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What Are the Features of Successful Medical Device Start-Ups? Evidence from KOREA

Author

Listed:
  • Munjae Lee

    (Department of Medical Device Management and Research, SAIHST, Sungkyunkwan University, Seoul 06351, Korea)

  • Sewon Park

    (Department of Medical Device Management and Research, SAIHST, Sungkyunkwan University, Seoul 06351, Korea)

  • Kyu-Sung Lee

    (Department of Medical Device Management and Research, SAIHST, Sungkyunkwan University, Seoul 06351, Korea
    Department of Urology, Samsung Medical Center, Sungkyunkwan University School of Medicine, Seoul 06351, Korea)

Abstract

This study analyzes the factors determining the success of medical device start-ups, focusing on the healthcare sector as the starting point of the Fourth Industrial Revolution. The government is also working to establish a business model to revitalize medical device start-ups as a new driving force for the economy. Accordingly, such start-ups based on innovative technologies have been actively developed, but it seems that there is a limit to growth. We employed an analytical hierarchy process to derive an activation strategy for medical device start-ups. A survey was administered to experts in such start-ups, including medical device companies and venture capital firms, prospective start-up entrepreneurs, medical device developers, and professors. A total of 18 responses were obtained for analysis. The results revealed the following priorities for the success of medical device start-ups: technical skills, marketability, entrepreneurial capacity, and funding. In addition, medical device and venture capital firms were divided into separate groups and compared and analyzed. Technical skills are considered a priority for those in the medical industry. However, entrepreneurial skills are a priority for venture capitalists. Based on these results, we suggest measures for the success of medical device start-ups.

Suggested Citation

  • Munjae Lee & Sewon Park & Kyu-Sung Lee, 2019. "What Are the Features of Successful Medical Device Start-Ups? Evidence from KOREA," Sustainability, MDPI, vol. 11(7), pages 1-17, April.
    • Handle: RePEc:gam:jsusta:v:11:y:2019:i:7:p:1948-:d:219169
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    2. Petra Marešová & Lukáš Peter & Jan Honegr & Lukáš Režný & Marek Penhaker & Martin Augustýnek & Hana Mohelská & Blanka Klímová & Kamil Kuča, 2020. "Complexity Stage Model of the Medical Device Development Based on Economic Evaluation—MedDee," Sustainability, MDPI, vol. 12(5), pages 1-27, February.
    3. Jeong-min Ryu & Sewon Park & Yoonseo Park & Jeongwon Park & Munjae Lee, 2021. "Innovative Culture and Firm Performance of Medical Device Companies: Mediating Effects of Investment in Education and Training," IJERPH, MDPI, vol. 18(17), pages 1-14, August.
    4. Straker, Karla & Peel, Sean & Nusem, Erez & Wrigley, Cara, 2021. "Designing a dangerous unicorn: Lessons from the Theranos case," Business Horizons, Elsevier, vol. 64(4), pages 525-536.
    5. Cosmina Lelia Voinea & Marcel Logger & Fawad Rauf & Nadine Roijakkers, 2019. "Drivers for Sustainable Business Models in Start-Ups: Multiple Case Studies," Sustainability, MDPI, vol. 11(24), pages 1-25, December.

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