While doing some research on medtech M&A, I stumbled across this video of Lessons Learned by Fred Khosravi. Along with his partner, Amar Sawhney, they has founded some 12 medical device companies. Of these, they have exited 7, to the tune of $1.8 Billion exit value. (They are both managing partners at Incept LLC – I was lucky enough to meet Sawhney while he was a panelist at AdvaMed 2012).
Here are the lessons that Fred discusses in the video (and valuable insights to any entrepreneur):
- Do something meaningful – your entrepreneurial venture should be about creating something that’s going to matter. This motivates and builds world-class teams. It goes way beyond just working for a financial reward.
- Build to last – be able to look back at what you did, maybe 15 years or more, and say “I worked on that.” Quality matters. Even if you plan to sell you company sometime soon, do what you can to make something that will last.
- Make the mission bigger than just you – this links into the first point. Do something where the goal is much bigger than just you. If you do something worthwhile, you’ll do just fine out of it. As Fred puts it a “rising tide raises all boats”.
- Fail your way to success – Fred mentions this as a way to cultivate entrepreneurs. So, its maybe not a lesson per se (i.e. don’t plan to fail), but embrace the lessons that come through failure, and recognize it as a stepping stone.
The lessons sound simple enough (though simple doesn’t mean easy). But these are something we can all aspire to.
by Raman Minhas