Transcript

Medical Device Start-Ups in a Global Economy: Michael Whitman at TEDxLaf

foreign for hooking me up with an excellent microphone seems to be working well thank you congratulations on what's really uh you know pretty exciting uh day here now near I've mentioned in the very beginning how nervous the speakers are and I have to say in alumnus here I didn't realize how nervous I was going to be until I actually got here and I just and I if I uncovered something it's called a postgraduate residual stress syndrome I didn't even know it existed but hopefully we'll get it out there today and we'll be viral by this afternoon and why would you work we can put in Wikipedia but you know I last time I was in this room I took a final a government course 30 years ago and that's the name post-residuals there's some people that are with me today that really aren't but I wanna introduce them to you that is me in a suit which I don't own anymore uh and that is the NASDAQ Bell reading you don't ever hear that ringing the bell you know when you take your company in public well this was our first company power medical interventions and we took it public and this is my 12 year old daughter Jessie this is my wife Linda class of 83 my electrical engineer my son Chris is here he's a senior right now back here is my daughter Catherine she graduated last year so Lafayette was well represented he had an Aztec told me at least this day and many other days a lot of your uh classmates and colleagues that have done this and continue to do this and the education you receive here certainly prepared too well for moving on to doing what you want to do and that's really kind of the topic of my story today what could you do in a global economy and all these great tools that we've seen examples of today you know from the internet to Skype to just all the communications Facebook Etc I'm not going to repeat what you know better than I do but uh today's reality is you can organize a global medical device company in less than a year and that is a really kind of a dramatic uh comment if you think about my perspective I started in this industry 30 years ago right out of the Lafayette I went to work for a small company called Johnson and Johnson right okay so you may hurt okay but the uh I I worked on a lot of interesting things like the coronary stent it was sort of the coronary step that one goes in for cardiac disease well when I was here people's chests got cracked open and they took a bank in your leg foot of your chest that's how you got took care of coronary artery disease well by 1988 we were testing these little sense in hearts right and next thing you know you talk about disruptive technology it's not just happening in iot an information systems or in on the Internet it's happening everywhere right so coronary stunts are commonplace today drug eluding that you've heard well that entity in 1988 took us probably 12 years to organize and get going and live under 200 million dollars okay that's kind of with the speed of information moving there's also speed of capital markets responding to new entities and this is a what I really want to talk about if we can do it and as a reality I'm going to prove it to you because we're doing another one right now and that's what Nero have asked me to speak to you about micro Interventional devices is our new company and I just thought through what we're doing show you what we're doing and give you an idea of how we're doing it and how the new realities of today's global economy and communication allows us to do it so first of all we've analyze the opportunity well I guess I can look here so it's been like a newscaster analyze the opportunity organized around around the compelling vision communicate communicate communicate and there's one point I want to really make when you take uh make full advantage of the the local worldwide net and other media Outlets you really you can communicate in a way instantaneously that you could never possibly done in 1982. I think this would mean Chris May that this comment and highlighted that very well in this opening uh presentation so uh actually I just I want to give my daughter Catherine a uh a little uh advertisinger she works for us in micro Interventional marketing Communications and our website is microinterventional.com so you can go there if you'd like and see a little more detail what I'm telling you just want to see what we're doing but that was done from scratch in less than you know two months good idea and the dollars of the cost that type of advertising would have cost us hundreds of thousands of dollars we did it for like three thousand just to give you you know a sense of scale and science and communicate in the sense of a global company means a lot more than speaking to a group or talking you know English speaking English and our last company power medical we had 2080 employees we spoke seven languages and we were operating on three continents I'm going to show you a little more of that as we go through but uh as far as cultural and gender diversity if you haven't figured that out by now you better get it figured out real quick because the world has was also pointed out in the early presentation is a dynamic changing place okay the man that says this cannot be done should not interrupt a man doing it right Steve Jobs has another rendition of this uh I forget exactly I don't want to try to quote him but you know the the people that think they can change the world are the people that change the world if you don't think you can you're already sunk so believe in yourself and what in one of the definitions again back to Christmas the comments earlier about you know we the collective ways and we're part of it we are part of the global world you you might as well move already into that definition you get yourself in that mindset because it's a fact and once you get yourself oriented towards that then you can start saying well what's my purpose you know I'm more you know what this