Israel is a global leader in medical technology, despite its small size. Its power stems from each individual's and team's distinct cultural DNA.
FREMONT, CA: The development of novel medical items is difficult regardless of where one lives on this planet. While savvy entrepreneurs, identifying an unmet need, and implementing revolutionary technologies are all critical, they are not necessarily sufficient to overcome the obstacles encountered on the path to creating a successful firm.
Israel is a global leader in medical technology, despite its small size. Its power stems from each individual's and team's own cultural DNA and their capacity to approach a challenging challenge from an entirely new angle.
Israelis are renowned for their elegant problem-solving style, and thus, while each team may have a distinct color, they are all ultimately one very well-oiled machine working in unison toward the same goal.
Most unique and groundbreaking goods must be cleared by the United States Food and Drug Administration (FDA) through a process that often needs substantial clinical data. Clinical trials for a breakthrough medical product involve creative thinking and outstanding cooperation across multiple disciplines. In a Med-Tech startup, a diverse team may include clinicians, engineers, biochemists, data scientists, and regulatory specialists. Individuals that comprise this diverse group do not necessarily "speak the same language." It takes time and effort to establish a common language and optimize communication channels and processes.
Why do Israeli entrepreneurs thrive while others fail? Israelis possess the perseverance and determination necessary for success in acquiring the requisite common language. This is driven by the utmost imperative of achieving each company's objectives.
Individuals who choose to work with startups have a similar passion for innovation. Israelis intend to accomplish this goal through tight teamwork and sheer determination. Israelis are renowned for their willingness to step outside their comfort zone to achieve goals. This vitality, drive, and passion foster adaptability and inventiveness, critical components of a successful startup.
Additionally, Israelis are renowned for their ability to communicate plainly (even when confronted with the "elephant in the room"), to admit mistakes, learn from them, and pursue pragmatic solutions. This conduct and thinking enable long-term success and improvement. People understand that each fall advances them closer to their ultimate achievement goal regardless of how difficult it is.
It is vital to stay in it for the long haul to succeed. Every Med-Tech startup understands that transitioning from concept to FDA-cleared product requires long-term thinking and the willingness to persevere. MeMed is an excellent example of this type of startup.
A cross-functional team's synergy is critical to overcoming obstacles encountered on the path to positively impacting patients' lives through professionalism and teamwork.