Oakes, Lyman: Is This the Model for Building European Device Companies?
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Despite outstanding clinical science, Europe has historically lagged behind the US, if not in medical device innovation, at least in device company creation. A vicious cycle of few start-ups, reluctant VCs, and a poor pool of experienced managers has kept company creation from exploding. But now former merchant bankers turned serial entrepreneurs, Herb Oakes and Dick Lyman, believe they have a better formula for starting device companies in Europe.
Successful device-company creation works in a kind of virtuous
circle: physicians or engineers with promising ideas find venture
backers who believe in those ideas and fund the launch of a company
to bring the innovation to market and who, in turn, after a certain
period of time, find seasoned executives to grow the company and
realize the potential of the idea.
But that virtuous circle can turn vicious if any of those pieces are missing: if physicians are reluctant to commercialize...
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