Activity

  • Participation, the fifth P of marketing, is crucial when marketing a product. You need to engage your potential client(s). At Sloan we actively market are medical devices and we will meet with companies and have the surgeon explain the unmet need that the medical device solves present a pitch deck and, show the company how the medical device works. I think that having the element of Participation allows the company to get a better understanding of the product and allows for @bb254 mentions an opportunity to network and to obtain feedback which can be helpful. If you receive the same feedback from multiple companies you can make sure you address any concerns that are mentioned so that you are able improve/enhance the product. Our end goal at Sloan is usually to just out-license the device directly to a larger /mid-level device company. So the 5th P is very important be we are looking for a potential licensee that will move the technology forward so we must engage the company and allow them to really participate with the inventors/surgeons so that they are able to assess the value of the product we are pitching and it increases the likelihood that we will license MSK’s proprietary medical device technologies if we actively market and engage with the potential licensees .It also affords us the opportunity to make new connections and even if they end up passing on a technology, we’ve made a connection, so they can comeback to us in the future if they are looking for a particular type of technology for their portfolio.