Matthew Calleja
16th August 2024
Finding the Golden Mean: Luck and Effort in the MedTech CEO Life
“Luck favours the prepared mind.”
– Michael Whitman, Founder, President and CEO, Micro Interventional Devices, Inc
Following our announcement last Tuesday about the return of the CEO Only Forum to MedTech Malta this November, we reflected on the inaugural event in 2023. The insights from that first iteration underscore why the CEO Only Forum is the premier venue for addressing critical issues and fostering meaningful dialogue among industry leaders.
If you’re still on the fence about registering, keep reading to discover why this CEO Only Forum is an unmissable highlight of MedTech Malta. We’ll be taking a closer look at one of last year’s CEO-focused panels, where the dimensions of luck and effort in the CEO life were explored in depth.
Surviving Unpredictability in MedTech
How do I balance planning with the unpredictability of the market? When pushing through moments of difficult uncertainty, how do I tell if it’s luck or strategic effort?
Last year’s standout panel, CEOs Unplugged: Luck or Effort? captivated audiences with its deep dive into the realities of being a CEO in the medical device industry. Skillfully moderated by Giovanni Lauricella, Managing Partner at Lifeblood Capital + Talent, and co-moderated by Malek Nasr, Co-Founder & Vice President of HighLife, the discussion offered a raw and insightful look at the challenges and triumphs of leading in this field.
Lauricella, a veteran with 15 years of experience building and leading MedTech teams, has been instrumental in shaping high-impact events and collaborations, including those with MedTech World. Nasr, with a background in biomechanical engineering, has guided medical devices from conception to production and beyond, now spearheading global Therapy Development.
Their combined expertise provided a rich and compelling perspective on the multifaceted role of a CEO in the ever-evolving MedTech landscape.
For the panel, they were joined by fellow experts and executives:
- Andrew Glass | CEO | Vivasure Medical
- Global expert in cardiovascular product development, clinical strategy, and commercialisation.
- Michael Whitman | Founder, President and CEO | Micro Interventional Devices, Inc
- Over 40 years in medical devices with firms like J&J, Olympus, and Synthes.
- Cathy Skinner | CEO | NXgenPort Inc
- Over 20 years leading in healthcare, building businesses, and improving patient outcomes.
- Sanjay Shrivastava | CEO | Innova Vascular
- Founder with 20 years in cardiovascular devices, focusing on business and product development.
- Juliana Elstad | CEO | Vibrato Medical
- Over 20 years in medical innovation, scaling novel technologies to market effectively.
The panellists explored themes such as innovation, risk, serendipity, and intuition, sharing their candid experiences and wisdom.
Defining Luck and Foreseeing Success
When pondering the age-old debate of luck versus effort, it’s a topic that resonates deeply with everyone in the industry. Innovation inherently involves a degree of uncertainty, making it crucial to assess how much of your success can be attributed to pure chance versus deliberate effort.
Michael Whitman delved into the interplay between luck and effort, suggesting that the two are not mutually exclusive but rather complementary.
“Luck favours the prepared mind.” He illustrated this with a historical example from the stent industry. Whitman pointed out that early breakthroughs, such as the development of the biliary stent, were crucial in paving the way for innovations like coronary stents. While the initial discovery might seem fortuitous, the significant hard work that followed was key to translating these breakthroughs into practical, life-saving technologies.
For Whitman, success in the medical device industry exemplifies how luck and diligent effort go hand in hand.
Sanjay Shrivastava illustrated a similar connection between luck and effort:
“while luck plays a role, it often favours those with a clear vision and the ability to unite a team around it.”
He believes that focusing on expanding one’s sphere of influence and control can significantly increase the likelihood of success. For Shrivastava, success is achieved through a combination of visionary leadership and proactive efforts to grow and leverage one’s influence.
A Healthy Blend of Science and Gut Feeling
With an enduring focus on the interplay of luck, effort, and intuition, the conversation turned to medical devices.
Juliana Elstad highlighted the inherent challenges of the medical device industry, emphasising that while effort is crucial, luck also plays a role.
“Even with immense effort, luck still plays a role. Without the right strategy and vision, no amount of luck will save you.”
She illustrated this with the example of venture capital: despite the meticulous effort and strategy applied by VCs, only a fraction of investments yield high returns.
Cathy Skinner, on the other hand, shared her belief in the power of serendipity, recounting a pivotal moment when she met her co-founder at a conference. This chance encounter proved to be a game-changer for her company.
Skinner advocates for a balance between gut instinct and data-driven decisions, contrasting her intuitive approach with her co-founder’s scientific, data-focused mindset. She emphasised that combining these perspectives creates a strong partnership.
“We’re two sides of the same coin…While I rely on intuition, she brings a data-driven, scientific approach.”
Elstad praised this balance, noting that while luck played a part in their meeting, it was the strategic effort and networking that set the stage. Skinner agreed, acknowledging the blend of her corporate background with her co-founder’s startup experience.
Luck in Fundraising
Giovanni Lauricella reflected on the previous day’s CEO Only event, noting that fundraising remains a gruelling challenge for most CEOs, who generally dislike the process. He questioned whether securing funding is purely about effort and numbers or if luck also plays a role.
Andrew Glass opened his response drawing on his father’s wisdom:
“I don’t believe in luck, I rely on it.”
He emphasised the importance of strategic targeting to improve success odds, comparing it to minimising risk at a roulette table.
Glass recounted a challenging experience with his Series D round, initially facing rejection in the US. Pivoting to China and adapting to market trends, such as the digital investment boom, ultimately led to a successful €50 million raise.
He concluded that while luck plays a part, increasing one’s chances through strategic efforts is crucial for fundraising success.
MedTech World’s Schedule is as Busy as Ever!
As summer sizzles, MedTech World is gearing up for an exhilarating lineup of events in the latter half of the year:
MedTech Roadshow: Singapore 2024
Catch the debut MedTech World conference in Singapore this September. Be among the first to experience this groundbreaking gathering within a most promising market!
MedTech World Roadshow: Luxembourg 2024
MedTech Malta 2024
Immerse yourself in the autumn charm of Valletta from November 6th to 8th. Don’t miss our Investor-Only and CEO-Only Forums, the Awards Gala, and more. This flagship event promises deep insights and invaluable networking with healthcare innovation leaders.