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Minnesota VC Conference
Investors Registered To Date |
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Speakers (To Date) |
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Mike Berman, Angel
Investor/Entrepreneur (MN)
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Mary Campbell, General Partner,
EDF Ventures (MI) |
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Chris Coburn, Executive
Director,
Cleveland Clinic Foundation Innovations
(OH)
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Richard Fade, Venture Partner,
Ignition Partners (WA) |
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David Goldschmidt, Managing Partner,
Mofet Technology Fund Management (Israel) |
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Robb Hiller,
CEO,
Performance
Solutions (MN) |
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Marianne Hudson, Director,
Ewing Marion Kauffman Foundation (KS) |
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Brad Lehrman, President,
Portage Capital
(MN) |
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Dan Loague, Executive Director,
National Association of Seed and Venture Funds
(OK)
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Monika Vnuk,
PhD - Associate,
Oxford Bioscience Partners (MA) |
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Investors (To Date) |
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Dennis Anderson, Founder and
Principal,
Andcor (MN) |
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Josh Baltzell, Principal,
St. Paul Venture Capital (MN) |
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Amit Bhargava, Principal,
ECentury Capital (VA) |
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Mary Campbell, General Partner,
EDF Ventures (MI) |
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David F. Dalvey, Partner,
Brightstone Capital (MN)
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Erik Dykema, Principal,
Metapoint Partners (MA) |
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Richard Fade, Venture Partner,
Ignition Partners (WA) |
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Greg Fluet, Analyst,
Sapient Capital (WY) |
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Allison Gage, VP,
LFE Capital (MN) |
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David Goldschmidt, Managing Partner,
Mofet Technology Fund Management (Israel) |
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Charles Gorman, Managing Director,
Cherry Tree Investments (MN)
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John Gustafson, Principal,
Odin Capital Group (NE) |
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David Hanson, Managing Director,
Lynwood Capital (CO) |
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Cathy Harms, Manager,
St. Paul Capital Fund
(MN) |
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John Hayes, Principal,
Cherry Tree (MN) |
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Rob Heimann, Associate,
River Cities Capital Funds (OH)
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Jason Henrichs, Principal,
Rock Maple Ventures (MA) |
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Tom Hiatt, Managing Director,
Centerfield Capital Partners (IN) |
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Jeff Hinck, General Partner,
Crescendo Ventures
(MN) |
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Harlan Jacobs, President,
Genesis Business Centers (MN) |
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David Kim, MD, Associate,
MPM Capital
(CA)
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Brian Kirkbride, Associate,
Highland Capital Partners (MA) |
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Timothy Kraskey,
Managing Director,
YankeeTek Ventures
(MN) |
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Rick Larson, Managing Director,
SJF Ventures (NC) |
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Beau Laskey, Partner,
EDF Ventures (MI) |
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Brad Lehrman, President,
Portage Capital
(MN)
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Michael Leidesdorff, Principal,
Questmark Partners (MD) |
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Kevin (J.G.) Lim, Managing Partner,
STIC Ventures (CA,
Korea) |
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Shawn Malleus, Director,
Commerce Capital (TN) |
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Sandra Mayasich, Partner,
Prism Capital &
Prism Mezzanine Fund (MN,
IL) |
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Steven Mercil, CEO,
Minnesota Investment Network (MN) |
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Mohamed Nouri, Angel
Investor,
AMEX, Inc. (MN) |
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Todd Ortberg, Managing Director,
Coral Capital Management
(MN) |
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Franklin Pass, MD, Managing Director,
Cherry Tree Investments (MN) |
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Manish Patel, Associate,
JMI Equity (MD) |
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Kurt Riegger, Venture Partner,
North Coast Technology Investors (MI) |
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Adam Schatz, Managing Director,
TeknoSeed AB (Sweden) |
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Bipin Shah, Managing Partner,
INC3 Ventures (CA) |
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Jerry Spencer, Associate Director,
AltosBanCorp (MT) |
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Bart Stuck, Managing Director,
Signal Lake Venture Fund (CT) |
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James Thorp, Managing Executive
Director,
AAvin Venture Capital (IA) |
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Jonathan Tsou,
Principal,
Cargill Ventures (MN) |
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Joel Uchenick, General Partner,
Sherbrooke Capital (MA) |
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Monika Vnuk,
PhD - Associate,
Oxford Bioscience Partners (MA) |
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Christopher Volker, Principal,
The
Mercanti Group (MN) |
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Tom Von Kuster, Angel
Investor,
AMEX, Inc. (MN) |
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Donna Walsh, Partner,
Odin Capital Group (NE) |
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Larry Wechter, Managing Director & CEO,
Monument Capital Partners (IN) |
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Joan Wurzer,
Investment Manager,
Minnesota Investment Network
(MN) |
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Robert Zieserl, Managing Director,
KB Partners (IL) |
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Reach the largest Tech Audience in the State
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Want to
advertise?
