I’ve been tracking first-time venture financing of medical device companies in New England since 2005. Whew!
Startups are where innovation really happens. It takes the dedicated focus of a startup to drive real change to our healthcare system. A first venture funding is a validation of technology, market and business model. A key metric of the health of our local medical device innovation economy is the rate of new startup funding.
I also track startups because I want to provide a list of funded startups to the local community – job seekers, venture investors, and service providers. Startups have a hard time finding the right connections in the community, and vice versa. Maybe I can make it a little easier.
I’ve counted nine venture-funded medtech startups in 2015, of which one is a restart, one has no medical device products (but may), and one is a Ukrainian company with a Boston-area office. Given the venture funding environment, 2015 was a respectable, thought not stellar, year for venture funded medical device startups in New England.
No question – 2015 was a really busy year for me. So, it’s been more than 12 months since I updated my list of healthcare venture firms that have raised new funds. I finally found some time this weekend.
I had coffee with a former colleague last week, and he told me something surprising he learned about himself. His new company has bench desking, and everyone’s space is a little less than three feet wide. At his previous company, he had a large desk with a sweet window view. He told me that “If someone had tried to get me to give up my old desk I would have put up a big fight, but at my new company, it’s not an issue. The space works. When we hire a new person, everyone squeezes together to make room.”
Managing concept phase projects is challenging with any project management tool or technique, because you start with almost no certainty about the tasks that will be needed. We can surely imagine some work on concept brainstorming, preliminary requirements definitions, market research, component ordering, prototyping, concept testing, and report writing. But it’s really hard to be much more granular than that, when we haven’t even defined requirements or brainstormed concepts yet.
Your project is capacity limited, but without a Critical Action Plan, you don’t know how limited. You may think you need another engineer or technician, but a Critical Action Plan can really help you define and justify hiring needs.
Scopes change. It’s practically a law of physics. Even if the overall project goals don’t really change, we often find that the project is harder to accomplish than we originally thought. During the project we often discover a need for new features, or our regulatory strategy changes.
Critical Action Planning makes it easy to incorporate and quantify scope changes. In fact, simple quantification of scope and progress is one of the key benefits of the Critical Action Planning approach. It’s a by-product of the technique, that requires virtually no extra work.
Within a medical device project, “division of responsibility” among project team members is usually the default. “Division of responsibility” enables team members to feel ownership of major components of product design and simplifies accountability for project managers. What’s not to like?
New day, new data, new priorities. Like all Agile approaches, overall project execution is optimized when the highest priority tasks are performed in each “Select-Perform-Assess” cycle. So great project performance depends on great prioritization.
The project manager should expect to spend significant time every week re-prioritizing the Project Backlog, with the help of the team, incorporating project learnings and new information from the outside world into the existing project plan.
I’ve identified seven keys to Project Task prioritization, which actually can be used with any type of project management. For example, while dependencies in Gantt charts create a natural sequence of many project tasks, Gantts provide no prioritization when multiple tasks are ready to be started.
While perfection is surely the enemy of the good when it comes to task prioritization, an analytical approach can reduce errors and help the team achieve consensus on priorities. Here are the seven keys I recommend.
Capacity is king. You can’t do more than one week’s worth of work this week. Sounds obvious, right?
Most of the time, though, we take on too much, and end the week in frustration with lots of work still in process. When project teams take on too many tasks at the same time, everyone struggles with the ambiguity and morale is endangered.
Critical Action Planning uses the kanban technique of limiting work-in-process (WIP) to get things done.
How does the Select-Perform-Assess Cycle work in practice?