The makings of a startup

Enthusiasm, courage and hard work

Optomed Ltd., an Oulu company specialized in medical imaging technology and products, is experiencing exciting times. With global testing activities about to start, Optomed is making headway in commercializing its hand-held digital imaging device for ophthalmoscopy, otoscopy and dermoscopy. The first customers should have the product in hand before the end of the year. Optomed´s CEO Seppo Kopsala says that the company has doubled its staff in the last six months and is working hard in product development to introduce an entire family of products to the market.

“Our product is a unique innovation that will provide considerable added value in health care. In its product category, ours will be the first one available but competition will eventually become very tight,´ Kopsala says.

A product with a high demand

It all started a couple of years ago when one doctor and two product developers who had earned their merits in the mobile phone business joined forces with an expert in international business. Their idea was to introduce mobile phone and digital camera technology to the health care sector, where ophthalmoscopy is mostly still done manually. This, says Kopsala, is Optomed´s market niche: replacing these non-recording devices with an economical and modular digital camera that has a great deal better resolution and is much easier to use than devices such as the loupe currently used in basic health care.

Eye fundus imaging is essential to the treatment of certain exponentially increasing chronic illnesses such as diabetes. Currently, an accurate and economical screening and monitoring tool does not exist. The only digital camera systems available are large and expensive. “Because of their resolution, they will continue to serve the needs of specialized health care and final diagnosis. Our goal is to make a product any health center or clinic can afford,´ Kopsala says.

Networks in order

Many startups struggle with financing, but Optomed struck a partnership with the right investors early on. Thanks to them, Optomed has been able to concentrate on its products and gained credibility. “We wrapped our business idea, a market analysis, our way forward and a schedule in a package that persuaded the investors,´ Kopsala says.

Kopsala and other key persons at Optomed have done most of the work to analyze the market and create networks. They have also charted customers´ needs for directing the R&D, formed future marketing channels and informed potential customers of the new product.

“We now have direct contacts with the health care sector in various countries. Product testing also takes place at our partner hospitals in Finland, China, United States and Great Britain,´ says Kopsala.

Common outlook

Optomed is now facing a number of challenges: sustaining its technological lead, launching new products and recruiting people in Finland and abroad. The differences between the health care markets and sectors in different countries are another challenge. “In the end, what really matters is that the key people have a share acommon view of the future. We have that. We have very good group dynamics,´ says Kopsala.