matt@netsuds.com
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Email Ad Rates
Small ads are $75/ad. Large
ads are $125/ad. That's the range. Buying 5 ads at a time cost $50/ad
(small) or $90/ad (large). Buying 15 ads at a time cost $35/ad (small)
or $60/ad (large).
The email lists reach 5100+ people; mostly in the Twin Cities metro
area, mostly in the tech business. The MedSuds email list reaches
2200+ in the Twin Cities.
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Lake Cabin For Rent
1 Acre, very private, premier west Central
MN lake (Pelican Lake in Otter Tail County). Close to many golf
courses, fine and casual dining. Cabin is fully-furnished, cable,
phone, central air, dock, excellent swimming. $1500 per week, available
June, July and August, 2004. Also available now for hunting,
snowmobiling and cross-country skiing at $500/week.
Contact Matt Noah,
matt@medicalsuds.com
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™
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June 7-8, Minneapolis |
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| The
MedSuds™ Report © The April 1,
2004 Issue:
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June 9, Minneapolis |
Re-sending of this newsletter to
any number of colleagues is encouraged provided you also cc:
report@medsuds.com. In return, we will invite recipients to
subscribe. Any other unauthorized re-distribution is a
violation of copyright law.
Subscribe to the
MedSuds Report at
http://www.netsuds.net/mail.htm. You can get the web versions of these reports at
http://www.medsuds.com/report/.
|
In this Issue:
1.0 Heard on the Net
2.0 Jobs in the Medtech,
Biotech and Life Sciences Market
3.0 Schedule of Events
4.0 Tidbits
4.1
MedSuds on Tour
4.2
Email Advertising
4.3
MedSuds
Executive Search -
www.medsuds.com/search/
4.4
MedSuds
CEO Roundtable - www.medsuds.com/ceo/
4.5
MedSuds
CTO Roundtable - www.medsuds.com/cto/
4.6
BioSciences & Medical Career
Connections Expo
4.7 Capital City Bioscience
Corporation Seeks Permanent Director
5.0 Why Won’t My Doctors
Use My Product?
6.0 Contract Employee---An Old Concept Whose Time Has Come
7.0 Providing Affordable,
Convenient Healthcare –
A Discussion with Linda Hall Whitman of MinuteClinic
8.0 Guest Writers for
this Report
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Sponsors
For more information on our
sponsors' offers, click on their ads. |
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| |
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1.0 People And Companies On The Move:
CLICK
HERE
FOR PEOPLE AND COMPANIES ON THE MOVE
In the past, we've published information about people and companies on the move
in our monthly report. Now you can publish and view that
information instantly on our web log (blog)! To view, click on http://medicalsudsannounce.blogspot.com/.
You can report a change in your job status if you
are moving from or to a company in the medtech, biotech or life sciences markets. Include your
new work contact information, not just your personal contact information.
