Stanford Entrepreneurship Videos

Yock suggests that entrepreneurs pick a big idea. He gives an example of the smart needle. Pay attention to market assessment; time is a valuable resource, he adds.

Yock talks about the Biotech bay - the other Silicon Valley, and how the products offered are based on the science of genetics. Medtech focuses on instruments, equipments, and is not a trivial market sector, he says. The Bay has titans like J&J, Guidant, and Boston scientific, for example. There is significant start up funding into the Medtech sector. Half to two thirds of venture funding for Medtech goes into Northern California, he adds.

Yock's final suggestion comes from Wayne Gretzky. How is he so successful? Gretzky knows how to go where the puck will be, he says.

Yock talks about his company and his experience with the FDA and a Norwegian government official who approved their technology very quickly.

Yock emphasizes how dynamic the stent market is because the numbers are just so big.

Yock declares that the key is to identify needs correctly. He suggests that one finds an area of strong consensus among thought leaders--and then do something different.

Yock talks about a group of people called interventionists who train in catheter techniques. This requires a different set of skills. One of the trends recently is for surgeons to cross train, he says.

Yock talks about the interface between the universities and the industry. He talks about the rich MedTech environment at Stanford and other universities.

Yock talks about how over the years the technology improved and the problem of re-narrowing of blood vessels could be addressed. He shares the reasons of this re-narrowing - the blood vessels shrink. He further discusses the solution that he and other doctors have employed.

Yock states that the best pathway has been the start-up. The best platform-shifting comes from these companies. Get some angels and venture companies to back you and then you're good to go, he says.

According to Yock, physicians characterize needs. Half of the medical inventions depend upon characterizing needs well, he says.

Yock focuses on cardio vascular disease, which is a very profound disease - it is the # 1 killer in the western world. About half of all Medtech companies have to deal with cardio vascular diseases, he says.

Hawkins does not believe there is a single model for an entrepreneur. Each entrepreneur is unique in their own way, he says.

Hawkins talks about the complicated negotiations with 3COM for the spin off of Palm. Discussions lasted five months and involved investment bankers and board members. Five different proposals were presented to the CEO, including spinning off Palm two years in the future. However, the final decision involved no doors banging, and no storming out of offices. All said and done, Jeff Hawkins did not want to start a company.

It helps to have experience under your belt before you start your own business, says Hawkins. You ought to have experience working for a good management team and give yourself time to have great mentors. You also have to learn to manage growth and success and how to deal with and anticipate bad times. In Hawkin's experience, the vast majority of people that start companies and do so successfully have had past experiences that helped them.