Latest / Clinician to CEO : Export Your Medical Device With Confidence By Overcoming Go To Market Roadblocks For Medtech Growth / #199 | Why Exporting Into Too Many Markets Can Destroy Your MedTech Business
Transcript
- 0:00the
- 0:00One
- 0:00thing
- 0:00that
- 0:00you're
- 0:00gonna
- 0:00learn
- 0:01in
- 0:01today's
- 0:01episode
- 0:01is
- 0:02why
- 0:02rushing
- 0:02into
- 0:03multiple
- 0:04international
- 0:04markets
- 0:04at
- 0:04once
- 0:05can
- 0:05quietly
- 0:06destroy
- 0:06a
- 0:06growing
- 0:07business
- 0:07Welcome
- 0:08to
- 0:08Clinician
- 0:09to
- 0:09CEO,
- 0:10the
- 0:10podcast
- 0:11helping
- 0:11clinicians
- 0:12simplify
- 0:12your
- 0:13go
- 0:13to
- 0:13market
- 0:13strategy
- 0:14so
- 0:14that
- 0:14you
- 0:14can
- 0:14stop
- 0:15guessing
- 0:16and
- 0:16turn
- 0:16your
- 0:16working
- 0:17prototypes
- 0:18into
- 0:18international
- 0:18MedTech
- 0:19businesses.
- 0:20i'm
- 0:20your
- 0:20host,
- 0:20Hakeem
- 0:21Aade.
- 0:22Let's
- 0:22get
- 0:22started.
- 0:23The
- 0:23three
- 0:24things
- 0:24that
- 0:24you'll
- 0:24discover
- 0:25in
- 0:25today's
- 0:25episode
- 0:25are,
- 0:26number
- 0:26one,
- 0:26why
- 0:26entering
- 0:27every
- 0:27market
- 0:28at
- 0:28once
- 0:28can
- 0:28destroy
- 0:29operational
- 0:29focus.
- 0:30Number
- 0:30two,
- 0:30how
- 0:31strong
- 0:31domestic
- 0:32execution
- 0:33can
- 0:33actually
- 0:33become
- 0:33your
- 0:34international
- 0:34advantage.
- 0:35And
- 0:35number
- 0:35three,
- 0:36why
- 0:36smart
- 0:37expansion
- 0:38is
- 0:38about
- 0:38hedging
- 0:39risk,
- 0:39not
- 0:39chasing
- 0:40excitement
- 0:41so
- 0:41to
- 0:41do
- 0:41this,
- 0:42I'm
- 0:42gonna
- 0:42jump
- 0:42into
- 0:43the
- 0:43decision
- 0:44scenario
- 0:44that
- 0:44I
- 0:44posed
- 0:45to
- 0:45Joshua
- 0:45Gould
- 0:46at
- 0:46the
- 0:47end
- 0:47of
- 0:47our
- 0:48last
- 0:49episode.
- 0:50I'm
- 0:50gonna
- 0:50go
- 0:50through
- 0:50his
- 0:51answer
- 0:51and
- 0:52then
- 0:52give
- 0:52my
- 0:53view
- 0:53on
- 0:54what
- 0:54he
- 0:54suggested.
- 0:55So
- 0:56just
- 0:56as
- 0:56a
- 0:56reminder,
- 0:57here's
- 0:57the
- 0:57scenario
- 0:58You're
- 0:58leading
- 0:58a
- 0:58MedTech
- 0:59startup
- 1:00that's
- 1:00gaining
- 1:00traction
- 1:00in
- 1:01your
- 1:01domestic
- 1:01market.
- 1:02You
- 1:02might
- 1:02find
- 1:03this
- 1:03might
- 1:03sound
- 1:03familiar.
- 1:04You've
- 1:04identified
- 1:04potential
- 1:04markets
- 1:05in
- 1:05Europe
- 1:05and
- 1:05Asia
- 1:06that
- 1:06could
- 1:06significantly
- 1:07boost
- 1:07your
- 1:07revenue.
- 1:08However,
- 1:08you
- 1:08must
- 1:08decide
- 1:09how
- 1:09to
- 1:09approach
- 1:09this
- 1:10international
- 1:10expansion
- 1:11amidst
- 1:12various
- 1:12regulatory
- 1:13environments
- 1:13and
- 1:13demand
- 1:14variability.
