Case Study 11 NeoMed Tech. page 511
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 direction of venture capital opportunities and the funding available, all due to changes in the economy at that time.
Due to the lack of funding, and a continued decline in Venture Capital funding along with a downturn in the economy; I believe had the economic situation been different at the time when they needed venture capital funding, the would’ve faced less challenges.
The management team and Board of Directors were selected carefully and all had the experience and the background needed for success in the product market space.
NeoMed Technologies had a strong business plan, and had conducted extensive research in initial planning stages. I believe based on the reading materials in this chapter; they did all the right things in the planning and early development stages.
Although NeoMed Technologies had to contend with big name competitors and major players in the diagnostic and imaging market such as GE Medical and Philips, also located in the Ohio region; their strategy to be headquartered in Ohio was a sound decision.
However, they should’ve investigated further in the opportunity to obtain venture capital funding outside of the Ohio region.
Perhaps they could’ve spent more time studying competitive business cases of
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 direction of venture capital opportunities and the funding available, all due to changes in the economy at that time.
Due to the lack of funding, and a continued decline in Venture Capital funding along with a downturn in the economy; I believe had the economic situation been different at the time when they needed venture capital funding, the would’ve faced less challenges.
The management team and Board of Directors were selected carefully and all had the experience and the background needed for success in the product market space.
NeoMed Technologies had a strong business plan, and had conducted extensive research in initial planning stages. I believe based on the reading materials in this chapter; they did all the right things in the planning and early development stages.
Although NeoMed Technologies had to contend with big name competitors and major players in the diagnostic and imaging market such as GE Medical and Philips, also located in the Ohio region; their strategy to be headquartered in Ohio was a sound decision.
However, they should’ve investigated further in the opportunity to obtain venture capital funding outside of the Ohio region.
Perhaps they could’ve spent more time studying competitive business cases of