Problem:
A medical device class 1 start-up based out of Canada, Toronto has a unique, patented solution and is looking to expand into the European market due to the market size and market interest. There are insufficient funds currently to invest in a full-time employee, consultancy firm or hiring an international sales manager.
Solution:
GrowthMedics provided a cost-effective co-investment structure to help launch and scale revenue in the European market.
- A contract has been signed that includes a long-term co-investment structure where GrowthMedics would invest in sales resources and benefit from commissions, profit and equity % based upon performance. A small base fee to cover daily operational costs have been agreed upon;
- A part-time growth manager has been assigned, trained and local marketing materials have been developed;
- Using the experience and infrastructure of GrowthMedics several clinical trials direct and through distributors in hospitals among nurses have been setup. Gathering this feedback has been important for successful distribution development;
- An extensive lead generation program has been executed based upon the key targets across Nordic, central and western European countries;
- Stocking order of $50K in the UK and $25K in Turkey have been signed off. Exclusive partnerships in Sweden, Netherlands, Germany and Ireland are being signed all in the period of 18 months.
