Innovation
equity-based arrangement. It also provides access to those beyond their specialism so that they can access knowledge, expertise and experience to fill in strategic and execution- based gaps. Adopting a commercial mindset and
navigating the more business focused areas of the NHS does not come naturally to many clinicians, who are comfortable treating complex conditions but may be less so with cash flow management and pitching for investment. Many entrepreneurs find the NHS difficult to access because of budget silos and long decision- making processes, a barrier compounded by issues related to business commercialisation capabilities.4
This is where programmes like
the CEP fill an important gap, but also where connectivity into other individuals, networks and communities is vital as technical guidance and mentoring can be a very powerful way of helping hone commercial acumen. IP is one area many clinical entrepreneurs
have to tackle first, which can seem like a daunting minefield for the newcomer. Again, here is where local ecosystems can play a helpful signposting role. For example, in the West Midlands, MidTECH helps clinicians and NHS organisations to discover, develop, protect and commercialise new innovations and IP, acting as the technology transfer office for the NHS in the region and providing guidance through legal
We secured a space in MedTech incubator Unit 9 – a fantastic location with everything we require for testing and research. Collaborating and networking with other start-up peers helps us to fill in gaps within key areas of our business. Mr Hazem Fallouh, CEO at Fallouh Healthcare.
content and specific services.5 Academic Health Science Networks (AHSNs)
are also useful organisations for clinicians to collaborate with as they help test and commercialise new innovations within a healthcare setting. There are 15 across England, licenced to operate as the innovation arm of the NHS.6
This means they are in a good
position from which to assist with navigating the commercial healthcare landscape. Linked to these two challenges, is cost- effective growth. This is especially acute for clinical entrepreneurs because healthcare innovations are very expensive to develop. Businesses can go many years with minimal income due to stringent regulatory approvals and lengthy clinical trials.7
Combined, these factors
present a degree of financial risk that many investors want to avoid at the earliest stages. Space and equipment are also costly and come with contractual tie-ins that do nothing to help de-risk a proposition for investors and rarely make sense in at the ideation stage of their journey. Securing these on attractive payment terms, whether deferred or scaling, can make a huge difference to the chance of success.
The most important factors in transforming ideas into products There are so many factors that play a role in helping transform innovative ideas into impactful products, but there are three that I think are hugely important for overall success. These are place and space; connectivity into others; and commercial support. Place is perhaps the most important, but
overlooked, factor that shapes how well clinical entrepreneurs can tackle the early challenges and create successful enterprises from innovative ideas. Physical location matters because it determines the distribution of time between clinical and business commitments, plays a huge role in the development of an entrepreneurs’ network, and of course it can be one of the largest start-up costs. We recognised and responded to the concerns of clinician led MedTech start-ups by creating a specialist short-term incubator called Unit 9. Jointly funded by University of
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Birmingham Enterprise, Greater Birmingham and Solihull Local Enterprise Partnership (GBSLEP) Growth Hub and West Midlands Combined Authority, it provides space, equipment and facilities for start-ups that do not yet have the funding to acquire long term space or capital equipment. I work closely with many clinical
entrepreneurs, including the impressive team at Fallouh Healthcare, led by Mr Hazem Fallouh, a consultant thoracic surgeon at University Hospitals Birmingham, Queen Elizabeth. This start-up is developing a medical device to diagnose a condition called cardiac tamponade and monitor the function of the heart post- cardiac surgery.8
The company faced some
challenges in finding an ideal location and dealing with issues of cost, accessibility, and office amenities – until they approached my team at Birmingham Research Park. Located on the University of Birmingham campus, and directly adjacent to a major NHS hospital, Unit 9 provides excellent networking opportunities for clinicians and academics in a growing cluster of MedTech businesses. Fallouh’s CEO commented: “We secured a space in MedTech incubator Unit 9 – a fantastic location with everything we require for testing and research. Collaborating and networking with other start-up peers helps us to fill in gaps within key areas of our business” Small, cost-effective lab space is often a priority for MedTech start-ups but is increasingly hard to find, due to a nation-wide shortage of commercially available laboratory space.9
These
early-stage businesses need access to a space in which to build and test new innovations but are usually self-funded or grant-funded at the start of their journey, which means expensive rent and long tenancy agreements can sound the death knell for many of these promising ventures. The cautious, hybrid approach many businesses take means they don’t need, or can’t fully exploit, full time access to lab space on costly leases. Instead, they would benefit from low cost ‘starter’ space options that are scalable and provide a clear pathway to growth should the business expand and require additional lab
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