If you don't want to use the BLOG, send me an email at
onthemove@medsuds.com. I'll publish the information for you.
If you are with a 'company on the move', email
onthemove@medsuds.com to report (1) the formation of a new start-up, (2)
momentum change at an existing start-up, (3) addition of key hires, or (4) a
funding event at a start-up. We do not accept press releases from third
parties. We must hear directly from a company that is ‘on the move’.
You can include a 80 x 100 pixel (width x height) photo in JPG or GIF format.
Why email only to your small email list of
associates when you can post this information on the blog and have 2500+
MedSudsers
view it. To publish to the blog send me an email requesting permission. After you have an
account, you can post to the blog as much as you want. You need only
follow some common sense guidelines, e.g. don't post every press release, don't
post sales information, don't post defamatory statements, etc. If you
"spam" the blog, you will be removed.
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Sponsors
For more information on our
sponsors' offers, click on their ads. |
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2.0 Jobs in the "medtech, biotech and life sciences" Market
Please email:
matt@medicalsuds.com
to report job openings in the medtech, biotech and
life sciences market. In the body of the message, provide the name of the
company and a URL link to the job postings.
* Diversified Medical -
http://www.diversifiedmedicalcorp.com/Careers.htm
**
Transoma Medical -
http://www.transomamedical.com/jobs
** Vital Images -
http://www.vitalimages.com/about/jobs.php
**
St. Croix Medical, Inc. -
http://www.stcroixmedical.com/_private/cgi-bin/positions_list.htx
** Sinex Aviation Technologies -
http://www.sinex.com/about/openings.htm
*** AppTec Laboratory Services -
http://www.apptecls.com/employment.htm
*** MR Instruments -
http://www.mrinstruments.com/company/careers_index.cfm
*** Velocimed -
http://www.velocimed.com/careers.htm
***
HEII –
http://www.heii.com/corp/hr/default.asp
*** CHF Solutions -
http://www.chfsolutions.com/about_careers.html
|
Thank you for the support many of you have
shown to the
MedSuds recruiting
association with the American Consulting Company. We have developed a
quality and impressive
MedSuds candidate database. We always appreciate
the opportunity to discuss how we might help in locating candidates for
your open positions.
If you are a hiring manager, you are
invited to review our process, our commitment to ethical standards and
diversity recruiting, and other areas of interest at:
www.americanconsultingcompany.com.
When you identify yourself as a member of the
MedSuds
association, we will offer you a discounted rate to assist in locating
candidates for your company. And remember, you never pay a fee unless you
hire one of our candidates.
If you are a candidate, visit the
‘Candidate Kit’ at
www.americanconsultingcompany.com.
You will find valuable tools to help in your job search. When you send us
your resume, be sure and mention your association with
MedSuds. |
 |
Renowned entrepreneur and
local resume-writing expert Kevin Donlin -
www.gresumes.com
- is available to assist you in writing a powerful, effective resume.
Kevin can also help you with cover letters and job search coaching.
Contact Kevin at
guaranteed.resumes@netsuds.com
and tell him Matt Noah referred you. |
|
|
Read about the new
MedSuds
Executive Search -
www.medsuds.com/search/
- in section 4.3 |
| How did one
out-of-work Design Engineer from Ohio get hired -- right over the phone
-- after making a simple telephone call to his old manager?
Discover the answer -- and learn about 50 other job search secrets --
in a controversial report ...
Click here |
Hi Matt -
Thanks for posting our job opening in the NetSuds monthly. The number of
"good" people we had respond to our position is a direct reflection of the
exposure received thru NetSuds. I do not have a quantitative measurement
but having posted the same job just 45 days earlier thru the 'normal' means
provides a pretty accurate comparison. The only thing we did differently
was use the NetSuds site.
