Join Spencer Jones as he sits down with Brad Shirley, Founder and Principal of DCMS Solutions, to explore the nuances of medtech innovation both within large corporations and startups. Drawing from his extensive experience at Cook Medical, Cook Regentec, and Maruho Medical, Brad shares invaluable insights on navigating product development, managing R&D teams, and driving successful innovation in different organizational contexts.
In this episode, we break down:
Corporate Innovation vs Startup Agility
→ Challenges of innovating within large corporate structures
→ How Cook Regentec operated as an innovation incubator
→ Balancing corporate advantages with startup speed
→ Managing relationships between incubator and parent company
R&D Leadership and Capital Stewardship
→ Strategies for managing R&D budgets effectively
→ Importance of being good stewards of capital
→ Prioritizing projects and making tough decisions
→ Focusing on critical features in product development
Customer Discovery and Market Validation
→ Leveraging corporate networks for customer access
→ Different approaches for startups vs large companies
→ Building relationships with sales representatives
→ Strategies for effective physician engagement
Product Management Excellence
→ Transitioning from engineering to product management
→ Cross-functional leadership and relationship building
→ Career growth opportunities in product management
→ Balancing technical and business responsibilities
Quality Systems and Innovation
→ Managing quality requirements in different environments
→ Streamlining documentation processes
→ Building appropriate quality systems for different stages
→ Balancing innovation speed with compliance
Best Quotes:
"It's like I want to go stay in the in-laws' mansion but I don't want them to be there... like I want to take the good, leave the bad." - On managing corporate relationships in innovation
"As my 10-year-old would say, let them cook... you've already got the green light, let them go." - On empowering development teams
"First dollars are way harder than last dollars. Getting to the 50-yard line on your fundraising opens up all sorts of opportunities."
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FIND BRAD SHIRLEY ON SOCIAL
LinkedIn: https://www.linkedin.com/in/brad-shirley/
DCMS Solutions LinkedIn: https://www.linkedin.com/company/dcms-solutions/
Website:https://dcmssolutions.com/
FIND SPENCER JONES ON SOCIAL
LinkedIn: https://www.linkedin.com/in/spencer-jones-5a008672/
XO Medtech LinkedIn: https://www.linkedin.com/company/xo-medtech
Episode Timestamps:
0:00 - Introduction and Brad's Background
5:00 - Corporate Innovation and Cook Regentec
12:50 - Managing R&D Budgets and Resources
23:00 - Customer Discovery Strategies
27:00 - Product Management Journey
31:00 - DCMS Solutions and Future Plans
