Who is your network?

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We recently attended a series of events in Singapore, focused on small and medium enterprises (SMEs) in medtech and start-ups from around the world. One forum was sponsored by the German-based Institute for Advancement of Micro-Technology (IVAM), which supports businesses of all sizes.

Most companies would be considered a Mittelstand (German for the typical small- to medium-sized businesses that drive the German economy). By participating in this network, IVAM members receive support and resources beyond their means. Support can be as simple as a fellow business leader to act as a sounding board for current events and high-level plans. In other instances, IVAM advocates for the industry and may also provide marketing and market opportunities for members.

Another event we attended was created by Asia Pacific MedTech Association (APACMed) for SMEs and startups located in Asia Pacific, a sibling to the U.S. Advanced Medical Technology Association, AdvaMed. Facilitating growth in the medtech industry, APACMed understands there is a better ecosystem for everyone if companies of all sizes have an environment to thrive. Therefore, they create access to resources across the spectrum – governmental, regulatory, corporate, and financial.

As we participated in (and led) conversations at both events, we were encouraged by the depth of medtech entrepreneurs and the breadth of industry resources available for support. These companies benefit from developing available resources in the medtech ecosystem.

And the good news is that you don’t have to go all the way to Asia or Europe to find similar industry resources. There are also support groups and associations in North America.

One key event is AdvaMed’s The MedTech Conference, which took place in September. This meeting provided excellent networking possibilities and important industry information. If you missed this event, AdvaMed has ongoing opportunities and resources for companies of all sizes all year long.

Additionally, the MedTech Innovator program provides startup medtech companies access to key executives at strategic industry companies. Besides the possibility of connecting with additional funding options, this program provides insight and feedback to emerging technology companies during the early phases of development.

Whatever your size and wherever you are located, it’s a positive trend that the medtech, dentaltech, and biotech industries continue to expand the base of available resources for companies of all sizes.

As you think about your upcoming plans for 2019, think about how you can connect and plug into these available networks to benefit you and your organization.

While you have the accountability to grow your business, this industry is growing and is willing and ready to support you if you put in the effort to connect. You don’t have to go it alone. You can build a bridge to a future where your associations contribute to your success. Happy networking!

MedWorld Advisors
http://www.medworldadvisors.com

The MedTech MindSet is a monthly column that discusses today’s opportunities in the medical industry. Florence Joffroy-Black is a long-time medtech M&A and marketing expert with significant experience in the medtech industry and is now the CEO of MedWorld Advisors. She can be reached at florencejblack@medworldadvisors.com. Dave Sheppard is a former medical OEM Fortune 500 executive and is now a principal at MedWorld Advisors. He can be reached at davesheppard@medworldadvisors.com.