In a recent article, we discussed the benefits of the Chief Medical Officer position for MedTech start-ups and scale-ups. One of the underlying themes of this article was the possibility of using fractional leadership in this type of role. Therefore, today, we expand further on why fractional leadership might be a good fit for MedTech and HealthTech Start-Ups and Scale-Ups in any management role beyond CMOs
Many sectors have been exploring fractional leadership services in recent years. These services are commonplace in finance, tech and marketing and gained momentum in other sectors.
There are several reasons why companies may seek fractional leadership during early-stage start-ups/scale-up instead of a full-time hire.
Aside from a significant salary expectation, the financial cost to acquire could price a full headcount out of the market.
In addition, finding the right hire could take a considerable amount of time.
Experienced senior leaders can often be embedded within their companies and may require a notable transition or notice period.
Finally, the proposed candidates may not be suitable and may not be the right cultural fit once onboard.
These reasons are why it is clear to see why CEOs and founders within HealthTech and MedTech sectors are exploring alternative options for their leadership.
Many of the above concerns are mitigated with a fractional hire, including the cost to hire, availability and suitability of fit. In addition, experienced fractional candidates for these roles can focus on specific initiatives instead of getting pulled into day-to-day distractions.
In addition, a fractional hire may bring in a fresh and engaged perspective different from those involved in the operation for years. This view can lead to new methods of approaching situations and getting better results.
Conversely, there may be some concern that someone without a thorough understanding of company culture, the value proposition or the market understanding may take time to gel with the rest of the team. However, they may offer significant expertise in several areas, including regulatory, clinical research, funding and investment, and commercial strategy.
As a start-up/scale-up, you may experience a fractional leader challenging to find. Therefore, you may need additional support in sourcing for this kind of person.
Here at Indo, our network of senior leaders/consultants experienced in navigating the Regulatory landscape, gaining investment/capital, and understanding how to take your product to market means you can receive the proper guidance for success without hiring a full-time professional.
Indo search is a specialist MedTech & HealthTech talent recruitment partner, working with organisations to help support your company's goals. If you're considering the appointment of a fractional leader, reach out today to learn more about how we can find the right person for your business.
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