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MedTech Innovation: Creating a Startup Company in Orthopaedics
David M Kalainov1, Peter McNerney, Jonathan W Gunn
1From the Department of Orthopaedic Surgery, Northwestern University Feinberg School of Medicine, Chicago, IL, and the Northwestern University Farley Center for Entrepreneurship and Innovation, Evanston, IL (Kalainov), the Northwestern University Kellogg School of Management, Evanston, IL (McNerney), and the Northwestern University Pritzker School of Law, Chicago, IL (Gunn).
None:
Orthopaedic surgeons are in a unique position to recognize and solve unmet needs in musculoskeletal health. However, the process of innovation in the marketplace is typically taught in business schools rather than in medical schools and residency/fellowship training programs. There is a required base of knowledge, and there are numerous challenges to overcome. Up to 90% of MedTech startup companies fail for a host of reasons. Our study builds on a related 2019 publication in the Journal of the American Academy of Orthopaedic Surgeons and provides a roadmap for innovators in medical devices and related software (a.k.a. MedTech) who want to pursue and market a solution to an unmet need. For all orthopaedic surgeons, an understanding of the MedTech startup process can be useful in gauging the value of newly marketed musculoskeletal devices.
