When a start-up company begins conducting business, it will need to adhere to certain legal requirements. These considerations will need to be addressed in the business planning process. Some of these requirements are specific to the company's industry and may need approval from particular governmental agencies. This was the case for Tangent Medical Technologies, a small medical start-up with a promising future, based out of Michigan.
The U.S. Food and Drug Administration gave the company approval on its new medical device, allowing the company to move forward in marketing their innovation. This device is the company's own version of an intravenous catheter designed to hold needles steady within a patient's veins. The device is expected to make it easier for medical staff at hospitals to use intravenous needles, and should reduce patient discomfort associated with needles that shift within the veins.
Tangent was created by the CEO of the University of Michigan Innovation Center. He was also responsible for several other successful start-up medical companies. He sold two of those companies for almost $500 million. His new company is making claims that the new special catheter will save hospitals money, while also reducing the level of pain experienced by IV patients.
Thanks to savvy business planning, this Michigan company was able to raise $10 million in venture capital while also employing fifteen people. Tangent is just one example of the benefits of good business and legal decision-making. Shrewd business planning can help entrepreneurs in almost any field to get their companies off the ground and moving toward a successful future.
Source: AnnArbor.com, " Local startup Tangent Medical gets FDA approval for IV device ," Ben Freed, Sept. 24, 2012