Panel Discussion on Talent, Recruitment, and Scaling in MedTech Startups

Introduction

• Moderator introduces panelists:
  • Entrepreneur: Evan, CEO and co-founder of Synthesi
  • Investor: David, Managing Partner of Winhab Ventures
  • Recruiters: Jeff Malika with 22 years of industry experience, Alex with 25 years of industry experience

Current Candidate Landscape (2024)

• **Jeff’s Insights: The Shift to Small Cap and Private Equity: **
  • Top talent navigating towards small cap and private equity-backed companies.
  • Attracted by faster pace, impact on patient outcomes, and integration of technology and AI.
  • Challenges: Succession and retention in larger strategic companies.
• **Key Considerations: **
  • Talent’s ability to adapt from strategic environments to nimble, fast-paced settings.

Fundamentals of Top Talent Acquisition

• **Alex’s Personal Story and Lessons: **
  • From poor talent management in industry to moving into executive search.
  • Importance of vetting human capital thoroughly, not just taking board recommendations at face value.
  • Core principles: Cultural alignment, motivation by technology and journey, skill set fit.

Entrepreneurial Perspective

• **Evan’s Approach: **
  • First question: Do we need this role or is there another way to achieve the end point?
  • Utilizing technology to run efficiently (e.g., EQMS, software as a service).
  • Flexibility in hiring strategy: direct hire, recruiters, specialized firms.
  • Retention: Challenging mission, buy-in for the vision.

Investor Perspective

• **David’s Insights: Key Considerations: **
  • Financial metrics vs. human capital importance.
  • Importance of resilient, persuasive, and talented entrepreneurs.
• **Common Mistakes: **
  • Not incorporating sales and marketing talent earlier.
  • Overestimating required capital for go-to-market strategies.
• **Board and Governance: **
  • Importance of adaptable board composition.
  • Ensuring the board has diverse expertise and relevant operational experience.
• **Alex and others on Board Dynamics: **
  • The importance of diversity on the board (gender, background, expertise).
  • Strategic additions from outside the med tech sector can provide fresh perspectives.
  • Observers can be both beneficial and demanding.

Compensation and Motivation Approaches

• **Evan’s Approach to Compensation: **
  • Option to earn stock options for all roles, creating buy-in across the team.
  • Emphasis on communication and mission-driven motivation.
• **Jeff on Talent Attraction: **
  • Varies based on the candidate’s background (strategic vs. small cap/startup).
  • Clear value proposition and action-oriented company goals are crucial.
• **David’s View on Investor Perspective: **
  • Alignment of company’s spend on talent with long-term business goals.
  • Importance of clear and persuasive communication of the value proposition.

Q&A Highlights

• **Navigating Long Sales Cycles: **
  • Evan: Flexibility with trial and loaner programs, hands-on support, addressing slow communication.
  • Jeff’s Additional Advice: Targeting ASC (Ambulatory Surgery Centers) and home market for quicker adoption.
  • David: Understand the purchaser decision-making process and tailor the ROI and studies to resonate with them.

Concluding Thoughts

• Importance of diverse, committed, and strategically aligned boards and teams.
• The evolving landscape of med tech talent and the critical role of strategic recruitment and flexible operational practices.
• Persistence and clear communication as key elements for success.