50% of small businesses don't make it to 5 years. And medical device startups like the ones Avio serves have an even higher failure rate.
We count ourselves fortunate to have made it 5 years radically advancing the medtech development process with 100+ client partners.
What's next?
Doing more better.
First, it's worthwhile to pause and reflect. It's easy to get caught up in the day-to-day grind and not reflect on what has been learned or accomplished. Here are 5 reflections on 5 years.
1) There is a better way
Avio started to bring a better way of consulting with startups. We call it being "your co-pilot." You're flying the plane (running the company), and we are next to you as your co-pilot. If there is turbulence, we feel it. Something goes wrong; it goes wrong for us, too.
That has meant continuous learning, building templates and automations, and driving cost and time out of projects - then sharing with you (and all future client partners).
2) Costs can be lower
A lot of cost in the startup journey reflects compromises and ill-formed decisions early on. But too often early-stage companies don't have the resources to do it "best practice" from day one. Avio has made different decisions about business structure so we can take out costs, make projects modular, and avoid the compounding effect of early mistakes.
3) Being cheap is expensive
Conversely, being cheap now ends up being expensive later. We'll never try to be the lowest cost. We'll always try to be a startup's best cost-to-output ratio. Our team gets it. They've had to make those decisions, and they get that the "runway" is only so long. So, what do we do? We give advice as if it were our own company - which sometimes means suggesting you spend money with someone else, not us, because that will best advance the business.
4) Trust is the real currency
Working with startups means little to no room for error, which is hard if both parties aren't transparent and open about nearly everything. We've heard from many founders about how they were taken advantage of and found it hard to trust again. There is no easy answer, only hard work to build and keep trust.
5) Innovators can't be stopped
Startups are hard. Its lonely, failure rates are high, money is tight, fundraising is slow, finding the right vendor/partner/employee is fraught with risk.
And yet you do it anyway!
We get it. Avio was founded by your peer, a medtech entrepreneur, for medtech entrepreneurs. Avio is built to meet you where you are.
About Avio Medtech Consulting
Medtech is not like other industries. The discipline required to design a product, assure quality, meet regulatory requirements, and get to market leaves no margin for error. There is no pivot to a new use if something goes wrong. You start over.
Avio provides the expertise, structure, and support to turn an idea into a successful product, and an entrepreneur’s dream into a business. Our team has the full range of skills required to complement your team, filling the gaps or providing the services that a start-up or growing company needs infrequently.
Startups are hard. We get it. Avio was born in the startup trenches. Founded by a medtech innovator, for medtech innovators, we understand the unique challenges you face. Let us leverage our firsthand experience to accelerate your journey to market.
It will never be easy or stressless, but it can be easier and less stressful.
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