We are ready to fly
After 8 months of preparation, Coopmed was finally established on August 20, 2020. Now, we can get in closer dialogue with relevant MedTech start-ups and support the ones that share our view on one of the main reasons for the low success rates. Reasons that also explains the reluctance of private, public, and venture investors to engage in MedTech.
Looking at the success rates of Life Science start-ups, in general, is not very encouraging, the statements and statistics vary from 1 in 10 to 1 in 100 or even less. A reason for the diverse picture is that the definition of success varies. Is it a success if you break-even and can pay your bills, is it a success if investors get their investment back 2 or 10-fold, or do you need to create a blockbuster according to the pharma definition?
To find consensus is not likely to happen, as the investment to break-even or succeed also varies a lot. Pharma requires a lot, but you can enter and leave your startup after phases 1, 2, or 3. You do not need to establish a full-blown company. In MedTech you do. If you are not able to build a company show proof of sales at a reasonable level, you are likely to fail.
We focus on MedTech and Medical Devices, only.
Our mission is to ensure more strong innovations reach the market and helps patients in need, by supporting MedTech startups commercializing their innovations. The MedTech industry is rather risk-averse, and in my experience, you should not expect they are ready to invest or acquire your company before proof-of-sales at a level of typically EUR 10-20 million. Then they know they can multiply that sales level at a factor 5-10, using their large salesforces with minimum risk-taking.
Our vision is to help startups through this valley-of-death, do the actual sales job for the most innovative startups, make them successful, and create jobs.