- 1:15So
- 1:16what
- 1:16do
- 1:16you
- 1:17do?
- 1:17A,
- 1:18launch
- 1:18aggressively
- 1:19in
- 1:19all
- 1:19identified
- 1:20markets
- 1:20simultaneously
- 1:21to
- 1:21capitalize
- 1:22on
- 1:22momentum
- 1:23regardless
- 1:23of
- 1:23regulatory
- 1:24comp-
- 1:24complexities.
- 1:25B,
- 1:26prioritize
- 1:26one
- 1:27market
- 1:27for
- 1:27initial
- 1:28expansion,
- 1:28focusing
- 1:29on
- 1:29understanding
- 1:30local
- 1:30regulation
- 1:31and
- 1:31customer
- 1:31need
- 1:31before
- 1:31scaling
- 1:32to
- 1:32others.
- 1:33C,
- 1:33form
- 1:34partnerships
- 1:35with
- 1:35local
- 1:35distributors
- 1:35in
- 1:35each
- 1:36market
- 1:36to
- 1:36mitigate
- 1:37entry
- 1:37risks
- 1:37and
- 1:37streamline
- 1:38the
- 1:38expansion
- 1:38process.
- 1:39Or
- 1:39D,
- 1:40halt
- 1:40all
- 1:41expansion
- 1:41plans
- 1:42and
- 1:42focus
- 1:42on
- 1:42optimizing
- 1:43your
- 1:43existing
- 1:44domestic
- 1:44operations
- 1:45for
- 1:45higher
- 1:46efficiency
- 1:46before
- 1:47considering
- 1:48international
- 1:49growth.
- 1:49Over
- 1:49to
- 1:49you,
- 1:49Joshua
- 1:50between
- 1:51C
- 1:51and
- 1:51D
- 1:51in
- 1:51this
- 1:52because
- 1:53at
- 1:53the
- 1:53end
- 1:54of
- 1:54the
- 1:54day,
- 1:54if
- 1:54you're
- 1:54in
- 1:54a
- 1:54single
- 1:55market,
- 1:55you
- 1:56are
- 1:56at
- 1:56risk
- 1:57because
- 1:57single
- 1:58geolocations
- 1:59can
- 1:59do
- 2:00badly
- 2:00at
- 2:00times,
- 2:01but
- 2:01it
- 2:01doesn't
- 2:01mean
- 2:02that
- 2:02the
- 2:02whole
- 2:02world
- 2:02is
- 2:02gonna
- 2:03do
- 2:03badly
- 2:03at
- 2:03times.
- 2:04I
- 2:04got
- 2:05asked
- 2:05a
- 2:05question,
- 2:06Hakeem,
- 2:06today
- 2:07on
- 2:07my
- 2:07town
- 2:07hall.
- 2:07I
- 2:07had
- 2:08400
- 2:08people
- 2:08on
- 2:09a
- 2:09town
- 2:09hall,
- 2:09and
- 2:10these
- 2:10are
- 2:10all
- 2:10my
- 2:11employees.
- 2:12And
- 2:12they
- 2:12said,
- 2:12"Where
- 2:13are
- 2:13we
- 2:13gonna
- 2:13expand
- 2:14to
- 2:14next?"
- 2:14And
- 2:14my
- 2:15answer
- 2:15was,
- 2:16We're
- 2:16already
- 2:17in
- 2:17Europe,
- 2:18and
- 2:18we're
- 2:18already
- 2:19in
- 2:20the
- 2:20United
- 2:20States."
- 2:21And
- 2:21let's
- 2:21just
- 2:21take
- 2:22the
- 2:22US
- 2:22as
- 2:22an
- 2:22example.
- 2:2335%
- 2:24of
- 2:25every
- 2:25dollar
- 2:25spent
- 2:25in
- 2:26our
- 2:26industry
- 2:26is
- 2:27spent
- 2:27in
- 2:27the
- 2:27US.
- 2:28Why
- 2:28would
- 2:28I
- 2:28wanna
- 2:29go
- 2:29anywhere
- 2:29else?
