Year in and year out, the health tech industry is constantly evolving. SIMMo3D has emerged, as a new player in health training to meet new market needs. Their 3D printed organ models are used to better train physician on new medical devices.
Founder Ryan Quinn went to school at the University of Texas-San Antonio and majored in entrepreneurship. In 2015, his school hosted a large pitch competition where he was introduced to engineers who wanted Ryan pitch their product the EyeMatic, which could lubricate, store, and sanitize contact lenses. He won the competition and learned a lot about the medical industry, along with 3D printing technology. He pivoted into the company he has now by noticing that there was a market for surgical training tools. The technology and the need was there for simulated models because cadavers and other medical devices are time consuming and costly. The biggest goal for Ryan was to reduce the number of adverse effects from medical devices and provide better training for physicians.
Competitors in the industry that use 3D models tend to have high costs, but SiMMo3D has a specific modular design for cardiovascular training that allows them to use replaceable aspects that competitors do not use. These models are able to cut down time while having a wider range of approaches so that they can get a better hands-on approach with their training. However, the company has faced some roadblocks early on raising money because of their niche market. Ryan had to look for specific investors, which was difficult because bigger investors simply do not pay enough attention to businesses focused on a niche market.
As a member of the Winter 2018 Austin Elevate My Business Challenge (EMBC), Ryan was eager to be a part of a program that could break down his business model. According to Ryan, it was a straightforward accelerator that was able to help him build an overall guide and plan. Being able to receive real feedback from the other entrepreneurs and subject matter experts made everything a lot easier. Since Ryan had a formal education on business growth he was aware of the basics, but the EMBC was able to give him a more in-depth analysis of his business. In 3 to 5 years, Ryan wants to develop partnerships with some of the larger medical device manufacturers. He also wants to dive into different markets outside of cardiovascular work in order to expand. There is a possibility of trying to exit the market through acquisition by a larger company. The company can either grow organically or they will need to search for more money to be commercialized before being attractive enough for acquisition.
With the help of the EMBC program, SiMMo3D was able to take a step back and analyze the company with guidance from key experts. Since the program, their business model has helped them get key investments, which will helped them reach their growth goals. The guidance from the individual coaching from LIFT Development Enterprises was able to push SiMMo3D in the right direction. In the near future, Ryan is developing their pilot program and trying to focus on the bigger picture. Delegating more tasks to a larger team will help Ryan accomplish more of their growth goals.
Ryan wanted to offer some advice for small business owners, especially for those who are starting their company. He said it’s crucial to have supplemental income outside of your company. When you initially first start off it will be hard to generate revenues, and most of the money you do end up making you end up investing back into your business.
The LIFT team is extremely proud of the progress that Ryan has made in the last year, and it is clear that in 2019 SiMMo3D will continue to thrive. If you want to learn more about SiMMo3D, check out their Facebook page here