is what Steve Jobs was saying find what your passion is it doesn't matter what it is we saw what Brian's was in Trenton New Jersey that's it that's just do it and do it better than anybody else okay so analyzing the opportunities anyone heard of France truciana the professors aren't allowed to answer he's at Hopkins said that he wrote this book in history in the last man it's a little dated now because of global changes with Batman forget what year was published but when it when he came out he really was the concept of you know liberal democracies and free market Enterprises now we have this to varying degrees around uh around the world and as you operate a company globally and you are the principal of that company you learn local custom and local monetary policy and local regulation very quickly or you're not very successful especially in the medical device field because it's a regulated field right we're not going around just putting things in people's body they have to be proven and tested and biocompatibility and well I'm not even going to win today because it's not that I've waste my time just getting that list but each uh geographic region has different variations on the thing they're becoming more standardized but there are differences but what really allows us to and this is just amazing you know concept where you know even in in my lifetimes the the uh the amount of liberal democracies were a minority and you know you see as as time has gone on the uh it's becoming a much more predominant uh political social uh Organization for countries and that's basically what what futiyama was saying that you can't judge history in the way we used to we went you know from a dictatorship to a hierarchy to a parliament to a democracy these changes that occur that are kind of inflection points may not happen ever again because there seems to be a choice here there's these levels with uh liberal democracies this coupled with the communication vehicles that we talked about that exist and you all know way better than the people in my generation do make this a global economy and these two conditions are what I believe uh set you up for really exciting you know career as you go forward once you choose your vision and you understand the Dynamics that are happening internationally and communication is available to you it's just so exciting I can't even I just get like Goosebumps let's let's go into it a little bit more because this is our current opportunity and I I thought that the slides that Chris used about the rapidity with which the internet's growing and the hits on Facebook are growing you know it's it really is mind-boggling maybe you all thinking for granted but I certainly from an economic operation standpoint you look at those numbers you look at available we would call it available Market to us these numbers this is real this is an act this is the business I'm in right now in 2010 it was less than 500 million dollars right by 2015 it'll be a two billion dollar market and the only reason it's not going faster is because it's a regulated business and you have to go through the regulatory dates but this is about a slow enough time if you see anymore and I mean you're talking to three years right that's that's slow by consumer electronics mentality I guess but our businesses there's a light lightning fast so this is our opportunity transcatheter aortic valve insertions okay today I'm going to give you a choice okay A or B A you get to get your chest cracks open we stick a couple cannulas in your heart run your butt out to the machine where we re-oxygenated pump it back in operate on your heart for a couple hours so you back up if you're throwing them back together pull the cannula out focus all the Bloods back in or B we put a little incision through your ribs and work on your Beating Heart you go home the same day for once a H that's okay okay so you see well obviously that that is something we are really passionate about it's easy to get behind that because people nobody wants to see their themselves their family members their Aunts Uncles grandparents in pain or having this difficult recovery no who would want that right and then you've probably already seen so analyze the opportunity we have a good opportunity here in you know translate oh and by the way this is our instrument looks like a little uh liquid handgun but this is you're going to see Anatomy shoulder too much into it who goes through the ribs and actually creates a access way to your heart so you can operate and the last company in this one based on my own intellectual property that I developed in my basement so this is this isn't like you're talking to somebody who hasn't done this I've done this I'm doing it again and the people I do with the very experienced people because we really care about these patients and this is really easy to get behind that okay so that's the vision that we have then you have to have some skills does anyone remember Peter driver he's passed away now sold but the great Management Consultant did a lot of uh he was a contemporary Deming who was who wrote a lot of quality especially in Japan in the 70s and 80s famous work you should get the opportunity to go back and look at it if you're interested in business but and he talks specifically about things that you would need this is this is actually a treaty of about four uh or five articles and it's really a good read it's a little dated again it's about eight years old and you know things change the graphic but there's some really good premises like provide vision and resources hope and purpose to the organization right that is really important if you're going to start your own organization get it clear in your own head know what your own passions are and then make sure everybody else in contact like I'm doing with you know how important this is to you it starts right there and I would say the best way to participate is by doing you can analyze things until you know forever because it's still