At the LSI USA ’24 panel titled cultivate(MD): From the Kernel of an Idea to Harvesting an Exit, the team at cultivate(MD) and its portfolio companies showcased how they harness their network and expertise to accelerate growth and drive medtech market access. Led by Dr. Sean Churchill, managing director of cultivate(MD), the discussion highlighted the power of collaboration and strategic insights in building successful ventures.

With its physician-led team and extensive network, the fund has played a critical role in helping early-stage medtech companies navigate the path from concept to commercialization.

The Power of Network-Driven Medtech Market Access

David Blue, Chief Customer Experience Officer of Shoulder Innovations, shared how attending LSI USA changed the company’s trajectory. “We pitched at this conference, and at the end of our presentation, a distinguished gentleman, who we later found out was Jonathan, gestured for us to follow him. That meeting led to $22 million in funding and set us on a path to tremendous growth,” Blue said.

Robert Ball, CEO of Shoulder Innovations, elaborated on the impact of the fund’s support. “It’s amazing to think about the momentum we’ve built since 2020,” he said. “Back then, we were probably still in the hundreds of thousands of revenue. Now, Shoulder Innovations is running at about $35 million in annual revenue.”

For cultivate(MD), the strength of the network goes beyond funding. Nathan Estruth, Chair of the Cultivate MD Funds Advisory Board, emphasized the fund’s collaborative culture. “We’re not just investors; we’re a family of innovators,” Estruth said. “The cultivate ecosystem allows companies to share tools and insights, helping each other grow.”

Michael Gardner, Co-Founder and CEO of NSite Medical, underscored the importance of these connections. “We had a vision of what we wanted to create, but the process of taking it through the FDA was complex, and I had no idea what it was going to take,” he said. 

Portfolio Companies Making an Impact

The panel featured insights from several cultivate(MD) portfolio companies, demonstrating how the fund’s guidance has driven success.

Berk Tas, President and CEO of SentiAR, shared how cultivate(MD)’s support was transformative during a pivotal moment. “When we faced a major funding challenge, I called Sean, a call that I never ever wanted to take. I was ready to walk away. He simply said, ‘We’ve got you.’ That unwavering support from cultivate was game-changing for our trajectory and gave us the confidence to move forward,” Tas recounted.

Andrew Lott, President and CEO of HAPPE Spine, explained how cultivate(MD)’s resources helped turn an innovative material into a commercial-ready product. “The partnership with cultivate was invaluable. They provided the resources to take what was essentially a science project and create an FDA-cleared, commercializable product,” Lott said.

Karen Holzberger, President and CEO of SpinTech MRI, emphasized the importance of strategic support. “They let you focus on your strengths while providing guidance and access to expertise to fill in any areas you need help,” she said. “That combination is critical for navigating the challenges of scaling a medtech company.”

A Playbook for Exits: From Strategy to Success

cultivate(MD)’s involvement doesn’t end at early-stage growth. Their expertise extends to driving successful medtech exits, as demonstrated by the story of Embody, one of their portfolio companies.

“When we first evaluated Embody, the focus was on the Achilles tendon repair market,” Dr. Churchill explained. “We suggested pivoting to the rotator cuff repair market, which has 30 times more procedures annually. That shift significantly increased the company’s value.”

This strategic move culminated in a $275 million acquisition by Zimmer Biomet, a testament to the fund’s ability to identify and capitalize on market opportunities.

Conclusion: Cultivating Medtech Market Access Through Collaboration

The cultivate(MD) panel at LSI USA ’24 showcased the power of collaboration in driving medtech market access and success. As David Blue aptly summarized, “This is a family of innovators, solving challenges together and building momentum.”

For medtech entrepreneurs, the lesson is clear: success requires more than innovation. It demands strategic partnerships, shared expertise, and a network capable of turning ideas into impactful solutions.

Interested in more insights like this? Join us at our upcoming medtech conference from March 17th to 21st in Dana Point, CA.