Wolves are fascinating creatures. They are smart, strong, and fierce. Many innovators are lone wolves. So do many founders. Sometimes, like the founders, the “Lone Wolf” moniker can be maligned. But the best thing about the lone wolf myth is their independence, individuality, and passion for a single vision. These are the most common and admirable traits of innovators and entrepreneurs.
However, wolf power is found in the real world, not in mythology. In the real world, wolves depend on their pack to survive. In fact, their hunting strategy is based on group organization, and wolves who find themselves alone will find themselves hungry. In fact, wolves are so successful as predators—and therefore frightening—mainly because they work so well together as a social unit. The wolf’s notoriety as a loyal, collaborative communicator led to the term “wolf pack mentality.” As Rudyard Kipling said: “The strength of a wolf pack is a pack of wolves, and the strength of a pack of wolves is a pack of wolves.”
One way for founders to find their bags is by adopting good business practice (GBP). For innovators and founders, their trusted team of advisors allows them to navigate volatile business environments unscathed—especially in the highly regulated medical technology space.
In today’s complex market, the pound is the best wolf-pack mentality. Rely on them to make the package work well. It is not so much a rigid structure as a large team of experts, ready to dynamically advise on strategy and quickly remove any short-term barriers that could prevent a much-needed product from getting it to patients who need it .
Since medtech companies often develop solutions for specific clinical needs (read: underserved and/or underrepresented populations), having that package is not a good thing; it’s a “must have” thing. It protects startups from failure and ensures they have the best chance of bringing their solutions to market for the benefit of them and the patients who need them most.
What Good Business Practice (GBP) looks like
The business of healthcare is to help people, often when they are most vulnerable. Patients put their own lives in the hands of other people and companies that make the products they use—often when they have no choice. There is a burden of responsibility in this. Sterling promotes integrity, trust and treating people the right way. In today’s environment, that’s exactly what investors, consumers and employees are looking for.
Sterling happens on multiple levels especially for most companies and medtechs. At the micro level, it is more normative (i.e. regulatory best practice or good manufacturing practice). At the macro level, it manifests as a set of ethics and principles that govern corporate behavior. This is not just a statement of values or marketing strategy; it is embodied in every decision a company makes and should include the following values.
Honesty and Transparency
Companies that trust their partners and strive to be transparent stand out, especially in a highly regulated market. Infrequent encounters with companies that avoid trouble.
My team and I also had to learn (sometimes the hard way) how to identify GBP-compliant companies early on. We have worked with companies that lack transparency in our partnerships. This includes our experience with an inventor founder who had a typical lone wolf trust issue. Although his lone wolfism created an exciting vision in terms of product and company, six months after we reached out to him, we found that his product wasn’t working as shown, and we had to delay the launch. If he had been honest with us from the start (rather than thinking he could solve the problem in a timely manner), we might have worked with him to solve the problem and avoid eventual failure.
A good question to consider is:
How does communication and information flow within and outside the organization? What information was provided and how was it provided (ie, did they share ten compressed folders or three documents)? Closely held or filtered information is a red flag and can be a sign of an immature leader or company.
Takeaway: When it comes to transparency, agreeing with partners as quickly as possible removes risk.
Collaborative culture
On the other end of the lone wolf spectrum, you’ll find many companies that understand that operating in sterling is a real value-add. I recently worked with a company that has a passionate leadership team who are not the founders of the technology their company is trying to bring to market. It took them eight years to get FDA approval, and because they’ve been focusing on approval, they’re falling behind on their market access strategy. They turn to us for help. After showing us their data and fruitful concessions, they decided to expand their product portfolio into other focus areas, thereby approving the technology earlier and becoming a stronger company. If they go ahead unilaterally, they may miss out on opportunities to lead to greater expansion of their products and company.
So far, having a group of in-house consultants can only get you a company. Being able to leverage the expertise of outside consultants and professional service providers is critical.
A good question to consider is:
How does the company or founder respond to feedback? How willing are founders to say: tell me all the reasons why this won’t work?
Takeaway: Administrative complexity and regulation are inertial systems, so having a proven partner can give you a competitive advantage when bringing new products to market.
open-minded
The challenge for founders and other lone wolves is self-reliance. No matter how innovative or great a product, founder, or company is, blind spots are called blind spots for a reason. We all have. Being open to outside ideas may not be a precursor to innovation, but it is a continuing force — especially in healthcare.
I don’t just talk; I also have to walk and I know how uncomfortable it can be. Eleven years ago, when I started the company, I sat down with an advisor and showed them my financial situation. In fact, it feels fragile. what is coming? I don’t know what? But by doing this and staying open and trusting, I was able to get out of trouble in areas I didn’t even know I was in. It brought greater clarity and propelled me to success.
consider: How open is this founder or company to new ideas? Are they willing to say “I never thought of that”?
Takeaway: When you open up, doors open and new opportunities are created.
The benefits of sterling (especially for newbies)
There is a plethora of new players emerging in the healthcare space, especially in the direct-to-consumer subscription model. This can be a good thing or a challenging dilemma. Many of these players bring innovative thinking, but often lack experience operating in a regulated healthcare environment; that’s where the risk lies, and that’s where the pound delivers value.
When companies build a culture of openness, trust, and collaboration, it’s reflected in everything they do. It allows for greater innovation while avoiding unnecessary risks.
Photo: bluebay2014, Getty Images
