Enterprenuer
Ethan Drower, the co-founder and operating partner of CiteMed, is revolutionizing European Union Medical Device Regulation (EU MDR).
CiteMed has simplified and optimized the Literature Search and Review process, the foundation of medical device companies’ Clinical Evaluation Reports.
CiteMed was established to promptly provide high volume, well-written and formatted literature reviews that companies can achieve their EU MDR goals.
CiteMed has one goal: to assist companies in getting their medical products on the market quickly while maintaining compliance with EU regulations.
What is the story of CiteMed?
With the EU Medical Device Regulation implemented in 2020 and 2021, we saw a massive increase in demand.
Manufacturing companies were suddenly overwhelmed with work, mainly due to Clinical Evaluation and post-market surveillance.
CiteMed was created to help solve this problem.
CiteMed uses a software platform we developed in-house to ensure consistent and error-free formatting.
CiteMed’s software platform allows humans to read and write while CiteMed’s computers handle formatting errors and tedious design tasks.
This results in consistency across all literature reviews submitted. “The CiteMed Edge” has allowed us to bring together brilliant technologists, industry-leading medical writers, and regulatory consultants.
These groups have collaborated to create tools unlike others used today in Regulatory Affairs or scientific literature review.
How do you stay productive?
My week is planned in advance to schedule 2-3 essential tasks each day.
I CONSIDER MY DAY PRODUCTIVE when I can accomplish my most important tasks (and I do them first).
How do you bring ideas to life?
This kind of breakdown requires me to keep going until I find one small step that I can immediately take.
The vision is the first step. I work backward until I have a clear plan of action.
What’s your favorite trend?
Machine Learning is a promising technology. It will ultimately change the way we manage risk in our industry.
What habits make you productive?
Entrepreneurs’ best habit/skill is to break down essential goals into manageable chunks.
What’s your advice for the Noob?
As a younger man, Felix Dennis’s advice to me was: “Ignore great idea, focus on great execution.”
Tech entrepreneurs aren’t short of ideas but are often short on focus and time.
We often give up on our current project in favor of a better, more exciting item.
Looking back on all my business ventures in the past, I see that each one could have been hugely successful if I had just kept going.
Another advice that I would give to my younger self is advice from another person: “Learn how to sell and build.”
These are essential skills that a startup founder must-have, but they are often overlooked.
My youth was spent building things and never went out to try and sell them.
If you don’t learn how to market them, the most valuable ideas in the world won’t be discovered.
Finally, I believe that entrepreneurs must be able to see the bigger picture and have the ability to overcome rejection.
What is one thing we can all agree on?
I have little faith in the American economy for the next 15-years and believe that the markets (and our currency) will be in for a significant reckoning.
What do you recommend as an entrepreneur?
It is crucial to verify that there is a demand for your product.
Although this sounds simple, most people spend years creating products that nobody wants.
The simplest and cheapest version of the product you wish to sell is best.
Next, go out and try it. As an entrepreneur, the feedback you receive from this initial process can be invaluable.
What’s your rich strategy?
Focusing relentlessly on sales and finding the right product-market fit is critical.
Businesses often get too involved in tweaking and building things without ever going to market or selling their products.
You can save time and earn more by adopting a market-first/sales approach to prospective customers.
How do you overcome Failure?
My most significant failures were always taking on too many projects: too many new ideas, new projects, new companies.
In the end, I believe I have matured as an entrepreneur.
I started to understand the value of focus and time.
As an entrepreneur, your time is your most valuable asset.
You need to make sure you spend it on the most critical tasks.
This means choosing one idea and sticking to it.
Can you share a business idea?
If recreational cannabis becomes legalized in the US, it will lead to a massive shift in economic opportunities.
A marketplace that is open to all vendors and consumers, rather than just those who buy products, offers vast potential.
What’s your recent best buy?
My monthly WeWork global subscription. It’s great to access the internet and office space in the many cities I visit.
What are your favorite Softwares or Apps?
Loom is our team’s favorite as it allows us to capture screen videos for almost everything.
You can report issues, create documentation, ask questions, and do many other things.
Which book would you recommend?
One hundred million dollar offer is an excellent resource for entrepreneurs.
Hormozi is an expert in sales and can help you improve your product offerings and salesmanship even if your business model doesn’t match his.
What’s your favorite quote?
This is my favorite quote:
“People who don’t take on any risk are the most anxious.”
CiteMed was founded on the strength of this quote.
It can be challenging to start a new company in an already established industry.
This is especially true if you are determined to change the existing methods completely.
It was easy to decide to keep going because failure would make me feel worse than success.
TL;DR by Ethan Drower
Start with a vision to bring your idea to life. Then work backward until you have a clear path.
Entrepreneurs can be most productive if they have the habit of breaking down significant goals into manageable chunks.
It is necessary to prove that there is a demand for the product you are selling.
You can save time and earn more by adopting a market-first/sales approach to prospective customers.
As an entrepreneur, your time is your most valuable asset. You must make sure you spend it on high-impact projects.
