NH SBDC is celebrating its 30th anniversary by highlighting just some of the many small business clients we've had over the years.
When three men decided to take their combined medical device expertise and strike out on their own, they discovered a bit of a learning curve was involved. Starting from scratch was a bit different than working for somebody else, it turns out.
Paul Fueller, Tom Gannon and Jim Booker together turned to Hollis McGuire of the New Hampshire Small Business Development Center in their desire to start a medical device design and manufacturing firm. She, in turn, connected them to many more resources across the state that would eventually enable their start-up that officially launched in July of 2013 in Salem, New Hampshire.
Today Intrinsyk is busy preparing to bring one of its products to its first sizable market and it is generating its first sales, facts that will move them to another stage of growth and development.
Instrinsyk’s products are designed for the diabetic, blood sampling and clinical-care markets. In short, their first devices are designed to make needle sticks safer and more efficient. They have a long-range plan to branch out from that niche.
“When we got involved with Hollis, in our planning stage, we got the cream of the crop,” Tom said. “She reviewed our business plan, our marketing plan, all of our data. She identified our weaknesses and really, really helped us beef up the plan to be ready to present it to investors.”
Then, Paul says, Hollis “started name-dropping”. By that he means she started listing all the organizations in the state that could be helpful to Intrinsyk and its mission. One of the first was a group called Next Level Now, a Portsmouth-based firm that provides financial management and strategic advice. Through that organization, Intrinsyk had the services of a Chief Financial Officer, which proved invaluable, enabling the partners to put together a package to present to investors.
Intrinsyk recently took part in an international medical trade show in Dubai, where they demonstrated their device that helps take blood samples from newborns up to age one-and-a-half. The blade-type device is more comfortable and efficient than a needle-stick would be at that age, plus it produces enough blood for accurate samples and involves quick-healing time for the child. Visitors in Dubai “wanted it yesterday,” Paul reports. Two active clients came from that trade show and shipping begins in April or May of this year.
Soon the company will be needing professional office staff and distribution employees, and that’s been their goal all along, to bring some jobs to the Salem area.
“We hear from Hollis often and I send her quick updates now and then,” Tom explains. The sales they’ve now generated will require that they obtain some bridge funding, to fill the gap between manufacturing costs and actual revenue received. “We have no problem taking guidance from others like Hollis at this stage,” Tom says. “We owe a lot to the SBDC and the connections they’ve helped us to establish. It’s been extremely helpful and we’re very grateful. I just can’t say enough about them.”