We have filled the position so the posting can be removed. Thanks
again -
Bradd Strelow
Director of Technology and Innovation. Dakota County Technical College |
3.0 Schedule of EventsYou can also try our online calendar by
clicking
here for NetSuds and
here for
MedSuds.
The web calendars for
NetSuds
and
MedSuds
continue to grow in popularity as more and more people use them for the
definitive place to find high-tech events in the Twin Cities. The
calendars are free to use for both tracking events and for posting your own
events. To post events, login as "guest" with a password of "guest". The
Calendars are accessed at
NetSuds -
http://www.netsuds.net/cgi-bin/calweb/calweb.pl?cal=default
MedSuds -
http://www.netsuds.net/cgi-bin/calweb/calweb.pl?cal=MedicalSuds
Non-Minnesota companies conducting events in
Minnesota will not be allowed to post events for free. Events posted to
either of these calendars are not immediately available for viewing. All
events will be marked "pending" and will be reviewed for content prior to public
viewing.
4.0 Tidbits
|
4.1
MedSuds on Tour
MedSuds welcomes tours of
your facility! Email us if you want to show off your company. Contact
Janet Rebman Lillevold at
janet@medsuds.com.
4.1.1 InterTek
I visited InterTek this past month at their facility in Oakdale. I was
hosted by Mike Johnson,
mike.johnson@intertek.com, 651.730.1188.
InterTek is a 10,000-person product and system testing and approval firm with
headquarters in England. The compete with Underwriters Laboratory, TUV and
CSA. They have 30 employees in Minnesota and have been here for 6 years.
Some of their corporate clients in Minnesota include Medtronic and Guidant.
Globally, they test for 50% of the top 20 medtech device manufacturers.
See www.etlsemko.com
for details. They the exclusive test/approval company for Home Depot.
Their testing facilities space in Minnesota includes about 25% dedicated to
medtech products. They have a 3-meter anechoic chamber and a smaller test
chamber. The chambers are EM-sealed. Customers can rent time in the
chambers or in similar testing pods at InterTek. They have a large number
of other test set-ups for a variety of consumer, tech and medtech testing.
Most of the testing is environmental testing. There are limited functional
test set-ups in the facility.
4.2
Email Advertising
The
NetSuds
(5500+) and
MedSuds
(2500+)
email lists reach 8000+. The
NetSuds
email lists are double-opt-in and concentrated on professionals in the
communications, IT and Internet markets. The
MedSuds email lists are
double-opt-in and concentrated on professionals in the medtech, biotech and
life sciences markets. So, rather than spend your
advertising dollars on any other email lists in the Twin Cities, consider the
NetSuds and
MedSuds
lists. Contact
matt@medsuds.com or 612.605.5252. For current ad rates, visit
www.netsuds.com/adrates.htm.
4.3 MedSuds
Executive Search See the following URL for more information on our executive
search service -
www.medicalsuds.com/search/.
4.4
MedSuds
CEO Roundtable - Next Roundtables starting in June 2004
MedSuds
is opening up another group of CEO Roundtables in June 2004. If you are tech or medtech CEO and want to join us, (the
first session is free), contact
matt@medsuds.com. A synopsis of the CEO
Roundtable can be found at
www.medsuds.com/ceo/ It is repeated here
as well.
MedSuds
CEO Roundtable
Membership Only CEOs of tech and
medtech companies are allowed to join the
MedSuds
CEO Roundtable. If you are a VP, CxO or President, you are not welcome
unless you also hold the CEO title.
If you are interested in becoming a member, contact
matt@medsuds.com.
Membership is not automatic. There must be an available spot open in the
roundtable. You must have employees. Your company must be
incorporated. Your company must be a tech (communications, IT,
software, Internet) or medtech (medtech, biotech, life sciences) company. You
must pay a yearly fee of $1200 in advance. You may not send substitutes to the
Roundtable.
Roles Unlike the days of knights,
kings and Camelot, there is no king of the
MedSuds
CEO Roundtable; only a facilitator; Matt Noah, CEO of NetSuds.com, Inc.
