Week 8 – Let’s Shock the World

Hope all is going well.  We are heading toward one of my favorite times of the year in the northeast, which is fall.  The air gets crisper and trees are turning from green to a colorful palette, looking like a painter’s canvas.  This is a busy time of the year at the business as people are getting back from summer vacations and begin to dig into work that was delayed or put off.  My main objective over the past month focused on moving and growing the business, with working on the technology taking a backseat.  Luckily, we have a great team in place that can move the research and manufacturing along without me taking the lead.  As you know over the years that I’ve been writing this blog, I really enjoy getting involved in all aspects of technology development.  That being said, I know that my work on the business side is a necessary “evil” and that the business will not advance without working on strategies for fundraising, building the businesses and maintaining as well as growing new connections. 

Doing this type of work requires lots of Zoom or Teams meetings, sending emails to follow up with people we’ve reached out to, making and modifying PowerPoint presentations for scientific, business and fundraising meetings and looking to network with new individuals or companies where we believe our technology could be useful for their applications.  It feels like some days that I am molded to my office chair.  If you look at my calendar, I spend most of my time chasing people.  Our team always kids me as to how many people I follow up with every day.  I am always appreciative when I come across what I call a “do-er.”  These people are so rare, maybe 1 in 100 interactions.  Most people I deal with talk a good game, but there is rarely follow-up or movement toward success.  It is really refreshing to work with a do-er as you don’t have to follow up with them.  They are on top of their game.  They will provide you with the truth, which could bring good or bad news.  I would much rather have this as you know where you stand versus being strung along for a long period of time.  I was fortunate to meet and work with a couple of do-ers this month.  We are making good ground already and I ultimately look forward to seeing where these discussions go.           

Working through these days makes me appreciate any time that I am able to spend on the technology.  At the end of the September, I was able to attend the BioInterface meeting in Arizona with Nate and Rayan from our team.  This meeting traditionally focuses on medical device-related topics.  Rayan’s work related to our Bio-Spun™ Cell Chamber was selected for poster presentation.  Nate focused on meeting with attendees with the goal of generating some business for the company at our booth.  I was selected to be a podium presenter, with my talk focusing in on data related to our Bio-Spun™ materials that we have generated over the past 22 years.  A majority of my time, as I previously mentioned, is business-centric so being able to get out and present science reminds me of why I love what I do.  It is always nerve-wracking to present but it is well worth it.  I really enjoy talking about what we do and why we believe it can be a game-changer.  I also enjoy listening to the other presenters, learning about their technology.  I see some new technologies as well as some that I had worked on over 30 years ago, which are being seen as new.  Science, like fashion, seems to be cyclical so older research becomes new again.

Which brings me to the title of this week’s blog.  As I was listening to the different technologies being presented, I started to think about what we (I will include our technology in this as well) are up against.  Many of the current medical device companies are okay staying with the status quo.  The materials that comprise these devices have been around for decades.  For artificial arteries, for example, the materials that make these devices have been used since the 1960s.  There has been limited innovation.  There is a disconnect between the business leadership and the scientists/engineers.  Companies get comfortable making money, even though there could be improvements to reduce complications.  The scientist and engineers focus on making devices better but without money from the business leadership, they are limited in terms of progress.  Therefore, many companies are not willing to take risks.  You want to say to them, take a chance to evaluate new technologies such as our Bio-Spun™ materials.  Let’s shock the world! 

I am hopeful, based on the meeting discussion and speaking with different companies, that there could be a shift in just using over 60-year-old technology.  When we were at these meetings 10-15 years ago, there were not many groups electrospinning.  This year, there were at least 4 groups.  While some people would view this negatively, I believe it shows that electrospinning is becoming a mainstay, which will only serve to advance our technology into various areas.            

We are planning to share some exciting news soon related to our benchtop tools (what we call our In Vitro Research Tools or IVRT products).  We continue to grow this business and this opportunity, we believe, will only help to really expand this product line.  More to come!

Matt