept? How do you go from idea to equipment to proof to patients to payment to regulation?

GEST Innovation sessions focused on thinking outside the box when it comes to the Entrepreneurial IR. Guidance for who to collaborate with and when, the initial studies needed, developing a plan, finding the funding, taking the necessary steps to move it forward, getting new devices into humans, and protecting your IP. Of course, no session on innovation and entrepreneurship would be complete without covering hard lessons learned from the pioneers that have gone before us.

12 Rules for Physician Entrepreneurs presented by Dr. Lindsay Machan, University of British Columbia

  1. Know what you know…know what you don’t know
  2. Appropriately value the other skill sets needed to get across the goal line.
  3. Only do what only you know how to do.
  4. Bring on board members with knowledge and experience that the company needs and you don’t have.
  5. Hire for attitude and team-fit first and experience second
  6. Appropriately value the impact of timing on success.
  7. Bootstrap as long as you can.
  8. Know your critical path… always have a plan B.
  9. Everything takes twice as long and costs twice as much as you think it will.
  10. Be reasonable about your valuation… leave money on the table for all investment rounds.
  11. You have to be a salesman 24/7.
  12. No jerks…. ever!