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Article

What Are the Features of Successful Medical Device Start-Ups? Evidence from KOREA

by 1, 1 and 1,2,*
1
Department of Medical Device Management and Research, SAIHST, Sungkyunkwan University, Seoul 06351, Korea
2
Department of Urology, Samsung Medical Center, Sungkyunkwan University School of Medicine, Seoul 06351, Korea
*
Author to whom correspondence should be addressed.
Sustainability 2019, 11(7), 1948; https://doi.org/10.3390/su11071948
Received: 22 February 2019 / Revised: 25 March 2019 / Accepted: 26 March 2019 / Published: 2 April 2019
This study analyzes the factors determining the success of medical device start-ups, focusing on the healthcare sector as the starting point of the Fourth Industrial Revolution. The government is also working to establish a business model to revitalize medical device start-ups as a new driving force for the economy. Accordingly, such start-ups based on innovative technologies have been actively developed, but it seems that there is a limit to growth. We employed an analytical hierarchy process to derive an activation strategy for medical device start-ups. A survey was administered to experts in such start-ups, including medical device companies and venture capital firms, prospective start-up entrepreneurs, medical device developers, and professors. A total of 18 responses were obtained for analysis. The results revealed the following priorities for the success of medical device start-ups: technical skills, marketability, entrepreneurial capacity, and funding. In addition, medical device and venture capital firms were divided into separate groups and compared and analyzed. Technical skills are considered a priority for those in the medical industry. However, entrepreneurial skills are a priority for venture capitalists. Based on these results, we suggest measures for the success of medical device start-ups. View Full-Text
Keywords: medical device industry; medical device start-ups; start-ups; success factor; Korea; analytical hierarchy process medical device industry; medical device start-ups; start-ups; success factor; Korea; analytical hierarchy process
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MDPI and ACS Style

Lee, M.; Park, S.; Lee, K.-S. What Are the Features of Successful Medical Device Start-Ups? Evidence from KOREA. Sustainability 2019, 11, 1948. https://doi.org/10.3390/su11071948

AMA Style

Lee M, Park S, Lee K-S. What Are the Features of Successful Medical Device Start-Ups? Evidence from KOREA. Sustainability. 2019; 11(7):1948. https://doi.org/10.3390/su11071948

Chicago/Turabian Style

Lee, Munjae, Sewon Park, and Kyu-Sung Lee. 2019. "What Are the Features of Successful Medical Device Start-Ups? Evidence from KOREA" Sustainability 11, no. 7: 1948. https://doi.org/10.3390/su11071948

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