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

Identifying Key Elements for Establishing Sustainable Conventions and Exhibitions: Use of the Delphi and AHP Approaches

“…The model incorporates three main desired goals-attraction, image and branding, and community-and three planning and implementation processes of a hallmark event-marketing, organization and ownership, and sustainability [10]. On the other hand, the entrepreneur, resource, industry, and strategy (ERIS) model suggests that the success of startup businesses is determined by interactions among the following factors: entrepreneurs, resources, industry (market), and strategy [30][31][32].…”

The Influence of Local Economic Conditions on Start-Ups and Local Open Innovation System

“…Notably, both the use of modern technologies and creating product or service innovations with their use and acquiring qualified specialists from the labor market require involvement of considerable capital resources, both at the concept and execution phases. Therefore, one of the biggest obstacles in launching start-ups are financial barriers [49][50][51]. Access to external financing for start-ups in the form of the most popular bank loans is difficult due to the parallel occurrence of the following circumstances: Due to the above circumstances, the most common form of financing start-ups are business angels and venture capital [52][53][54][55][56][57].…”

Innovative Culture and Firm Performance of Medical Device Companies: Mediating Effects of Investment in Education and Training

“…The medical device industry in South Korea largely comprises small-and mediumsized companies (SMEs), which cannot exercise their self-sustaining power because they remain under political protection and have been negligent in their growth and development. The medical device industry belongs to small-scale multidisciplinary productionmultidisciplinary and convergence technology ventures in medicine and engineering, high-tech industries in SMEs, high value-added industries in technology-intensive industries, and future industries in the 21st century [1,2]. According to the Food and Drug Administration's report, in 2018, South Korea's medical device market, based on production amount and import and export, was KRW 6.8179 trillion (approximately USD5.86 billion).…”