Nailing the Right Fit & Landing the Funding

The Challenge:

An early-stage medical device company had developed a product that reduced the amount of radiation required for specific urology surgical procedures by 85%. They sensed that this same technology might be appropriate for procedures in other medical specialties but were not sure which ones, nor how large those opportunities might be.  They asked Skoping to explore 6 medical specialties in detail and help them determine which, if any, looked promising for their technology.

The Approach:

Skoping started by identifying the procedures involving high levels of radiation exposure in each of the six medical specialty areas, then estimating the number of these procedures conducted each year in North America, Europe, and Asia.  Next, we conducted Voice of Customer research with physicians and medical specialists in each of the six areas to determine the devices they currently use for the procedures and the challenges associated with their current method. We then presented the new medical device concept to them and got their perceptions of the potential value of this new device, as well as key requirements in order for it to be a viable option vs. their current approach.

The Result:

We identified 3 specialties and specific procedures within them as sizable growth opportunities with a good product/market fit for this new technology.  Combined, they quadrupled the size of the total available market for this new device vs. the original applications in Urology.  We updated the pitch deck for the client to incorporate these new market opportunities as well as some key messaging to approach the target sectors, based on input from the VOC research.

The Bottom Line:

As a result of the larger market opportunity and the focused understanding of how to approach the target customer segments, the client was able to attract over $1 million in funding from a Venture Capital firm to develop their product and bring it to market.

Skoping’s work in the medical sector has covered patient monitoring devices, telemetry, ultrasound, medical imaging, dental implants, advanced wound care and stem-cell therapies.

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