Taking surgical simulators from Merseyside to Tampa Bay – Elliot Street, CEO, Inovus Medical

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UKTN

Technology, Entrepreneur, Tech, Business, Hr, Sales, Uktech, Investing, Funding, Entrepreneurship, Marketing

5 • 6 Ratings

🗓️ 27 May 2024

⏱️ 28 minutes

🔗️ Recording | iTunes | RSS

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Summary

Elliot Street, CEO and co-founder of Inovus Medical, explains how surgical training simulators can help fix the shortage of qualified surgeons, explores how robotics will change the future of surgery, and shares advice on expanding to the US.

Founded in 2012, Inovus Medical designs and manufactures a surgical training platform that combines soft tissue models with digital overlays. The headset-free augmented reality technology provides haptic feedback for trainee surgeons to simulate a real-world environment. The company is based in St Helens, a town in Merseyside, England. Street says the town’s proximity to Liverpool and Manchester means it can access talent from across the North West, while coming with lower overheads.

In December 2023, Invous Medical opened its US headquarters in Tampa Bay, Florida. In this episode, Street shares tips for UK tech companies looking to expand across the Atlantic, from remote sales tactics to navigating cultural quirks. The expansion followed the company being crowned KPMG’s UK Tech Innovator, a competition to uncover fast-growth tech startups from across the country. Street reflects on how the competition opened doors for Inovus and shares some of the learnings, such as pitch deck advice.

Transcript

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0:00.0	Across the globe, we are missing or not doing 143 million surgical procedures that are required by patients.
0:14.0	Now, that is resulting in 1.5 million preventable deaths per year.
0:20.0	What we do as a business is we design 1.5 million preventable deaths per year.
0:26.9	What we do as a business is we design and manufacture surgical training technologies.
0:34.0	These are simulators for allowing surgeons to practice their skills in a simulated environment away from the patient bedside.
0:44.9	I would urge anyone that is looking to go into the US to build a system and a process around that market entry strategy.
0:50.8	From the first time founders to the funds that back them, innovation needs different.
0:56.5	Our episode partner, HSBC Innovation Banking, is proud to accelerate growth for tech and life science businesses,
1:04.0	creating meaningful connections and opening up a world of opportunity for entrepreneurs and investors alike.
1:10.6	Discover more at www.h.h.com InnovationBanking.com slash EN-GB.
1:21.6	Hello and welcome to the UKTM podcast, a weekly chat with the movers and shakers of the UK tech industry
1:28.1	and the destination for all things UK tech related. I am your host, Jane Wakefield, and joining me
1:34.2	this week is Dr Elliot Street, the co-founder and CEO of Inovus Medical, a firm which designs
1:40.6	and manufactures surgical training equipment. Welcome, Elliot. Hi, Jane. thanks so much for having us on. I'm really happy to be here.
1:47.0	Now, first of all, just talk me through what kinds of equipment it is that you're manufacturing.
1:53.0	Yeah, I'd love to. Before I do, if it's okay, I'd love to describe our mission statement as a business.
2:00.0	Sure. Because that will really inform us as to why we're
2:02.5	making these pieces of equipment in the first place. So Inervous Medical's mission is to become the
2:06.8	world's partner for surgical training. So that's a pretty ethereal sounding mission.
2:11.6	That's an ambitious target, but aim big. Well, what I describe to you what that actually is when we've achieved it will sound even
2:19.7	bigger. So when people say, well, what does that actually mean, guys?
2:23.3	Well, when we've achieved our mission, every surgeon in every specialty across the planet
	...

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