For example, one diagnostic startup we are working with is very strong on the science and medical side, and that is where they initially put the emphasis. They built a fabric of capabilities on their science, medical capabilities and digital technologies. At the same time, they were creating a company that required the capability to design instruments and consumables. They recognized that building these capabilities and capacity by themselves would take too long and be too risky, so they decided to outsource this part and partnered with us.
In order to gain full visibility over their strengths and capabilities versus their weaknesses, they created a map of all the skills they needed, and carefully selected those that are core to the company. With this exercise, they could make strategic decisions about what to focus on themselves, and where to look for support externally.
I recommend that startups do such a mapping exercise of the skills and demands of their diagnostic product development journey to identify what they can do internally and where it’s smarter to outsource, even if only for a period of time.
It’s important for young companies to consider temporarily outsourcing certain skills so they have time and the capacity to focus on areas where they have a skillset, while also having the opportunity to learn from their outsourcing partners.