Location: Louisville, KY
Course: FastTrac TechVenture - Graduated 2011
Affiliate: University of Louisville Nucleus Program
Build the concept. MobileMedTek® creates and customizes user-friendly medical technologies that improve care by making diagnostic tests more efficient and less expensive for patients, and more productive and profitable for clients.
Plan the strategy. Recognizing that diagnostic testing equipment can be difficult, time-consuming, complicated and expensive to operate, MobileMedTek® experts carefully listen to and observe their front-line clients — clinicians, researchers and technologists — to see situations and equipment through their eyes. The team then creates new or improved products that make medical testing easier while maintaining or increasing the integrity of test results.
Grow the revenue. Ehret hired mechanical, electrical and software engineers to develop all new products internally and allow the company to manage projects more efficiently. As a result, the business took first place in the 2012 awards competition sponsored by the Vogt Invention and Innovation Fund, which helps startups develop into viable businesses. It also won a 2012 Hot Dozen Award from Greater Louisville’s EnterCorp, and was a finalist in the LINKtank competition, which focuses on solving market challenges for long-term care and senior-living providers.
Among MobileMedTek’s recent innovations is a product that allows electrophysiology tests, such as electroencephalographs (EEGs), to be taken using a small, portable instrument with a touchscreen interface and other easy-to-use peripheral equipment. Its introduction helped MobileMedTek obtain financial backing from a global life sciences investment group, which sees potential in technology solutions for the health-care market and is enthusiastic about funding development of the company’s novel products.
Expand the market. MobileMedTek’s ElectroTek, which condenses electrophysiological tests into a single unit to increase data accessibility, will be approved by the U.S. Food and Drug Administration and will receive the CE Mark for European compliance later this year. Ehret says the key to future success is to maintain focus on its vision of being the company at the forefront of improving the testing process for patients and medical professionals. The team will continue to listen to clinicians and technicians, and to create products that are more portable, versatile, intuitive, accessible and economical.
Insight/Hindsight. “FastTrac helped me better understand all facets of running a tech-based company and sharpened the long-term plan for the business. “