One of the most important (yet most intimidating) aspects of getting your MedTech product off the ground is the product pitch. You have some possible investors lined up, but you need to wow them. What’s the key? What 3 things must your presentation include?
A MedTech product pitch must include how and why your product solves a problem or meets a need, an assurance that your product will be safe and compliant, and a clear marketing strategy. Delivery is just as important as content, however, and a good pitch will be engaging as well as informative.
Keep reading to learn how to deliver these components successfully, tips for being confident without being arrogant, and how to answer every silent question an investor might have.
Explain How You Solve A Problem
Every great invention
- Solves a problem
- Meets a need
- Allows us to do something faster and better than before
The investor needs to understand what problem your product solves better than existing MedTech, and how it will solve that problem. Start by addressing the need itself. Describe the problem, and feel free to work in a compelling or interesting story into this description.
Now, explain how your MedTech will solve this problem better, faster, or more safely than existing tech. Safety and ethics are key here, as you explain how the item works. Keep in mind as you explain
- Come prepared; Do not ramble
- Use a balanced mix of technical and simple language
- Don’t be condescending
- Talk to rather than at your investors
As you emphasize safety, be sure to factor in the next aspect; compliance.
Describe Your Compliance Wins And Plans
Compliance is key here. This device must meet or exceed all regulations, handle data ethically and lawfully, and get a stamp of approval from legal and governmental bodies.
Explain to investors your plans for getting your MedTech device approved. Few things will detract investors like doubts about compliance and legality, especially abroad. I’ve seen investors walk away from proposals wherein no one was prepared to talk about compliance. Why is this? Frankly, no one wants to get sued.
Let your listeners know you understand what the hurdles are.
- List those organizations that will have to approve your device
- Explain how that approval will be sought and gained internationally
- Demonstrate your seriousness about safety and compliance issues
- Discuss patient data storage
- If you’ve already taken concrete steps in this direction, say so
If you can demonstrate that you’re ahead of the curve here, your investors will be more at ease. They know they can leave the hard stuff up to you, and that their money will be well and safely invested.
Discuss Marketing And Financial Rewards
As the MedTech industry continues to grow, competition will get tougher. Explain how you will market the device. Who will you partner with? Which platforms or mediums will you use? What’s your strategy? Be sure to name
- Strategies and proposed partners
- Your timeline for marketing
- Your plan to be competitive in pushing the tech
Investors want to know their money is secure with you, and that they’ll get something back. This is where you incorporate your plans for profitability. Don’t sound vague or timid here. This is not the place to be humble or indirect, but to hammer home why you deserve their trust and investment.
- Show a chart describing projected returns over the next year
- Let them understand you know how valuable their investment is
- Show them that you will get them a return on their money
- Explain how, and be confident
Again, have this all planned out beforehand. Be ready for tough questions. Be ready to address issues like competition, innovation, time-to-market concerns, and safety. Be honest, be clear, and be respectful in how you answer. You want to be confident, but not pushy.
Wrap it up by thanking the group for their time, and expressing an enthusiastic yet professional interest in working with them soon.
Final Thoughts
The key elements your potential investors will want to know are how your product solves a problem or improves over existing products, how you will keep the product safe and compliant, and your marketing and fiscal viability strategy.
You’re seeking to help them understand that you’re confident, informed, responsible, and the captain of a great project that will make them money. Do your homework, come prepared, and be confident yet professional. This is a serious topic, so be congenial but avoid silly jokes.
Inform and persuade, be honest, and come prepared. Know your compliance goals and have a clear understanding of what that process will look like. With these preparatory steps, you’ll be one step closer to winning over a key investment partner and launching your product.