- 2:30It'd
- 2:30be
- 2:30really
- 2:31nice
- 2:31to
- 2:31go
- 2:32to,
- 2:32say,
- 2:33Bali,
- 2:33'cause
- 2:34I'd
- 2:34like
- 2:34to
- 2:34go
- 2:34on
- 2:34holiday
- 2:35there,
- 2:35and
- 2:35I
- 2:35could
- 2:36put
- 2:36it
- 2:36through
- 2:36the
- 2:36business
- 2:37probably
- 2:37if
- 2:37I
- 2:37had
- 2:37an
- 2:38office
- 2:38there.
- 2:38But
- 2:39I
- 2:39think
- 2:39that
- 2:39people
- 2:40are
- 2:40so
- 2:40excited
- 2:41about
- 2:42what
- 2:42they're
- 2:42missing
- 2:43versus
- 2:45what's
- 2:45right
- 2:45in
- 2:46their
- 2:46backyard.
- 2:47I
- 2:47encourage
- 2:47every
- 2:48founder,
- 2:48own
- 2:49your
- 2:49own
- 2:50backyard.
- 2:51That's
- 2:51an
- 2:51American
- 2:51term.
- 2:52Yeah.
- 2:52Back
- 2:52garden
- 2:52would
- 2:53probably
- 2:53be
- 2:53the
- 2:53British
- 2:54version
- 2:54of
- 2:54it.
- 2:55Before
- 2:55you
- 2:55go
- 2:56hunting
- 2:56elsewhere,
- 2:57however,
- 2:58and
- 2:58again,
- 2:58I
- 2:59always
- 2:59say
- 2:59business
- 2:59is
- 2:59complex,
- 3:00it's
- 3:00not
- 3:01simple,
- 3:02you
- 3:02do
- 3:03want
- 3:03some
- 3:03kind
- 3:04of
- 3:04hedge.
- 3:05Yes.
- 3:06So
- 3:06you
- 3:06wanna
- 3:07look
- 3:07at,
- 3:08either
- 3:08product
- 3:09hedge
- 3:10or
- 3:10geo
- 3:11hedge.
- 3:11Ideally
- 3:12a
- 3:12bit
- 3:12of
- 3:12both
- 3:13Because
- 3:13laws
- 3:14can
- 3:14change.
- 3:15Government
- 3:16policies
- 3:16can
- 3:16change.
- 3:17So
- 3:17that's
- 3:18why
- 3:18I'm,
- 3:18I
- 3:18would
- 3:18probably
- 3:19if
- 3:19I
- 3:19had
- 3:19to
- 3:19pick
- 3:20one,
- 3:20I'm
- 3:20going
- 3:20for
- 3:20C.
- 3:21So
- 3:22Joshua
- 3:22lands
- 3:23somewhere
- 3:23between
- 3:23C
- 3:24and
- 3:24D,
- 3:24but
- 3:24ultimately
- 3:25he
- 3:25leans
- 3:26towards
- 3:26C.
- 3:27And
- 3:27his
- 3:28reasoning
- 3:28is
- 3:28quite
- 3:29fascinating
- 3:29'Cause
- 3:29he
- 3:30argues
- 3:30that
- 3:30staying
- 3:30in
- 3:30a
- 3:30single
- 3:31geography
- 3:31creates
- 3:32risk,
- 3:32i.e.,
- 3:33if
- 3:33regulation
- 3:34changes
- 3:34or
- 3:35if
- 3:35politics
- 3:35shift
- 3:36or
- 3:36if
- 3:36government
- 3:37spending
- 3:37changes,
- 3:38your
- 3:38entire
- 3:38business
- 3:39can
- 3:39suddenly
- 3:39become
- 3:40exposed
- 3:40overnight.
- 3:41But
- 3:41he
- 3:41also
- 3:42warned
- 3:42founders
- 3:42against
- 3:42chasing
- 3:43international
- 3:43expansion
- 3:44at
- 3:44all
- 3:44costs
- 3:45simply
- 3:46because
- 3:46it
- 3:46feels
- 3:46exciting.
- 3:47And
- 3:47his
- 3:47core
- 3:47message
- 3:48really
- 3:48was,
- 3:49as
- 3:49he
- 3:49said,
- 3:50own
- 3:50your
- 3:50backyard
- 3:51or
- 3:51own
- 3:51your
- 3:51back
- 3:51garden
- 3:52first.
- 3:52I.e.
