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

Munjae Lee, Sewon Park and Kyu-Sung Lee
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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

Sustainability, 2019, vol. 11, issue 7, 1-17

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.

Keywords: medical device industry; medical device start-ups; start-ups; success factor; Korea; analytical hierarchy process (search for similar items in EconPapers)
JEL-codes: O13 Q Q0 Q2 Q3 Q5 Q56 (search for similar items in EconPapers)
Date: 2019
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (5)

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