changing that it's so fascinating and then maybe that is you're going to analyze the markets like that CB pipeline did that that is a job so that itself becomes a passion so if you find that you know Point your string that's that's what you do turn the traditional hierarchy carrying it upside down when I I grew up I started throwing Johnson Johnson 240 000 employees astounded by a general from the Army so you want to talk about hierarchy anybody in ROTC you know what hierarchy is right the captain you know you know that right that's higher and that's why they were so famous and so well organized did so well through the 1800s and 1900s but the lack of the communication vehicles that we have today required a chain of command and that chain of command how to do disciplined but that's gone now plane feels flat you've seen the book The World is Flat well it's flat okay know the culture based on principles in the turbulent World well things are going to change around to stick to your core values and stick to who you are and what you want how you want to live your life as an example for others okay I mean communication is an underlying and unifying force tell me and I'll forget show me I may remember and involve me and I'll understand okay there's micro Interventional devices convertible surgery to minimally invasive surgery no sternogamy no cracking the chest no cardio pulmonary bypass will not pumping your blood out of your body you have to keep your own blood benefit shorter hospital and less pain okay that's our company and I just have a quick two-minute video to show you a did you have to click it for me to show you what it is instead of me talking about it I think you just click on it will Workforce I'm hoping did you hear the one about them the first step in percutaneous transcatheter structural heart repair procedure is the deployment of mid's promiseal access enclosure technology to create a self-sealing access site Into the Heart the proprietary anchors of the permeaseal device have been developed to create a secure attachment to the epicardial surface of the heart the anchors have a unique design incorporating a solid core with one flexible Barb the Barb hugs the solid core during deployment to enable myocardial penetration but bites into the tissue to resist retraction and ensure that the anchors cannot back out an operative window is created by the unique and proprietary elastic these days of the permissile device the v-stays connect the six polymer anchors creating the access point during the intervention and closing the access culture after the procedure has been completed due to their elasticity the v-stays expand and contract as the surgeon or interventionalist passes the catheters through the operative window a guide wire is first introduced through a needle inserted at the access site typically located near the apex of the lumped ventricle of the heart the Perma seal delivery device is fed over the guide wire to the epicardial surface at the access site when the device is fired the anchors penetrate the pericardium and myocardium on the heart anchoring the v-states to the surface of the heart the permissile device is then removed Over The Wire the sheath allowing access to the left ventricle of the heart is fed over the wire and through the operative window of the permissile access enclosure implant passage of the shoe through the operative window expands the purpose heel these days and allows access to the ventricle via the transaprical access site the Sheep is inserted Into the Heart from below providing a conduit to allow passage of intraoperative instrumentation to carry out various steps in a given procedure once the procedure is completed the sheath can be removed as the sheath and guidewire are removed from the heart it pass back through the operative window of the firm seal device all right thanks you know we we invested that yeah it doesn't exist it didn't exist right the group of us got together and said how are you going to solve this and we're passionate about it and we did it we didn't ask quickly or should we or how do we we did it just didn't and uh if you met the staff you'd find that they have that same inquisitive uh you know a youthful and nature that they had when they were 18 and they're in their 50s and 60s they haven't changed they you know they've kept that mentality of anything's possible you can dream it and believe it you can do it okay so we're we'll be we're coming up on two years so I want to just be accurate about this but uh and I'm sorry I'm only faxed to you but that we have offices in Langhorne Pennsylvania with just about an hour and 20 minutes south of here um and you know it's a little nod to uh Brian Hendrickson uh whoops I had like to point out that this facility is in Langhorne which is 10 minutes from Trenton and he was encouraging us to build up the Trenton building Trenton and the world will make it well we're 10 minutes away so yeah which may be hurting so we're happy to you know that this is a clean room environmentally controlled it can support 100 million dollars in the revenue we have an awesome news Comber to Tokyo and this is less than a year and a half and as far as can be done in Germany and uh clinical trials in approximately uh three weeks we're going to start a human trial so that's all been organized it's split you know in the wake of an eye on our time at the time so you and that may sound like a lot to you but I don't think when I've asked but if you may have heard the famous uh graduation uh commencement to speech by Steve Jobs at Stanford University and he he closed with a little cloak in the back of the whole birth catalog does anybody remember catalog some people okay thank goodness um that's part of that postgraduate stress injury but the steady on stay foolish right imagination is more important than knowledge Albert Einstein and the journey of a Thousand Miles begins with the first step so you may as well get to it thank you all very much for your time today