I absolutely believe that the marketing/advertising is targeted towards specific demographics, especially on platforms or TV programs. TV is one of the main ways that advertising is done, basically the most common one at least up until the 2010s. The…   Read more»

Personally, I do not see a huge correlation between the colors of devices in terms of medical devices and their branding. Although, you can say that color does have an impact slightly on the marketing. For example, more neutral colors…   Read more»

If I were to change career paths but stay in the same industry, I would definitely go into medical sales. Although marketing is appealing, it is not as interactive in terms of company-consumer interactions and I believe, from what I…   Read more»

The two fields of marketing and advertising operate in tandem yet they perform distinct functions because marketing handles strategic planning and advertising executes the plans. The two fields of biotechnology and medical devices require exact audience targeting to achieve successful…   Read more»

Storytelling stands as the main sales and marketing tool because it develops emotional customer connections through stories instead of using only logical approaches. A good story turns a product into an experience and a brand into something people can relate…   Read more»

Engineers working in different organizations decide to enter sales or marketing roles when they want to advance their careers past their technical expertise. It’s less common to see the reverse, since engineering requires specific technical qualifications, while sales and marketing…   Read more»

For long-term goals in order to remain an established company, going public is almost a requirement in my mind. A private company when it goes public should hit the ground running. As in, the company should already have some momentum…   Read more»

I’m much more partial to the smaller company for employment. I’ve had multiple internships, two with a large company and one with a company of 30 people. I much preferred the company of 30. The pay wasn’t as high but…   Read more»

I think private would be preferable, as it allows the direction of the company to be defined by the company and its higher ups rather than let the public steer the direction of the company. I believe that having the…   Read more»

Negative cash flow is definitely more influential than profit itself when evaluating when companies fail. Getting to a negative cash flow indicates numerous poor financial decisions; it is never the result of one mess-up. A medical device can remain unprofitable,…   Read more»

I think thats a great through, and It’s something I’ve never considered before. I think for the purposes of starting a new company, an MBA may be extremely helpful to lean about things noght taught as an engineer, however, I…   Read more»

As many others have said, LLP is not the best choice to start a business, and definitely not a good choice at all for a medical device company. You would need full trust in your partners for a LLP for…   Read more»

I think an engineer or scientist can absolutely start a successful business without an MBA. While business school offers useful connections and credibility, most of what you need to run a company can be learned through experience, mentorship, and self-study….   Read more»

One critical factor which could be overlooked with “extremely” innovative technologies would be the payback period. Payback period is the length of time estimated to break even from the development of a project. Tracking this period of time is important…   Read more»

If a father owns a sole proprietorship and wants his two sons to continue the business, he would need to restructure it since a sole proprietorship cannot be transferred to others. One option would be to close the sole proprietorship…   Read more»

I think most engineering students could benefit from learning a bit more about the business side of things. The engineering management class does a nice job introducing project management and basic economics, but it only scratches the surface. Once you…   Read more»

A sole proprietorship is tied directly to one person aka the owner. So when that person wants to pass the business to someone else, it can’t just be simply handed over. The business would technically end when the owner steps…   Read more»

I believe that being a private company does generally allow for far more freedom for the company as others have said. However, as you pointed out, when transitioning from public to private, the buyers will finance that buy with debt…   Read more»

I would say that having general business class that engineers need to take can be very vital as everyone at one point will have to deal with some sort of topic in business throughout their career. By having this better…   Read more»