Knights are replaced by CEOs and the table won't be quite round.
Schedule The Roundtable will meet at least 10
times per calendar year. We meet the last
Tuesday of every month. Each meeting lasts between 2 hours starting at 7 am. A facility
convenient to the majority of Roundtable members is used. A continental breakfast
is served.
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Our next introductory session (free)
has been scheduled for June 2004. Attendance will be limited
to just CEOs. Contact
matt@medsuds.com if you want an
invitation. |
Purpose CEOs need resources to
assist them in executing their duties and leading their companies. Boards
of Directors and upper management are not always the best or most independent
resources upon which to draw. The CEO Roundtable exists to provide CEOs
with an independent resource of wisdom and shared experience. Your key
'take-aways' from the Roundtable will be accelerated learning - so as to avoid
common and uncommon pitfalls -, an expanded network of advisors and colleagues
and tools to enhance the productivity and value of your enterprise.
Content First, networking among the
CEO members of a Roundtable is the best and richest content. Second, the
Roundtable facilitator will schedule subject matter experts of interest to the
CEOs. Examples include intellectual property, branding, sales,
engineering, marketing, finance, compensation, human resources, M&A, etc.
Format Meetings consist
primarily of 2 elements. First, "content" will be presented and discussed.
Second, "discussion" of common problems and solutions will take place. The
facilitator will lead both elements or assign elements to certain CEOs.
Confidentiality Roundtable meetings
are completely confidential. Nothing said in a roundtable discussion,
short of illegal activity, leaves the meeting. This allows each CEO to
feel comfortable discussing issues and subjects he may not feel comfortable
speaking about with others.
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Sponsors
For more information on our
sponsors' offers, click on their ads. |
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Hiring Manager/Company
Looking for the perfect candidate?
Contact
MedSuds
You never pay a fee unless you hire a candidate
we refer. All placements are 100% guaranteed!
www.medicalsuds.com/search/ |
|
4.5
MedSuds
CTO Roundtable - www.medsuds.com/cto/
Check out the website for more information. The CTO Roundtable is
currently FREE.
4.6
BioSciences & Medical Career Connections Expo
Looking for employees? Looking for a new job or career? Check
out On Call Clinicians Career Fair on April 29. Click on the following
link for more information:
http://www.medsuds.com/docs/oncall.pdf
4.7 Capital City Bioscience
Corporation Seeks Permanent Director
The Capital City Bioscience Corporation is pleased to
announce the appointment of Jeremy Lenz as interim director. Jeremy is an
experienced economic development manager with the City of Saint Paul's
Department of Planning and Economic Development and has been coordinating
the City's participation in the state of Minnesota's life science tax credit
program. Jeremy can be reached at
jeremy.lenz@ci.stpaul.mn.us.
The Capital City Bioscience Corporation (CCBC) is a
public-private partnership formed to catalyze and coordinate economic
development in the life sciences in Saint Paul. CCBC offers one-stop service
to life science companies seeking real estate, trained workforce, public
assistance such as state tax credits or city development incentives,
intellectual property protection, access to capital, business planning,
partnerships with other life science companies or trade associations,
connections to specialized researchers or equipment, or other needs.
CCBC is currently accepting applications from
qualified individuals to be permanent director. Please send inquiries or
resumes to
howard.orenstein@ci.stpaul.mn.us.
5.0 Why Won’t My Doctors Use My Product?
By MedSudser Michael Kessler, MD. Michael Kessler, MD is President and CEO of the
Medical Communications Center. Dr. Kessler works with pharmaceutical,
medical product, device and service industries to help them increase sales
to Doctors. Feel free to send your comments to Dr. Kessler at
MKessler@RepSuccess.net or call 404-257-1251.
Have you ever said this to yourself? “I am out there
every day, driving from place to place, presenting my products and working
hard. I don’t understand what’s going on. What’s wrong with these doctors?
