Medical Device Company

8 Tips For Starting A Successful Medical Device Company (2024)

Pat Walls

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Updated: January 19th, 2023

Want to start your own medical device company? Here are some tips you should know:

Learn more about starting a medical device company:

Where to start?

-> How much does it cost to start a medical device company?
-> Pros and cons of a medical device company

Need inspiration?

-> Other medical device company success stories
-> Marketing ideas for a medical device company
-> Medical device company names

Other resources

We've interviewed thousands of successful founders at Starter Story and asked what advice they would give to entrepreneurs who are just getting started.

Here's the best advice we discovered for starting a medical device company:

#1: Amy Baxter MD, founder of Pain Care Labs a dba of MMJ Labs:

We chatted with with Amy, founder of Pain Care Labs a dba of MMJ Labs ($208K/month). In our interview, Amy says:

Finding people who can sniff out opportunities and create processes with a disruptive platform are rare.

Read the full interview ➜

#2: Amy Baxter MD, founder of Pain Care Labs a dba of MMJ Labs:

We chatted with with Amy, founder of Pain Care Labs a dba of MMJ Labs ($208K/month). In our interview, Amy says:

One lesson I’ve learned is there is no big moment. So many people expect to hit a tipping point, one big TV appearance, or some other milestone after which the business gets easy.

Read the full interview ➜

#3: Diana Hall, founder of ActivArmor:

We chatted with with Diana, founder of ActivArmor ($42K/month). In our interview, Diana says:

One important thing I’ve learned is that “what you need controls you.” So limit what/who you need, or are dependent on.

Additionally:

If you don’t do this marketing insights work, you’ll waste a lot of time and money finding out what you THINK will work, but doesn’t.

Read the full interview ➜

#4: Amy Baxter MD, founder of Pain Care Labs a dba of MMJ Labs:

We chatted with with Amy, founder of Pain Care Labs a dba of MMJ Labs ($208K/month). In our interview, Amy says:

If someone doesn’t bother finding out why what you do matters, you may not want to bring them into the uncertainty and intensity that is a small business.

Read the full interview ➜

#5: Amy Baxter MD, founder of Pain Care Labs a dba of MMJ Labs:

We chatted with with Amy, founder of Pain Care Labs a dba of MMJ Labs ($208K/month). In our interview, Amy says:

Our low back pain device reduced pain by 57% in a pilot.

Read the full interview ➜

#6: Dr. Adam Kaplan, founder of Arcus Orthotics:

We chatted with with Dr., founder of Arcus Orthotics ($/month). In our interview, Dr. says:

Find ways to promote yourself that don’t necessarily involve money and make sure your price point is spot on with the market and competition so you don’t need to re-work your strategy a few months in.