NeoMed Technologies developed a diagnostic device used for cardiac testing. and is headquartered in Ohio. They developed a CAD screen system to observe coronary arteria disease. The company was founded in 2000 and is based in Cleveland. Ohio. NeoMed Technologies was faced with a batch of hard determinations at the beginning when it came to where their merchandise would outdo tantrum and be most successful. They had developed a engineering that could suit into many markets. but needed to take a merchandise way and market. Their continued challenges occurred due to the alterations in the market way of venture capital chances and the support available. all due to alterations in the economic system at that clip.
Due to the deficiency of support. and a continued diminution in Venture Capital support along with a downswing in the economic system ; I believe had the economic state of affairs been different at the clip when they needed venture capital support. the would’ve faced less challenges. The direction squad and Board of Directors were selected carefully and all had the experience and the background needed for success in the merchandise market infinite. NeoMed Technologies had a strong concern program. and had conducted extended research in initial planning phases. I believe based on the reading stuffs in this chapter ; they did all the right things in the planning and early development phases.
Although NeoMed Technologies had to postulate with large name rivals and major participants in the diagnostic and imaging market such as GE Medical and Philips. besides located in the Ohio part ; their scheme to be headquartered in Ohio was a sound determination. However. they should’ve investigated further in the chance to obtain venture capital support outside of the Ohio part. Possibly they could’ve spent more clip analyzing competitory concern instances of companies like rival. HeartCheck. who specializes in the EBCT trial. The HeartCheck merchandise. although more dearly-won. had seen success and was widely accepted in the Medical field. Despite the added cost of the HeartCheck EBCT trial. they were seeing success in the market.
One scheme alteration I would’ve considered early on was non using all resources of their engineering into one country. NeoMed Technologies should’ve considered using their initial merchandise development to the engineering of testing for drugs. drug bringing applications or observing malignant neoplastic disease. These countries would’ve perchance allowed for a speedy to market merchandise. without the extra blessings. quality criterions applied in the medical equipment infinite. and FDA blessings needed. Bringing a simpler merchandise to market foremost could’ve brought in gross to fund the long-run merchandise focal point of a CAD screen system. The net incomes from a drug showing or drug bringing merchandise could’ve assisted in funding their long-run merchandise focal point. they missed an chance to develop a speedy gross steam.
In add-on. NeoMed Technologies could’ve seen success early on in the Homeland Defense infinite. for sensing of atomic arms. or soiled bombs. With the displacement subsequently in Venture Capital support chances. they could’ve experient success in this country every bit good. Bottom-line. they put all their eggs in one basket ; they failed to hold a backup merchandise to develop a speedy gross watercourse to further fund their long-run end. However. without a crystal ball that was a hard determination. There were clear marks of displacements in investing chances. the displacement indicted investings being shifted towards Homeland Security. military applications. and protection from assorted biological and chemical menaces.
NeoMed Technologies should switch some of their resources to developing a merchandise to suit into that country. therefore leting them the chance to obtain extra venture capital support. and possibly developing a profitable merchandise in the Homeland Security infinite. The gross watercourse from this merchandise would let them subsequently to continue with their CAD screen system. There was another country of investing that should’ve been farther investigated. “Angel Investors” . most of who are Entrepreneurs themselves presently. or at some point in their calling. Inviting one of the Angel investors a place on the board. every bit good as leveraging the experience they have gained from get downing their ain company. covering with the challenges of get downing a concern. and look intoing farther Venture capital support countries.
NeoMed Technologies should’ve reached out farther than merely the Ohio-based Venture Capital houses. this would’ve allowed them a broader audience of investors and chance. I don’t believe keeping off for flawlessness is needfully incorrect. particularly when covering with. and factoring in the value of human life. The NeoMed Technologies board of managers and upper degree direction wholly appeared to embrace strong moralss and while that might be a failing to others. moralss are of import and should ne’er be compromised. Too many companies take the short cut to success and people get hurt.