The stage of the technology, which in a way refers also to risk, determines how long it takes to get to product freeze and be ready to start clinical trials. Medical devices are bought by hospitals, healthcare systems, and the new way that healthcare is implemented and will continue to be implemented is that procedures have a DRG code and the DRG codes are fixed amounts. So, the reimbursement these days has more to do with cost reductions and improved outcomes. There are different ways to price a product, Products should be priced in relation to the value it produces and not the cost. This requires sufficient proof. Obviously, capital is required, in the case of drugs is close to two billion dollars to get approved. Medical devices depend on the regulatory and reimbursement status between tens and hundred million. The other thing to understand is where will your product fit with the strategies for companies that are acquiring. Medical devices companies prefer to wait until a smaller company gets through the regulatory process, has a good product, and has reimbursement, and then they would pay 500 million or more to avoid risk of failure. For medical devices, the trends are different. There is more remote medicine, COVID- 19 opened the door, and there are companies investing a lot of money in trying to provide remote medicine. There is renewed interest in brain technologies, including treatments for pain and depression, diagnoses and treatment of a stroke, and brain interfaces. Technology has improved enough that is making it more possible, and there is also more space these days for wearables and their capabilities. Investors will always look at the management team and advisory board of a small company, and they need a management team that can be flexible and adapt. A CEO is fundamental to raising funds. If you want to find a CEO, you should spend time networking and try to find somebody that has demonstrated before that they can do it. You always must be a learner to get investment from VCs. I think humility is very important to maintain, so people will really say, "Okay, this person really is interested in learning, is flexible, accepts suggestions."
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