What's their problem? Why won't they use my product?”
You think to yourself: “I’m enthusiastic, work hard and
put in a full day’s work. I believe my product is the best. I know all about
my product’s features and benefits and the disease state. I have great sales
and visual aids. So what's the problem?"
In our recent survey of 108 representatives from 3
large and 3 midsize medical device/product companies, representatives said
they used sales aids approximately 80% of the time. They also report that
over 50% of doctors show a negative reaction when the sales aid was used and
were skeptical of the information presented. Why is this happening?
The problem from your customers’ point of view is
that many representatives tend to do a data dump with their sales aids. They
spew out all this stuff from their 4-8 page long sales aid and hope that
something sticks. Then they close with “will you use it?" So, as
representatives have documented, over half the doctors get this glazed-over
look when they do this and in the end the doctor doesn’t want to try their
product.
Could it be that representatives are missing
something? Yes they are. They need a better understanding of the mindset of
their customer, the Doctor. Key to this understanding is the fact that
doctors are trained to solve problems. As a result, they are problem
oriented, not product-oriented. They are in the problem solving
business.
Representatives on the other hand are product
oriented not problem oriented. The issue becomes that what marketing and
sales may consider useful and important is not always what the doctor needs
or wants. So, what many Doctors think when they hear a representative do a
data-dump with their sales and visual aids is: "Why do I need another
product? What problem is it going solve? I'm happy with what I'm using
now!"
Let’s examine the Doctor’s mindset. Doctors have been
trained to and must go through what we call the Physician Problem
Solving ProcessÔ (PPSP). This process is a methodical and analytical process
that doctors are taught in medical school and use daily the rest of their
lives.
Doctors use this problem solving process to:
1.
Diagnose, treat and manage patients
2.
Evaluate the clinical literature
3.
Evaluate new and existing products
The decision to use, convert to, or adopt a new
product doesn't come until the end of this extensive, fact laden, and formal
process. How fast doctors make get through the PPSP and make a decision to
use your product will depend on the how quickly and efficiently they get the
information they need.
Identifying a problem is the first step that doctors
have been trained to do in the problem solving process. This is what
doctors' key in on. Once you identify a problem, doctors will naturally want
to know from you: "Do you have a solution to this problem?" Of course you
do!
Specific problems demand specific information. How
quickly doctors ‘move’ to try or use your product often depends on how
accurately and quickly they get the information they need to go through the
PPSP. Once representatives understand how doctors solve problems and how
they make decisions, they will start to understand where the doctor is in
the PPSP and what information they need to get them to make a decision. So,
if you know what doctors are looking for and can give them what they want
and need, you can accelerate the problem-solving process.
Key to accelerating the process is for representatives
to communicate the clinical information from their sales and visual aids in
an organized manner. Representatives will be more effective if they can
“walk the walk and talk the talk' of their customers. All doctors
communicate and educate one another using a standardized template called
S.O.A.P.
S.O.A.Ping information makes it much easier and quicker
for doctors to take in the information and arrive at a decision.
Representatives can S.O.A.P. their sales and visual aids using what we call
the S.O.A.P. Product PresentationÔ to sell their solutions to the problems
identified.
Therefore, if you understand the Physician Problem
Solving Process, know where the doctor is in the PPSP, and can give them the
specific information needed using the S.O.A.P. template, you can shorten the
time it takes a doctor to try your product.
But they don’t always get that information in a timely
manner. Often, it is too late. Then you wonder why the doctor won't use your
product.
6.0
Contract Employee---An Old Concept Whose Time Has Come
Many MedTech companies are finding the experience they
need at an affordable price.
by MedSudser Bud
Horwath, Horwath Resource Group,
bud@horwathrg.com
To hire or to contract? That’s a question managers have
debated over the years whenever the organization has had a need to accomplish
work. Or at least it should be considered, especially in today’s
environment. Money is tight for the smaller Medical Technology companies.
