The Studio Approach
Improving Medical Technology Innovation and Entrepreneurship in West Virginia
TOM MCCLELLAN , M . D .
Nothing in the water surrounding Silicon Valley makes it the most innovative region in America . Ideas find their way to northern California because , more than anywhere , the people and the infrastructure facilitate their path to the market . However , there is no shortage of ingenuity or know-how in our own backyard . What is lacking is the belief and means to turn an unintended discovery or eureka moment into a product or service that can improve health care standards worldwide .
A new analysis by Indeed . com finds that technology jobs offering salaries over $ 100,000 a year are becoming increasingly concentrated in just eight metro areas . Unsurprisingly , the money is following the talent to these technology hubs . According to Martin Prosperity Institute , global venture investment and tech talent are highly uneven and spiky , concentrated in a small number of leading cities and metros around the world .
West Virginia ’ s best opportunity to spark innovation and entrepreneurship currently walks in the halls of its hospitals from Bluefield to Berkeley Springs . Unlike tech talent , which is concentrated in larger cities , there is an abundance of well-trained medical talent located within the state . In 2018 , the Association of American
Medical Colleges reported there were 4,757 active physicians , 2,500 medical students and physician residents , 3,500 advanced degree nurses and more than 25,000 registered nurses in West Virginia .
These medical professionals are at ground zero , treating patients and working in operating rooms while continually identifying problems and coming up with new ideas , treatments and diagnostic methods , which , with the right incubation , could be a new product or service introduced to the market . Innovation is part of life in the medical field in virtually every area .
Activities
IDEA
Funding & Sources
Ideation Basic Research Bread Board Proof of Concept
Studio
Market Research Engineering CAD / Design MVP Prototype Bench Research Patents
WV has BiModal Valley of Death < Belief / Team / $
So , why aren ’ t there more successful products , services and startups coming out of West Virginia ’ s health care community ? Apart from the challenges outlined previously , we must recognize the chasm that an idea must cross to turn into a marketready product or company . While our physicians may have the insight to dream up the next cardiac stent , they may lack the specialized skills and resources required to start a new high-growth company .
“ The survival of small companies is critical for delivering innovation to patients ,” notes venture investor Dr . Josh Makower . “ Most of the ideas that change
Start Company Build Team Business Plan Engineering Prototypes Regulatory Clinical Pilot Research
Incubator
Product Complete FDA Clearance Clinical Trial Distribution Media
(< 15k ) ( 15k - 50k ) ( 50k - 100k ) ( 100k - 250k ) ( 250k - 2M ) Accelerator
FF / Crowd / Angel Angel Group Small VC Venture Capital
Revenue
EXIT
Pre-Revenue
Source : Intermed Labs .
80
WEST VIRGINIA EXECUTIVE