Clearing business hurdles
Written By: Dan Steininger, President and Co-Founder of BizStarts
As seen on the December 12, 2016 post in Milwaukee Business Journal
East brook Academy’s Jazzmin Hairston-Chainey, right, beats Cara Volz of Weyauwega-Fremont (left) with a time of 15.69 to place first in the preliminaries of the Girls 100 Meter Hurdles Division 3 during the first day of the WIAA state track and field meet in La Crosse, Wisconsin, Friday, June 3, 2016. (Photo: Rick Wood, Milwaukee Journal Sentinel)
I’ve often been asked what the difference between Milwaukee and Madison when it comes to the world of startups. Madison and the UW system represent one of the greatest intellectual brain trusts on the planet; backed up by world-class research. On the other hand, Milwaukee and its business leaders have a long and successful tradition of knowing how to make money.
Why is this distinction so important?
Professors and researchers are able to create disruptive technology. But that’s only half the battle when it comes to starting a successful company. What is so often overlooked is what Professor Clayton Christensen wrote about in the Harvard Business Review: What are the jobs that consumers want a product or service to do for them? Scientists focus on creating solutions to complex problems. But the endgame has to be convincing consumers that their solutions can be translated into a new business offering are something that justifies making a purchase. Here is a classic example of two entrepreneurs who came to BizStarts for help with their service to navigate regulatory requirements in the complex world of medical devices.
This entrepreneurial duo has figured out a way of providing deep expertise to accelerate getting over the legal and regulatory hurdles in the highly regulated health technologies industry. This per se does not require being a rocket scientist; but it does require an understanding of the needs of entrepreneurs wanting to get to market with their new device. As a result, the company this duo founded focused primarily on medical devices which do need FDA clearance. In the not too distant past, it was less burdensome to bring a medical device to market; basically develop a product that helped patients, than find a health care professional that saw its value and you had a salable product.
Those days are gone and now aspiring entrepreneurs need real experts to navigate the landscape
Kinetic Compliance was co-founded by Robin Martin and Jana Gerken, who have nearly ten years of regulatory experience with US FDA Class I-III devices and twenty years of legal expertise in medical device and life science industries. What Kinetic brings to its clients is a full understanding of the importance of building a strong foundation from the start of the process in order to manage the inherent risks associated with bringing a product to market. And from there, Kinetic enables sustained long term growth for both the device and the client.
BizStarts immediately brought its knee-deep connections and resources with others operating in the health technology space. That type of support is necessary and truly appreciated during the critical startup phase they are going through. That requires assessing whether consumers will pay for this kind of service.
Bottom line is entrepreneurs cannot succeed by simply being smart brainiac researchers.
Southeast Wisconsin is loaded with business savvy mentors and experienced business leaders who understand how to get products to market. This requires a network of connections to distribution channels and the multiple challenges that go into actually running a profit-making business. That’s what they get when they come to BizStarts; everything they need to succeed in business and successfully launch a profitable company.