P | P | P – our chat with Medovate
We caught up with Chris Rogers, Global Sales and Marketing Director at Medovate. Medovate is an innovation development company dedicated to the commercialisation of pioneering medical technologies created within the NHS.
The purpose of article series ‘Product | People | Potential’ is to feature and showcase the very best UK start-ups with great potential, truly inspiring businesses that are shaking up their sector. We capture and share the stories behind the name. We collate authentic peer to peer real-talk, while celebrating the growth and success thus far and gather a glimpse of what’s ahead.
Zoe @ADLIB: Hi Chris, great to meet you! Please can you kick us off with an introduction to yourself and Medovate?
Chris: Hi my name is Chris Rogers; I am Global Sales and Marketing Director of Medovate. We specialise in supporting, developing, and taking to market some of the great ideas for medical technologies from NHS doctors, nurses, and clinicians, to help improve patient care.
Medovate has a unique business model through which it provides the crucial financial support required by early-stage innovations. By providing funding and along with that our expertise at a crucial point in development, Medovate can help speed development of promising innovations. Applying investment and expertise, Medovate ensures that MedTech innovations with high potential are supported through the clinical trial and regulatory approval phases, so that they can become products which are ready for markets around the world as quickly as possible.
The efficiency and effectiveness of this model has been proven by the company launching the first product to market, SAFIRA®: SAFer Injection for Regional Anaesthesia, just over 2 years since it was founded.
Zoe @ADLIB: Can you share the story behind the origin of Medovate?
Chris: Medovate was spun out of the NHS in 2017 and based itself in Cambridge. The company looked at the innovative ideas and opportunities initially available, and a significant proportion of the ideas were coming from anaesthesiologists, including those providing regional anaesthesia services to patients and those involved in critical care. With a number of potential products fitting within the anaesthesia, airway management and critical care space, this is where Medovate decided to focus initial energies, as these product ranges would be attractive to similar audiences and end-users worldwide.
Zoe @ADLIB: Can you share some challenges you have faced when looking for people to join?
Chris: Culture is key within Medovate and as a start-up it’s important that we attract the right people, those who want to work in a dynamic, fast-evolving environment, one that values initiative. We all wear many hats at Medovate and there is room for creativity and an entrepreneurial spirit, if you want to grow professionally, this is the place for you.
While it is important that new employees have the right skills on-paper, it’s equally important that their attitude and behaviour is in-line with our mission and vision as a business. As we grow, every role within our organisation will come with a set of challenges and obstacles that must be overcome, and we need to hire people who will respond to these challenges in a positive way. So focusing on behaviours during the interview process is really important.
Move fast when you have found the right candidate. There is no point in dragging your feet. Yes, you should certainly thoroughly evaluate your options before you make an offer, but you don’t want to lose a great candidate to your competition, so act fast.
Finally, beware of measuring your success and growth by headcount alone. There are many who get focused on the number of team members in their business being a measure of how far they have come. The reality is that the number of team members can end up being a distraction, and even at times an impediment, to your business’s success.
Zoe @ADLIB: What is Medovate’s founding mission, what are your values and have these changed since being established?
Chris: Medovate’s Vision is to realise the potential of innovations arising from within the NHS, and beyond, to improve patient care.
Medovate’s Mission is to develop and commercialise innovation created by NHS clinicians by bringing together the essential finance, technical and management resources required for medical technology development and commercialisation.
The core values of the company are: Innovation, Excellence, Quality and Transparency.
We accomplish our mission by bringing together a team of MedTech specialists. The team has the required expertise and experience in developing business cases, protecting intellectual property, prototyping, testing, fundraising and navigating the regulatory pathway to product launch.
Our technology pipeline is fed through a number of strategic partnerships and relationships with various partner organisations. These include a UK network of NHS Trusts, researchers, research organisations and clinicians, along with specialist NHS innovation hubs and other partner organisations supporting the adoption of NHS innovation, such as Academic Health Networks (AHSNs) and MedTech Accelerator schemes.
The values upon which the company were founded have not changed. They are fundamental to our identity and the way we operate to deliver the best possible service to NHS organisations. With a share of revenues generated by all successfully commercialised innovation going back to the originating NHS Trust, continuing to strengthen our core values will only help benefit the NHS and medical innovation.
Zoe @ADLIB: Investment can often be a challenge for start-ups & scale-ups. Do you have any piece of wisdom you could share around best approach?
Chris: Look for investors who align with your values. Remember that you are not just developing a product or service, but you are building a company and it’s critical that any investor is aligned to your values, the culture you want, to build on your mission statement.
Build your pitch deck, but make sure you love everything in there. You need to be excited about every sentence and every slide that is in there. Refine the deck as you go along, test your story, simplify your message.
Finally, and this should not be a surprise, prepare and practise your presentation. Know your financials inside out. Remember that confidence goes a long way in making your pitch more engaging and memorable. Make sure you have researched thoroughly who you are pitching to, so you understand their previous investments and interests. Ideally have at most 2 members of your team join the pitch and have fun!
Thank you so much for your time.