Becoming an Advisor to a Medical Device Company

Thinking about dipping your toes into advisory waters and doing some work with startups? Feel like you can help guide them through trails you’ve already traveled? Great! They need all the help they can get. Start-up life is hard.

In Episode 344 of the Global Medical Device Podcast, Etienne Nichols (host) and Devon Campbell delve into the challenges you’ll want to consider when it comes to advising leaders of medical device startups.

Together, they navigate the demanding and often isolating journey that startup founders may experience, exploring the enduring value of a relationship-driven approach when surrounding oneself with trusted advisors.

While the episode ostensibly targets those contemplating supporting startups as advisors, insightful startup leaders can glean profound insights, gaining a deeper appreciation for the contributions carefully selected advisors can make to personal and company growth.

Approaching the discussion with a profound understanding of the burdens on startup leaders' shoulders, Etienne and Devon skillfully guide the conversation through the intricate landscape of the MedTech industry. Drawing on personal experiences, Devon shares insights into the pivotal role of experience and mentorship, acknowledging the uphill battles startups face in their quest for growth and success. The duo delves into strategies aimed at transforming obstacles into opportunities, providing a guiding light for resilience in an industry marked by constant evolution.

Throughout the episode, Etienne and Devon recognize the gravity of responsibility that startup leaders bear, emphasizing the importance of building a team of advisors. They explore understanding employment contracts, avoiding conflicts of interest, and conducting due diligence to safeguard professional reputations. The conversation shifts to the delicate balance of equity and compensation in advisory positions, with both speakers expressing empathy for the realistic expectations and fair self-compensation startup leaders must navigate.

Together, they extend a supportive hand to startup leaders, unveiling the power of passive networking and proactive advisor-seeking, especially in specialized areas like quality systems. The episode also highlights the pivotal role of accelerator programs such as MassChallenge and M2D2 in providing solace to startups, connecting them with experienced mentors and potential advisors during the challenging startup journey.

In this dynamic and compassionate episode, Etienne and Devon underscore the strategic formation of diverse advisory boards as a source of comprehensive guidance. They convey a deep appreciation for the challenges inherent in the MedTech startup ecosystem and stress the importance of risk management. Join them for a sincere exploration of the essential elements shaping advisory roles and driving success, with a heartfelt acknowledgment of the formidable challenges that startup leaders bravely confront.