- 3:53dominate
- 3:53your
- 3:53strongest
- 3:54market,
- 3:55build
- 3:55operational
- 3:56discipline,
- 3:57understand
- 3:57your
- 3:57economics,
- 3:58then
- 3:59expand
- 3:59strategically
- 4:00with
- 4:00partners
- 4:01who
- 4:01understand
- 4:02the
- 4:02local
- 4:02market
- 4:03better
- 4:03than
- 4:03you
- 4:04do.
- 4:04Now,
- 4:05not
- 4:05every
- 4:05expansion
- 4:06decision
- 4:07should
- 4:07be
- 4:07driven
- 4:07by
- 4:08the
- 4:08excitement
- 4:08of
- 4:08a
- 4:08new
- 4:09market.
- 4:09Sometimes
- 4:10the
- 4:10smartest
- 4:10move
- 4:11has
- 4:11to
- 4:11be
- 4:11around
- 4:12controlled
- 4:13scaling,
- 4:14not
- 4:14aggressive
- 4:15scaling.
- 4:15And
- 4:15there's
- 4:16a
- 4:16significant
- 4:16difference
- 4:17between
- 4:17those
- 4:18two
- 4:18and
- 4:18that's
- 4:18the
- 4:18real
- 4:19lesson
- 4:19here.
- 4:19Good
- 4:19founders
- 4:20chase
- 4:20opportunity,
- 4:20whereas
- 4:21great
- 4:21founders
- 4:22understand
- 4:23the
- 4:23risk
- 4:24as
- 4:24well.
- 4:24So
- 4:25before
- 4:25you
- 4:25go,
- 4:26if
- 4:26you
- 4:26can,
- 4:26if
- 4:27you've
- 4:27got
- 4:27a
- 4:27pen
- 4:27and
- 4:27paper,
- 4:28I
- 4:28want
- 4:28you
- 4:28to
- 4:28do
- 4:28a
- 4:28little
- 4:28task
- 4:29for
- 4:29me.
- 4:29If
- 4:29you
- 4:29can't,
- 4:30do
- 4:30it
- 4:30when
- 4:30you
- 4:30get
- 4:30back
- 4:30from
- 4:31whatever
- 4:31you're
- 4:31doing.
- 4:32So
- 4:32write
- 4:33down
- 4:34your
- 4:34strongest
- 4:35current
- 4:35market,
- 4:36then
- 4:36write
- 4:37down
- 4:37the
- 4:37next
- 4:38market
- 4:38you
- 4:38want
- 4:38to
- 4:38enter,
- 4:39and
- 4:40then
- 4:40write
- 4:40down
- 4:41why
- 4:41you
- 4:41actually
- 4:41want
- 4:42to
- 4:42enter
- 4:43into
- 4:43that
- 4:43specific
- 4:44market.
- 4:45Then
- 4:45I
- 4:45want
- 4:45you
- 4:45to
- 4:45challenge
- 4:46yourself
- 4:46'cause
- 4:46I
- 4:46want
- 4:46you
- 4:46to
- 4:46ask
- 4:46yourself,
- 4:47is
- 4:47the
- 4:47decision
- 4:48based
- 4:49on
- 4:49evidence?
- 4:50Is
- 4:50it
- 4:50based
- 4:51on
- 4:51infrastructure?
- 4:52Is
- 4:52it
- 4:52based
- 4:52on
- 4:52operational
- 4:53readiness?
- 4:53Or
- 4:54is
- 4:54it
- 4:55based
- 4:55on
- 4:56ego,
- 4:56excitement,
- 4:57and
- 4:57FOMO?
- 4:58Now,
- 4:58make
- 4:59sure
- 4:59that
- 4:59you
- 4:59answer
- 5:00these
- 5:00questions
- 5:01honestly
- 5:02because
- 5:02this
- 5:03is
- 5:03just
- 5:03about
- 5:03your
- 5:03business
- 5:04and
- 5:04how
- 5:04you
- 5:04need
- 5:04to
- 5:04grow
- 5:04it.
- 5:05And
- 5:05all
- 5:05I'm
- 5:05trying
- 5:05to
- 5:06do
- 5:06is
- 5:06give
- 5:06you
- 5:06frameworks
- 5:07and
- 5:07give
- 5:07you
- 5:08learnings
- 5:08from
- 5:09people
- 5:09who've
- 5:09done
- 5:10it.
