How Medtech Executives Master The 'It' Factor & Boost Stakeholder Confidence

Over the past 10 years, I've had a front row seat to the medtech executive version of Survivor. Whether pitching investors, engaging strategics for M&A, or trying to secure a new C-suite gig, most are well aware that competition is stiff.

What they don't know?

The biggest threat to your success is someone else's 'It' factor.

No matter how well qualified you are or how promising your device or corporate business model, if you can't engage your prospect, you'll lose to someone who can.

The good news is, the 'It' factor is cultivated, not inbred. It is not, in fact, the sexy, continental 'je ne sais quois' that implies mystery. Hell no, we can quois that all day long once we break it down into its effective components for our own advantage. So let's do that.

Scenario #1: Investor Pitch

What’s your killer move to engage VCs and angel investors?

Devoted hyper-targeting.

Success here 100% comes down to:

1. Doing your research: their portfolio companies, partners and associates, the fund status, their socials. 'It' - demonstrates that you value them & their time
2. Knowing the LPs they target & aligning with the narrative they use to get them on board. 'It' shows you belong in their portfolio and support their fund story
3. Using the above information to ensure you're a good fit: 'It' is 90% confidence and trying to force a poor fit reeks of desperation and is anything but
4. Suss out their alliances with other VCs and Angels - so that if they turn you down, you can ask for a warm intro. 😁 'It' receives a 'no' with grace and is resilient

Scenario #2: Strategics Approach for M&A

I advise my clients to employ 'pull' strategies rather than 'push' to get the attention of their ideal prospective acquirers, investors, and hirers.

This is the formula I use over and over again:

“Your Subject Matter Authority + Repeated Visibility in Shared Spaces = Credibility”

You can also apply this formula to:

1. Intrigue investors enough to reach out
2. Build the association of your company with top tier competitors in your space
3. Cultivate familiarity with hiring committees

Scenario #3: C-suite or Board Appointment

People who succeed here exude value.

Here are a few easy ways you can do that:

1. Listen more than you speak
2. When you do speak, ask questions in the manner of a curious colleague, not a job applicant
3. Offer valuable insights, sparingly and succinctly (think of it like placing a silver dollar on the table rather than spraying them with pennies)

All Scenarios: When in doubt, fall back on this.

Cultivating and exuding the 'It' factor can be reduced down to one thing:

Self-possession.

The three Cs of self-possession are:

1. Calm & Relaxed
2. Confident (no desperation here)
3. (in) Control

Voila. You now have the 'It' factor.

TL;DR -

1. Build authority, credibility & familiarity
2. Do your homework on all prospects
3. Level the playing field
4. Offer silver dollars, not pennies

This article is from my Linkedin newsletter, Medtech Executive Life, where I share tips to enhance your industry authority, news to give you a competitive edge. You can subscribe here.