Product life cycles are increasingly shorter, putting pressure on new product
development schedules. For most MedTech companies there is no time to make
mistakes. Corporations need experienced, dedicated workers that get results
without breaking the budget.
So what’s the answer? When you need an employee, do you
hire or contract? Although the answer isn’t black and white, there are more
reasons today to consider a contract employee than ever before.
You Get What You Pay For:
A talented employee base is a key asset for any company.
In fact, human resources are probably the most important asset for any
successful company. Without people, nothing gets done and there is no
company.
For most MedTech companies the cost of human resources,
its employees, is by far its greatest operating expense. Cost is certainly
one reason companies are reluctant to bring new employees on board. Salaries
for experienced workers are high. And then there is the additional cost of
benefits (vacations, sick time, retirement, health care, etc.).
Like with any asset, whether it be buildings, computers
or employees, the company would be financially better off to get more for
less. But how can that be done with employees without degrading morale and
productivity? One way is to selectively use contract employees. Contract
employees are typically specialists, i.e. engineering, business development,
marketing, regulatory. They are experienced and often seasoned. A growing
number have left large MedTech companies where they were able to learn
specialized skills. To hire such a specialist would be very expensive. But
to contract with a specialist for a specific task, role, or project most times
results in reduced cost and shortened time schedules. There is no or little
training, so start up time is short. Contributions to results start almost
immediately. And unlike a hired employee, where the job often expands to fill
the time available, with the contract employee you pay for what you
get—specific results.
MedTech is a very specialized industry. No other
industry implants devices into the human body. Biocompatibility, hermetic
sealing, and sterilization are among the many unique design criteria for
MedTech products. Regulatory oversight in all parts of the world is a major
factor for MedTech. Approvals are required to initiate clinical evaluation
and to commercially market a new MedTech product; regulations are in place
that impact the product development and manufacturing process; and there are
rules on how you can and can’t label and market those products.
Some of the knowledge required to design, develop,
manufacture and market a MedTech product can be learned in college. However,
most of the state-of-the-art practice and processes used in the MedTech
industry can only be learned through experience. That’s why an experienced
contractor can be so valuable.
Another often-overlooked factor that reinforces the use
of contractors is mentoring. The contract specialist can have a positive
influence on the employee base by mentoring and teaching the less experienced
employee. By sharing the knowledge gained through years of experience in
MedTech, contract employees can increase the capabilities of the organization
much faster than the normal trial and error learning curve.
So What About Dedication?
Everyone assumes hired employees are more dedicated to
the job and to the company. But are they? Granted doing a good job and
getting results may lead to a good performance review and that next pay raise
in 12-18 months. More often than not, however, the performance review is too
superficial or too biased to be of value. And that pay raise? According to
the budget, the manager must average 2-3% in annual salary increases. So very
good performers get maybe 4%, average 2% and the worst 0-1% but get to keep
their jobs. Big incentive.
Are hired employees more loyal? These days loyalty is a
distant memory. There have been too many corporate layoffs, down-sizings,
right-sizings, productivity improvements, etc. Employees have learned to look
out for themselves. Do what you’re told, don’t make waves, but keep an eye
open for that advancement opportunity in the other division or at a different
company. Employees are typically free to leave their job with two weeks
notice.
Contract employees, however, are constantly selling
themselves. They must get good results to keep their contract or win an
extension. And when the assignment is complete, they need a good reference
for the next prospect. Satisfied clients are of utmost importance to the
contract employee. Without satisfied clients, the chances of getting new
clients are minimal.
Contracts are typically written for certain periods of
time (3 months, 6 months, or 12 months) or for a particular task. The
employer can be confident that the contract employee is committed to him for
that period of time.
But does it work?
Here are a few examples that illustrate how the use of
contract employees has helped MedTech companies get results quickly and co |