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Medical Device Development 101

Do’s and Don’ts when Pitching to MedTech Investors

Knowing how to pitch to an investor is an indispensable skill for any MedTech startup. Fortunately, there are some basic rules that will improve your chances of a successful pitch. We’ve trawled through the tons of advice available, and these are our favourite do’s and don’ts for pitching to an investor.

Do’s and Don’ts when Pitching to MedTech Investors

Knowing how to pitch to an investor is an indispensable skill for any MedTech startup. See our favourite advises.

Pitch Do’s

1. Do choose investors that have experience with your kind of startup

Have your targeted investors already invested in startups similar to yours? Choosing the right investors for pitching to means that they already understand the landscape you are working in. Investors who have already worked with similar startups will also know the kinds of problems that you can expect and will be able to provide advice and guidance to make your path smoother.

2. Do research your audience and tailor your pitch for them

One pitch will not work for all audiences. Research your audience. Who will you be pitching to? What are their values? What stage of development do they prefer to consider for investment?

Most importantly understanding who your audience is means you can pitch at the right level. This means that you can choose the best language to make sure that everyone in the audience understands everything you are describing.

3. Do have a sleek pitch deck that is short but still contains all the key information

A pitch deck, i.e. a set of slides, is key to any pitch. So, take time creating a good pitch deck.

Consult with a designer to make your pitch deck look professional. Also, get a few people to review it to spot any typos or grammatical mistakes.

Your pitch deck should be no longer than 12 to 15 slides and according to an article in Forbes should have slides in roughly the order below because this is what investors are used to. Try to address the following topics:

  • About the Company
    • Overview
      • What does your company do?
    • Mission and Vision
    • Team
      • What experience does your team have and how do they cover the necessary areas?
    • Problem
      • What problem are you solving for your customers?
    • Solution
      • What unmet need is your technology addressing?
    • Product
      • What is your product?
    • Market Opportunity
      • What is the market opportunity for your product?
    • Customers
      • Who will you sell your product to?
    • Technology
      • What is the underlying technology of your product?
    • Competition
      • Who else is solving a similar problem and why is your solution better?
      • Why will your customers want to buy your product instead of your competitor’s?
    • Business Plan
      • What is your commercial plan?
    • Traction
      • How well does your business plan scale?
    • Marketing Plan
      • How will you market your product?
    • Regulations and Certification Requirements
      • Address any regulatory and certification requirements
    • Financials
      • What are income forecast for the selected markets?
    • The Ask
      • What exactly are you asking for?

4. Do tell a good story that weaves all elements together seamlessly

You need to hook your audience and a good way to do this is to construct a good story with a clear beginning, middle and end. Make sure the story flows. Write the story out as a script so that you guarantee you cover all the points that need to be covered. Most of all, use the story to communicate your passion for your product.

5. Do show your understanding about the MedTech market

You’re pitching a medical device, so demonstrate your understanding of the MedTech market. Describe how you plan to address all regulatory and certification requirements. This is especially important if you are targeting markets in different geographical regions, e.g. if you are in the EU make sure you understand what the Medical Device Regulations mean for your product.

6. Do highlight your team’s experience

Creating and selling a medical device requires a broad skill-set, so be sure to highlight the expertise of the different members of your team ensuring you cover all the important areas, e.g. business, technical, sales, and quality.

7. Do prepare

Don’t improvise your pitch on the spot. This is a sure way to forget to mention important information. Write out your script for the presentation. Practice it enough so that you are comfortable with what you are presenting. Present it to your team, friends, and even your family for varied input.

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Pitch Don’ts

1. Don’t assume that you are the most important person in the room

Be prepared to listen to the advice given, be respectful, and most importantly, be honest. If you don’t know something, be confident and say that you don’t know, but try to give the best answer that you can. Ultimately, the investors are investing in you and your people more than they are investing in your company and your product.

2. Don’t ignore competitors or risks

It is tempting to believe that your product is going to be the pinnacle and that it is risk-free, but this shows naivety and reduces investor confidence in your pitch. If you are truly addressing a real or serious problem, then your customers are already using something to solve this problem.

3. Don’t include too many technical details

Avoid including too many technical details, but instead have extra slides containing more information that you can refer to if necessary. Also avoid using too many abbreviations or jargon as these can alienate the audience.

4. Don’t assume your investors know what you are asking for

Be clear about what you are asking for. Do you need capital, collaboration or advice?

5. Don’t read your slides

Your pitch deck should support your story. So, avoid having too many words on your slides and don’t simply read what’s on your slides.

6. Don’t have more than two people doing the pitch

When too many people are involved in making the pitch, there can be problems with “ownership” of content. This can communicate an underlying confusion to investors which can create a poor impression of your company.

7. Don’t be deterred by a “No”

You are most likely not going to get a “Yes” from your first pitch. Don’t let this deter you. Use the opportunity to refine your pitch. And try again with another investor. Perseverance is key to success.

P.S. We’ve interviewed Niek Schreuder, CSO at Leo Cancer Care, one of the pioneers of proton therapy, about his take on MedTech innovation. Learn more from him.

ArrowFast Team

ArrowFast Team

ArrowFast Team - A group of Medical Device Engineering Specialists

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