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All You Need to Build a Company is Innovation and Passion



Build a Company is Innovation and Passion
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Founded in 2002 by Dean Irwin, RA Medical system is a company known for making some unique medical devices like a laser machine to treat cardiovascular diseases.

The reason for giving this company’s example was to justify that you won’t always need an investor to run or build a company. Ra Medical system is one example of it. What they did was that they bootstrapped the money required to build the company. Of course, it was self-funded initially, but innovation doesn’t seek an investor, they put out their idea on the internet and had been able to raise outside money.

Their innovation was to bring low cost and affordable dermatological devices, which usually comes at very high prices. And the profits were again invested in the company itself. And, that’s the beauty of a self-funded company, there is no one else to share the profits with.

They had to deal with different kind of issues like lack of funding (initially) and later one of the major obstacles was the sales or marketing. So, instead of applying high-cost digital marketing techniques, the major sales force and co-founder, Mellisa Burstein went door to door to pitch their idea and products with the doctors.

However, the usefulness of the product at a very low-cost was a plus point of her to get the attention of the doctors, although, she has not any medical degree to even make contact with doctors.

The devices developed by the company were usually high and weighted, and this is what she mentioned during one of her interviews. But she has her ways to deal with those problems. For example, she allowed the doctors to use the lasers and other medical devices on the spot-on patients to prove the effectiveness of their products. And this was of her many ways to make a sale.

Similarly, the weight of the devices was an issue for her to carry along with during every meeting with doctors. So, she took help from a local welder to get some customized vehicles along with her rented vans.

Usually, she would take the devices on her rented vans or sometimes even shipped the devices to a doctor for live testing on patients.

The point of this story is that nothing can stop you if you are passionate and want the things to work-out. An, there she was, a 27-year-old MBA woman with no medical degree, catching up doctors to doctor’s office in different cities.

In this case, the demonstration of the product worked very well for her and the company. Of course, if your product is innovative and you can get the attention of your targeted user to have a demonstration, you can certainly make the sale.

So, have you ever been faced with such issues while making the sale of your product/service, if you had, how did you manage to tackle them? Please let us know in the comments section below.

Chris is an American journalist, author, contributing editor to BuzzFeed. He was raised in New York, Canada, and Vermont, and attended New York University.

1 Comment

1 Comment

  1. Hitesh Sahni

    May 28, 2018 at 7:35 am

    Hey Chris, very nice write-up about the significance of passion and hard work in building a business. And I really liked how you anchored the product quality and demand in there, because just having passion without a product that a market really needs just won’t work.

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