- 5:10And
- 5:10these
- 5:11are
- 5:11the
- 5:11sort
- 5:11of
- 5:11questions
- 5:11that
- 5:11you
- 5:12need
- 5:12to
- 5:12ask
- 5:12because
- 5:13if
- 5:13it's
- 5:13based
- 5:13on
- 5:13ego,
- 5:14excitement,
- 5:14and
- 5:14FOMO,
- 5:15then
- 5:15don't
- 5:15do
- 5:16it.
- 5:16If
- 5:16it's
- 5:16based
- 5:16on
- 5:16the
- 5:16previous,
- 5:17evidence,
- 5:17infrastructure,
- 5:18operational
- 5:18readiness,
- 5:19then
- 5:19that
- 5:20is
- 5:20a
- 5:20good
- 5:21basis
- 5:21on
- 5:22which
- 5:22to
- 5:22go
- 5:22to,
- 5:22into
- 5:23a
- 5:23market
- 5:23because
- 5:24international
- 5:24expansion
- 5:25can
- 5:26grow
- 5:26a
- 5:26business
- 5:27but
- 5:27it
- 5:27can
- 5:27also
- 5:28expose
- 5:29every
- 5:29weakness
- 5:30hiding
- 5:30underneath
- 5:31it
- 5:31Hakeem: And
- 5:31Hakeem: if
- 5:32Hakeem: you're
- 5:32Hakeem: building
- 5:33Hakeem: a
- 5:33Hakeem: MedTech
- 5:33Hakeem: business
- 5:34Hakeem: and
- 5:34Hakeem: you're
- 5:34Hakeem: not
- 5:35Hakeem: sure
- 5:35Hakeem: whether
- 5:35Hakeem: your
- 5:35Hakeem: next
- 5:36Hakeem: move
- 5:36Hakeem: should
- 5:36Hakeem: be
- 5:36Hakeem: around
- 5:36Hakeem: evidence,
- 5:37Hakeem: market
- 5:38Hakeem: access,
- 5:38Hakeem: commercialization,
- 5:39Hakeem: distributor
- 5:39Hakeem: strategy.
- 5:40Hakeem: Or
- 5:40Hakeem: adoption.
- 5:41Hakeem: Do
- 5:41Hakeem: not
- 5:42Hakeem: guess.
- 5:42Hakeem: Book
- 5:43Hakeem: a
- 5:43Hakeem: healthcare
- 5:43Hakeem: export
- 5:44Hakeem: accelerator
- 5:44Hakeem: diagnostic
- 5:45Hakeem: Call
- 5:45Hakeem: with
- 5:45Hakeem: me.
- 5:46Hakeem: Use
- 5:46Hakeem: my
- 5:46Hakeem: link
- 5:47Hakeem: in
- 5:47Hakeem: the
- 5:47Hakeem: show
- 5:47Hakeem: notes.
- 5:48Hakeem: And
- 5:48Hakeem: in
- 5:48Hakeem: that
- 5:48Hakeem: session
- 5:49Hakeem: I'll
- 5:49Hakeem: help
- 5:49Hakeem: you
- 5:50Hakeem: identify
- 5:50Hakeem: the
- 5:50Hakeem: specific
- 5:51Hakeem: constraints
- 5:52Hakeem: blocking
- 5:52Hakeem: your
- 5:53Hakeem: momentum
- 5:53Hakeem: and
- 5:54Hakeem: the
- 5:54Hakeem: commercial
- 5:54Hakeem: move
- 5:55Hakeem: most
- 5:55Hakeem: likely
- 5:56Hakeem: to
- 5:56Hakeem: unlock
- 5:56Hakeem: your
- 5:56Hakeem: progress.
- 5:57Hakeem: Thanks
- 5:57Hakeem: for
- 5:58Hakeem: tuning
- 5:58Hakeem: in.
- 5:58Hakeem: Until
- 5:59Hakeem: next
- 5:59Hakeem: time,
- 6:00Hakeem: thanks
- 6:00Hakeem: for
- 6:00Hakeem: listening.
- 6:01Hakeem: Keep
- 6:01Hakeem: challenging
- 6:01Hakeem: your
- 6:01Hakeem: assumptions
- 6:02Hakeem: and
- 6:02Hakeem: keep
- 6:03Hakeem: growing.