Subject line: Describe what went right and what went wrong with this venture. Add in how you would fix the identified problems, if this was your company.
NeoMed Technologies developed a diagnostic device used for cardiac testing, and is headquartered in Ohio. They developed a CAD screen system to detect coronary artery disease. The company was founded in 2000 and is based in Cleveland, Ohio.
NeoMed Technologies was faced with a lot of difficult decisions at the beginning when it came to where their product would best fit and be most successful. They had developed a technology that could fit into many markets, but needed to choose a product path and market.
Their continued challenges occurred due to the changes in the market…show more content… Despite the added cost of the HeartCheck EBCT test, they were seeing success in the market.
One strategy change I would’ve considered early on was not applying all resources of their technology into one area.
NeoMed Technologies should’ve considered applying their initial product development to the technology of screening for drugs, drug delivery applications or detecting cancer. These areas would’ve possibly allowed for a quick to market product, without the additional approvals, quality standards applied in the medical equipment space, and FDA approvals needed. Bringing a simpler product to market first could’ve brought in revenue to fund the long-term product focus of a CAD screen system. The profits from a drug screening or drug delivery product could’ve assisted in funding their long-term product focus, they missed an opportunity to develop a quick revenue steam.
In addition, NeoMed Technologies could’ve seen success early on in the Homeland Defense space, for detection of nuclear weapons, or dirty bombs. With the shift later in Venture Capital funding opportunities, they could’ve experienced success in this area as well.
Bottom-line, they put all their eggs in one basket; they failed to have a backup product to develop a quick revenue stream to further fund their long-term goal. However, without a crystal ball that was a difficult decision.
There were clear signs of shifts in