Ortheia Ltd is a healthcare R&D driven business looking to add value to an existing portfolio in transformational, implantable musculoskeletal technologies. Drawing on deep technology and sector expertise, their focus is on de-risking products to progress through first in human trials, towards commercialisation and on to IP licensing or trade sales of the technology.
The business team had identified the need to clarify their commercialisation strategy in order to overcome the established barriers related to securing the large investments required to succeed with extraordinary technical and clinical developments, over extended timeframes.
Innovate UK EDGE were able to assist the business by working through individual aspirations and perspectives of the three directors. Considering what their successful business would look like, their views were refined to a point where they owned a combined story that could be shared through 90 second elevator pitches.
A business planning session was carried out using a live virtual whiteboard, which enabled the team to share their perspectives and gain a better appreciation of their differences across the key business activities and from here were able to agree on the best routes to take.
The business now has a much clearer understanding of the end point, a vision of the business into 2025 and beyond. Ortheia have defined clearer funding and finance needs for the next 2 years and milestones for the key actions to bring the first product to market, securing IP. This includes establishing its first part-owned, New Company (NewCo), growing the team and strengthening it leadership and resources with two new appointments expected in the next 12 months. With this, the way in which the directors speak to partners and clients has already significantly shifted, with a new found clarity & confidence in their outlook and direction.
"I particularly liked capturing our ideas in the form of an Orbit and see this as being the prime means by which we can debate and decided on our best way forward. This should prepare us for some massive challenges ahead, such as establishing our first part-owned NewCo to exploit a key technology, and getting ourselves (and the NewCo) to be investor friendly" - Prof Edward Draper, Chief Executive Officer, Ortheia