Q&A talks with Ilana Odess, CEO of Manchester-based Woven Orthopedic Technologies.
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Q&A talks with Ilana Odess, CEO of Manchester-based Woven Orthopedic Technologies.
Q: What is Woven Orthopedic and what is it hoping to achieve (or what has it achieved) in the healthcare industry?
A: Woven Orthopedic Technologies is an orthopedic company that designs and develops bio-textile devices to improve fixation in bone. We address the most commonly used device in our industry, the orthopedic screw, and intend to reduce the human and economic costs of complications and reoperations caused by inadequate screw fixation.
With today's aging population, we are on the verge of a momentous shift in the number of elderly people across the world. Increased activity and longer life expectancies are resulting in more bone-related conditions (e.g. arthritis and osteoporosis) and more bone-related injuries (e.g. fragility fractures and revisions) in the elderly population than ever before. Our goal at Woven Orthopedics is to offer specialty orthopedic treatments designed solely for the aging population. We call it OrthoGeriatrics.
Q: Your company has been working closely with the Connecticut Small Business Development Center (SBDC) for both investments and recruitment. How is the market for both? Is there sufficient human capital to meet your employment needs in Greater Hartford?
A: We've had an outstanding experience with SBDC thus far. We've been working very closely with our SBDC business adviser who has helped us understand the resources available within the state and introduced us to people we have hired and investors who have invested in our business. From a recruitment standpoint, we've had success finding business talent in the Hartford area but struggle to find engineers and people with technical experience in the medical device space.
Q: What are some of the short-term goals for Woven Orthopedic?
A: We are currently conducting biomechanical testing and animal studies with the goal of proving the clinical significance of our technology. We think there is a lot of opportunity in the healthcare industry for products that offer superior results at less cost. With a rapidly aging population and ballooning healthcare costs around the world, focus has shifted towards both better care and reduced costs instead of just better care.
Q: How is Connecticut poised in the medical device industry? Is it a good place to do business?
A: We're confident in the state of Connecticut because of its talent and central location to two major healthcare hubs in Boston and New York. The type of manufacturers and highly reputable education and hospital facilities within state borders provide a fantastic ecosystem to help design, develop and test healthcare products. There is also a solid venture capital industry here, so access to funding is strong, especially through Connecticut Innovations, one of the most active venture funds in the country in regards to supporting startups.
One thing I'd like to see evolve is the distribution of businesses. The majority of health care here is within biotechnology or insurance. It would be great to see more medical device businesses relocate to Connecticut. Having similar companies within one area promotes collaboration and mutual innovation. The state already has programs to attract new businesses like the Small Business Express program run by the Department of Economic and Community Development (DECD). We were fortunate enough to obtain $400,000 in capital from the Express Program. If the state continues to develop new programs to support startups, I think we will start to see Connecticut become a very powerful hub for a broader range of healthcare companies in the future.
Q: You spoke at Yale last year and shared five lessons for entrepreneurs. How would you tailor that message for healthcare entrepreneurs?
A: The ability to execute is what separates those who fail from those who succeed. There is no doubt in my mind that a company can succeed if it: fills a real unmet need; develops a detailed plan of action; builds a great team; adapts as new information is learned; and pursues its goals relentlessly.
