Lia Winter

One thing I learned interviewing investors is that raising capital in medtech isn’t a pitch exercise. It’s a perception exercise. Most founders think: “We need more data.” “We need more traction.” “We need a better deck.” That might be true but most stalled rounds we see at MarketCraft aren’t data problems. They’re architecture problems. The category isn’t sharp. The economic shift isn’t obvious. The narrative doesn’t feel inevitable. So investors and strategics understandably hesitate. And hesitation kills rounds. What you need to think about in place of revenue, traction etc etc....is conviction and inevitability If you’re raising in the next 6–12 months, this carousel walks through 6 strategic moves to engineer belief before you ever walk into a partner meeting. Fundraising can get easier when conviction exists before the pitch. Take a look and be honest about which step you’ve skipped.

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Most medtech founders with early stage medical technology don't realize it may already be acquirable. They may be sitting on solid IP, some degree of clinical validation, and regulatory clearance (or at least a clear path to it) and assuming that because they haven't hit commercial scale, M&A isn't on the table. It is. Lower middle market medtech deals - think $2M to $50M - often structured with upfront cash plus earn-outs, happen regularly. They just don't make the news. They're quietly integrated into a larger player's R&D pipeline or product portfolio, and the founder gets a dignified exit rather than a slow fade to zero. Here's the thing: larger acquirers aren't always buying revenue. They're often buying time. Specifically, they're buying: → Technology that fills a portfolio gap  → FDA clearances they don’t have the time to pursue themselves  → IP that blocks or leapfrogs competitors  → A platform they can commercialize and license or integrate with their current technology (See the image below — the full spectrum of medtech exits might be wider than you think) The micro and lower middle market, where I specialize, are of little interest to traditional M&A intermediaries and are too specialized for business brokers, so most founders don’t even realize that they may have early exit options available to them. These are the exits that don't make headlines but do make a real difference for founders, boards, and investors who built something worth acquiring. If your device has reached proof-of-concept or later, even without regulatory clearance or commercialization, there may be a buyer for it right now. The question worth asking before runway runs out isn't "are we ready to exit?" It's "is there M&A appetite for what we've built?" The answer might surprise you. In today’s issue of Small Ball we take a deeper dive. Find it on my website or subscribe through the link in the ‘Featured’ section on my Linkedin profile page.

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One of the most expensive mistakes a medtech founder can make is taking the operational feedback of a single health system and treating it as market gospel. In this clip, Evan Gomez, MBA from Humana breaks down why assuming one hospital's preferences represent the entire industry will stall your commercial scaling. The big takeaway is simple: every institution manages workflows and practices medicine differently. If you build your technology in a vacuum based on a single champion's feedback, you risk designing a product that the broader market cannot adopt. Link: https://lnkd.in/eYfMfJHu #medtech #startups #healthcareinnovation #hospitaladoption #projectmedtech

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$100B in MedTech Disruption: M&A, Robotics & Stroke Care Trends You Can’t Miss! Insights from LSI’s Nicholas Talamantes. 𝐂𝐥𝐢𝐜𝐤 𝐛𝐞𝐥𝐨𝐰 𝐭𝐨 𝐥𝐢𝐬𝐭𝐞𝐧 𝐭𝐨 𝐭𝐡𝐢𝐬 𝐞𝐩𝐢𝐬𝐨𝐝𝐞 👇 𝐀𝐩𝐩𝐥𝐞: https://lnkd.in/gb8FTYHK 𝐒𝐩𝐨𝐭𝐢𝐟𝐲: https://lnkd.in/gS8aBQbJ 𝐘𝐨𝐮𝐓𝐮𝐛𝐞: https://lnkd.in/gPTcHfrJ

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Is "Mind Control" the Next Big Thing in San Diego MedTech? A recent piece from the San Diego Business Journal highlights a fascinating shift in the life sciences sector: the rapid reality of Brain-Computer Interfaces (BCI). While the URL playfully reads "mind-control," the technology is about restoring autonomy to those who have lost it. San Diego's New Hub: The region is cementing its status as a neurotech leader. Notably, BCI pioneer Synchron (which recently raised $200M) has established a new engineering hub in San Diego to build out its brain interface technology. Science Fiction to Standard of Care: We are moving past the "what if" phase. Technologies like the Stentrode™ allow patients with paralysis to control digital devices—hands-free—using only their thoughts. Non-Invasive Innovation: Unlike some competitors requiring open-brain surgery, innovations in this space are moving toward endovascular approaches (entering through blood vessels), making the tech safer and more scalable. It’s an exciting time for the Medical Device community in San Diego. We aren't just watching the future of neuroscience; we are building it. https://lnkd.in/g3B_vCaK #MedicalDevices #Neurotech #SanDiego #BCI #Innovation #LifeSciences #Synchron

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